Stock FTNT FORTINET, INC.
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Financials Fortinet, Inc.

Equities

FTNT

US34959E1091

Software

Market Closed - Nasdaq
Other stock markets
 20:59:52 03/05/2024 BST 		5-day change 1st Jan Change
58.9 USD -9.66% Intraday chart for Fortinet, Inc. -8.23% +0.63%
06:14pm UBS Adjusts Price Target on Fortinet to $69 From $76, Maintains Neutral Rating MT
05:37pm Goldman Sachs Adjusts Price Target on Fortinet to $77 From $85 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,260 24,111 58,762 38,195 44,946 49,769 - -
Enterprise Value (EV) 1 16,050 22,274 57,199 36,928 43,498 46,762 44,827 42,822
P/E ratio 57.1 x 51 x 99 x 46.1 x 40.1 x 43.5 x 38.7 x 31.4 x
Yield - - - - - - - -
Capitalization / Revenue 8.47 x 9.29 x 17.6 x 8.65 x 8.47 x 8.58 x 7.56 x 6.61 x
EV / Revenue 7.44 x 8.59 x 17.1 x 8.36 x 8.2 x 8.07 x 6.81 x 5.69 x
EV / EBITDA 27.2 x 29 x 59.6 x 28.1 x 26.8 x 27.4 x 22.8 x 18.7 x
EV / FCF 22.4 x 24.5 x 47.5 x 25.5 x 25.1 x 26.9 x 22.1 x 17.3 x
FCF Yield 4.46% 4.08% 2.1% 3.92% 3.98% 3.72% 4.52% 5.77%
Price to Book 14.1 x 29.1 x 76.8 x -137 x -98.4 x 55.4 x 26.9 x 16.3 x
Nbr of stocks (in thousands) 855,169 811,660 817,499 781,236 767,910 763,327 - -
Reference price 2 21.35 29.71 71.88 48.89 58.53 65.20 65.20 65.20
Announcement Date 06/02/20 04/02/21 03/02/22 07/02/23 06/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,156 2,594 3,342 4,417 5,305 5,798 6,581 7,524
EBITDA 1 590.8 766.8 959.9 1,312 1,620 1,706 1,967 2,292
EBIT 1 529.2 698 875.5 1,208 1,507 1,588 1,811 2,121
Operating Margin 24.54% 26.9% 26.2% 27.35% 28.41% 27.39% 27.52% 28.18%
Earnings before Tax (EBT) 1 379.2 541.7 628.4 955.5 1,334 1,414 1,662 2,205
Net income 1 326.5 488.5 606.8 857.3 1,148 1,178 1,349 1,592
Net margin 15.14% 18.83% 18.16% 19.41% 21.64% 20.32% 20.49% 21.15%
EPS 2 0.3740 0.5820 0.7260 1.060 1.460 1.497 1.684 2.078
Free Cash Flow 1 715.8 907.8 1,204 1,449 1,731 1,739 2,026 2,470
FCF margin 33.2% 34.99% 36.02% 32.81% 32.64% 30% 30.78% 32.83%
FCF Conversion (EBITDA) 121.16% 118.39% 125.41% 110.44% 106.85% 101.93% 103.01% 107.78%
FCF Conversion (Net income) 219.23% 185.83% 198.38% 169.07% 150.85% 147.64% 150.22% 155.21%
Dividend per Share 2 - - - - - - - -
Announcement Date 06/02/20 04/02/21 03/02/22 07/02/23 06/02/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 867.2 963.6 954.8 1,030 1,150 1,283 1,262 1,293 1,335 1,415 1,353 1,402 1,471 1,573 1,529
EBITDA 1 246.5 300 235.7 280.5 351.3 444.9 361.5 375.5 399.7 483.7 414.7 403.5 428.6 478 454.4
EBIT 1 223.6 274.7 210.2 255.4 324.9 417.6 334 348.1 371.4 453.5 386.1 368.9 393.3 448.6 406.3
Operating Margin 25.78% 28.51% 22.02% 24.79% 28.26% 32.55% 26.46% 26.93% 27.83% 32.05% 28.53% 26.31% 26.73% 28.51% 26.58%
Earnings before Tax (EBT) 1 156.7 207.3 138.7 183.9 264.7 368.2 291.1 299.2 327.8 415.6 345.4 321.7 351.5 404.2 337.9
Net income 1 163.1 199 138.4 173.5 231.6 313.8 247.7 266.3 322.9 310.9 299.3 264.2 295.5 334.2 287
Net margin 18.81% 20.65% 14.5% 16.84% 20.15% 24.46% 19.62% 20.6% 24.19% 21.97% 22.12% 18.84% 20.09% 21.24% 18.77%
EPS 2 0.1940 0.2380 0.1680 0.2100 0.2900 0.4000 0.3100 0.3300 0.4100 0.4000 0.3900 0.3394 0.3679 0.4268 0.3522
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 04/11/21 03/02/22 04/05/22 03/08/22 02/11/22 07/02/23 04/05/23 03/08/23 02/11/23 06/02/24 02/05/24 - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 2,210 1,837 1,563 1,267 1,448 3,007 4,942 6,947
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 716 908 1,204 1,449 1,731 1,739 2,026 2,470
ROE (net income / shareholders' equity) 37% 44.4% 81.3% - - 598% 102% 77.1%
ROA (Net income/ Total Assets) 15.2% 12.3% 12.2% 15.8% 19.1% 15.3% 14.1% 13.3%
Assets 1 2,147 3,962 4,982 5,426 6,021 7,708 9,552 11,991
Book Value Per Share 2 1.510 1.020 0.9400 -0.3600 -0.6000 1.180 2.420 4.000
Cash Flow per Share 2 0.9200 1.290 1.790 2.150 2.460 2.760 2.740 3.330
Capex 1 92.2 126 296 281 204 375 301 344
Capex / Sales 4.28% 4.85% 8.85% 6.37% 3.85% 6.47% 4.57% 4.57%
Announcement Date 06/02/20 04/02/21 03/02/22 07/02/23 06/02/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Fortinet, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
41
Last Close Price
65.2 USD
Average target price
74.52 USD
Spread / Average Target
+14.30%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Security Software
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