Fortinet Valuation Multiples

Fortinet Overview

About Fortinet

Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 800,000 customers across the world.

Founded

2000

HQ

Employees

15.1K

Website

fortinet.com

Sectors

CybersecurityB2B SaaSHorizontal SaaS

Financials (LTM)

Revenue: $7B

EBITDA: $3B

EV

$58B

Valuation Multiples

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Fortinet Financials

Fortinet reported last 12-month revenue of $7B and EBITDA of $3B.

In the same LTM period, Fortinet generated $6B in gross profit, $3B in EBITDA, and $2B in net income.

Fortinet P&L

In the most recent fiscal year, Fortinet reported revenue of $7B and EBITDA of $3B.

Fortinet expects next 12-month revenue of XXX and NTM EBITDA of XXX

Fortinet Stock Performance

Fortinet has current market cap of $61B, and enterprise value of $58B.

Fortinet's stock price is $81.84.

Fortinet Valuation Multiples

Fortinet trades at 8.2x EV/Revenue multiple, and 22.2x EV/EBITDA.

Fortinet Financial Valuation Multiples

As of April 19, 2026, Fortinet has market cap of $61B and EV of $58B.

Equity research analysts estimate Fortinet's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Fortinet has a P/E ratio of 28.3x.

Fortinet Margins & Growth Rates

Fortinet's revenue in the last 12 month grew by 11%.

Fortinet's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.2M for the same period.

Fortinet's rule of 40 is 48% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Fortinet's rule of X is 66% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Fortinet Public Comps

See public comps and valuation multiples for other Cybersecurity comps.

Fortinet M&A Activity

Fortinet acquired XXX companies to date.

Last acquisition by Fortinet was on XXXXXXXX, XXXXX. Fortinet acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Fortinet Investment Activity

Fortinet invested in XXX companies to date.

Fortinet made its latest investment on XXXXXXXX, XXXXX. Fortinet invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).