Enterprise Value (EV)
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Fortinet Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2009
- Operating Profit Margin since 2009
- Price to Earnings (P/E) since 2009
- Price to Book Value (P/BV) since 2009
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Current Enterprise Value (EV)
Fortinet Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in thousands | |
| Common equity (market value)1 | |
| Add: Non-controlling interests (per books) | |
| Total equity | |
| Add: Long-term debt (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Short-term investments | |
| Less: Marketable equity securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2022-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Fortinet Inc., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Fortinet Inc. Annual Report.
3 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
- Equity and Market Value Trends
- Over the five-year period, the common equity measured at market value showed a consistent upward trend from 14,998,700 thousand US dollars in 2018 to a peak of 52,256,979 thousand US dollars in 2021. However, in 2022, there was a decline to 46,150,142 thousand US dollars, indicating a notable decrease after years of growth. This pattern is mirrored by the total equity figures, which followed a nearly identical trajectory, reaching their highest point in 2021 before reducing in 2022.
- Total Equity and Debt
- Total equity and debt increased steadily from 14,998,700 thousand US dollars in 2018 to a peak of 53,262,079 thousand US dollars in 2021. Subsequently, a decrease to 47,140,542 thousand US dollars was observed in 2022. The growth until 2021 suggests an expanding capital base supported by both equity and borrowing, while the decline in 2022 indicates a contraction in combined financing sources.
- Enterprise Value (EV) Progression
- Enterprise value demonstrated a similar trend, rising from 13,349,100 thousand US dollars in 2018 to a peak of 50,710,379 thousand US dollars in 2021. Following this peak, EV decreased to 44,929,542 thousand US dollars in 2022. The parallel movements between enterprise value and total equity and debt imply that changes in the company’s market valuation and capital structure were closely aligned during this period.
- Overall Observations
- The data reflects strong growth in market valuation and capital structure through 2021, followed by a decline in 2022 across all key measures. This pattern may suggest a shift in market conditions, company performance, or external factors impacting valuation and financing. The consistent alignment of trends among common equity, total equity, total equity and debt, and enterprise value highlights the interconnectedness of these financial metrics and the overall evolution of the company's financial position.