Fortinet, Inc. (FTNT)

Computer Peripheral Equipment, NEC

Latest Price

$178.76

TTM P/E

63.17

Normalized P/E

85.42

Div Yield

Book Value

2.12

P/B Ratio

84.44

Valuation metrics

EPS: $2.42

Book value / share: $1.67

Formula: √(22.5 × EPS × BVPS)

Graham Number

$9.52

95% 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

31% downside

EPS: $2.42

Target P/E: 85×

Formula: EPS × P/E

P/E Fair Value

$205.70

+15% upside

69.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	62.24M	$9.56B	8.48%	+273.5K	2026-06-30
Vanguard Capital Management LLC	40.66M	$6.25B	5.54%	--	2026-06-30
State Street Corp	29.63M	$4.55B	4.04%	+701.0K	2026-06-30
Vanguard Portfolio Management LLC	24.84M	$3.82B	3.39%	--	2026-06-30
Invesco Ltd.	24.62M	$3.78B	3.36%	+14.62M	2026-06-30
Geode Capital Management, LLC	17.44M	$2.68B	2.38%	-22.0K	2026-06-30
Norges Bank	12.45M	$1.91B	1.70%	-2.07M	2026-06-30
First Trust Advisors LP	10.82M	$1.66B	1.47%	-690.4K	2026-06-30
Arrowstreet Capital, Limited Partnership	10.13M	$1.55B	1.38%	+476.3K	2026-06-30
Bank of New York Mellon Corp	9.33M	$1.43B	1.27%	-4.01M	2026-06-30