Fortinet Inc., current enterprise value calculation

Current share price (P)	$66.08
No. shares of common stock outstanding	785,196,153
US$ in thousands
Common equity (market value)¹	51,885,762)
Add: Non-controlling interests (per books)	—)
Total equity	51,885,762)
Add: Long-term debt (per books)	990,400)
Total equity and debt	52,876,162)
Less: Cash and cash equivalents	1,682,900)
Less: Short-term investments	502,600)
Less: Marketable equity securities	25,500)
Enterprise value (EV)	50,665,162)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 66.08 × 785,196,153

Fortinet Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$58.86	$64.99	$34.39	$21.25	$17.58
No. shares of common stock outstanding¹	784,066,289	804,077,230	815,954,595	862,573,610	853,168,355
US$ in thousands
Common equity (market value)³	46,150,142)	52,256,979)	28,060,679)	18,329,689)	14,998,700)
Add: Non-controlling interests (book value)	—)	16,700)	—)	—)	—)
Total equity	46,150,142)	52,273,679)	28,060,679)	18,329,689)	14,998,700)
Add: Long-term debt (book value)	990,400)	988,400)	—)	—)	—)
Total equity and debt	47,140,542)	53,262,079)	28,060,679)	18,329,689)	14,998,700)
Less: Cash and cash equivalents	1,682,900)	1,319,100)	1,061,800)	1,222,500)	1,112,400)
Less: Short-term investments	502,600)	1,194,000)	775,500)	843,100)	537,200)
Less: Marketable equity securities	25,500)	38,600)	—)	—)	—)
Enterprise value (EV)	44,929,542)	50,710,379)	26,223,379)	16,264,089)	13,349,100)

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
= 58.86 × 784,066,289

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Fortinet Inc. EV increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

Fortinet Inc. (NASDAQ:FTNT)

Enterprise Value (EV)