Price to Sales (P/S)
since 2009
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Fortinet Inc. pages available for free this week:
- 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/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue1 (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.
The analysis of the financial data reveals several notable trends over the period presented.
- Share Price
- The share price exhibits a general upward trend from 2010 to 2023, increasing from $1.71 in 2010 to a peak of $64.99 in 2022. However, there was a decline in 2023 to $58.86, indicating a slight correction after significant growth. The increase over the years suggests strong market confidence and valuation growth, with periods of accelerated appreciation particularly evident from 2018 onwards.
- Sales Per Share
- Sales per share steadily increased throughout the entire timeframe, growing from $0.37 in 2010 to $5.63 in 2023. This consistent rise reflects continuous revenue growth on a per-share basis, highlighting the company’s improving operational performance and expanding business scale. The rate of increase appears to accelerate after 2015, signaling enhanced sales momentum in the later years.
- Price-to-Sales (P/S) Ratio
- The P/S ratio displays significant fluctuations but an overall upward trend. Initially, it rose sharply from 4.56 in 2010 to nearly 10 in 2011 and 2012, then declined to a lower range around 4.78–6.02 between 2013 and 2016, indicating periods of valuation adjustment relative to sales. Post-2016, the ratio increased substantially, reaching a peak of 15.64 in 2022 before declining to 10.45 in 2023. This variation suggests changing investor sentiment and valuation multiples, with the peak ratios in recent years likely reflecting optimism about future growth prospects or improved profitability margins.
In summary, the data indicates strong and sustained growth in both share price and sales per share, accompanied by increasing valuation multiples as evidenced by the P/S ratio trends. The peak in share price and P/S ratio in 2022 followed by a decrease in 2023 may point to market reevaluation or consolidation after a period of rapid appreciation. Overall, the company appears to have experienced robust financial expansion and enhanced market valuation across the analyzed years.
Comparison to Competitors
Fortinet Inc., P/S, 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/S, 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/S, 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).