Question 1

What is Fortinet's P/E ratio?

Accepted Answer

Fortinet (FTNT) P/E ratio is 55.0× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

What is a good P/E ratio for Fortinet?

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Fortinet specifically, the relevant sector benchmark is the current sector median of 29.6×.

Question 5

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

Accepted Answer

Fortinet's P/E ratio of 55.0× is above its own 5-year average of 51.6× and above the sector median of 29.6×. That places the current reading at the 59th 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/E ratio range?

Accepted Answer

In the available daily series, Fortinet (FTNT) P/E ratio has ranged from a low of 17.9× in 2010 to a high of 1427.4× in 2016. The 5-year average is 51.6× and the 5-year median is 42.5×.

Question 7

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

Accepted Answer

Fortinet (FTNT) P/E ratio at the end of 2025 was 31.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	$59.01B	$1.85B	31.8×	-9.7×	Dec 31, 2025
2024	$72.42B	$1.75B	41.5×	+2.5×	Dec 31, 2024
2023	$44.77B	$1.15B	39.0×	-5.5×	Dec 31, 2023
2022	$38.18B	$857.30M	44.5×	-52.0×	Dec 31, 2022
2021	$58.58B	$606.80M	96.5×	+47.1×	Dec 31, 2021
2020	$24.14B	$488.50M	49.4×	-6.6×	Dec 31, 2020
2019	$18.31B	$326.90M	56.0×	+19.9×	Dec 31, 2019
2018	$12.00B	$332.20M	36.1×	-202.3×	Dec 31, 2018
2017	$7.50B	$31.44M	238.4×	+75.3×	Dec 31, 2017
2016	$5.25B	$32.19M	163.2×	-507.0×	Dec 31, 2016
2015	$5.35B	$7.99M	670.2×	+470.1×	Dec 31, 2015
2014	$5.07B	$25.34M	200.1×	+129.5×	Dec 31, 2014
2013	$3.13B	$44.27M	70.6×	+20.3×	Dec 31, 2013
2012	$3.36B	$66.84M	50.3×	-4.1×	Dec 31, 2012
2011	$3.40B	$62.49M	54.4×	-4.6×	Dec 31, 2011
2010	$2.43B	$41.24M	59.0×	+39.4×	Dec 31, 2010
2009	$1.18B	$60.18M	19.6×	—	Dec 31, 2009


NXP Semiconductors (NXPI)	17.9×
Uber (UBER)	17.3×
Broadridge Financial Solutions (BR)	17.2×
NetApp (NTAP)	16.8×
Accenture (ACN)	16.8×
Corpay (CPAY)	16.7×
Dell Technologies (DELL)	16.2×
Western Digital (WDC)	15.7×
Adobe (ADBE)	14.9×
CDW (CDW)	14.5×
Zoom Communications (ZM)	13.8×
QUALCOMM (QCOM)	13.7×
PTC (PTC)	13.5×
Paycom Software (PAYC)	13.2×
Elastic N.V. (ESTC)	13.2×
Cognizant (CTSH)	13.1×
GoDaddy (GDDY)	12.7×
Gen Digital (GEN)	11.7×
Duolingo (DUOL)	10.9×
Super Micro Computer (SMCI)	10.9×
Science Applications International (SAIC)	10.3×
Fiserv (FISV)	9.3×
Fidelity National Information Services (FIS)	9.0×
HP (HPQ)	7.5×
Lyft (LYFT)	1.8×

P/E Ratio for Fortinet (FTNT)

P/E Ratio daily chart for Fortinet (FTNT)

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

About P/E Ratio at Fortinet (FTNT)

Fortinet P/E Ratio by Year

Fortinet P/E Ratio 2025: 31.8×

Fortinet P/E Ratio 2024: 41.5×

Fortinet P/E Ratio 2023: 39.0×

Fortinet P/E Ratio 2022: 44.5×

Fortinet P/E Ratio 2021: 96.5×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Fortinet (FTNT) Key Financials

P/E Ratio daily chart for Fortinet (FTNT)

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

About P/E Ratio at Fortinet (FTNT)

Fortinet P/E Ratio by Year

Fortinet P/E Ratio 2025: 31.8×

Fortinet P/E Ratio 2024: 41.5×

Fortinet P/E Ratio 2023: 39.0×

Fortinet P/E Ratio 2022: 44.5×

Fortinet P/E Ratio 2021: 96.5×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

+What is Fortinet's P/E ratio?

+How is the P/E ratio calculated?

+What is the P/E ratio?

+What is a good P/E ratio for Fortinet?

+Is Fortinet's P/E ratio high or low?

+What is Fortinet's historical P/E ratio range?

+What was Fortinet's P/E ratio in 2025?

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

Fortinet (FTNT) Key Financials