Fortinet, Inc. (FTNT)

Computer Peripheral Equipment, NEC

Latest Price

$161.95

TTM P/E

62.77

Normalized P/E

76.24

Div Yield

Book Value

1.34

P/B Ratio

120.89

Valuation metrics

EPS: $2.42

Book value / share: $1.67

Formula: √(22.5 × EPS × BVPS)

Graham Number

$9.52

94% downside

Norm. op. income: $970M (median of 7yr)

Tax rate: 11%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$15.38

91% downside

Base FCF: $1.7B (median of recent 5yr)

Growth: 20%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$123.75

24% downside

EPS: $2.42

Target P/E: 76×

Formula: EPS × P/E

P/E Fair Value

$183.92

+14% upside

54.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	61.97M	$5.06B	8.44%	+753.2K	2026-03-31
STATE STREET CORP	28.93M	$2.36B	3.94%	-211.2K	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	17.46M	$1.43B	2.38%	+485.9K	2026-03-31
Bank of New York Mellon Corp	13.33M	$1.09B	1.82%	-1.17M	2026-03-31
FIRST TRUST ADVISORS LP	11.51M	$940.0M	1.57%	+3.60M	2026-03-31
Invesco Ltd.	10.01M	$817.0M	1.36%	-827.3K	2026-03-31
GOLDMAN SACHS GROUP INC	9.80M	$800.0M	1.33%	+1.42M	2026-03-31
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	9.65M	$788.0M	1.31%	+4.50M	2026-03-31
MORGAN STANLEY	8.84M	$722.0M	1.20%	+532.0K	2026-03-31
AQR CAPITAL MANAGEMENT LLC	7.77M	$627.0M	1.06%	+3.66M	2026-03-31