Start with its own history
At 42.99×, FTNT is 46.1% below its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NASDAQ · FTNTSoftware - InfrastructureUpdated Nov 5, 2026
Fortinet, Inc. P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
42.99×
46.1% belowthe 10-year annual average
Share price129.39
÷Earnings per share3.01
Price and EPS in quote currency. Calculation details
Investors are paying 42.99 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 79.78×
3-year average37.93×3 positive annual observations
5-year average51.24×5 positive annual observations
10-year average79.78×10 positive annual observations
Peer median · TTM36.36×5 peers with positive P/E
Historical P/E ratios
Annual period-end data · 17 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 32.55× | -21.5% |
| Dec 31, 2024 | 41.44× | +4.1% |
| Dec 31, 2023 | 39.82× | -12.0% |
| Dec 31, 2022 | 45.27× | -53.4% |
| Dec 31, 2021 | 97.14× | +96.2% |
| Dec 31, 2020 | 49.52× | -9.5% |
| Dec 31, 2019 | 54.74× | +51.5% |
| Dec 31, 2018 | 36.13× | -85.1% |
View all 17 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 242.78× | +53.2% |
| Dec 31, 2016 | 158.42× | -74.6% |
| Dec 31, 2015 | 623.00× | +204.9% |
| Dec 31, 2014 | 204.33× | +188.1% |
| Dec 31, 2013 | 70.93× | +41.9% |
| Dec 31, 2012 | 50.00× | -6.0% |
| Dec 31, 2011 | 53.17× | -3.2% |
| Dec 31, 2010 | 54.92× | +201.1% |
| Dec 31, 2009 | 18.24× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How FTNT compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 FTNT This stockFortinet, Inc. | 42.99× |
 PANWPalo Alto Networks, Inc. | 756.61× |
 CHKPCheck Point Software Technologies Ltd. | 17.57× |
 ZSZscaler, Inc. | N/M |
 CRWDCrowdStrike Holdings, Inc. | 6846.59× |
 NETCloudflare, Inc. | N/M |
 TMICFTrend Micro Incorporated | 26.32× |
 SSentinelOne, Inc. | N/M |
 QLYSQualys, Inc. | 36.36× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does FTNT’s P/E tell you?
Compare like with like
The median of the 5 positive peer ratios above is 36.36×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take FTNT into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("FTNT", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 129.39 ÷ EPS 3.01 = 42.99×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 5, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
FTNT P/E ratio: common questions
The essentials behind the numbers.
Fortinet, Inc.'s current P/E is 42.99× based on the quote data last updated Nov 5, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.