Fortinet, Inc. (FTNT) P/E Ratio History
Historical price-to-earnings valuation from 2009 to 2025
Loading P/E history...
Valuation Context
How does the current P/E compare to historical and market benchmarks?
P/E Ratio Analysis
As of March 2, 2026, Fortinet, Inc. (FTNT) trades at a price-to-earnings ratio of 32.5x, with a stock price of $79.03 and trailing twelve-month earnings per share of $2.48.
The current P/E is 40% below its 5-year average of 54.4x. Over the past five years, FTNT's P/E has ranged from a low of 32.7x to a high of 99.8x, placing the current valuation at the 0th percentile of its historical range.
Compared to the Technology sector median P/E of 25.2x, FTNT trades at a 29% premium to its sector peers. The sector includes 345 companies with P/E ratios ranging from 0.0x to 199.1x.
The PEG ratio of 0.98 (P/E divided by 8% EPS growth) suggests the stock may be undervalued relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, FTNT commands a significant premium over the S&P 500 median P/E of 26.2x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our FTNT DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
Peer Comparison
P/E metrics vs. Cybersecurity and identity management peers
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
PANWPalo Alto Networks, Inc. | $105B | 93.1 | - | -56% |
FTNTFortinet, Inc. | $59B | 32.5 | 0.98 | +8% |
CHKPCheck Point Software Technologies Ltd. | $16B | 20.4 | 3.11 | +5% |
GENGen Digital Inc. | $14B | 21.9 | 8.01 | +8% |
QLYSQualys, Inc. | $3B | 19.9 | 0.88Best | +15% |
OKTAOkta, Inc. | $563M | 1208.3 | - | +103% |
OSPNOneSpan Inc. | $412M | 5.8Lowest | - | +30% |
RPDRapid7, Inc. | $395M | 15.6 | - | +116% |
ALLTAllot Ltd. | $251M | 79.1 | - | +153% |
ALARAlarum Technologies Ltd. | $47M | 7.7 | - | +161%Best |
Peers sorted by market capitalization. P/E below peers may indicate undervaluation or lower growth expectations. Consider PEG ratio for growth-adjusted comparison.
Historical P/E Data
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Date | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2025 Q4 | Wed Dec 31 2025 00:00:00 GM | $79.41 | $2.43 | 32.7x | -82% |
| FY2025 Q3 | $84.08 | $2.43 | 34.6x | -81% | |
| FY2025 Q2 | Mon Jun 30 2025 00:00:00 GM | $105.72 | $2.51 | 42.1x | -77% |
| FY2025 Q1 | Mon Mar 31 2025 00:00:00 GM | $96.26 | $2.43 | 39.6x | -78% |
| FY2024 Q4 | $94.48 | $2.26 | 41.8x | -77% | |
| FY2024 Q3 | Mon Sep 30 2024 00:00:00 GM | $77.55 | $1.98 | 39.2x | -79% |
| FY2024 Q2 | Sun Jun 30 2024 00:00:00 GM | $60.27 | $1.69 | 35.7x | -81% |
| FY2024 Q1 | Sun Mar 31 2024 00:00:00 GM | $68.31 | $1.53 | 44.6x | -76% |
| FY2023 Q4 | Sun Dec 31 2023 00:00:00 GM | $58.53 | $1.45 | 40.4x | -78% |
| FY2023 Q3 | Sat Sep 30 2023 00:00:00 GM | $58.68 | $1.45 | 40.5x | -78% |
| FY2023 Q2 | Fri Jun 30 2023 00:00:00 GM | $75.59 | $1.33 | 56.8x | -69% |
| FY2023 Q1 | Fri Mar 31 2023 00:00:00 GM | $66.46 | $1.21 | 54.9x | -70% |
Average P/E for displayed period: 184.2x
See FTNT's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs FTNT Undervalued?
See our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationCompare FTNT vs NVDA
See how FTNT stacks up against sector leader NVIDIA Corporation.
Start ComparisonFrequently Asked Questions
Is FTNT stock overvalued or undervalued?
FTNT trades at 32.5x P/E, below its 5-year average of 54.4x. At the N/A percentile of historical range, the stock is priced at a discount to its own history.
How does FTNT's valuation compare to peers?
Fortinet, Inc. P/E of 32.5x compares to sector median of 25.2x. The premium reflects expected growth above peers.
What is FTNT's PEG ratio?
FTNT PEG ratio is 0.98. Below 1.0 indicates valuation is supported by earnings growth rate. Historical P/E data spans 2009-2025.