Fortinet (XSWX:FTNT) Cyclically Adjusted PB Ratio: (As of Jul. 03, 2026)

Fortinet  (XSWX:FTNT) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.

Fortinet Cyclically Adjusted PB Ratio Related Terms

The historical data trend for Fortinet's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Fortinet Cyclically Adjusted PB Ratio Chart

Fortinet Annual Data
	Trend	Dec16	Dec17	Dec18	Dec19	Dec20	Dec21	Dec22	Dec23	Dec24	Dec25
Cyclically Adjusted PB Ratio		Get a 7-Day Free Trial					69.31	49.11	62.70	100.50	76.12

Fortinet Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Cyclically Adjusted PB Ratio	Get a 7-Day Free Trial															97.47	102.28	81.31	76.12	76.61

XSWX:FTNT vs : Cyclically Adjusted PB Ratio Comparison

For the Software - Infrastructure subindustry, Fortinet's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Fortinet Cyclically Adjusted PB Ratio vs Software Industry

For the Software industry and Technology sector, Fortinet's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Fortinet's Cyclically Adjusted PB Ratio falls into.

Fortinet Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Fortinet's Cyclically Adjusted Book per Share for the quarter that ended in Mar. 2026 is calculated as:

For example, Fortinet's adjusted Book Value per Share data for the three months ended in Mar. 2026 was:

Current CPI (Mar. 2026) = 330.2130.

Fortinet Quarterly Data

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Fortinet Business Description