Fortinet, Inc.

BIT:1FTNT Stock Report

Market Cap: €99.3b

Fortinet Valuation

Is 1FTNT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow 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 1FTNT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: 1FTNT (€135.8) is trading above our estimate of future cash flow value (€122.33)

Significantly Below Future Cash Flow Value: 1FTNT is trading above our estimate of future cash flow value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 1FTNT?

Key metric: As 1FTNT is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 1FTNT. This is calculated by dividing 1FTNT's market cap by their current earnings.
What is 1FTNT's PE Ratio?
PE Ratio54.4x
EarningsUS$2.12b
Market CapUS$115.54b

Price to Earnings Ratio vs Peers

How does 1FTNT's PE Ratio compare to its peers?

The above table shows the PE ratio for 1FTNT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average35.4x
NOW ServiceNow
81.2x25.54%US$138.8b
ORCL Oracle
27.4x24.37%US$468.1b
REY Reply
16x9.54%€4.1b
GEN Gen Digital
16.9x6.22%US$17.8b
1FTNT Fortinet
54.4x13.00%€115.5b

Price-To-Earnings vs Peers: 1FTNT is expensive based on its Price-To-Earnings Ratio (54.4x) compared to the peer average (35.4x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does 1FTNT's PE Ratio compare vs other companies in the European Software Industry?

4 CompaniesPrice / EarningsEstimated GrowthMarket Cap
1FTNT 54.4xIndustry Avg. 22.5xNo. of Companies28PE020406080100+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 1FTNT is expensive based on its Price-To-Earnings Ratio (54.4x) compared to the European Software industry average (22.6x).

Price to Earnings Ratio vs Fair Ratio

What is 1FTNT'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.

1FTNT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio54.4x
Fair PE Ratio51.2x

Price-To-Earnings vs Fair Ratio: 1FTNT is expensive based on its Price-To-Earnings Ratio (54.4x) compared to the estimated Fair Price-To-Earnings Ratio (51.2x).

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 1FTNT forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€135.80
€140.09
+3.16%
18.86%€189.90€88.05n/a36
Sep ’27€140.44
€140.45
+0.01%
18.64%€189.84€88.02n/a37
Aug ’27€137.78
€138.28
+0.36%
21.07%€190.72€74.55n/a37
Jul ’27€138.96
€99.74
-28.23%
21.05%€157.63€61.30n/a37
Jun ’27€124.62
€92.77
-25.56%
15.05%€129.02€60.21n/a36
May ’27€71.81
€76.31
+6.27%
12.11%€102.40€54.61n/a35
Apr ’27€70.60
€77.34
+9.54%
11.82%€104.21€55.58n/a34
Mar ’27€66.00
€76.19
+15.44%
10.83%€101.80€59.38n/a33
Feb ’27€67.84
€73.59
+8.47%
11.99%€101.18€59.02n/a33
Jan ’27€68.66
€74.26
+8.16%
11.71%€102.38€59.72n/a33
Dec ’26€70.28
€75.78
+7.82%
11.60%€104.08€57.24n/a33
Nov ’26€74.20
€77.58
+4.55%
11.39%€103.39€57.73n/a34
Oct ’26€72.01
€76.59
+6.36%
11.29%€102.24€57.08n/a35
Sep ’26€67.22
€77.32
+15.02%
10.58%€103.08€64.43€140.4436
Aug ’26€84.53
€94.89
+12.26%
10.40%€116.59€71.68€137.7837
Jul ’26€87.04
€93.05
+6.91%
10.67%€115.32€70.90€138.9639
Jun ’26€89.84
€96.80
+7.74%
10.73%€119.68€73.58€124.6239
May ’26€90.44
€99.16
+9.65%
11.38%€118.54€72.88€71.8138
Apr ’26n/a
€106.13
0%
10.64%€124.78€76.72€70.6037
Mar ’26n/a
€109.36
0%
10.56%€128.37€78.92€66.0036
Feb ’26n/a
€95.69
0%
13.53%€115.25€59.54€67.8436
Jan ’26n/a
€93.34
0%
11.40%€110.92€59.80€68.6637
Dec ’25n/a
€90.34
0%
11.34%€105.32€58.83€70.2836
Nov ’25n/a
€72.53
0%
11.63%€96.89€57.21€74.2036
Oct ’25n/a
€65.99
0%
9.18%€80.66€55.48€72.0136
Sep ’25n/a
€65.27
0%
9.73%€80.82€52.90€67.2236
€140.18
Fair Value
3.1% undervalued intrinsic discount
36
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 Analysis2026/09/09 07:54
End of Day Share Price 2026/09/09 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

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 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 69 analysts. 42 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