Fortinet, Inc.

LSE:0IR9 Stock Report

Market Cap: US$64.9b

Fortinet Valuation

Is 0IR9 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 0IR9 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

US$86.99
Fair Value
2.3% undervalued intrinsic discount
34
Number of Analysts

Below Fair Value: 0IR9 ($84.98) is trading below our estimate of fair value ($86.99)

Significantly Below Fair Value: 0IR9 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0IR9?

Key metric: As 0IR9 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0IR9. This is calculated by dividing 0IR9's market cap by their current earnings.
What is 0IR9's PE Ratio?
PE Ratio33.6x
EarningsUS$1.94b
Market CapUS$64.87b

Price to Earnings Ratio vs Peers

How does 0IR9's PE Ratio compare to its peers?

The above table shows the PE ratio for 0IR9 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average75.4x
SGE Sage Group
31.8x11.84%UK£11.0b
PANW Palo Alto Networks
128.4x17.27%US$143.8b
NOW ServiceNow
117.3x21.18%US$194.2b
CHKP Check Point Software Technologies
24.2x5.01%US$20.9b
0IR9 Fortinet
33.6x8.87%US$64.9b

Price-To-Earnings vs Peers: 0IR9 is good value based on its Price-To-Earnings Ratio (33.6x) compared to the peer average (75.4x).

Price to Earnings Ratio vs Industry

How does 0IR9's PE Ratio compare vs other companies in the GB Software Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
0IR9 33.6xIndustry Avg. 31.0xNo. of Companies5PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0IR9 is expensive based on its Price-To-Earnings Ratio (33.6x) compared to the UK Software industry average (31.3x).

Price to Earnings Ratio vs Fair Ratio

What is 0IR9's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

0IR9 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio33.6x
Fair PE Ratio48.8x

Price-To-Earnings vs Fair Ratio: 0IR9 is good value based on its Price-To-Earnings Ratio (33.6x) compared to the estimated Fair Price-To-Earnings Ratio (48.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 0IR9 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$84.98
US$90.48
+6.47%
11.21%US$120.00US$67.00n/a34
Oct ’26US$84.23
US$90.32
+7.24%
11.11%US$120.00US$67.00n/a35
Sep ’26US$78.48
US$90.42
+15.22%
10.40%US$120.00US$75.00n/a36
Aug ’26US$97.10
US$109.88
+13.16%
10.40%US$135.00US$83.00n/a37
Jul ’26US$102.67
US$108.94
+6.10%
10.67%US$135.00US$83.00n/a39
Jun ’26US$101.61
US$109.19
+7.46%
10.73%US$135.00US$83.00n/a39
May ’26US$105.39
US$112.93
+7.16%
11.38%US$135.00US$83.00n/a38
Apr ’26US$95.55
US$114.82
+20.17%
10.64%US$135.00US$83.00n/a37
Mar ’26US$106.72
US$115.01
+7.77%
10.56%US$135.00US$83.00n/a36
Feb ’26US$101.42
US$99.64
-1.76%
13.53%US$120.00US$62.00n/a36
Jan ’26US$94.20
US$96.77
+2.73%
11.40%US$115.00US$62.00n/a37
Dec ’25US$95.05
US$95.21
+0.17%
11.34%US$111.00US$62.00n/a36
Nov ’25US$78.47
US$78.60
+0.17%
11.63%US$105.00US$62.00n/a36
Oct ’25US$76.58
US$73.75
-3.70%
9.18%US$90.14US$62.00US$84.2336
Sep ’25US$76.63
US$72.80
-4.99%
9.73%US$90.14US$59.00US$78.4836
Aug ’25US$56.72
US$70.74
+24.73%
12.60%US$90.14US$46.00US$97.1036
Jul ’25US$59.81
US$72.03
+20.44%
11.47%US$90.14US$54.00US$102.6737
Jun ’25US$58.01
US$71.84
+23.84%
11.55%US$90.14US$54.00US$101.6136
May ’25US$63.95
US$76.28
+19.28%
10.69%US$90.14US$55.11US$105.3937
Apr ’25US$68.52
US$76.03
+10.96%
10.34%US$90.00US$55.11US$95.5536
Mar ’25US$70.29
US$75.75
+7.77%
10.52%US$90.00US$55.11US$106.7236
Feb ’25US$66.06
US$62.48
-5.41%
10.81%US$77.00US$49.00US$101.4236
Jan ’25US$58.54
US$56.75
-3.05%
9.13%US$69.30US$49.00US$94.2035
Dec ’24US$52.02
US$56.69
+8.97%
9.80%US$69.30US$49.00US$95.0534
Nov ’24US$56.85
US$71.84
+26.36%
9.79%US$95.00US$60.00US$78.4735
Oct ’24US$58.36
US$75.01
+28.53%
9.68%US$95.00US$65.00US$76.5834
US$90.53
Fair Value
6.1% undervalued intrinsic discount
34
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/23 16:06
End of Day Share Price 2025/10/23 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Fortinet, Inc. is covered by 72 analysts. 41 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ellie BagshawArete Research Services LLP
Shrenik KothariBaird
Danny KaplanBarclays