Company Valuation: Fortinet, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 58,762 38,195 44,946 72,414 59,053 83,427 - -
Change - -35% 17.68% 61.12% -18.45% 41.27% - -
Enterprise Value (EV) 1 57,199 36,928 43,498 69,342 56,467 78,692 76,146 72,248
Change - -35.44% 17.79% 59.42% -18.57% 39.36% -3.24% -5.12%
P/E ratio 99x 46.1x 40.1x 41.8x 32.8x 41x 37.7x 32.6x
PBR 76.8x -137x -98.4x 48.8x 49.1x 34.7x 17.5x 11.5x
PEG - 1x 1.1x 0.8x 4.63x 2.8x 4.32x 2.1x
Capitalization / Revenue 17.6x 8.65x 8.47x 12.2x 8.68x 10.7x 9.67x 8.76x
EV / Revenue 17.1x 8.36x 8.2x 11.6x 8.3x 10.1x 8.82x 7.59x
EV / EBITDA 59.6x 28.1x 26.8x 31.4x 22x 27.7x 24x 19.8x
EV / EBIT 65.3x 30.6x 28.9x 33.3x 23.4x 29.1x 25.3x 21.6x
EV / FCF 47.5x 25.5x 25.1x 36.9x 25.5x 29.3x 25.8x 21.5x
FCF Yield 2.1% 3.92% 3.98% 2.71% 3.92% 3.42% 3.87% 4.65%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 0.726 1.06 1.46 2.26 2.42 2.776 3.019 3.492
Distribution rate - - - - - - - -
Net sales 1 3,342 4,417 5,305 5,956 6,800 7,811 8,629 9,518
EBITDA 1 959.9 1,312 1,620 2,208 2,565 2,841 3,173 3,644
EBIT 1 875.5 1,208 1,507 2,085 2,413 2,707 3,013 3,346
Net income 1 606.8 857.3 1,148 1,745 1,853 2,054 2,268 2,581
Net Debt 1 -1,563 -1,267 -1,448 -3,072 -2,586 -4,734 -7,280 -11,179
Reference price 2 71.88 48.89 58.53 94.48 79.41 113.87 113.87 113.87
Nbr of stocks (in thousands) 817,499 781,236 767,910 766,453 743,648 732,648 - -
Announcement Date 03/02/22 07/02/23 06/02/24 06/02/25 05/02/26 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
41.02x10.07x27.7x-.--% 83.43B
109.2x15.11x48.81x-.--% 175B
-192.38x14.69x55.69x-.--% 20.64B
19.86x4.2x8.23x2.3% 13.35B
-39.37x7.28x423.63x-.--% 12.45B
14.97x3.21x7.81x-.--% 12.1B
92.14x5.17x77.08x0.25% 8.1B
-33.18x4.8x25.19x-.--% 6.59B
44.3x5.79x28.7x - 3.65B
-24.42x3.55x118.34x-.--% 3.2B
Average 3.21x 7.39x 82.12x 0.28% 33.83B
Weighted average by Cap. 56.49x 12.05x 55.40x 0.1%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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