Fortinet

Accelerating Digitization And IoT Trends Will Expand Cybersecurity Markets

AnalystHighTarget

Not Invested

Community Contributor

Published

10 Aug 25

Updated

20 Jan 26

Views

n/a

AnalystHighTarget's Fair Value

n/a

-18.2%

8.3%

-18.2%

8.3%

You can edit this narrative until Jan 21 1:10 AM. Then, changes will post as Updates.

Author's Valuation

US$107.6124.1% undervalued

AnalystHighTarget Fair Value

Narrative

Updates1

Shared on 20 Jan 26

Fair value Decreased 2.52%

FTNT: Hardware Refresh Caution Will Contrast With Stronger Margins And Buybacks

Analysts have nudged their implied fair value for Fortinet lower from about $110 to $108, as a reduced future P/E assumption and more cautious views on hardware refresh demand offset still solid revenue and billings metrics reflected in recent research updates. Analyst Commentary Recent research has been mixed, but there are still clear pockets of optimism around Fortinet that center on execution, earnings quality, and how those feed into valuation support.

AnalystHighTarget Fair Value

US$107.61

24.1% undervalued

Future estimation in

Growth p.a.

Decrease

Increase

Current revenue growth rate

10.37%

Software revenue growth rate

1.31%

Risk Level (Discount Rate)

Our default considers factors like the company's size, volatility, profitablity and country of operation.

Decrease

Increase

Current discount rate

8.45%

Calculation

US$2.92b

Earnings '29

31.62x

PE Ratio '29

US$92.32b

Market Cap '29

US$92.32b

Market Cap '29

672.57m

No. shares '29

US$137.27

Share Price '29

US$137.27 Share Price '29

Discounted to 2026 @ 8.48% p.a.

US$107.52

Fair Value '26