Fortinet Inc (FTNT) valuation
Fortinet P/E ratio history
Fortinet trades at 44.3 times its earnings over the last twelve months and 35.9 times the earnings analysts expect over the next twelve. At its last 10 fiscal year ends its P/E ranged from 32.8 (year to Dec 2025) to 242.7 (year to Dec 2017), with a median of 48.7.
| Fiscal year ended | Price | EPS | P/E | Forward P/E |
|---|---|---|---|---|
| Dec 31, 2025 | $79.41 | $2.42 | 32.8 | 27.7 |
| Dec 31, 2024 | $94.48 | $2.26 | 41.8 | 39.7 |
| Dec 31, 2023 | $58.53 | $1.46 | 40.1 | 35.3 |
| Dec 31, 2022 | $48.89 | $1.06 | 46.1 | 36.6 |
| Dec 31, 2021 | $71.88 | $0.73 | 98.5 | 81.0 |
| Dec 31, 2020 | $29.71 | $0.58 | 51.2 | — |
| Dec 31, 2019 | $21.35 | $0.38 | 56.2 | — |
| Dec 31, 2018 | $14.09 | $0.38 | 36.7 | — |
| Dec 31, 2017 | $8.74 | $0.04 | 242.7 | — |
| Dec 31, 2016 | $6.02 | $0.04 | 167.3 | — |
n/m: not meaningful (a loss, or earnings close to zero). The daily P/E line is a chart indicator in the app.
Fortinet valuation against its peers
| Company | Market value | P/E | Forward P/E | Price / sales |
|---|---|---|---|---|
| FortinetFTNT | $99.7B | 44.3 | 35.9 | 13.2 |
| CloudflareNET | $99.2B | — | 190.1 | 39.5 |
| CrowdStrike HoldingsCRWD | $255B | — | 174.7 | 47.3 |
| ZscalerZS | $38.5B | — | 48.4 | 11.5 |
| OktaOKTA | $36.2B | 125.5 | 50.1 | 11.8 |
| Palo Alto NetworksPANW | $298B | — | 87.3 | 26.0 |
| Gen DigitalGEN | $17.4B | 14.7 | 9.3 | 3.3 |
| SentinelOneS | $8.62B | — | 64.5 | 7.9 |
| QualysQLYS | $7.89B | 38.8 | 27.5 | 11.2 |
| Peer median | 38.8 | 57.3 | 11.6 |
Reading these multiples
The P/E divides the share price by earnings per share over the last twelve months; the forward P/E divides it by the earnings analysts expect over the next twelve. Price to sales compares the company's market value with its revenue over the last twelve months. A multiple reads differently from one industry to the next, so the peer group above is the fairer comparison.
See also: FTNT financials · FTNT returns
No forecast, no recommendation. This page describes Fortinet Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.