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DCF Valuation
Base-case fair value
$96.10
Intrinsic $128.13 · 25% MOS
Current price: $144.68
Base-case summary
Our base-case DCF for Fortinet, Inc. (FTNT) projects 10 years of free cash flow growth at 15.1% for years 1–5 and 7.6% for years 6–10, anchored to 15.1% historical FCF growth, then applies a 2.5% perpetual growth rate and a 8.0% discount rate. Starting from $2.4B in trailing free cash flow, this produces an intrinsic value of $128.13 per share. A 25% safety margin gives a fair value of $96.10, suggesting the stock is currently 34% overvalued against the $144.68 market price.
See 3 scenarios side by side
Conservative, Base, and Optimistic fair values, plus the sensitivity matrix and FCF history. Free account.
Model inputs
TTM Free Cash Flow
$2.4B
Cash & equivalents
$3.3B
Total debt
$567M
Shares outstanding
743M