Valuation models
price $136.08 · as of Nov 2, 2026
DCF · Perpetuity growth · 5yused41.85 – 54.2046.31194% overvaluedDCF · Perpetuity growth · 10y47.44 – 62.3053.06156% overvaluedP/E · peers48.01 – 71.9965.18109% overvaluedP/E · own history105.74 – 169.13132.992% overvaluedPEG—33.42307% overvaluedEV/EBITDA · peers50.75 – 76.8267.04103% overvaluedEV/Revenue · peers61.38 – 221.4191.0349% overvaluedEarnings power value12.51 – 16.0714.00872% overvaluedWall St. consensus target—142.505% belowCost of capital (WACC)—9.13%—
DCF · Perpetuity growth · 5y leads for a software company — positive operating income and three years of positive free cash flow. How the headline model is chosen. The price is 194% above the model value: the models see only the filed business, and a company priced on businesses with no revenue line yet is better taken apart, as Tesla is.
Model value · DCF · Perpetuity growth · 5y
46.31
Fortinet closed at $136.08 — overvalued by 194% vs model.
41.85the model's range54.20
DCF · Perpetuity growth · 5y leads for a software company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.
Other models
14.00 – 132.99
Wall St. target
142.50 5% below
Above model, 1y
30 of 30 days
How it is valued
Valued asSoftware
Moderate growth (~13% recent)High profitability (27% net margin)Highly cyclical earnings
Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; how each model works is in the manual.