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Intrinsic value of Fortinet, Inc. (FTNT)

Previous Close$52.91
Intrinsic Value
Upside potential
Previous Close
$52.91

VALUATION INPUT DATA (original, your and others' valuations)

ParameterOrig.Your
Date of valuation (DoV)  
Intrinsic value (IV) at DoV, $/sh  
IV at current val. algorithm, $/sh631.3 

The original valuation is based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

Registered users can save their valuation input data

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

Company description

Fortinet, Inc. provides broad, integrated, and automated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and wide area network (WAN) acceleration. The company also provides FortiSwitch product family that offers secure switching solutions for connecting customers end devices; FortiAP product family, which provides secure wireless networking solutions; FortiExtender appliance provides a WAN connection to its FortiGate products; FortiAnalyzer product family, which offers centralized network logging, analyzing, and reporting solutions; and FortiManager product family that provides central and scalable management solution for its FortiGate products. It offers FortiWeb product family provides web application firewall solutions; FortiMail product family that secure email gateway solutions; FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of software solutions, which offers a cloud-ready security information and event management solutions, as well as FortiToken and FortiAuthenticator product families for multi-factor authentication to safeguard systems, assets, and data; and FortiNAC product family to implement zero trust network access strategies. The company provides security subscription, technical support, professional, and training services. It sells its security solutions to channel partners and directly to various customers in telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare industries. Fortinet, Inc. provides its products and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company was founded in 2000 and is headquartered in Sunnyvale, California.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %28.8NaN
Revenue, $3342NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m2692NaN
Operating income, $m650NaN
EBITDA, $m734NaN
Interest expense (income), $mNaN
Earnings before tax, $m621NaN
Tax expense, $m14NaN
Net income, $m607NaN

BALANCE SHEET

Cash and short-term investments, $m2552NaN
Total assets, $m5919NaN
Adjusted assets (=assets-cash), $m3367NaN
Average production assets, $m782NaN
Working capital, $m1283NaN
Total debt, $m1055NaN
Total liabilities, $m5137NaN
Total equity, $m782NaN
Debt-to-equity ratio1.349NaN
Adjusted equity ratio-0.518NaN

CASH FLOW

Net income, $m607NaN
Depreciation, amort., depletion, $m84NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m1500NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-296NaN
Free cash flow, $m1796NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m1283
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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