2 models fit Fortinet Inc. Common Stock and they disagree: 0 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Silver68
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionFortinet Inc. Common Stock (FTNT)
Fair value (2 models)
$79.20
ACCE price target
$151
Rating
Overvalued
Horizon
12 months
Fair value published on 19 Oct 2026, 19:04 CEST; previously $90.52 since 15 Oct 2026, 00:00 CEST.
ACCE price target published on 2 Oct 2026, 00:00 CEST.
Rating published on 19 Oct 2026, 19:04 CEST.
Price used: $180 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
127.2% above
-56.0% to fair value
ACCE score
73
out of 100
Analysts
20% buy
44 covering
P/E
63.6x
forward 47.5x
1-year return
+111.9%
Dividend yield
0.00%
Fortinet Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Fortinet sells FortiGate firewalls, FortiSwitch and FortiAP networking hardware, and the FortiGuard security subscriptions that run on top of them, so a meaningful share of revenue recurs once a customer has deployed the appliances. The moat is the single operating system across firewalls, switches, access points and cloud workloads, which lets it sell consolidated platforms against point-product rivals and holds gross margin at 80.2%. Revenue growth of 25.6% is strong for a company of this scale, and the forward P/E of 45.0 against a trailing 64.3 says the market expects earnings to catch up quickly. The question for the deeper look is whether the 33.6% operating margin can keep expanding while the firm grows this fast, and whether the 73/100 score reflects that durability or already prices it.