Price to Operating Profit (P/OP)
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/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Operating income1 (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 experienced a general upward trajectory from 2010 to 2023. Starting at $1.71 in 2010, it showed a consistent increase with notable increments between 2017 and 2022, peaking at $64.99 in 2022 before a slight decline to $58.86 in 2023. This reflects a more than 34-fold increase over the 14-year period, indicating strong market confidence or growth expectations.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share showed a steady and gradual increase throughout the years. Beginning at $0.04 in 2010, it rose consistently with minor fluctuations, reaching $1.24 in 2023. The increase accelerated particularly from 2018 onward, suggesting improving operational efficiency or profitability on a per-share basis.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio displayed significant volatility. It started at 45.42 in 2010, with peaks such as 324.13 in 2016 and relatively lower ratios around 47.6 in 2023. The ratio was notably elevated between 2015 and 2017, reflecting possibly high market expectations relative to operating profits. Following this period, the ratio generally declined, suggesting either faster growth in operating profits relative to share price increases or market revaluation to moderate price expectations.
- Overall Insights
- The data indicates solid growth in both market valuation and operating profitability. The strong rise in share price, coupled with the improving operating profit per share, highlights enhanced company performance and investor sentiment. The fluctuating P/OP ratio reveals periods of differing market optimism and valuation adjustments, with recent years suggesting more balanced valuation relative to earnings. The combination of these trends points to a maturing growth trajectory with improved operational results supporting higher market valuations over time.
Comparison to Competitors
Fortinet Inc., P/OP, long-term trends, comparison to competitors
| Fortinet Inc. | Accenture PLC | Adobe Inc. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Datadog Inc. | Fair Isaac 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).