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 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
| NAME | MARKET CAP | EV/EBITDA RATIO | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Fortinet, Inc. (FTNT) | — | 38.98x | 27.32x | 32.23x | 44.25x |
| Cadence Design Systems, Inc. (CDNS) | $105.80B | 57.14x | 49.48x | 51.14x | 48.51x |
| Accenture plc (ACN) | $106.76B | 8.83x | 12.35x | 16.87x | 18.06x |
| Adobe Inc. (ADBE) | $94.61B | 9.78x | 14.10x | 24.60x | 28.00x |
| ServiceNow, Inc. (NOW) | $110.32B | 36.30x | 56.91x | 84.47x | 113.44x |
| Synopsys, Inc. (SNPS) | $87.82B | 35.53x | 40.76x | 45.45x | 44.47x |
| Cloudflare, Inc. (NET) | $83.45B | 622.59x | 936.58x | 868.35x | 868.35x |
| Snowflake Inc. (SNOW) | $83.07B | N/A | N/A | N/A | N/A |
| Datadog, Inc. (DDOG) | $80.92B | 366.53x | 256.58x | 623.18x | 2957.57x |
| Intuit Inc. (INTU) | $80.36B | 12.35x | 28.27x | 35.51x | 38.04x |
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
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
| DATE | EV/EBITDA RATIO |
|---|---|
| 2026-06-10 | 38.98x |
| 2026-06-09 | 38.77x |
| 2026-06-08 | 40.10x |
| 2026-06-05 | 40.57x |
| 2026-06-04 | 41.99x |
| 2026-06-03 | 41.08x |
| 2026-06-02 | 41.76x |
| 2026-06-01 | 41.27x |
| 2026-05-29 | 38.65x |
| 2026-05-28 | 36.30x |
| 2026-05-27 | 35.79x |
| 2026-05-26 | 37.51x |
| 2026-05-22 | 37.50x |
| 2026-05-21 | 36.23x |
| 2026-05-20 | 36.38x |
| 2026-05-19 | 35.71x |
| 2026-05-18 | 35.38x |
| 2026-05-15 | 34.32x |
| 2026-05-14 | 34.06x |
| 2026-05-13 | 32.87x |
| 2026-05-12 | 31.79x |
| 2026-05-11 | 32.23x |
| 2026-05-08 | 31.84x |
| 2026-05-07 | 30.10x |
| 2026-05-06 | 26.81x |
| 2026-05-05 | 26.80x |
| 2026-05-04 | 26.59x |
| 2026-05-01 | 25.69x |
| 2026-04-30 | 25.09x |
| 2026-04-29 | 25.64x |
| 2026-04-28 | 25.52x |
| 2026-04-27 | 25.50x |
| 2026-04-24 | 25.10x |
| 2026-04-23 | 24.61x |
| 2026-04-22 | 25.93x |
| 2026-04-21 | 25.38x |
| 2026-04-20 | 24.57x |
| 2026-04-17 | 24.33x |
| 2026-04-16 | 24.50x |
| 2026-04-15 | 23.66x |
| 2026-04-14 | 23.38x |
| 2026-04-13 | 23.39x |
| 2026-04-10 | 22.77x |
| 2026-04-09 | 23.97x |
| 2026-04-08 | 24.84x |
| 2026-04-07 | 24.91x |
| 2026-04-06 | 24.47x |
| 2026-04-02 | 24.54x |
| 2026-04-01 | 24.12x |
| 2026-03-31 | 24.30x |
| 2026-03-30 | 23.48x |
| 2026-03-27 | 23.22x |
| 2026-03-26 | 24.09x |
| 2026-03-25 | 23.43x |
| 2026-03-24 | 23.57x |
| 2026-03-23 | 24.62x |
| 2026-03-20 | 24.20x |
| 2026-03-19 | 24.72x |
| 2026-03-18 | 24.81x |
| 2026-03-17 | 24.74x |
| 2026-03-16 | 25.14x |
| 2026-03-13 | 24.82x |
| 2026-03-12 | 25.11x |
| 2026-03-11 | 24.83x |
| 2026-03-10 | 25.05x |
| 2026-03-09 | 24.93x |
| 2026-03-06 | 24.89x |
| 2026-03-05 | 25.12x |
| 2026-03-04 | 24.62x |
| 2026-03-03 | 24.11x |
| 2026-03-02 | 23.52x |
| 2026-02-27 | 23.48x |
| 2026-02-26 | 23.53x |
| 2026-02-25 | 22.97x |
| 2026-02-24 | 22.32x |
| 2026-02-23 | 23.67x |
| 2026-02-20 | 25.07x |
| 2026-02-19 | 25.60x |
| 2026-02-18 | 25.29x |
| 2026-02-17 | 25.61x |
| 2026-02-13 | 26.84x |
| 2026-02-12 | 26.43x |
| 2026-02-11 | 27.56x |
| 2026-02-10 | 26.83x |
| 2026-02-09 | 26.96x |
| 2026-02-06 | 25.95x |
| 2026-02-05 | 24.73x |
| 2026-02-04 | 25.43x |
| 2026-02-03 | 24.85x |
| 2026-02-02 | 25.48x |
| 2026-01-30 | 25.47x |
| 2026-01-29 | 25.55x |
| 2026-01-28 | 25.73x |
| 2026-01-27 | 25.61x |
| 2026-01-26 | 26.05x |
| 2026-01-23 | 25.59x |
| 2026-01-22 | 24.31x |
| 2026-01-21 | 23.72x |
| 2026-01-20 | 23.62x |
| 2026-01-16 | 23.60x |
| 2026-01-15 | 23.90x |
| 2026-01-14 | 23.92x |
| 2026-01-13 | 24.54x |
| 2026-01-12 | 24.64x |
| 2026-01-09 | 24.82x |
| 2026-01-08 | 24.45x |
| 2026-01-07 | 25.08x |
| 2026-01-06 | 24.57x |
| 2026-01-05 | 24.41x |
| 2026-01-02 | 24.39x |
| 2025-12-31 | 24.88x |
| 2025-12-30 | 25.17x |
| 2025-12-29 | 25.33x |
| 2025-12-26 | 25.57x |
| 2025-12-24 | 25.45x |
| 2025-12-23 | 25.28x |
| 2025-12-22 | 25.62x |
| 2025-12-19 | 25.15x |
| 2025-12-18 | 24.99x |
| 2025-12-17 | 24.87x |
| 2025-12-16 | 25.86x |
| 2025-12-15 | 25.55x |
| 2025-12-12 | 25.78x |
| 2025-12-11 | 25.86x |
| 2025-12-10 | 25.58x |
| 2025-12-09 | 26.18x |
| 2025-12-08 | 26.19x |
| 2025-12-05 | 27.27x |
| 2025-12-04 | 26.72x |
| 2025-12-03 | 25.95x |
| 2025-12-02 | 26.01x |
| 2025-12-01 | 25.65x |
| 2025-11-28 | 25.43x |
| 2025-11-26 | 25.24x |
| 2025-11-25 | 25.35x |
| 2025-11-24 | 25.00x |
| 2025-11-21 | 24.71x |
| 2025-11-20 | 24.45x |
| 2025-11-19 | 24.98x |
| 2025-11-18 | 25.12x |
| 2025-11-17 | 25.69x |
| 2025-11-14 | 25.81x |
| 2025-11-13 | 25.40x |
| 2025-11-12 | 25.75x |
| 2025-11-11 | 26.24x |
| 2025-11-10 | 25.80x |
| 2025-11-07 | 25.64x |
| 2025-11-06 | 25.24x |
| 2025-11-05 | 26.33x |
| 2025-11-04 | 26.09x |
| 2025-11-03 | 26.82x |
| 2025-10-31 | 26.47x |
| 2025-10-30 | 25.77x |
| 2025-10-29 | 25.77x |
| 2025-10-28 | 26.30x |
| 2025-10-27 | 26.11x |
| 2025-10-24 | 26.20x |
| 2025-10-23 | 26.00x |
| 2025-10-22 | 25.91x |
| 2025-10-21 | 25.95x |
| 2025-10-20 | 25.97x |
| 2025-10-17 | 25.52x |
| 2025-10-16 | 25.43x |
| 2025-10-15 | 25.57x |
| 2025-10-14 | 25.41x |
| 2025-10-13 | 25.77x |
| 2025-10-10 | 25.40x |
| 2025-10-09 | 26.40x |
| 2025-10-08 | 26.48x |
| 2025-10-07 | 25.99x |
| 2025-10-06 | 26.46x |
| 2025-10-03 | 26.27x |
| 2025-10-02 | 26.43x |
| 2025-10-01 | 26.08x |
| 2025-09-30 | 25.73x |
| 2025-09-29 | 25.91x |
| 2025-09-26 | 25.80x |
| 2025-09-25 | 25.45x |
| 2025-09-24 | 25.57x |
| 2025-09-23 | 26.11x |
| 2025-09-22 | 26.02x |
| 2025-09-19 | 25.77x |
| 2025-09-18 | 24.75x |
| 2025-09-17 | 24.52x |
| 2025-09-16 | 24.36x |
| 2025-09-15 | 24.75x |
| 2025-09-12 | 24.33x |
| 2025-09-11 | 24.71x |
| 2025-09-10 | 24.27x |
| 2025-09-09 | 24.38x |
| 2025-09-08 | 24.55x |
| 2025-09-05 | 24.06x |
| 2025-09-04 | 23.30x |
| 2025-09-03 | 23.35x |
| 2025-09-02 | 23.46x |
| 2025-08-29 | 24.04x |
| 2025-08-28 | 24.21x |
| 2025-08-27 | 23.84x |
| 2025-08-26 | 23.69x |
| 2025-08-25 | 23.68x |
| 2025-08-22 | 24.44x |
| 2025-08-21 | 23.72x |
| 2025-08-20 | 24.31x |
| 2025-08-19 | 23.83x |
| 2025-08-18 | 24.67x |
| 2025-08-15 | 24.15x |
| 2025-08-14 | 23.56x |
| 2025-08-13 | 24.22x |
| 2025-08-12 | 23.95x |
| 2025-08-11 | 22.71x |
| 2025-08-08 | 22.65x |
| 2025-08-07 | 22.94x |
| 2025-08-06 | 30.40x |
| 2025-08-05 | 30.28x |
| 2025-08-04 | 31.04x |
| 2025-08-01 | 30.66x |
| 2025-07-31 | 31.48x |
| 2025-07-30 | 32.07x |
| 2025-07-29 | 33.07x |
| 2025-07-28 | 33.11x |
| 2025-07-25 | 33.09x |
| 2025-07-24 | 33.07x |
| 2025-07-23 | 33.17x |
| 2025-07-22 | 33.08x |
| 2025-07-21 | 33.78x |
| 2025-07-18 | 33.28x |
| 2025-07-17 | 33.12x |
| 2025-07-16 | 32.64x |
| 2025-07-15 | 33.12x |
| 2025-07-14 | 32.48x |
| 2025-07-11 | 31.21x |
| 2025-07-10 | 31.58x |
| 2025-07-09 | 34.01x |
| 2025-07-08 | 33.98x |
| 2025-07-07 | 33.68x |
| 2025-07-03 | 33.36x |
| 2025-07-02 | 32.24x |
| 2025-07-01 | 32.31x |
| 2025-06-30 | 33.38x |
| 2025-06-27 | 32.53x |
| 2025-06-26 | 32.78x |
| 2025-06-25 | 32.72x |
| 2025-06-24 | 32.96x |
| 2025-06-23 | 32.54x |
| 2025-06-20 | 31.47x |
| 2025-06-18 | 31.78x |
| 2025-06-17 | 32.46x |
| 2025-06-16 | 32.15x |
| 2025-06-13 | 31.79x |
| 2025-06-12 | 32.06x |
| 2025-06-11 | 32.18x |
| 2025-06-10 | 32.05x |
| 2025-06-09 | 32.19x |
| 2025-06-06 | 33.13x |
| 2025-06-05 | 32.66x |
| 2025-06-04 | 32.04x |
| 2025-06-03 | 32.46x |
| 2025-06-02 | 32.32x |
| 2025-05-30 | 32.10x |
| 2025-05-29 | 32.18x |
Showing the most recent 260 of 4,164 data points. The chart above shows the full history.
Related Metrics
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.
- Sector
- Technology
- Industry
- Software - Infrastructure
- CEO
- Ken Xie