Fortinet Inc (FTNT) Fair Value & Analysis
Technology · US · Market cap $118B · ISIN US34959E1091
What is Fortinet Inc really worth?
Fortinet Inc
FTNT · US
A strong business, but trading 154% above our fair value of $61.46.
Strengths
Risks
Fair value as of: Aug 30, 2026
From 26 valuation models · updated 6 days ago
Share price −7.1% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 78/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case ($107.19). The favourable scenario is already priced in.
- A fairly wide model range ($46.61 to $107.19) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
60‑month range $43.08 – $172.78 · fair‑value band $46.61 – $107.19 · the $156.36 price screens above the $61.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.
Analysis
Fortinet Inc (FTNT) currently trades at $156.36, while our model-based Fair Value estimate is $61.46, implying the stock looks roughly 154.4% overvalued today. The Quality Score stands at 78/100 (high quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of $87.27 per share, and 0 of the 26 models we run sit above the $156.36 price. Bear case: the Economic Profit group reads lowest at $11.53, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Fortinet Inc generated revenue of $7.1B at a net margin of 27.5%. Revenue grew 20.1% year over year. It earns a return on equity of 132.4%. The balance sheet holds a net cash position of $1.5B. Fundamentals as of Aug 30, 2026
Our scenario range runs from $46.61 (bear case) to $107.19 (bull case); at $156.36, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 123% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −30% fair-value upside, at −61%, FTNT screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $1.73 per share, which is 2.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models ($87.27) versus Asset-Based ($1.13). Highest evidence: FCF DCF (75).
Notify me when FTNT reaches fair value
Put FTNT on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.
Set up alert →Free, no payment details. Unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 76 · Market factors (momentum, volatility) 76
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. 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, …
Full company description
Fortinet, Inc. provides cybersecurity and convergence of networking and security solutions worldwide. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
FTNT screens 154% overvalued. Compare with Microsoft Corporation →
Peer Group
Software - Infrastructure · 369 stocks
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.
Valuation Multiples vs Software - Infrastructure median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Software - Infrastructure stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Microsoft Corporation MSFT | $480.35 | $365.74 | −24% |
| Oracle Corporation ORCL | $151.94 | $117.84 | −22% |
| Synopsys, Inc SNPS | $442.61 | $101.19 | −77% |
| Block, Inc XYZ | A$111.01 | A$70.69 | −36% |
| CoreWeave, Inc CRWV | $105.26 | $71.79 | −32% |
| NetApp, Inc NTAP | $190.64 | $154.83 | −19% |
| Adyen N.V ADYEN | €1,007 | €707.53 | −30% |
| MongoDB, Inc MDB | $440.58 | $93.91 | −79% |
| Okta, Inc OKTA | $166.23 | $30.50 | −82% |
| VeriSign, Inc VRSN | $273.03 | $208.59 | −24% |
Compare Fortinet Inc with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Technology stocks →
Try a ready-made strategy
Pick a strategy and jump into the live analysis with that exact screen applied.
Discover tools
Frequently asked questions
Is Fortinet Inc (FTNT) overvalued or undervalued?
What is the fair value of FTNT?
What is the quality score of FTNT?
What is the revenue of Fortinet Inc (FTNT)?
What is the net profit margin of FTNT?
Does Fortinet Inc pay a dividend?
Watch Fortinet Inc in the live analysis
One click puts Fortinet Inc on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Watch for free →Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.