Fortinet, Inc. (FTNT) Valuation
Historical valuation analysis based on 1281 data points (2021-09-10 to 2026-10-16)
Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its re...
Fortinet, Inc. (FTNT) currently trades at a P/E ratio of 58.52 (historical range: 29.15–110.80, median: 48.90), placing it at the 72th percentile — above its historical average, P/S ratio of 16.49 (range: 7.60–19.65, 90th percentile — expensive relative to its history), EV/EBITDA of 49.38 (range: 24.50–98.11, 67th percentile).
Over the historical period (2021-09-10 to 2026-10-16), Fortinet, Inc.'s P/E ratio has contracted by 35% over the observed period (from an average of 65.0 to 42.4).
Fortinet, Inc. trades well above its own historical valuation range across most metrics.
Historical Valuation Metrics
| Metric | Current | Median | %ile | Assessment |
|---|---|---|---|---|
| P/E Ratio | 58.52 | 48.90 | 72th | above its historical average |
| P/S Ratio | 16.49 | 11.17 | 90th | expensive relative to its history |
| EV/EBITDA | 49.38 | 44.31 | 67th | above its historical average |
| FCF Yield | 2.51% | 2.76% | 29th | above its historical average |
Fortinet, Inc. (FTNT) Valuation & P/E History
Fortinet, Inc. (FTNT) is a US-listed stock operating in the Technology sector, specifically the Computer Peripheral Equipment, Nec industry currently trading at $168.08 with a market capitalization of $123.3 billion. This page provides historical valuation analysis for FTNT based on 1281 data points covering 2021-09-10 to 2026-10-16. The P/E ratio of 58.52 is above the historical median of 48.90, placing FTNT at the 72th percentile of its valuation range. The P/S ratio of 16.49 compares to a median of 11.17.
FTNT Valuation Metrics & Historical Range
The valuation table above shows Fortinet, Inc.'s current and historical valuation multiples, including P/E ratio, P/S ratio, EV/EBITDA, FCF yield, and dividend yield. Each metric is compared to its own historical range to determine whether FTNT is currently trading above or below its typical valuation levels.
- P/E ratio: Price-to-earnings measures how much investors pay per dollar of earnings. A P/E above the historical median suggests FTNT is expensively valued; below the median suggests it is cheap.
- P/S ratio: Price-to-sales is useful for companies with volatile or negative earnings. Lower P/S relative to history may indicate value.
- EV/EBITDA: Enterprise value to EBITDA adjusts for debt and cash, providing a capital-structure-neutral valuation measure for Fortinet, Inc..
- FCF yield: Free cash flow yield shows the cash return relative to market price. Higher yields may indicate undervaluation.
Is FTNT Overvalued or Undervalued?
Fortinet, Inc. trades well above its own historical valuation range across most metrics. The overall valuation percentile of 76 combines P/E, P/S, and EV/EBITDA percentiles into a single measure of how expensive FTNT is relative to its own history. A percentile below 25 suggests the stock may be undervalued, while a percentile above 75 suggests it may be overvalued.
However, valuation is only one factor in investment decisions. A stock can remain "overvalued" for years if growth accelerates, or "undervalued" if the business deteriorates. Always combine valuation analysis with financial statement analysis and the full FTNT analysis page for a complete picture.
Valuation data is computed from historical price and fundamental data via Polygon.io and Finnhub.FTNT trades on NYSE/NASDAQ. This page is for informational purposes only and is not financial advice.