--- title: Fortinet (FTNT) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/ftnt ticker: FTNT as_of: 2026-10-17 sector: Technology industry: Software - Infrastructure --- # Fortinet (FTNT) Fortinet (FTNT) closed at $169.13 on Oct 16, 2026, overvalued by 178% vs its model value of $60.75 (from a five-year discounted cash flow). ## Key figures | Figure | Value | | --- | ---: | | Last close | $169.13 (Oct 16, 2026) | | Model value (from a five-year discounted cash flow) | $60.75 | | Price vs model | overvalued by 178% vs model | | Range of that model | $41.62 – $120.83 | | Market value | $124.1B | | P/E (fiscal 2025) | 69.9 | | Net margin (fiscal 2025) | 27.3% | | Free cash flow (fiscal 2025) | $2.2B | | Dividend yield (trailing twelve months) | 0.00% | | Beta | 1.04 | | Cost of capital (WACC) | 9.29% | | Business classification | Profitable Growth (Moderate growth (~13% recent), High profitability (27% net margin), Highly cyclical earnings) | ## On the stock lists | List | Place | Figure | Page | | --- | ---: | ---: | --- | | Best performing this year | #14 | +113.0% | https://sweetvaluelab.com/lists/best-performing-this-year | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | primary | $60.75 | $41.62 | $120.83 | | DCF · Perpetuity growth · 10y | cross check | $69.11 | $47.92 | $134.76 | | DCF · EBITDA exit · 5y | cross check | $86.61 | $66.09 | $110.66 | | DCF · EBITDA exit · 10y | cross check | $92.04 | $67.83 | $123.96 | | P/E · peers | cross check | $67.97 | $45.53 | $89.43 | | P/E · own history | cross check | $132.44 | $105.30 | $169.50 | | PEG | sanity check | $32.03 | $32.03 | $32.03 | | EV/EBITDA · peers | cross check | $63.43 | $41.05 | $89.56 | | EV/Revenue · peers | cross check | $88.05 | $73.05 | $216.99 | | Earnings power value | cross check | $12.20 | $10.78 | $14.17 | ## Insider activity (SEC Form 4) Past 90 days: 0 open-market buys ($0) and 4 open-market sales ($9.4M); 10b5-1 plan sales included. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | Sep 30, 2026 | STAVRIDIS JAMES G. | Director | Option/RSU exercise | 459 | $0 | | Sep 30, 2026 | STAVRIDIS JAMES G. | Director | Option/RSU exercise | 459 | $0 | | Sep 30, 2026 | GOLDMAN KENNETH A | Director | Option/RSU exercise | 459 | $0 | | Sep 30, 2026 | GOLDMAN KENNETH A | Director | Option/RSU exercise | 459 | $0 | | Sep 30, 2026 | Hu Jean X. | Director | Option/RSU exercise | 459 | $0 | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Jul 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1262039/000126203926000021/ftnt-20260630.htm | | Jul 29, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1262039/000126203926000018/ftnt-20260729.htm | | Jun 16, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/1262039/000126203926000015/ftnt-20260612.htm | | May 8, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1262039/000126203926000013/ftnt-20260331.htm | | May 6, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1262039/000126203926000010/ftnt-20260506.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | Terry Smith | 2026-06-30 | 3,629,938 | $557.6M | 1 tracked managers in all. ## About Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network (VPN) services, application control, web filtering, anti-spam measures, and wide area network (WAN) acceleration. Beyond its flagship product, Fortinet provides a diverse portfolio of specialized security tools. These range from FortiSwitch for secure network switching and FortiAP for robust wireless connectivity, to FortiExtender, a versatile hardware appliance. For centralized network visibilit… --- Source: https://sweetvaluelab.com/stocks/ftnt (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.