Fortinet, Inc. (FTNT) intrinsic value & 10-year financials
Fortinet, Inc. (FTNT) has a Graham intrinsic value of $80.38 per share. At $169.13 on Oct 17, 2026, the stock trades 110% above that value. Over the last 10 fiscal years revenue grew 20.4% a year to $6.8B, with an average return on invested capital of -305.5%.
- Graham intrinsic value
- $80.38
- Share price (Oct 17, 2026)
- $169.13
- Price vs Graham value
- 110% above
- Market cap
- $129.3B
- Revenue (FY2025)
- $6.8B
- Revenue growth (10-yr CAGR)
- 20.4%
- ROIC (10-yr avg)
- -305.5%
- Free cash flow (FY2025)
- $2.2B
FTNT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $6.8B | $1.9B | $2.42 | $2.2B | 30.7% | -587.8% |
| FY2024 | $6.0B | $1.7B | $2.26 | $1.9B | 30.3% | -266.3% |
| FY2023 | $5.3B | $1.1B | $1.46 | $1.7B | 23.4% | -127.1% |
| FY2022 | $4.4B | $857.3M | $1.06 | $1.4B | 21.9% | -445.6% |
| FY2021 | $3.3B | $606.8M | $0.73 | $1.2B | 19.5% | 397.6% |
| FY2020 | $2.6B | $488.5M | $0.58 | $957.8M | 20.5% | -2294.6% |
| FY2019 | $2.2B | $326.5M | $0.37 | $715.8M | 16.0% | 228.0% |
| FY2018 | $1.8B | $332.2M | $0.38 | $585.9M | 12.8% | 28.9% |
| FY2017 | $1.5B | $31.4M | $0.04 | $459.1M | 7.3% | 7.7% |
| FY2016 | $1.3B | $32.2M | $0.04 | $278.5M | 3.4% | 3.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Fortinet is a consistent compounder, expanding top-line revenue at 20.4% annually over the past decade.
Fortinet has historically struggled to out-earn its cost of capital, averaging just -11.6% ROIC.
Over the decade, Fortinet shows that management has aggressively returned capital to shareholders by retiring 13.3% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Fortinet is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $80.38 per share.