Fortinet Inc
NASDAQ:FTNT

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Fortinet Inc
NASDAQ:FTNT
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Price: 79.41 USD
Market Cap: 59.1B USD

Relative Value

The Relative Value of one FTNT stock under the Base Case scenario is 88.76 USD. Compared to the current market price of 79.41 USD, Fortinet Inc is Undervalued by 11%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

FTNT Relative Value
Base Case
88.76 USD
Undervaluation 11%
Relative Value
Price
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
82
vs Industry
8
Median 3Y
10.3
Median 5Y
10.7
Industry
2.4
Forward
8.6
vs History
96
vs Industry
14
Median 3Y
41.7
Median 5Y
47.6
Industry
22.3
Forward
28.9
vs History
75
vs Industry
17
Median 3Y
26.4
Median 5Y
27.8
Industry
16
vs History
53
vs Industry
16
Median 3Y
30.6
Median 5Y
29.5
Industry
20.7
vs History
29
vs Industry
1
Median 3Y
55.5
Median 5Y
43.6
Industry
2.9
vs History
79
vs Industry
9
Median 3Y
9.9
Median 5Y
10.4
Industry
2.4
Forward
8.2
vs History
90
vs Industry
15
Median 3Y
12.6
Median 5Y
13.4
Industry
4.9
vs History
98
vs Industry
13
Median 3Y
35.5
Median 5Y
39.7
Industry
12.2
Forward
22.3
vs History
98
vs Industry
13
Median 3Y
38
Median 5Y
43
Industry
15.8
Forward
23.6
vs History
77
vs Industry
17
Median 3Y
25.6
Median 5Y
26.8
Industry
14.7
vs History
69
vs Industry
14
Median 3Y
29.4
Median 5Y
32.2
Industry
17.2
vs History
96
vs Industry
7
Median 3Y
11.6
Median 5Y
12.6
Industry
2.4

Multiples Across Competitors

FTNT Competitors Multiples
Fortinet Inc Competitors

All Multiples
P/S
P/E
EV/EBITDA
EV/EBIT
All Countries
Close
Market Cap P/S P/E EV/EBITDA EV/EBIT
US
Fortinet Inc
NASDAQ:FTNT
59B USD 9 31.5 26 27.9
US
Microsoft Corp
NASDAQ:MSFT
3.6T USD 12.2 34.3 20.4 26.3
US
Oracle Corp
NYSE:ORCL
560B USD 9.2 36.3 24.3 33.2
US
Palo Alto Networks Inc
NASDAQ:PANW
126B USD 13.2 112.8 75.5 96.2
US
CrowdStrike Holdings Inc
NASDAQ:CRWD
118.2B USD 25.9 -376.1 -2 055.1 -360.1
US
VMware Inc
XETRA:BZF1
58B EUR 5 47.8 22 37.2
US
Xperi Holding Corp
LSE:0M2A
54.6B USD 143.8 744.2 269 376.8
US
Zscaler Inc
NASDAQ:ZS
35.9B USD 12.7 -873.9 12 937.7 -255.3
US
ServiceNow Inc
NYSE:NOW
31.8B USD 2.5 18.4 11.4 15.9
IL
Cyberark Software Ltd
NASDAQ:CYBR
22.5B USD 17.3 -99.2 -2 052.6 -161.4
IL
Check Point Software Technologies Ltd
NASDAQ:CHKP
20.1B USD 7.5 19.9 19.6 21.9
P/E Multiple
Earnings Growth PEG
US
Fortinet Inc
NASDAQ:FTNT
Average P/E: 130.6
31.5
12%
2.6
US
Microsoft Corp
NASDAQ:MSFT
34.3
18%
1.9
US
Oracle Corp
NYSE:ORCL
36.3
36%
1
US
Palo Alto Networks Inc
NASDAQ:PANW
112.8
46%
2.5
US
CrowdStrike Holdings Inc
NASDAQ:CRWD
Negative Multiple: -376.1 N/A N/A
US
V
VMware Inc
XETRA:BZF1
47.8
39%
1.2
US
Xperi Holding Corp
LSE:0M2A
744.2
38%
19.6
US
Zscaler Inc
NASDAQ:ZS
Negative Multiple: -873.9 N/A N/A
US
ServiceNow Inc
NYSE:NOW
18.4
-10%
N/A
IL
Cyberark Software Ltd
NASDAQ:CYBR
Negative Multiple: -99.2 N/A N/A
IL
Check Point Software Technologies Ltd
NASDAQ:CHKP
19.9
15%
1.3
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
US
Fortinet Inc
NASDAQ:FTNT
Average EV/EBITDA: 1 489.5
26
17%
1.5
US
Microsoft Corp
NASDAQ:MSFT
20.4
20%
1
US
Oracle Corp
NYSE:ORCL
24.3
43%
0.6
US
Palo Alto Networks Inc
NASDAQ:PANW
75.5
41%
1.8
US
CrowdStrike Holdings Inc
NASDAQ:CRWD
Negative Multiple: -2 055.1
184%
N/A
US
V
VMware Inc
XETRA:BZF1
22
19%
1.2
US
Xperi Holding Corp
LSE:0M2A
269
8%
33.6
US
Zscaler Inc
NASDAQ:ZS
12 937.7
N/A N/A
US
ServiceNow Inc
NYSE:NOW
11.4
53%
0.2
IL
Cyberark Software Ltd
NASDAQ:CYBR
Negative Multiple: -2 052.6 N/A N/A
IL
Check Point Software Technologies Ltd
NASDAQ:CHKP
19.6
11%
1.8
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
US
Fortinet Inc
NASDAQ:FTNT
Average EV/EBIT: 79.4
27.9
17%
1.6
US
Microsoft Corp
NASDAQ:MSFT
26.3
17%
1.5
US
Oracle Corp
NYSE:ORCL
33.2
38%
0.9
US
Palo Alto Networks Inc
NASDAQ:PANW
96.2
50%
1.9
US
CrowdStrike Holdings Inc
NASDAQ:CRWD
Negative Multiple: -360.1 N/A N/A
US
V
VMware Inc
XETRA:BZF1
37.2
30%
1.2
US
Xperi Holding Corp
LSE:0M2A
376.8
25%
15.1
US
Zscaler Inc
NASDAQ:ZS
Negative Multiple: -255.3 N/A N/A
US
ServiceNow Inc
NYSE:NOW
15.9
65%
0.2
IL
Cyberark Software Ltd
NASDAQ:CYBR
Negative Multiple: -161.4 N/A N/A
IL
Check Point Software Technologies Ltd
NASDAQ:CHKP
21.9
13%
1.7