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 89,955 - -
Change - -35% 17.68% 61.12% -18.45% 52.33% - -
Enterprise Value (EV) 1 57,199 36,928 43,498 69,342 56,467 85,362 83,004 78,776
Change - -35.44% 17.79% 59.42% -18.57% 51.17% -2.76% -5.09%
P/E ratio 99x 46.1x 40.1x 41.8x 32.8x 44.2x 40.7x 35.2x
PBR 76.8x -137x -98.4x 48.8x 49.1x 37.4x 18.9x 12.4x
PEG - 1x 1.1x 0.8x 4.63x 3x 4.66x 2.2x
Capitalization / Revenue 17.6x 8.65x 8.47x 12.2x 8.68x 11.5x 10.4x 9.45x
EV / Revenue 17.1x 8.36x 8.2x 11.6x 8.3x 10.9x 9.61x 8.28x
EV / EBITDA 59.6x 28.1x 26.8x 31.4x 22x 30x 26.1x 21.6x
EV / EBIT 65.3x 30.6x 28.9x 33.3x 23.4x 31.5x 27.6x 23.5x
EV / FCF 47.5x 25.5x 25.1x 36.9x 25.5x 31.7x 28.3x 23.4x
FCF Yield 2.1% 3.92% 3.98% 2.71% 3.92% 3.16% 3.54% 4.27%
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 8,634 9,518
EBITDA 1 959.9 1,312 1,620 2,208 2,565 2,847 3,179 3,644
EBIT 1 875.5 1,208 1,507 2,085 2,413 2,709 3,012 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 -4,593 -6,950 -11,179
Reference price 2 71.88 48.89 58.53 94.48 79.41 122.78 122.78 122.78
Nbr of stocks (in thousands) 817,499 781,236 767,910 766,453 743,648 732,648 - -
Announcement Date 2/3/22 2/7/23 2/6/24 2/6/25 2/5/26 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
44.23x10.93x29.98x-.--% 89.95B
123x17.06x55.12x-.--% 197B
1663.25x24.59x83.51x-.--% 151B
21.14x4.37x8.57x2.16% 14.2B
-41.52x7.7x448.22x-.--% 13.12B
15.96x3.5x8.5x-.--% 12.9B
-38.58x5.64x29.64x-.--% 7.66B
86x4.78x71.26x0.27% 7.54B
44.12x5.77x28.58x - 3.63B
-24.72x3.6x120.11x-.--% 3.24B
Average 189.29x 8.79x 88.35x 0.27% 50.04B
Weighted average by Cap. 559.76x 16.75x 67.05x 0.07%

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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