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FortinetFTNT +1.21%87 EV-to-OCF is 33.03 as of Aug. 18, 2026, which is 48% above its 10-year median of 22.28. GuruFocus rates FTNT with a GF Score™ of 87/100 and a GF Value™ of $105.04 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 2,878 Software companies, Fortinet ranks worse than 85.09% on this metric.
EV-to-OCF is calculated as enterprise value divided by its cash flow from operations. As of today, Fortinet's Enterprise Value is $112,160 Mil.
Fortinet's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 was $3,396 Mil. Therefore, Fortinet's EV-to-OCF for today is 33.03.
The historical rank and industry rank for Fortinet's EV-to-OCF or its related term are showing as below:
FTNT'
s EV-to-OCF Range Over the Past 10 Years
Min: 10.52 Med: 22.28 Max: 41.05
Current: 33.03
During the past 13 years, the highest EV-to-OCF of Fortinet was 41.05. The lowest was 10.52. And the median was 22.28.
FTNT's EV-to-OCF is ranked worse than 85.09% of 2878
companies
in the Software industry
Industry Median: 7.08
vs FTNT: 33.03
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Fortinet's share price for today is $157.735.
Fortinet's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $2.840.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Fortinet EV-to-OCF Related Terms
Fortinet EV-to-OCF Historical Data
* Premium members only.
The historical data trend for Fortinet's EV-to-OCF 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.
For the Software - Infrastructure subindustry, Fortinet's EV-to-OCF, along with its competitors' market caps and EV-to-OCF 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 EV-to-OCF vs Software Industry
For the Software industry and Technology sector, Fortinet's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where Fortinet's EV-to-OCF falls into.
Fortinet's current Enterprise Value is $112,160 Mil.
Fortinet's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $3,396 Mil.
* 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 (FTNT) has a EV-to-OCF of 33.03 as of Aug. 18, 2026. This is 48% above median its historical median of 22.28. Over the past decade, Fortinet's EV-to-OCF has ranged from 10.52 to 41.05. According to the industry distribution chart, Fortinet ranks #2449 out of 2878 companies in the Software industry, placing it in the top 85.1%.
Is Fortinet's EV-to-OCF too high?
Fortinet's current EV-to-OCF of 33.03 is 48% above median its 10-year median of 22.28. Over the past 10 years, this metric has ranged from a low of 10.52 to a high of 41.05. The Software industry median EV-to-OCF is 7.08. Fortinet's value of 33.03 is 366.5% above this industry median. Based on the distribution chart, Fortinet ranks #2449 out of 2878 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Fortinet has a GF Score™ of 87/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fortinet's EV-to-OCF compare to NET and SNPS?
According to the Software industry distribution chart, Fortinet ranks #2449 out of 2878 companies for EV-to-OCF. This places Fortinet in the lower half of its industry. The industry median EV-to-OCF is 7.08. Fortinet's value of 33.03 is 366.5% above this benchmark. Historically, Fortinet's own EV-to-OCF has ranged from 10.52 to 41.05 over the past decade. While the company's 10-year median is 22.28 vs. the industry median of 7.08, Fortinet has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-OCF for a Software company?
The median EV-to-OCF among Software companies is 7.08, based on 2,878 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-OCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Fortinet's current EV-to-OCF of 33.03 is 366.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. For the Software industry, the median EV-to-OCF is 7.08 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fortinet's current EV-to-OCF is 33.03, which is 48% above median its own 10-year median of 22.28. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fortinet stock overvalued right now?
Based on GuruFocus' analysis, Fortinet (FTNT) is currently considered Significantly Overvalued. The stock's GF Value™ is $105.04, compared to a current price of $157.74 — trading 50.2% above its estimated fair value. The current EV-to-OCF is 33.03, which is 48% above median its 10-year median of 22.28 and 366.5% above the Software industry median of 7.08. Fortinet's overall GF Score™ is 87/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For Fortinet (FTNT), the current EV-to-OCF is 33.03 as of Aug. 18, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Fortinet (FTNT) Overvalued in 2026?
Based on GuruFocus' analysis, Fortinet stock appears to be overvalued.
The current stock price of $157.74 is trading 50.2% above its estimated GF Value™ of $105.04.
GuruFocus considers Fortinet to be Significantly Overvalued.
Key valuation signals for FTNT:
EV-to-OCF: 33.03 (48% above median its 10-year median of 22.28)
GF Value™: $105.04 vs. price of $157.74 (50.2% above fair value)
Industry Position: 366.5% above the Software median (#2449 of 2878)
No single metric tells the full story. See the FTNT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fortinet is a platform-based cybersecurity vendor with product offerings covering network security, cloud security, zero-trust access, and security operations. The firm derives a majority of its revenue through sales of its subscriptions and support-based business. The California-based firm has more than 800,000 customers across the world.
87GF Score
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EV-to-OCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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