Stock Analysis on Net

Fortinet Inc. (NASDAQ:FTNT)

This company has been moved to the archive! The financial data has not been updated since May 8, 2023.

Common Stock Valuation Ratios (Price Multiples) 
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Fortinet Inc., historical price multiples (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Price to earnings (P/E) 53.68 53.83 50.36 62.46 67.02 86.12 103.55 90.29 67.58 57.44 41.63 54.61 58.66 56.14 35.41 36.23 39.90 45.15
Price to operating profit (P/OP) 47.51 47.60 45.23 57.86 62.90 80.35 94.93 82.21 61.83 52.77 39.57 49.74 53.23 53.25 44.86 49.35 55.95 64.93
Price to sales (P/S) 10.98 10.45 9.12 11.03 11.92 15.64 18.37 15.97 12.17 10.82 7.73 9.58 9.66 8.50 6.81 6.91 7.44 8.33
Price to book value (P/BV) 4,551.38 196.40 66.85 51.36 44.26 33.84 32.78 26.68 41.51 40.72 13.87 11.62 12.04 13.18 14.85 14.88 15.84 13.80

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Fortinet Inc. P/E ratio increased from Q3 2022 to Q4 2022 but then slightly decreased from Q4 2022 to Q1 2023.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Fortinet Inc. P/OP ratio increased from Q3 2022 to Q4 2022 but then slightly decreased from Q4 2022 to Q1 2023.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Fortinet Inc. P/S ratio increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Price to Earnings (P/E)

Fortinet Inc., historical P/E calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
No. shares of common stock outstanding1 785,196,153 784,066,289 781,236,011 788,520,766 802,635,635 804,077,230 817,498,950 816,601,000 816,588,260 815,954,595 811,660,375 809,157,920 808,242,700 862,573,610 855,168,680 854,957,185 853,803,060 853,168,355 851,851,025 845,684,790 840,485,575
Selected Financial Data (US$)
Net income attributable to Fortinet, Inc. (in thousands) 247,700 313,800 231,600 173,500 138,400 199,000 163,100 137,500 107,200 146,700 123,400 113,800 104,600 115,200 79,800 72,700 58,800 182,600 58,700 49,300 41,600
Earnings per share (EPS)2 1.23 1.09 0.95 0.85 0.79 0.75 0.68 0.63 0.60 0.60 0.56 0.51 0.46 0.38 0.46 0.44 0.41 0.39 0.00 0.00 0.00
Share price1, 3 66.08 58.86 47.86 53.39 53.27 64.99 70.24 56.92 40.64 34.39 23.44 27.90 27.02 21.25 16.31 15.80 16.33 17.58 15.57 14.61 11.39
Valuation Ratio
P/E ratio4 53.68 53.83 50.36 62.46 67.02 86.12 103.55 90.29 67.58 57.44 41.63 54.61 58.66 56.14 35.41 36.23 39.90 45.15
Benchmarks
P/E Ratio, Competitors5
Accenture PLC 23.64 22.93 27.30 31.69 40.88 36.58 32.02 31.11 31.97 28.32 27.95 20.33 27.24 24.58
Adobe Inc. 36.72 33.15 27.18 35.27 45.03 48.90 47.07 49.98 40.82 41.69 58.43 55.97 45.60 57.17 49.46 52.86 47.73 46.11
Autodesk Inc. 95.44 82.51 43.19 50.71 46.55 47.53 142.59 157.79 157.35 152.72 263.67 556.06
Cadence Design Systems Inc. 67.89 59.70 55.98 59.24 56.00 53.88 66.92 59.14 61.38 62.89 29.42 28.44 21.90 20.22
CrowdStrike Holdings Inc.
International Business Machines Corp. 62.36 71.56 95.23 20.78 22.19 19.40 23.26 23.99 23.63 19.30 12.46 14.07 12.44 13.35
Intuit Inc. 56.80 57.31 40.47 63.28 85.13 75.17 56.40 62.56 48.28 49.52 56.56 45.75 44.67 48.17
Microsoft Corp. 26.77 28.34 27.89 30.38 34.30 35.14 35.22 34.15 33.95 35.04 29.08 28.84 25.48 26.86
Oracle Corp. 35.29 26.85 27.46 26.70 17.45 15.84 15.15 17.19 17.88 16.69 14.05 15.99 16.13 16.89
Palo Alto Networks Inc.
Salesforce Inc. 174.67 135.68 147.95 110.94 48.91 48.20 58.10 104.23 1,204.70 188.52 139.92 106.17 107.70
ServiceNow Inc. 231.71 284.28 417.74 479.20 452.04 487.70 620.23 681.34 654.66 978.47 142.19 113.61 99.10 106.89
Synopsys Inc. 57.28 51.76 53.76 46.52 48.45 73.37 64.13 45.71 56.52 55.92 51.53 54.36 46.45 39.55 32.80 28.89 26.11 29.60

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2023 Calculation
EPS = (Net income attributable to Fortinet, Inc.Q1 2023 + Net income attributable to Fortinet, Inc.Q4 2022 + Net income attributable to Fortinet, Inc.Q3 2022 + Net income attributable to Fortinet, Inc.Q2 2022) ÷ No. shares of common stock outstanding
= (247,700,000 + 313,800,000 + 231,600,000 + 173,500,000) ÷ 785,196,153 = 1.23

3 Closing price as at the filing date of Fortinet Inc. Quarterly or Annual Report.

4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= 66.08 ÷ 1.23 = 53.68

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Fortinet Inc. P/E ratio increased from Q3 2022 to Q4 2022 but then slightly decreased from Q4 2022 to Q1 2023.

Price to Operating Profit (P/OP)

Fortinet Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
No. shares of common stock outstanding1 785,196,153 784,066,289 781,236,011 788,520,766 802,635,635 804,077,230 817,498,950 816,601,000 816,588,260 815,954,595 811,660,375 809,157,920 808,242,700 862,573,610 855,168,680 854,957,185 853,803,060 853,168,355 851,851,025 845,684,790 840,485,575
Selected Financial Data (US$)
Operating income (in thousands) 273,500 357,800 265,500 195,300 151,000 214,900 166,400 147,500 121,600 169,400 126,900 118,800 116,700 118,400 100,000 75,200 50,600 85,100 62,800 50,700 32,400
Operating profit per share2 1.39 1.24 1.06 0.92 0.85 0.81 0.74 0.69 0.66 0.65 0.59 0.56 0.51 0.40 0.36 0.32 0.29 0.27 0.00 0.00 0.00
Share price1, 3 66.08 58.86 47.86 53.39 53.27 64.99 70.24 56.92 40.64 34.39 23.44 27.90 27.02 21.25 16.31 15.80 16.33 17.58 15.57 14.61 11.39
Valuation Ratio
P/OP ratio4 47.51 47.60 45.23 57.86 62.90 80.35 94.93 82.21 61.83 52.77 39.57 49.74 53.23 53.25 44.86 49.35 55.95 64.93
Benchmarks
P/OP Ratio, Competitors5
Accenture PLC 17.50 16.83 19.98 23.62 31.03 28.35 25.67 24.96 25.29 22.21 21.16 15.44 20.55 18.63
Adobe Inc. 28.49 25.85 21.47 28.50 36.67 40.64 49.83 54.24 47.80 51.75 56.53 54.83 41.99 51.63 45.51 48.61 45.19 42.06
Autodesk Inc. 66.66 66.40 86.38 105.10 95.50 91.28 105.67 109.98 107.00 95.51 155.77 206.35 637.38
Cadence Design Systems Inc. 53.91 47.21 41.53 46.31 46.60 48.13 60.37 53.96 56.52 57.54 55.62 55.49 43.23 40.67
CrowdStrike Holdings Inc.
International Business Machines Corp. 13.98 14.35 15.37 15.24 17.07 16.23 19.92 19.33 17.63 15.90 10.75 12.76 12.48 11.94
Intuit Inc. 43.50 46.05 33.22 53.54 71.64 62.00 46.48 52.54 39.99 41.56 49.11 39.04 37.66 40.45
Microsoft Corp. 22.07 24.72 24.66 27.51 31.35 30.79 30.72 29.13 28.71 29.30 25.90 25.91 22.91 24.54
Oracle Corp. 20.25 16.51 18.93 24.87 15.78 14.31 12.98 12.20 12.88 12.17 10.92 12.75 12.96 13.83
Palo Alto Networks Inc.
Salesforce Inc. 818.64 357.52 280.57 236.57 228.93 431.39 914.43 3,682.10 511.08 295.22 267.46 221.93 223.46
ServiceNow Inc. 224.96 260.26 357.30 404.46 408.11 436.46 570.38 493.80 404.36 583.07 475.62 421.22 625.53 1,590.30
Synopsys Inc. 50.41 43.85 48.91 42.54 47.17 75.64 65.25 49.28 59.98 59.90 58.40 54.81 48.73 40.48 45.42 45.04 38.51 35.54

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2023 Calculation
Operating profit per share = (Operating incomeQ1 2023 + Operating incomeQ4 2022 + Operating incomeQ3 2022 + Operating incomeQ2 2022) ÷ No. shares of common stock outstanding
= (273,500,000 + 357,800,000 + 265,500,000 + 195,300,000) ÷ 785,196,153 = 1.39

3 Closing price as at the filing date of Fortinet Inc. Quarterly or Annual Report.

4 Q1 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 66.08 ÷ 1.39 = 47.51

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Fortinet Inc. P/OP ratio increased from Q3 2022 to Q4 2022 but then slightly decreased from Q4 2022 to Q1 2023.

Price to Sales (P/S)

Fortinet Inc., historical P/S calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
No. shares of common stock outstanding1 785,196,153 784,066,289 781,236,011 788,520,766 802,635,635 804,077,230 817,498,950 816,601,000 816,588,260 815,954,595 811,660,375 809,157,920 808,242,700 862,573,610 855,168,680 854,957,185 853,803,060 853,168,355 851,851,025 845,684,790 840,485,575
Selected Financial Data (US$)
Revenue (in thousands) 1,262,300 1,283,000 1,149,500 1,030,100 954,800 963,600 867,200 801,100 710,300 748,000 651,100 617,600 577,700 614,400 547,500 521,700 472,600 507,000 453,900 441,300 399,000
Sales per share2 6.02 5.63 5.25 4.84 4.47 4.16 3.82 3.56 3.34 3.18 3.03 2.91 2.80 2.50 2.40 2.29 2.20 2.11 0.00 0.00 0.00
Share price1, 3 66.08 58.86 47.86 53.39 53.27 64.99 70.24 56.92 40.64 34.39 23.44 27.90 27.02 21.25 16.31 15.80 16.33 17.58 15.57 14.61 11.39
Valuation Ratio
P/S ratio4 10.98 10.45 9.12 11.03 11.92 15.64 18.37 15.97 12.17 10.82 7.73 9.58 9.66 8.50 6.81 6.91 7.44 8.33
Benchmarks
P/S Ratio, Competitors5
Accenture PLC 2.67 2.56 3.04 3.57 4.72 4.28 3.86 3.72 3.75 3.26 3.11 2.26 3.01 2.72
Adobe Inc. 9.66 8.95 7.61 10.33 13.47 14.94 18.20 19.39 16.61 17.04 18.15 17.19 12.64 15.11 12.91 13.88 13.40 13.23
Autodesk Inc. 10.18 9.35 13.52 16.50 15.51 15.15 16.75 16.19 14.02 10.00 12.49 10.82 12.79 13.21
Cadence Design Systems Inc. 15.77 14.23 12.80 13.99 13.21 12.55 15.59 13.88 14.33 13.85 12.56 11.87 9.14 8.56
CrowdStrike Holdings Inc. 22.99 30.15 37.35 54.14 46.77 48.70 46.83 43.35 37.61 22.79
International Business Machines Corp. 1.89 1.94 1.99 1.95 2.10 1.94 1.82 1.96 1.83 1.47 1.31 1.47 1.46 1.63
Intuit Inc. 8.01 9.30 7.87 12.04 17.26 16.09 13.50 14.16 12.12 11.78 11.03 10.47 10.18 11.05
Microsoft Corp. 9.20 10.40 10.50 11.70 13.21 12.81 12.33 11.43 10.96 10.85 9.70 9.52 8.07 8.38
Oracle Corp. 4.64 4.25 4.96 6.62 5.96 5.38 4.90 4.53 4.67 4.33 3.80 4.42 4.47 4.74
Palo Alto Networks Inc. 8.70 9.62 9.22 9.68 11.48 10.72 8.85 9.71 7.64 6.66 7.03 6.29 7.16 7.06
Salesforce Inc. 6.27 7.40 10.30 11.09 9.72 9.24 10.19 12.73 8.72 8.88 8.75 9.02 8.77 9.00
ServiceNow Inc. 12.17 12.75 12.13 13.36 16.11 19.02 24.74 22.46 20.63 25.66 23.60 20.92 18.03 19.36
Synopsys Inc. 10.44 10.03 11.21 9.86 9.78 13.22 11.85 9.27 10.69 10.08 9.21 7.59 6.65 6.27 6.21 5.41 4.85 4.10

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2023 Calculation
Sales per share = (RevenueQ1 2023 + RevenueQ4 2022 + RevenueQ3 2022 + RevenueQ2 2022) ÷ No. shares of common stock outstanding
= (1,262,300,000 + 1,283,000,000 + 1,149,500,000 + 1,030,100,000) ÷ 785,196,153 = 6.02

3 Closing price as at the filing date of Fortinet Inc. Quarterly or Annual Report.

4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 66.08 ÷ 6.02 = 10.98

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Fortinet Inc. P/S ratio increased from Q3 2022 to Q4 2022 and from Q4 2022 to Q1 2023.

Price to Book Value (P/BV)

Fortinet Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
No. shares of common stock outstanding1 785,196,153 784,066,289 781,236,011 788,520,766 802,635,635 804,077,230 817,498,950 816,601,000 816,588,260 815,954,595 811,660,375 809,157,920 808,242,700 862,573,610 855,168,680 854,957,185 853,803,060 853,168,355 851,851,025 845,684,790 840,485,575
Selected Financial Data (US$)
Total Fortinet, Inc. stockholders’ equity (deficit) (in thousands) 11,400 (281,600) (634,700) (392,900) 217,700 781,700 1,118,100 1,050,200 980,800 856,000 713,200 543,900 536,300 1,321,900 1,200,400 1,122,300 1,058,100 1,010,200 891,600 780,200 693,500
Book value per share (BVPS)2 0.01 -0.36 -0.81 -0.50 0.27 0.97 1.37 1.29 1.20 1.05 0.88 0.67 0.66 1.53 1.40 1.31 1.24 1.18 1.05 0.92 0.83
Share price1, 3 66.08 58.86 47.86 53.39 53.27 64.99 70.24 56.92 40.64 34.39 23.44 27.90 27.02 21.25 16.31 15.80 16.33 17.58 15.57 14.61 11.39
Valuation Ratio
P/BV ratio4 4,551.38 196.40 66.85 51.36 44.26 33.84 32.78 26.68 41.51 40.72 13.87 11.62 12.04 13.18 14.85 14.88 15.84 13.80
Benchmarks
P/BV Ratio, Competitors5
Accenture PLC 7.26 7.13 8.46 9.85 12.45 11.06 9.57 9.27 9.38 8.51 8.64 6.53 8.73 8.15 8.50 8.38 7.22
Adobe Inc. 12.24 11.22 9.10 12.33 15.78 15.94 19.07 20.14 16.77 16.53 19.27 19.03 14.08 16.03 13.41 14.11 12.97 12.76 14.79 13.37 12.12
Autodesk Inc. 68.31 48.29 44.52 50.21 53.52 59.48 882.10 851.54
Cadence Design Systems Inc. 19.75 18.46 16.23 17.49 15.10 13.68 17.63 15.94 15.79 14.90 13.22 12.81 10.07 9.51 12.65 14.23 13.21
CrowdStrike Holdings Inc. 34.12 42.67 50.64 68.13 55.02 48.91 43.84 35.86 28.17 14.78 14.59 23.58 235.40
International Business Machines Corp. 5.29 5.34 5.99 5.98 6.43 5.90 4.99 5.83 5.93 5.24 4.65 5.39 5.61 6.04 6.67 7.52 7.55
Intuit Inc. 6.64 7.20 5.97 8.81 18.30 15.71 12.05 12.32 18.11 17.71 15.95 20.02 19.43 20.00 15.37 23.25 18.21
Microsoft Corp. 10.77 12.38 12.40 13.52 15.32 15.16 14.67 13.45 13.07 13.11 11.75 11.61 9.87 10.30 10.10 8.86 9.14
Oracle Corp. 41.57 21.84 22.54 19.31 14.01 10.62 11.23 9.59 8.59 7.70 5.45 4.92
Palo Alto Networks Inc. 99.68 251.98 141.27 399.29 100.84 71.88 35.40 35.42 36.65 20.61 30.82 12.21 14.24 12.91 13.49 22.29 13.10
Salesforce Inc. 2.98 3.37 4.51 4.70 5.10 4.73 5.13 6.42 4.60 4.48 4.17 7.74 7.48 7.66 7.32 8.54 8.58
ServiceNow Inc. 16.55 18.36 18.56 21.02 25.22 30.36 38.72 35.47 32.82 40.91 37.26 33.38 29.58 31.48 31.83 38.92 41.50
Synopsys Inc. 9.58 9.24 9.90 8.43 8.17 10.50 9.38 7.26 8.37 7.57 7.04 6.04 5.41 5.16 5.22 4.47 4.08 3.68 4.81 4.04 4.04

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2023 Calculation
BVPS = Total Fortinet, Inc. stockholders’ equity (deficit) ÷ No. shares of common stock outstanding
= 11,400,000 ÷ 785,196,153 = 0.01

3 Closing price as at the filing date of Fortinet Inc. Quarterly or Annual Report.

4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 66.08 ÷ 0.01 = 4,551.38

5 Click competitor name to see calculations.