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 78,815 - -
Change - 143.71% -35% 17.68% 61.12% 8.84% - -
Enterprise Value (EV) 1 22,274 57,199 36,928 43,498 69,342 73,666 71,318 68,450
Change - 156.8% -35.44% 17.79% 59.42% 6.24% -3.19% -4.02%
P/E ratio 51x 99x 46.1x 40.1x 41.8x 46.3x 40.8x 33.7x
PBR 29.1x 76.8x -137x -98.4x 48.8x 23.6x 15.2x 10.8x
PEG - 4x 1x 1.1x 0.8x -27.78x 3x 1.6x
Capitalization / Revenue 9.29x 17.6x 8.65x 8.47x 12.2x 11.7x 10.3x 9.09x
EV / Revenue 8.59x 17.1x 8.36x 8.2x 11.6x 10.9x 9.35x 7.89x
EV / EBITDA 29x 59.6x 28.1x 26.8x 31.4x 31.3x 26.9x 22.4x
EV / EBIT 31.9x 65.3x 30.6x 28.9x 33.3x 33.3x 28.5x 23.7x
EV / FCF 24.5x 47.5x 25.5x 25.1x 36.9x 33.9x 28.4x 23.1x
FCF Yield 4.08% 2.1% 3.92% 3.98% 2.71% 2.95% 3.53% 4.32%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 0.582 0.726 1.06 1.46 2.26 2.222 2.527 3.053
Distribution rate - - - - - - - -
Net sales 1 2,594 3,342 4,417 5,305 5,956 6,759 7,629 8,672
EBITDA 1 766.8 959.9 1,312 1,620 2,208 2,351 2,656 3,061
EBIT 1 698 875.5 1,208 1,507 2,085 2,212 2,502 2,889
Net income 1 488.5 606.8 857.3 1,148 1,745 1,726 1,929 2,294
Net Debt 1 -1,837 -1,563 -1,267 -1,448 -3,072 -5,149 -7,497 -10,365
Reference price 2 29.71 71.88 48.89 58.53 94.48 102.97 102.97 102.97
Nbr of stocks (in thousands) 811,660 817,499 781,236 767,910 766,453 765,416 - -
Announcement Date 2/4/21 2/3/22 2/7/23 2/6/24 2/6/25 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
46.33x10.9x31.33x-.--% 78.81B
109.28x13.45x42.57x-.--% 127B
27.73x7.7x17.68x-.--% 23.91B
-765.9x13.63x58.16x-.--% 18.96B
18.48x5.25x9.66x1.78% 18.48B
-33.92x14.01x-141.35x-.--% 16.61B
-32.43x10.7x59.67x-.--% 11.48B
-56.65x8.25x296.76x-.--% 5.65B
99.92x4.03x66.15x0.14% 5.22B
67.23x4.46x28.51x - 2.4B
Average -51.99x 9.24x 46.91x 0.21% 30.87B
Weighted average by Cap. 11.20x 11.48x 32.44x 0.11%
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation Fortinet, Inc.