Information Technology · Systems Software · US stock · price as of 22 Oct 2026
Key indicators
Price
$172.98
52-week range
$73.55 – $197.13
Market cap
$128.0B
P/E (trailing)
61.3×
EV / EBITDA
48.3×
Free-cash-flow yield
2.4%
Dividend yield
–
Revenue (last 12 months)
$7.5B
Revenue growth (3y a year)
15.5%
Operating margin
32.4%
Return on invested capital
–
Net debt / EBITDA
-0.9×
Fair value
Fair value (average of valid models)$165.36 middle half of models $155 – $178
Versus priceFair−4% to fair value
P/E multiple
$165.52
P/B multiple
$170.61
P/S multiple
$135.66
EV/EBITDA multiple
$182.90
EV/EBIT multiple
$188.62
EV/revenue multiple
$146.27
10-year DCF, EBITDA exit
$156.68
5-year DCF, EBITDA exit
$179.30
10-year DCF, revenue exit
$154.14
5-year DCF, revenue exit
$173.95
Model uncertainty
Low
X-Ray Score
59/ 100 · High confidence · ahead of 77% of sector peers
Valuation39
Growth68
Profitability71
Financial health61
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Fortinet makes cybersecurity products, including firewalls, secure networking equipment and cloud security services, all linked through its own operating system and chips. Customers range from small businesses to large enterprises and service providers. The company earns money from selling hardware appliances, from security subscriptions and support that renew over time, and from cloud-based services. Its integrated approach is intended to cover network and security needs in a single platform.
Sales came to $7.5 billion in the last twelve months, having expanded at 15.5% a year across the last three years. Its operating margin came to 32.4%. Net debt to EBITDA is -0.9 times, which means the company holds more cash than debt. There is no dividend at present.
StocksXray gives Fortinet, Inc. an X-Ray Score of 59 out of 100 (high confidence), ahead of 77% of the S&P 500 stocks in its sector. Its strongest lens is profitability (71) and its weakest is valuation (39).
Our fair value (the average of the valid models) is $165.36 (range $154.78 to $177.96). At $172.98 the stock trades 5% above that value, so the label is "Fair" with low model uncertainty. Fair value is a range, not a price target.
XStocksXray
Fortinet, Inc. (FTNT)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$71.88
$48.89
$58.53
$94.48
$79.41
$172.98
Market cap
$60.0B
$39.4B
$46.1B
$72.9B
$60.7B
$128.0B
P/E
98.5×
46.1×
40.1×
41.8×
32.8×
61.3×
EV / revenue
17.9×
8.8×
8.6×
11.9×
8.7×
16.7×
EV / EBITDA
81.3×
36.0×
33.8×
36.9×
26.5×
48.3×
Price / free cash flow
49.9×
27.2×
26.6×
38.8×
27.3×
41.1×
Free-cash-flow yield
2.0%
3.7%
3.8%
2.6%
3.7%
2.4%
Price / book
76.8×
–
–
48.8×
49.1×
82.5×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 8 Good · ● 6 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−11.7%Good
Free-cash-flow yield2.4%Average
Risk models
Altman Z score2.4×Average
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)31.7%Good
Free-cash-flow growth (3y)15.4%Average
Revenue growth (3y)15.5%Good
Growth consistency100%Good
Balance sheet
Current ratio1.3×Average
Net debt / EBITDA-0.9×Good
Interest coverno interest costGood
Valuation
Fair value vs price1.0×Average
EBIT / EV yield1.9%Bad
Profitability
Operating margin32.4%Good
Gross profitability55.6%Good
XStocksXray
Fortinet, Inc. (FTNT)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
3,342
4,417
5,305
5,956
6,800
7,527
Gross profit
2,559
3,333
4,068
4,798
5,471
6,037
Operating income
650
970
1,241
1,803
2,085
2,442
Net income
607
857
1,148
1,745
1,853
2,121
Diluted EPS ($)
0.73
1.06
1.46
2.26
2.42
2.82
Free cash flow
1,204
1,449
1,731
1,879
2,226
3,117
Gross margin
76.6%
75.4%
76.7%
80.6%
80.5%
80.2%
Operating margin
19.5%
21.9%
23.4%
30.3%
30.7%
32.4%
Net margin
18.2%
19.4%
21.6%
29.3%
27.3%
28.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
5,919
6,228
7,259
9,763
10,389
10,859
Cash
1,319
1,683
1,398
2,876
2,495
2,935
Total debt
988
990
992
994
996
497
Equity
782
-282
-463
1,494
1,238
1,551
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
