Company Valuation: Fortinet, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 24,111 58,762 38,195 44,946 72,414 56,056 56,056 -
Change - 143.71% -35% 17.68% 61.12% -22.59% 0% -
Enterprise Value (EV) 1 22,274 57,199 36,928 43,498 69,342 53,271 51,513 49,183
Change - 156.8% -35.44% 17.79% 59.42% -23.18% -3.3% -4.52%
P/E ratio 51x 99x 46.1x 40.1x 41.8x 31.5x 29.6x 26.2x
PBR 29.1x 76.8x -137x -98.4x 48.8x 45.3x 18.4x 10.9x
PEG - 4x 1x 1.1x 0.8x 5.41x 4.61x 2x
Capitalization / Revenue 9.29x 17.6x 8.65x 8.47x 12.2x 8.3x 7.46x 6.72x
EV / Revenue 8.59x 17.1x 8.36x 8.2x 11.6x 7.89x 6.86x 5.9x
EV / EBITDA 29x 59.6x 28.1x 26.8x 31.4x 21.4x 19x 16.1x
EV / EBIT 31.9x 65.3x 30.6x 28.9x 33.3x 22.6x 20.1x 17.2x
EV / FCF 24.5x 47.5x 25.5x 25.1x 36.9x 24.7x 21.1x 17.7x
FCF Yield 4.08% 2.1% 3.92% 3.98% 2.71% 4.04% 4.73% 5.65%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 0.582 0.726 1.06 1.46 2.26 2.392 2.545 2.877
Distribution rate - - - - - - - -
Net sales 1 2,594 3,342 4,417 5,305 5,956 6,754 7,511 8,339
EBITDA 1 766.8 959.9 1,312 1,620 2,208 2,484 2,713 3,058
EBIT 1 698 875.5 1,208 1,507 2,085 2,352 2,567 2,866
Net income 1 488.5 606.8 857.3 1,148 1,745 1,837 1,914 2,179
Net Debt 1 -1,837 -1,563 -1,267 -1,448 -3,072 -2,785 -4,543 -6,874
Reference price 2 29.71 71.88 48.89 58.53 94.48 75.38 75.38 75.38
Nbr of stocks (in thousands) 811,660 817,499 781,236 767,910 766,453 743,648 743,648 -
Announcement Date 04/02/21 03/02/22 07/02/23 06/02/24 06/02/25 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
31.52x7.89x21.45x-.--% 56.06B
95.51x11.83x37.28x-.--% 131B
-544.51x22.92x85.98x-.--% 114B
-213.46x16.38x62.09x-.--% 22.9B
20.69x6.26x14.63x-.--% 19.92B
20.62x4.7x8.99x1.94% 16.1B
-36.1x10.99x-639.62x-.--% 13.43B
-37.62x9.25x49.22x-.--% 10.26B
137.51x7.07x93.28x0.17% 9.06B
Average -58.43x 10.81x -29.63x 0.23% 43.66B
Weighted average by Cap. -131.86x 13.98x 26.81x 0.08%
See all sector valuations

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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