#41Information Technology· Systems Software

FTNTHold

Fortinet

$122.78USD

Composite Score63.1Strong

−89

Margin of safety−89%Expensive

Fair value$64.80

Target$93.65

Loss chance55%

Price (1y)

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Fair price check

5 different valuation methods each estimate what FTNT should be worth, then we compare to today's price.

Looks overvalued

Models suggest FTNT is trading above fair value

Today's price

$122.78

Median fair price

$64.80

-47% vs today

Of 3 methods:3 say pricey(2 outliers excluded)

P/E multiplesOvervalued
thinks it's expensive — estimates $93.65, about 24% below today
EV/EBITDAOvervalued
thinks it's expensive — estimates $78.41, about 36% below today
Residual IncomeOvervalued
thinks it's expensive — estimates $64.80, about 47% below today
P/B multiplesOutlier
estimate looks unreliable — estimates $13.12 — likely unreliable
Graham (defensive)Outlier
estimate looks unreliable — estimates $6.37 — likely unreliable

How to read this: “Cheap” = method's fair price is at least 20% above today. “Fair” = within ±10–20%. “Pricey” = at least 10% below today. Outliers (values more than 5× or less than 0.2× today's price) are excluded.

Fair price ensemble

Median fair

$64.80

Margin of safety

-89.5%

Max (ex-outliers)

$93.65

Tangible BVPS

$0.88

Method	Value
Graham (defensive)	$6.37
P/E multiples(vs sector peers)	$93.65
P/B multiples(vs sector peers)	$13.12
EV/EBITDA(vs sector peers)	$78.41
Residual Income	$64.80
DCF (2-stage)	skipped

extreme graham estimate
extreme multiples pb estimate

Median of all applicable methods (current price $122.78). Outliers above 5× or below 0.2× current price are excluded from the max but kept in the median. See methodology for the 6-method ensemble + 7 defenses.

Pillar breakdown

8 dimensions, each scored 0–100 against the universe

Information Technology median (n=73)

Quality
Profit margins & asset efficiency
95
Strong
Value
Price vs fundamentals
29
Poor
Growth
Revenue & earnings trajectory
80
Strong
Momentum
Recent price strength
42
Weak
Health
Balance sheet & solvency
50
Decent
Profitability
ROE, ROA, ROIC
79
Strong
Technical
Trend & volatility signals
70
Strong
Risk
Volatility & drawdown profile
45
Weak

0305070100

Strong (70+)Decent (50–70)Weak (30–50)Poor (<30)

Pillars not shown: Sentiment, ML (Phase 5+).

Raw fundamentals (SEC EDGAR)

Metric	Value
Market cap	$89.95B
Revenue (TTM)	$7.11B
Net income (TTM)	$1.95B
Operating cash flow (TTM)	$2.80B
CapEx (TTM)	$392.60M
Free cash flow (TTM)CFO − CapEx	$2.41B
Total assets	$9.88B
Total liabilities	$8.89B
Stockholders' equity	$989.70M
Cash & equivalents	$2.22B
Shares outstanding	732.65M
EPS (basic)	$0.72
EPS (diluted)	$0.72
P/E ratio (TTM)	46.02

TTM = trailing twelve months. Balance sheet items are point-in-time (latest filing).

Data quality

Latest filed date: 2026-05-08
Latest period end: 2026-05-04
Filing lag: 8 days
Missing metrics: 1(dividends_paid)

Phase 3c — composite is the 8-pillar weighted score over quality, value, growth, momentum, health, profitability, technical, and risk. Sentiment + ML pillars land in Phases 5-6; until then their weight redistributes pro-rata. Fair price is the median of 6 valuation methods (Graham, P/E / P/B / EV-EBITDA multiples, RIM, DCF) with outliers above 5× current price excluded from the max. Risk-overlay flags annotate only — they suppress the entered-top-5 badge but do not modify the composite.