What is Fortinet, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Fortinet, Inc.'s reported free cash flow gives $100.43 per share. The share price was $123.57 on November 10, 2026, 23% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $62.69 | -49% |
| Base | 15.0% | 9.0% | $100.43 | -19% |
| Bull | 20.0% | 8.0% | $170.71 | +38% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $129.01 | $137.92 | $148.81 | $162.42 | $179.92 |
| 8.0% | $107.54 | $113.32 | $120.15 | $128.34 | $138.36 |
| 9.0% | $91.93 | $95.88 | $100.43 | $105.75 | $112.04 |
| 10.0% | $80.08 | $82.89 | $86.08 | $89.72 | $93.91 |
| 11.0% | $70.82 | $72.88 | $75.18 | $77.77 | $80.70 |
Where the presets come from
Base: years 1 to 5 grow at Fortinet, Inc.'s revenue growth rate over the last 5 fiscal years (21.3% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions