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Fortinet, Inc. (FTNT) EV/EBITDA Ratio: 38.98x

Is Fortinet, Inc.’s EV/EBITDA ratio high or low?

Fortinet, Inc.'s EV/EBITDA ratio of 38.98x is 12% below its 5-year average of 44.25x, near the low end of its 5-year range (22.32x–89.87x).

The EV/EBITDA ratio for Fortinet, Inc. (FTNT) is 38.98x as of Wednesday, June 10, 2026. It is above its 12-month average by 42.68% (27.32x).

FTNT EV/EBITDA Ratio Chart

FTNT EV/EBITDA Ratio
38.98x+21.62% 1Y
Zoom

FTNT Average EV/EBITDA Ratio Chart

FTNT Current vs Average EV/EBITDA Ratio Chart

FTNT EV/EBITDA Ratio Metrics

EV/EBITDA RATIO

38.98x

EV/EBITDA RATIO AVG TTM

27.32x

EV/EBITDA RATIO AVG 3Y

32.23x

EV/EBITDA RATIO AVG 5Y

44.25x

EV/EBITDA RATIO AVG 10Y

49.23x

EV/EBITDA RATIO AVG 15Y

50.56x

EV/EBITDA RATIO AVG 20Y

49.85x

CURRENT VS TTM AVG

+42.68%

CURRENT VS 3Y AVG

+20.95%

CURRENT VS 5Y AVG

-11.90%

CURRENT VS 10Y AVG

-20.82%

CURRENT VS 15Y AVG

-22.90%

CURRENT VS 20Y AVG

-21.80%

FTNT Competitors' EV/EBITDA Ratio

NAMEMARKET CAPEV/EBITDA RATIOTTM3Y5Y
Fortinet, Inc. (FTNT)38.98x27.32x32.23x44.25x
Accenture plc (ACN)$104.93B8.68x12.32x16.86x18.05x
Cadence Design Systems, Inc. (CDNS)$105.80B57.14x49.48x51.14x48.51x
Adobe Inc. (ADBE)$94.61B9.78x14.10x24.60x28.00x
ServiceNow, Inc. (NOW)$109.38B35.99x56.71x84.36x113.35x
Synopsys, Inc. (SNPS)$87.82B35.53x40.76x45.45x44.47x
Snowflake Inc. (SNOW)$83.15BN/AN/AN/AN/A
Datadog, Inc. (DDOG)$81.03B366.99x257.33x389.15x1802.85x
Intuit Inc. (INTU)$77.74B11.96x28.15x35.48x38.01x
Cloudflare, Inc. (NET)$77.62B580.49x935.38x867.73x867.73x

EV/EBITDA vs. its own history

At 39.0, EV/EBITDA is in its normal range — richer than 36% of its 17-year range.

17-year low

22.3

median

44.3

17-year high

127.6

cheaperricher

Understanding EV/EBITDA

Enterprise Value (EV) = Market Cap + Total Debt - Cash

EBITDA = Earnings Before Interest, Taxes, Depreciation & Amortization

EV/EBITDA is commonly used for comparing companies because:

  • It accounts for debt levels (capital structure neutral)
  • It removes effects of different depreciation policies
  • It can be compared across countries with different tax rates
  • It can remain available when net income is negative, if EBITDA is positive

Fortinet, Inc. EV/EBITDA Ratio Formula & Definition

EV/EBITDA = Enterprise Value / EBITDA (TTM)

Enterprise value to EBITDA is a capital-structure-neutral valuation multiple, useful for comparing companies with different debt levels and tax rates.

Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute

Fortinet, Inc. EV/EBITDA Ratio FAQ

What is the EV/EBITDA ratio for Fortinet, Inc. (FTNT)?
The EV/EBITDA ratio for FTNT stock is 38.98x.
Is Fortinet, Inc.'s EV/EBITDA ratio high or low?
Fortinet, Inc.'s EV/EBITDA ratio of 38.98x is 12% below its 5-year average of 44.25x, near the low end of its 5-year range (22.32x–89.87x).
What is the TTM average EV/EBITDA ratio for Fortinet, Inc. (FTNT)?
The TTM average EV/EBITDA ratio for FTNT stock is 27.32x.
What is the 3Y average EV/EBITDA ratio for Fortinet, Inc. (FTNT)?
The 3Y average EV/EBITDA ratio for FTNT stock is 32.23x.
What is the 5Y average EV/EBITDA ratio for Fortinet, Inc. (FTNT)?
The 5Y average EV/EBITDA ratio for FTNT stock is 44.25x.
What is the 10Y average EV/EBITDA ratio for Fortinet, Inc. (FTNT)?
The 10Y average EV/EBITDA ratio for FTNT stock is 49.23x.
What is the 15Y average EV/EBITDA ratio for Fortinet, Inc. (FTNT)?
The 15Y average EV/EBITDA ratio for FTNT stock is 50.56x.
What is the 20Y average EV/EBITDA ratio for Fortinet, Inc. (FTNT)?
The 20Y average EV/EBITDA ratio for FTNT stock is 49.85x.

Fortinet, Inc. EV/EBITDA Ratio History

DATEEV/EBITDA RATIO
2026-06-1038.98x
2026-06-0938.77x
2026-06-0840.10x
2026-06-0540.57x
2026-06-0441.99x
2026-06-0341.08x
2026-06-0241.76x
2026-06-0141.27x
2026-05-2938.65x
2026-05-2836.30x
2026-05-2735.79x
2026-05-2637.51x
2026-05-2237.50x
2026-05-2136.23x
2026-05-2036.38x
2026-05-1935.71x
2026-05-1835.38x
2026-05-1534.32x
2026-05-1434.06x
2026-05-1332.87x
2026-05-1231.79x
2026-05-1132.23x
2026-05-0831.84x
2026-05-0730.10x
2026-05-0626.81x
2026-05-0526.80x
2026-05-0426.59x
2026-05-0125.69x
2026-04-3025.09x
2026-04-2925.64x
2026-04-2825.52x
2026-04-2725.50x
2026-04-2425.10x
2026-04-2324.61x
2026-04-2225.93x
2026-04-2125.38x
2026-04-2024.57x
2026-04-1724.33x
2026-04-1624.50x
2026-04-1523.66x
2026-04-1423.38x
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2026-04-0824.84x
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2026-03-3124.30x
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2026-03-0324.11x
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2026-02-2723.48x
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2026-02-2323.67x
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2025-12-3124.88x
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2025-11-2825.43x
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2025-10-3126.47x
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Showing the most recent 260 of 4,164 data points. The chart above shows the full history.

About Fortinet, Inc.

Fortinet, Inc. specializes in delivering extensive, unified, and automated cybersecurity solutions to a global clientele, encompassing the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. At its core, the company offers FortiGate, a powerful platform combining hardware and software licenses that provides a comprehensive suite of security and networking functionalities. This includes firewall capabilities, intrusion prevention, anti-malware defense, virtual private network (VPN) services, application control, web filtering, anti-spam measures, and wide area network (WAN) acceleration. Beyond its flagship product, Fortinet provides a diverse portfolio of specialized security tools. These range from FortiSwitch for secure network switching and FortiAP for robust wireless connectivity, to FortiExtender, a versatile hardware appliance. For centralized network visibility and control, clients utilize FortiAnalyzer for logging, analysis, and reporting, and FortiManager for scalable administration of FortiGate devices. The company further fortifies digital defenses with FortiWeb (web application firewalls), FortiMail (secure email gateways), and FortiSandbox technology, which offers proactive threat detection and mitigation. Endpoint protection is a key focus, delivered through FortiClient (featuring pattern-based anti-malware, behavior-based exploit protection, web-filtering, and an application firewall) and the advanced FortiEDR/XDR suite, which leverages machine learning for anti-malware execution and real-time post-infection defense. Additionally, FortiToken and FortiAuthenticator product families provide essential multi-factor authentication to safeguard systems and data. Fortinet's service offerings include security subscriptions, technical support, professional consulting, and training programs. Its robust security technologies are distributed both directly to end-users and through an extensive network of channel partners. The company serves a wide array of sectors, including telecommunications, technology, government, financial services, education, retail, manufacturing, and healthcare. Headquartered in Sunnyvale, California, Fortinet, Inc. was established in 2000 and maintains a strategic alliance with Linksys.

Sunnyvale, CA
14,556 employees
Technology / Software - Infrastructure
Sector
Technology
Industry
Software - Infrastructure
CEO
Ken Xie