FTNT

Fortinet, Inc.

TechnologySoftware - InfrastructureNASDAQ

$78.71

-$4.42 (-5.61%)today

Conviction

0/ 10

Fair Value$89.06

Upside+13.15%

Signal0

Market Cap$58.8B

52W Range$70.12–$109.33

Next EarningsMay 7

Price History

FAIR VALUE ANALYSISMonte Carlo · 5,000 runs · 99% valid

Fair Value$47.06

Current Price$78.20

Upside / Down-39.8%

P(Undervalued)0.0%

P(20%+ Up)0.0%

P(15%+ Down)98.6%

Fair Value Distribution — percentile bands

0.0% of simulations place fair value above current price

WHAT IS PRICED IN

Revenue-Based Reverse DCF

25.1%/yr

±4.9% · revenue growth to justify current price

FCF-Based Reverse DCF

14.7%/yr

±3.0% · FCF growth to justify current price

THE GAP

Market pricing margin expansion or capex normalization

KEY VALUE DRIVERS

Spearman correlation — what moves this valuation most

Quick Take

Fortinet, Inc.

Trailing P/E32.7x

Forward P/E23.9x

P/S8.6x

EPS (TTM)$2.42

Analyst Target$89.06

Analyst Upside13.1%

No Eagle analysis yet. Request a full review including conviction score, bull/bear cases, and thesis.

Bull Case

No analysis yet

Bear Case

No analysis yet

Research Feed

sec_10kMar 2

Conviction: unchanged

Fortinet FY2025 10-K Analysis: Mature Growth Platform with Margin Expansion

FTNT platform consolidation thesis remains intact post-FY2025. Strong margin expansion (27% net), global SASE leadership, and ASIC moat support continued outperformance. However, macro risks (geopolit...