Question 1

What is Fortinet's P/B ratio?

Accepted Answer

Fortinet (FTNT) P/B ratio is 116.4× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Fortinet?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Fortinet specifically, the relevant sector benchmark is the current sector median of 5.6×.

Question 5

Is Fortinet's P/B ratio high or low?

Accepted Answer

Fortinet's P/B ratio of 116.4× is below its own 5-year average of 421.4× and above the sector median of 5.6×. That places the current reading at the 64th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Fortinet's historical P/B ratio range?

Accepted Answer

In the available daily series, Fortinet (FTNT) P/B ratio has ranged from a low of 4.9× in 2013 to a high of 5587.2× in 2023. The 5-year average is 421.4× and the 5-year median is 65.3×.

Question 7

What was Fortinet's P/B ratio in 2025?

Accepted Answer

Fortinet (FTNT) P/B ratio at the end of 2025 was 47.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Fortinet's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$59B	$1.24B	47.7×	-0.8×	Dec 31, 2025
2024	$72.4B	$1.49B	48.5×	—	Dec 31, 2024
2023	$44.8B	-$463M	—	—	Dec 31, 2023
2022	$38.2B	-$282M	—	—	Dec 31, 2022
2021	$58.6B	$782M	74.9×	+46.7×	Dec 31, 2021
2020	$24.1B	$856M	28.2×	+14.6×	Dec 31, 2020
2019	$18.3B	$1.34B	13.6×	+1.8×	Dec 31, 2019
2018	$12B	$1.01B	11.9×	-0.8×	Dec 31, 2018
2017	$7.5B	$589M	12.7×	+6.4×	Dec 31, 2017
2016	$5.25B	$838M	6.3×	-0.8×	Dec 31, 2016
2015	$5.35B	$755M	7.1×	-0.4×	Dec 31, 2015
2014	$5.07B	$676M	7.5×	+2.2×	Dec 31, 2014
2013	$3.13B	$586M	5.3×	-1.2×	Dec 31, 2013
2012	$3.36B	$511M	6.6×	-2.9×	Dec 31, 2012
2011	$3.4B	$358M	9.5×	-1.0×	Dec 31, 2011
2010	$2.43B	$232M	10.5×	+2.2×	Dec 31, 2010
2009	$1.18B	$142M	8.3×	—	Dec 31, 2009


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P/B Ratio for Fortinet (FTNT) 2009-2026

P/B Ratio daily chart for Fortinet (FTNT)

Historical P/B Ratio for Fortinet (FTNT) from 2009 to 2025

About P/B Ratio at Fortinet (FTNT)

Fortinet P/B Ratio by Year

Fortinet P/B Ratio 2025: 47.7×

Fortinet P/B Ratio 2024: 48.5×

Fortinet P/B Ratio 2021: 74.9×

Fortinet P/B Ratio 2020: 28.2×

Fortinet P/B Ratio 2019: 13.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Fortinet (FTNT) Key Financials