Price to Earnings (P/E)
since 2009
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2009
- Return on Equity (ROE) since 2009
- Current Ratio since 2009
- Price to Book Value (P/BV) since 2009
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Calculation
Fortinet Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income attributable to Fortinet, Inc.1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 19, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2018 | = | ÷ | = | ÷ | |||||||
| Mar 1, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2016 | = | ÷ | = | ÷ | |||||||
| Mar 2, 2015 | = | ÷ | = | ÷ | |||||||
| Mar 3, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2011 | = | ÷ | = | ÷ | |||||||
| Mar 5, 2010 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Fortinet Inc. Annual Report.
- Share Price Trend
- The share price exhibits a general upward trajectory over the analyzed period, starting from a low of $1.71 in early 2010 and reaching a peak of $64.99 in early 2022. Notable increments occur between 2017 and 2022, with the price rising from $7.46 to $64.99, representing significant growth. In the most recent year, there is a slight decline to $58.86.
- Earnings Per Share (EPS) Trend
- The EPS values show initial fluctuations from 2010 to 2017, ranging between $0.01 and $0.09, reflecting relatively low earnings. From 2018 onward, EPS demonstrates a marked improvement, particularly notable between 2019 and 2023, where EPS increases from $0.39 to $1.09. This suggests strengthening profitability over the latter years.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio starts moderately at 19.12 in 2010 but shows considerable volatility in subsequent years. The ratio reaches extreme highs, notably peaking at 603.74 in 2016, indicating potentially overvalued share prices or very low earnings during that year. Following 2016, the P/E ratio fluctuates in the range of approximately 45 to 86, reflecting ongoing volatility but more stabilized valuations relative to earnings compared to earlier spikes.
- Overall Observations
- The combination of rising share price and improving EPS from 2018 onward indicates strengthening market confidence and operational performance. The earlier period's P/E volatility correlates with low or inconsistent earnings and fluctuating market perception. The diminishing P/E ratio in recent years, despite rising share price, aligns with improved earnings, suggesting a more sustainable valuation. The slight share price decrease in the last year warrants attention but does not currently undermine the overall positive trend.
Comparison to Competitors
Fortinet Inc., P/E, long-term trends, comparison to competitors
| Fortinet Inc. | Accenture PLC | Adobe Inc. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Datadog Inc. | Fair Isaac Corp. | International Business Machines Corp. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2023 | |||||||||||||||||
| Feb 25, 2022 | |||||||||||||||||
| Feb 19, 2021 | |||||||||||||||||
| Feb 26, 2020 | |||||||||||||||||
| Feb 27, 2019 | |||||||||||||||||
| Feb 26, 2018 | |||||||||||||||||
| Mar 1, 2017 | |||||||||||||||||
| Feb 26, 2016 | |||||||||||||||||
| Mar 2, 2015 | |||||||||||||||||
| Mar 3, 2014 | |||||||||||||||||
| Feb 27, 2013 | |||||||||||||||||
| Feb 28, 2012 | |||||||||||||||||
| Feb 25, 2011 | |||||||||||||||||
| Mar 5, 2010 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31).
Comparison to Sector (Software & Services)
Fortinet Inc., P/E, long-term trends, comparison to sector (software & services)
| Fortinet Inc. | Software & Services | |
|---|---|---|
| Feb 24, 2023 | ||
| Feb 25, 2022 | ||
| Feb 19, 2021 | ||
| Feb 26, 2020 | ||
| Feb 27, 2019 | ||
| Feb 26, 2018 | ||
| Mar 1, 2017 | ||
| Feb 26, 2016 | ||
| Mar 2, 2015 | ||
| Mar 3, 2014 | ||
| Feb 27, 2013 | ||
| Feb 28, 2012 | ||
| Feb 25, 2011 | ||
| Mar 5, 2010 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31).
Comparison to Industry (Information Technology)
Fortinet Inc., P/E, long-term trends, comparison to industry (information technology)
| Fortinet Inc. | Information Technology | |
|---|---|---|
| Feb 24, 2023 | ||
| Feb 25, 2022 | ||
| Feb 19, 2021 | ||
| Feb 26, 2020 | ||
| Feb 27, 2019 | ||
| Feb 26, 2018 | ||
| Mar 1, 2017 | ||
| Feb 26, 2016 | ||
| Mar 2, 2015 | ||
| Mar 3, 2014 | ||
| Feb 27, 2013 | ||
| Feb 28, 2012 | ||
| Feb 25, 2011 | ||
| Mar 5, 2010 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31).