Stock FTNT FORTINET, INC.
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Financials Fortinet, Inc.

Equities

FTNT

US34959E1091

Software

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
64.18 USD +0.23% Intraday chart for Fortinet, Inc. +1.23% +9.65%
Apr. 18 Jefferies Adjusts Fortinet's Price Target to $70 From $75, Keeps Hold Rating MT
Apr. 18 Fortinet Insider Sold Shares Worth $3,110,740, According to a Recent SEC Filing MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,260 24,111 58,762 38,195 44,946 48,971 - -
Enterprise Value (EV) 1 16,050 22,274 57,199 36,928 43,498 45,945 43,947 41,861
P/E ratio 57.1 x 51 x 99 x 46.1 x 40.1 x 45.8 x 39.2 x 31.3 x
Yield - - - - - - - -
Capitalization / Revenue 8.47 x 9.29 x 17.6 x 8.65 x 8.47 x 8.47 x 7.44 x 6.46 x
EV / Revenue 7.44 x 8.59 x 17.1 x 8.36 x 8.2 x 7.94 x 6.67 x 5.52 x
EV / EBITDA 27.2 x 29 x 59.6 x 28.1 x 26.8 x 27.3 x 22.4 x 18.1 x
EV / FCF 22.4 x 24.5 x 47.5 x 25.5 x 25.1 x 27.3 x 21.7 x 16.3 x
FCF Yield 4.46% 4.08% 2.1% 3.92% 3.98% 3.66% 4.6% 6.12%
Price to Book 14.1 x 29.1 x 76.8 x -137 x -98.4 x 71.4 x 25.5 x 15.2 x
Nbr of stocks (in thousands) 855,169 811,660 817,499 781,236 767,910 763,031 - -
Reference price 2 21.35 29.71 71.88 48.89 58.53 64.18 64.18 64.18
Announcement Date 2/6/20 2/4/21 2/3/22 2/7/23 2/6/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,156 2,594 3,342 4,417 5,305 5,784 6,585 7,584
EBITDA 1 590.8 766.8 959.9 1,312 1,620 1,683 1,964 2,311
EBIT 1 529.2 698 875.5 1,208 1,507 1,556 1,796 2,190
Operating Margin 24.54% 26.9% 26.2% 27.35% 28.41% 26.91% 27.27% 28.88%
Earnings before Tax (EBT) 1 379.2 541.7 628.4 955.5 1,334 1,347 1,649 2,328
Net income 1 326.5 488.5 606.8 857.3 1,148 1,103 1,314 1,646
Net margin 15.14% 18.83% 18.16% 19.41% 21.64% 19.07% 19.95% 21.71%
EPS 2 0.3740 0.5820 0.7260 1.060 1.460 1.401 1.638 2.049
Free Cash Flow 1 715.8 907.8 1,204 1,449 1,731 1,682 2,021 2,564
FCF margin 33.2% 34.99% 36.02% 32.81% 32.64% 29.08% 30.68% 33.8%
FCF Conversion (EBITDA) 121.16% 118.39% 125.41% 110.44% 106.85% 99.96% 102.88% 110.93%
FCF Conversion (Net income) 219.23% 185.83% 198.38% 169.07% 150.85% 152.51% 153.81% 155.73%
Dividend per Share 2 - - - - - - - -
Announcement Date 2/6/20 2/4/21 2/3/22 2/7/23 2/6/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 867.2 963.6 954.8 1,030 1,150 1,283 1,262 1,293 1,335 1,415 1,341 1,395 1,470 1,574 1,522
EBITDA 1 246.5 300 235.7 280.5 351.3 444.9 361.5 375.5 399.7 483.7 380.2 391.6 423.4 473.5 429.2
EBIT 1 223.6 274.7 210.2 255.4 324.9 417.6 334 348.1 371.4 453.5 348.8 359.4 391.2 446.3 389.7
Operating Margin 25.78% 28.51% 22.02% 24.79% 28.26% 32.55% 26.46% 26.93% 27.83% 32.05% 26.02% 25.77% 26.61% 28.36% 25.6%
Earnings before Tax (EBT) 1 156.7 207.3 138.7 183.9 264.7 368.2 291.1 299.2 327.8 415.6 300.5 303.1 333.8 404.3 337.9
Net income 1 163.1 199 138.4 173.5 231.6 313.8 247.7 266.3 322.9 310.9 244.6 250.7 280.5 322.1 278.5
Net margin 18.81% 20.65% 14.5% 16.84% 20.15% 24.46% 19.62% 20.6% 24.19% 21.97% 18.24% 17.97% 19.08% 20.46% 18.29%
EPS 2 0.1940 0.2380 0.1680 0.2100 0.2900 0.4000 0.3100 0.3300 0.4100 0.4000 0.3095 0.3143 0.3488 0.4092 0.3352
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 11/4/21 2/3/22 5/4/22 8/3/22 11/2/22 2/7/23 5/4/23 8/3/23 11/2/23 2/6/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 2,210 1,837 1,563 1,267 1,448 3,027 5,024 7,111
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 716 908 1,204 1,449 1,731 1,682 2,021 2,564
ROE (net income / shareholders' equity) 37% 44.4% 81.3% - - 467% 114% 79.9%
ROA (Net income/ Total Assets) 15.2% 12.3% 12.2% 15.8% 19.1% 15.2% 14.1% 13.3%
Assets 1 2,147 3,962 4,982 5,426 6,021 7,275 9,324 12,424
Book Value Per Share 2 1.510 1.020 0.9400 -0.3600 -0.6000 0.9000 2.520 4.230
Cash Flow per Share 2 0.9200 1.290 1.790 2.150 2.460 2.650 2.900 3.230
Capex 1 92.2 126 296 281 204 398 299 319
Capex / Sales 4.28% 4.85% 8.85% 6.37% 3.85% 6.88% 4.54% 4.2%
Announcement Date 2/6/20 2/4/21 2/3/22 2/7/23 2/6/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Fortinet, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
42
Last Close Price
64.18 USD
Average target price
76.29 USD
Spread / Average Target
+18.87%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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