Fortinet Inc
NASDAQ:FTNT

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Fortinet Inc
NASDAQ:FTNT
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Price: 101.8 USD 1.07% Market Closed
Market Cap: 78.3B USD
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Intrinsic Value

The intrinsic value of one FTNT stock under the Base Case scenario is 66.66 USD. Compared to the current market price of 101.8 USD, Fortinet Inc is Overvalued by 35%.

The Intrinsic Value is calculated as the average of DCF and Relative values:

FTNT Intrinsic Value
66.66 USD
Overvaluation 35%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation History
Fortinet Inc

Intrinsic Value History
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Backtest Conclusion
Very Attractive
Current Valuation
+45%
Avg Valuation
-12%
Worst Valuation
-49%
Best Valuation
+45%

Stock is trading at its lowest valuation over the past 5 years.

Backtest Example
FTNT
Valuation History
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Valuation History Unavailable

Historical valuation for FTNT cannot be conducted due to limitations such as insufficient data or other constraints.

Valuation In Progress...
Valuation In Progress...

Fundamental Analysis

Company Overview
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Business Segments
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Economic Moat
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Earnings Call
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Management
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Bear Theses

Fortinet’s hardware-centric revenue model faces potential supply chain bottlenecks and rising component costs; delays or shortages in crucial hardware components could erode near-term margins and undermine the company’s competitive position.

Increasing competition from both emerging cybersecurity startups and established players like Palo Alto Networks and Cisco could pressure Fortinet’s pricing power, especially in commoditized segments such as next-generation firewalls and endpoint protection.

Enterprise IT spending slowdowns in key verticals, including government and financial services, could hinder Fortinet’s subscription bookings and lead to lumpy revenue recognition, putting the sustainability of its growth trajectory at risk.

Bull Theses

Fortinet’s Security Fabric strategy, which tightly integrates the company’s portfolio of firewalls, SD-WAN solutions, and cloud security tools, positions it as a comprehensive, end-to-end provider in an era of converged network and security requirements.

Aggressive R&D investments focused on AI-driven threat detection and automated response capabilities may solidify Fortinet’s technological advantage, driving higher market share within mission-critical security deployments.

Robust balance sheet health and disciplined cost management afford Fortinet the flexibility to make strategic acquisitions and expand into new cybersecurity niches without sacrificing overall profitability or shareholder returns.

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Financials
Annual
Quarterly
TTM
Annual
Quarterly
TTM

Balance Sheet Decomposition
Fortinet Inc

Current Assets 6B
Cash & Short-Term Investments 4.1B
Receivables 1.5B
Other Current Assets 441.6m
Non-Current Assets 3.8B
PP&E 1.3B
Intangibles 350.4m
Other Non-Current Assets 2.1B
Current Liabilities 4.1B
Accounts Payable 190.9m
Accrued Liabilities 593.6m
Other Current Liabilities 3.3B
Non-Current Liabilities 4.2B
Long-Term Debt 994.3m
Other Non-Current Liabilities 3.2B
Efficiency

Free Cash Flow Analysis
Fortinet Inc

Last Value
3-Years Average
FCF Margin
Conversion Rate

Earnings Waterfall
Fortinet Inc

Revenue
6B USD
Cost of Revenue
-1.1B USD
Gross Profit
4.8B USD
Operating Expenses
-3B USD
Operating Income
1.8B USD
Other Expenses
-90.7m USD
Net Income
1.7B USD
Fundamental Scores

FTNT Profitability Score
Profitability Due Diligence

Fortinet Inc's profitability score is 67/100. The higher the profitability score, the more profitable the company is.

Positive Free Cash Flow
Positive Gross Profit
Exceptional 3-Year Average ROIC
Exceptional ROE
67/100
Profitability
Score

Fortinet Inc's profitability score is 67/100. The higher the profitability score, the more profitable the company is.

FTNT Solvency Score
Solvency Due Diligence

Fortinet Inc's solvency score is 70/100. The higher the solvency score, the more solvent the company is.

High Altman Z-Score
Negative Net Debt
Low D/E
Short-Term Solvency
70/100
Solvency
Score

Fortinet Inc's solvency score is 70/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

FTNT Price Targets Summary
Fortinet Inc

Wall Street analysts forecast FTNT stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for FTNT is 115.37 USD with a low forecast of 83.83 USD and a high forecast of 141.75 USD.

Lowest
Price Target
83.83 USD
18% Downside
Average
Price Target
115.37 USD
13% Upside
Highest
Price Target
141.75 USD
39% Upside
View Analyst Estimates
View Analyst Estimates

Dividends

Fortinet Inc
does not pay dividends
Shareholder Yield

Current shareholder yield for FTNT is .

Shareholder yield represents the total return a company provides to its shareholders, calculated as the sum of dividend yield, buyback yield, and debt paydown yield. What is shareholder yield?

Shareholder Yield
Dividend Yield
No dividends
Buyback Yield
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Debt Paydown Yield
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Ownership

FTNT Insider Trading
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FTNT News

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What is the Intrinsic Value of one FTNT stock?

The intrinsic value of one FTNT stock under the Base Case scenario is 66.66 USD.

Is FTNT stock undervalued or overvalued?

Compared to the current market price of 101.8 USD, Fortinet Inc is Overvalued by 35%.

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