+56% above 5y medianEV / revenue vs. its own five years
Board median EV / revenue10.2×five-year median 11.8× · −14%
Median Rule of 405321 of 24 above the line
Median revenue growth18%a year ago 15% · accelerating
Median SBC / revenue11%FCF margin 30% → 16% ex-SBC
Lights on0 of 3prices Oct 16, 2026 · TTM through Aug 31, 2026
Against the line
growth + FCF margin, in points
line 40score 60
growth 19 ptFCF margin 41 pt
Growth +19% plus FCF margin +41% is 60 points, 20 above the line at 40. Counting the stock as an expense: 56 points.
Where it has traded
quarter-end EV / revenue · 20 quarters · Sep 30, 2021 → Jun 30, 2026
Five-year median 10.4×, middle half 8.5–11.9×, range 8.0–17.5×. Now 16.2×: +56% above its own median, higher than 95% of those quarters.Each quarter at its own close, shares and balance sheet · the band is the 25th–75th percentile
What the cash flow really is
TTM through Jun 30, 2026 · $B
FCF 3.12B − SBC 0.30B = 2.82B ex-SBC · operating income 2.44B is the GAAP figure after SBC
Against its scale group
FTNT (blue) vs. the other Large companies on the board (14), grey
Revenue growth+19% vs. +27%
Gross margin80% vs. 75%
FCF margin+41% vs. +32%
SBC / revenue4% vs. 15%
Rule of 4060 vs. 59
EV / revenue16.2× vs. 19.0×
Group averages are the plain mean of the other companies in the same scale group with a usable window.
Quarter by quarter
8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter