Company Valuation: Fortinet, Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 58,762 38,195 44,946 72,414 59,053 132,765 - -
Change - -35% 17.68% 61.12% -18.45% 124.82% - -
Enterprise Value (EV) 1 57,199 36,928 43,498 69,342 56,467 128,039 125,316 122,538
Change - -35.44% 17.79% 59.42% -18.57% 126.75% -2.13% -2.22%
P/E 99x 46.1x 40.1x 41.8x 32.8x 58.5x 53.2x 44.2x
PBR 76.8x -137x -98.4x 48.8x 49.1x 48.9x 25x 17x
PEG - 1x 1.1x 0.8x 4.63x 2.1x 5.36x 2.2x
Capitalization / Revenue 17.6x 8.65x 8.47x 12.2x 8.68x 16.4x 14.7x 13.2x
EV / Revenue 17.1x 8.36x 8.2x 11.6x 8.3x 15.8x 13.9x 12.2x
EV / EBITDA 59.6x 28.1x 26.8x 31.4x 22x 41.5x 35.5x 29.4x
EV / EBIT 65.3x 30.6x 28.9x 33.3x 23.4x 43.6x 38.3x 32.9x
EV / FCF 47.5x 25.5x 25.1x 36.9x 25.5x 41.4x 37.2x 32.5x
FCF Yield 2.1% 3.92% 3.98% 2.71% 3.92% 2.42% 2.69% 3.07%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 0.726 1.06 1.46 2.26 2.42 3.092 3.399 4.095
Distribution rate - - - - - - - -
Net sales 1 3,342 4,417 5,305 5,956 6,800 8,119 9,040 10,072
EBITDA 1 959.9 1,312 1,620 2,208 2,565 3,083 3,526 4,168
EBIT 1 875.5 1,208 1,507 2,085 2,413 2,937 3,269 3,725
Net income 1 606.8 857.3 1,148 1,745 1,853 2,290 2,548 3,017
Net Debt 1 -1,563 -1,267 -1,448 -3,072 -2,586 -4,727 -7,449 -10,227
Reference price 2 71.88 48.89 58.53 94.48 79.41 180.95 180.95 180.95
Nbr of stocks (in thousands) 817,499 781,236 767,910 766,453 743,648 733,714 - -
Announcement Date 2/3/22 2/7/23 2/6/24 2/6/25 2/5/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.03x9.62x15.72x0.76% 3,843B
122.42x54.13x88.14x-.--% 454B
20.78x5.92x10.37x1.45% 431B
251.41x22.44x65.69x-.--% 330B
2660.9x44.6x145.87x-.--% 277B
26.43x5.3x16.72x1.43% 239B
89.18x8.66x23.18x-.--% 139B
57.8x15.57x41x-.--% 133B
493.9x21.18x83.73x-.--% 99.54B
Average 416.54x 20.83x 54.49x 0.4% 660.56B
Weighted average by Cap. 178.36x 15.22x 31.62x 0.65%

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