Fortinet Inc (FTNT) fair value: what the stock is really worth
As of Oct 14, 2026: fair value of Fortinet Inc $165, price $184, upside -10.5%, quality 78 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 13, 2026.
How to read this chart
60‑month range $45.93 – $194.75 · fair‑value band $95.42 – $214.08 · the $184.05 price screens above the $164.68 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 13, 2026.
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Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide.
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The company offers FortiOS, a unified operating system designed to address cybersecurity threats; FortiASIC application-specific integrated circuit (ASIC)-based security processing units; FortiCloud, a private cloud software as a service platform; FortiAI, which provides a dual-layered defense across the Fortinet Security Fabric; FortiEndpoint, which converges secure connectivity, endpoint protection, and capabilities into a single agent; and OT Security, which protect the engineered systems that underpin infrastructure and supply chains.
It also provides secure networking solutions that focus on the convergence of networking and security; network firewall solutions comprising FortiGate data centers, hyperscale, and distributed firewalls; wireless local area network solutions; and secure connectivity solutions.
In addition, the company offers the Fortinet Unified Secure Access Service Edge solutions that include firewall, software-defined wide-area network, secure web gateway, cloud access services broker, data loss prevention, and zero trust network access; and web application firewalls, cloud network security with virtualized firewalls, cloud-native firewalls, cloud-native application protection, and code security.
Further, it provides AI-driven security operation solutions, which include a suite of cybersecurity solutions, as well as FortiEDR, FortiXDR, FortiNDR, FortiSandbox, FortiDeceptor, FortiDLP, and FortiRecon.
Additionally, the company offers FortiGuard Labs, a cybersecurity threat intelligence and research organization; FortiGuard and Other Security Services, a suite of AI-powered security capabilities that consists of FortiGuard application, content, device, NOC/SOC, and web security services; and FortiCare technical support services.
Fortinet, Inc. was incorporated in 2000 and is headquartered in Sunnyvale, California.
Stock analysis
Fortinet Inc (FTNT) currently trades at $184.05, while our model-based Fair Value estimate is $164.68, 10.5% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $87.26 per share, and 0 of the 24 models we run sit above the $184.05 price.
Bear case: the Multiples group reads lowest at $42.94, and 24 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: $95.42 (bear) to $214.08 (bull), the price of $184.05 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 78/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Fortinet Inc reported revenue of $6.8B in FY2025 versus $3.3B in FY2021, a compound +19.4%/yr. Reported net income was $1.9B in FY2025, compounding +32.2%/yr from FY2021.
Key figures
Market cap $136B · P/E ratio 63.5 · P/S ratio 17.3 · EPS (TTM) $2.90 · Net margin 27.3% · Return on equity 117% · Return on assets (EBIT) 16.4% · Operating margin 33.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 97 out of 100 (medium confidence).
What moves the price
The share trades about 5% below its 52-week high and 145% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −25% fair-value upside, at −11%, FTNT screens cheaper than that median.
Fair Value models
Bear$95.42Fair Value $164.68Bull$214.08
Price $184.05 · Upside -10.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($2.29 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+14.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.3%
Start year 2020 (pandemic). Over 10 years: +21.0% a year
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+23.5%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+35.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+35.9%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.33.6% vs 55.5%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.21% → 31%
2025 sits 70% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+29.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+11.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +26.5% a year for the price and +8.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Strong margins and ROE reflect pricing power and scale in cybersecurity as the main strength, while limited public signals on human capital and insider activity form the key weakness in assessing long-term durability.
Main risk: Competition from broader platforms could erode the recurring revenue growth expected from integrating networking and security offerings.
Fortinet is expanding its SASE platform while seeing rising demand for AI-related security solutions. Our models see it as overvalued. Will the integration of its networking and security offerings drive more recurring revenue growth than competition from broader platforms can erode?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Infrastructure · 351 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score78 · Top 25%
Fair Value upside−10.5% · Below median
Profitability
Return on equity (12 months)117.4% · Top 25%
Return on assets17.8% · Top 25%
Net margin (12 months)28.2% · Top 25%
Operating margin (12 months)33.6% · Top 25%
Growth and dividend
Revenue growth25.6% · Above median
Balance sheet
Debt / equity0.40× · Above median
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Fortinet Inc Fair Value". https://www.fairvalue-calculator.com/stock/FTNT
Frequently asked questions
Is Fortinet Inc (FTNT) overvalued or undervalued?
As of Oct 13, 2026, our model estimates a fair value of $164.68 versus a price of $184.05, about −11% upside (overvalued).
What is the fair value of FTNT?
Our model-based fair value for Fortinet Inc is $164.68 (as of Oct 13, 2026), built from audited fundamentals. The current price: $184.05.
What is the quality score of FTNT?
Fortinet Inc has a Quality Score of 78/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Fortinet Inc (FTNT)?
Our model-based price target is the fair value of $164.68 (as of Oct 13, 2026) from 24 valuation models. Cautious scenario $95.42, optimistic scenario $214.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Fortinet Inc stock forecast for 2026?
Our models put fair value at $164.68, about −11% upside versus a price of $184.05 (overvalued). Cautious scenario $95.42, optimistic scenario $214.08. The calculation is refreshed regularly with new filings.
What is the revenue of Fortinet Inc (FTNT)?
Fortinet Inc reported trailing-twelve-month revenue of about $7.5B (latest available figure, as of Oct 13, 2026).
What growth is priced into Fortinet Inc (FTNT)?
For today's price to be fair in a discounted-cash-flow model, Fortinet Inc would have to grow free cash flow by +29.5 % per year for five years (discount rate 9.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.3 % per year. As of Oct 13, 2026.
What discount rate (WACC) does the fair value of FTNT use?
Our models discount Fortinet Inc at 9.4 %: a base by market capitalisation (large), damped by beta 1.06, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Fortinet Inc that is +29.5 % per year a year over ten years, using the same discount rate (9.4 %) and the same formula as our fair value.
How much growth has Fortinet Inc (FTNT) delivered so far?
Over the past 5 years revenue at Fortinet Inc grew +21.3 % a year. The price currently implies +29.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Fortinet Inc (FTNT) growing?
The median revenue growth in the sector is +10.6 % a year. That is the yardstick for the growth priced into Fortinet Inc (+29.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Fortinet Inc (FTNT)?
The free-cash-flow yield on the price is 1.63 %: that much free cash flow Fortinet Inc produces per unit of market value. When it exceeds the discount rate of our models (9.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Fortinet Inc (FTNT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fortinet Inc it is $164.68 per share (as of Oct 13, 2026), against a price of $184.05. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Fortinet Inc stock overvalued or undervalued in 2026?
As of Oct 13, 2026, FTNT trades above its calculated fair value: price $184.05, fair value $164.68, a gap of about −11% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FTNT?
No. The price is what the market pays today ($184.05); the fair value is what the company's own numbers justify ($164.68). For Fortinet Inc the two are $19.37 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fortinet Inc worth?
The market values Fortinet Inc at about $136B (market capitalisation, as of Oct 13, 2026). Per share that is $184.05; our models calculate a fair value of $164.68 per share.
What do the bullish and bearish scenarios say about FTNT?
Our models span a range for Fortinet Inc: cautious scenario $95.42, base $164.68, optimistic $214.08 per share (as of Oct 13, 2026, price $184.05). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FTNT?
Fortinet Inc trades at a price-to-earnings ratio of 63.5 (as of Oct 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $164.68 is built from several models across several years. Other multiples: PEG 1.9, P/S 18.1, EV/EBITDA 51.8.
What is the PEG ratio of FTNT?
The PEG ratio of Fortinet Inc is 1.92 (P/E divided by earnings growth, as of Oct 13, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Fortinet Inc (FTNT)?
Balance-sheet figures for Fortinet Inc (as of Oct 13, 2026): return on equity 117.4%, debt of 0.40 per unit of equity. They feed the Quality Score of 78/100, which measures business quality independently of the share price.
How far is FTNT from its 52-week high?
Fortinet Inc trades at $184.05, about 5% below its 52-week high of $194.75 and 145% above the low of $75.23 (as of Oct 14, 2026). Distance from the high says nothing about value: that is what the fair value of $164.68 is for.
Which stocks are comparable to Fortinet Inc?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, CrowdStrike Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Fortinet Inc stock attractive at the current price?
The data as of Oct 13, 2026: price $184.05, calculated fair value $164.68 (−11%), Quality Score 78/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FTNT calculated?
We run Fortinet Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $164.68, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.7 % above its aggregate fair value. Fortinet Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Fortinet Inc (FTNT)?
The closing price on Oct 14, 2026 was $184.05. Our model-based fair value is $164.68, about −11% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fortinet Inc right now?
A fairly wide model range ($95.42 to $214.08) leaves room in how you read the outcome. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Fortinet Inc
How large is the market capitalisation of Fortinet Inc (FTNT)?
The market capitalisation of Fortinet Inc is $136B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Fortinet Inc (FTNT)?
The price-to-sales ratio of Fortinet Inc is 17.3 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Fortinet Inc (FTNT)?
Earnings per share at Fortinet Inc are $2.90 (price ÷ EPS = P/E 63.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Fortinet Inc (FTNT)?
The net margin of Fortinet Inc is 27.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Fortinet Inc (FTNT)?
The return on equity (ROE) of Fortinet Inc is 117% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Fortinet Inc (FTNT)?
On an EBIT basis the return on assets of Fortinet Inc is 16.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Fortinet Inc (FTNT)?
The operating margin of Fortinet Inc is 33.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fortinet Inc (FTNT)?
Revenue at Fortinet Inc is growing +25.6% versus a year earlier (3y avg +15.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Fortinet Inc (FTNT)?
Earnings per share at Fortinet Inc are growing +43.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Fortinet Inc (FTNT) hold?
Fortinet Inc holds more cash than debt, $1.5B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 13, 2026