Question 1

What is Fortinet's P/S ratio?

Accepted Answer

Fortinet (FTNT) P/S ratio is 16.2× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue 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/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

What is a good P/S ratio for Fortinet?

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For Fortinet specifically, the relevant sector benchmark is the current sector median of 5.8×.

Question 5

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

Accepted Answer

Fortinet's P/S ratio of 16.2× is above its own 5-year average of 11.2× and above the sector median of 5.8×. That places the current reading at the 86th 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/S ratio range?

Accepted Answer

In the available daily series, Fortinet (FTNT) P/S ratio has ranged from a low of 4.0× in 2010 to a high of 19.7× in 2021. The 5-year average is 11.2× and the 5-year median is 10.7×.

Question 7

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

Accepted Answer

Fortinet (FTNT) P/S ratio at the end of 2025 was 8.7×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$6.8B	8.7×	-3.5×	Dec 31, 2025
2024	$72.4B	$5.96B	12.2×	+3.7×	Dec 31, 2024
2023	$44.8B	$5.3B	8.4×	-0.2×	Dec 31, 2023
2022	$38.2B	$4.42B	8.6×	-8.9×	Dec 31, 2022
2021	$58.6B	$3.34B	17.5×	+8.2×	Dec 31, 2021
2020	$24.1B	$2.59B	9.3×	+0.8×	Dec 31, 2020
2019	$18.3B	$2.16B	8.5×	+1.8×	Dec 31, 2019
2018	$12B	$1.8B	6.7×	+1.7×	Dec 31, 2018
2017	$7.5B	$1.49B	5.0×	+0.9×	Dec 31, 2017
2016	$5.25B	$1.28B	4.1×	-1.2×	Dec 31, 2016
2015	$5.35B	$1.01B	5.3×	-1.3×	Dec 31, 2015
2014	$5.07B	$770M	6.6×	+1.5×	Dec 31, 2014
2013	$3.13B	$615M	5.1×	-1.2×	Dec 31, 2013
2012	$3.36B	$534M	6.3×	-1.5×	Dec 31, 2012
2011	$3.4B	$434M	7.8×	+0.3×	Dec 31, 2011
2010	$2.43B	$325M	7.5×	+2.8×	Dec 31, 2010
2009	$1.18B	$252M	4.7×	—	Dec 31, 2009


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Zebra Technologies (ZBRA)	1.8×
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Accenture (ACN)	1.6×
Amkor Technology (AMKR)	1.6×
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Fiserv (FISV)	1.4×
Cognizant (CTSH)	1.4×
EPAM Systems (EPAM)	1.3×
Optical Cable (OCC)	1.2×
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Jabil (JBL)	1.1×
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Sunrun (RUN)	1.0×
Hewlett Packard Enterprise (HPE)	1.0×
Flex (FLEX)	0.9×
Lyft (LYFT)	0.8×
CDW (CDW)	0.7×
Science Applications International (SAIC)	0.6×
Super Micro Computer (SMCI)	0.4×
HP (HPQ)	0.3×
IBM (IBM)	0.0×

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

P/S Ratio daily chart for Fortinet (FTNT)

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

About P/S Ratio at Fortinet (FTNT)

Fortinet P/S Ratio by Year

Fortinet P/S Ratio 2025: 8.7×

Fortinet P/S Ratio 2024: 12.2×

Fortinet P/S Ratio 2023: 8.4×

Fortinet P/S Ratio 2022: 8.6×

Fortinet P/S Ratio 2021: 17.5×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

Fortinet (FTNT) Key Financials