NASDAQ · FTNT
Fortinet, Inc.
Technology · Software - Infrastructure
$180.95▲ 1.25% ($2.23)at close
After hours$181.12▲ 0.09%7:59 PM ET
Valuation
Revenue & margin DCF
Verdict: expensive. Price above all scenarios.
The price needs 27.6% revenue growth a year for 10 years. Our scenarios assume 9.1–15.7%.
That's 1.4× its past 4-year pace.
Value per share
Base case
$65.34
Price used $180.95 is 2.8× this
USD · TTM ending Jun 30, 2026 · Price Oct 2, 8:00 PM UTC
Revenue each value needs
Revenue today $7.5B. The price needs $85.9B by 2036. Base case: $24.6B. At its recent pace: $44.4B. Bear to Bull: $17.9B to $32.4B.
Revenue today $7.5B. The price needs $85.9B by 2036. Base case: $24.6B. At its recent pace: $44.4B. Bear to Bull: $17.9B to $32.4B.
Revenue in 2036
today $7.5B
+$61.2Bmore than the Base case · 3.5×
Value per share · Base case
$65.34
Price $180.95
2.8× this
- 10-yr revenue CAGR
- 12.6%
- Ending operating margin
- 30.0%
- Discount rate
- 11.1%
USD · TTM ending Jun 30, 2026 · Price Oct 2, 8:00 PM UTC
What each scenario assumes. Click a column to start from it.
Price vs Fundamentals
Why The Stock Is Moving
What changed
The stock rose 109.7% over the last year. Revenue grew 18.77% over the trailing twelve months. Operating margin moved from 30.85% to 32.43%. Free cash flow grew 53.34% over the trailing twelve months.
What the market seems to be pricing
The stock is trading toward the richer end of its historical P/FCF range (95th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.
What would invalidate this read
Operating margin is at 32.43% — continued expansion would be needed to justify the premium. Revenue growth of 18.77% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.
Return analysis
Company profile
Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions.
Market multiples
Stock splits
Every 1 shares became 5
Every 1 shares became 2
Profitability & growth
Analyst consensus
29
Buy
34
Hold
6
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Oct 28, 2026
Q3 FY26 · EPS est $0.86 · Revenue est $2.06B
View
Institutional Sentiment
Fortinet, Inc. · FTNT
From Form 13F filings (managers with $100M+). Filings land up to 45 days after quarter end — read this as positioning context, not live fund flow.