Company Valuation: Fortinet, Inc.

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,260 24,111 58,762 38,195 44,946 57,445 - -
Change - 32.05% 143.71% -35% 17.68% 27.81% - -
Enterprise Value (EV) 1 16,050 22,274 57,199 36,928 43,498 54,189 52,500 50,459
Change - 38.78% 156.8% -35.44% 17.79% 24.58% -3.12% -3.89%
P/E ratio 57.1x 51x 99x 46.1x 40.1x 42.6x 39.4x 33.3x
PBR 14.1x 29.1x 76.8x -137x -98.4x 52.3x 24.9x 15.1x
PEG - 0.9x 4x 1x 1.1x 1.9x 4.92x 1.8x
Capitalization / Revenue 8.47x 9.29x 17.6x 8.65x 8.47x 9.81x 8.74x 7.77x
EV / Revenue 7.44x 8.59x 17.1x 8.36x 8.2x 9.25x 7.99x 6.82x
EV / EBITDA 27.2x 29x 59.6x 28.1x 26.8x 28.5x 24.8x 20.9x
EV / EBIT 30.3x 31.9x 65.3x 30.6x 28.9x 29.8x 26.4x 22.3x
EV / FCF 22.4x 24.5x 47.5x 25.5x 25.1x 30x 25x 20.9x
FCF Yield 4.46% 4.08% 2.1% 3.92% 3.98% 3.33% 4% 4.79%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 0.374 0.582 0.726 1.06 1.46 1.786 1.929 2.283
Distribution rate - - - - - - - -
Net sales 1 2,156 2,594 3,342 4,417 5,305 5,856 6,572 7,398
EBITDA 1 590.8 766.8 959.9 1,312 1,620 1,899 2,117 2,417
EBIT 1 529.2 698 875.5 1,208 1,507 1,816 1,989 2,264
Net income 1 326.5 488.5 606.8 857.3 1,148 1,375 1,501 1,722
Net Debt 1 -2,210 -1,837 -1,563 -1,267 -1,448 -3,256 -4,945 -6,985
Reference price 2 21.35 29.71 71.88 48.89 58.53 76.07 76.07 76.07
Nbr of stocks (in thousands) 855,169 811,660 817,499 781,236 767,910 764,908 - -
Announcement Date 2/6/20 2/4/21 2/3/22 2/7/23 2/6/24 - - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

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P/E ratio EV / Sales EV / EBITDA Yield (Y) Capi. ($)
42.05x9.25x28.53x-.--%57.44B
101.27x11.71x38.46x-.--%112B
25.41x7.02x15.87x-.--%21.3B
16.92x5.9x9.88x+1.99%15.83B
-441.85x10.95x80.24x-.--%11.21B
63.41x6.59x28.3x-.--%4.94B
71.36x1.96x35.15x+0.16%2.61B
-17.09x2.37x333.29x - 1.38B
44.42x - - - 1.05B
Average -10.45x 6.97x 71.22x +0.31% 25.31B
Weighted average by Cap. 44.50x 9.92x 35.43x +0.14%
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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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