FortinetFRA:FO8 -1.33%92 Market Cap is €97,601 Mil as of Jun. 29, 2026. GuruFocus rates FRA:FO8 with a GF Score™ of 92/100 and a GF Value™ of €85.42 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 2,928 Software companies, Fortinet ranks better than 99.59% on this metric.
Market cap is the total market value to buy the whole company. It is equal to the share price times the number of Shares Outstanding (EOP). Fortinet's share price for the quarter that ended in Mar. 2026 was €69.01. Fortinet's Shares Outstanding (EOP) for the quarter that ended in Mar. 2026 was 734 Mil. Therefore, Fortinet's market cap for the quarter that ended in Mar. 2026 was €50,653 Mil.
Fortinet's quarterly market cap
declined
from Sep. 2025 (€53,162 Mil) to Dec. 2025 (€50,777 Mil) and
declined
from Dec. 2025 (€50,777 Mil) to Mar. 2026 (€50,653 Mil).
Fortinet's annual market cap
increased
from Dec. 2023 (€40,721 Mil) to Dec. 2024 (€70,303 Mil) but then
declined
from Dec. 2024 (€70,303 Mil) to Dec. 2025 (€50,777 Mil).
Enterprise Value is the theoretical takeover price. It is more comprehensive than market capitalization (market cap), which only includes common equity. Enterprise Value is calculated as the market cap plus debt and minority interest and preferred shares, minus total cash and cash equivalents. Fortinet's Enterprise Value for Today is €95,138 Mil.
Fortinet (FRA:FO8) Market Cap Explanation
Market cap is not the real price you pay for a company. If you buy the company and become its owner, you become the owner of the cash the company has, and you also assume the companys debt. The real price you pay is the Enterprise Value.
Warren Buffett uses the ratio of total market cap of all public traded companies over GDP to measure if the market is expensive. As of April 2012, the US total market cap is about $14.7 trillion, while the US GDP is about $15 trillion. The market was modestly overvalued.
Fortinet Market Cap Related Terms
Fortinet Market Cap Historical Data
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The historical data trend for Fortinet's Market Cap 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 Market Cap, along with its competitors' market caps and Market Cap 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 Market Cap vs Software Industry
For the Software industry and Technology sector, Fortinet's Market Cap distribution charts can be found below:
* The bar in red indicates where Fortinet's Market Cap falls into.
Market cap is the short version of market capitalization. It is the total market value to buy the whole company. It is equal to the share price times the number of shares outstanding.
Fortinet's Market Cap for the fiscal year that ended in Dec. 2025 is calculated as
* 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 (FRA:FO8) has a Market Cap of €97,601 Mil as of Jun. 29, 2026. Market cap equals the total value of a company's shares: price times shares outstanding. View historical data on Fortinet and its competitors. According to the industry distribution chart, Fortinet ranks #12 out of 2928 companies in the Software industry, placing it in the top 0.40000000000001%.
Is Fortinet's Market Cap too high?
Fortinet's current Market Cap is €97,601 Mil. Based on the distribution chart, Fortinet ranks #12 out of 2928 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Fortinet has a GF Score™ of 92/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fortinet's Market Cap compare to SNPS and NET?
According to the Software industry distribution chart, Fortinet ranks #12 out of 2928 companies for Market Cap. This places Fortinet in the top 0% of its industry — outperforming the majority of peers. The industry median Market Cap is 65.73. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Market Cap for a Software company?
The median Market Cap among Software companies is 65.73, based on 2,928 companies in the industry. Companies in the top quartile (top 25%) have a Market Cap significantly above this median, while those in the bottom quartile fall well below. However, Market Cap should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Market Cap mean?
A high Market Cap can signal that a stock is expensive relative to its fundamentals. Market cap equals the total value of a company's shares: price times shares outstanding. View historical data on Fortinet and its competitors. For the Software industry, the median Market Cap is 65.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fortinet's current Market Cap is €97,601 Mil. 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 (FRA:FO8) is currently considered Significantly Overvalued. The stock's GF Value™ is €85.42, compared to a current price of €130.50 — trading 52.8% above its estimated fair value. The current Market Cap is €97,601 Mil. Fortinet's overall GF Score™ is 92/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Market Cap calculated?
Market Cap is calculated from a company's financial statements. For Fortinet (FRA:FO8), the current Market Cap is €97,601 Mil as of Jun. 29, 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 (FRA:FO8) Overvalued in 2026?
Based on GuruFocus' analysis, Fortinet stock appears to be overvalued.
The current stock price of €130.50 is trading 52.8% above its estimated GF Value™ of €85.42.
GuruFocus considers Fortinet to be Significantly Overvalued.
Key valuation signals for FRA:FO8:
Market Cap: €97,601 Mil
GF Value™: €85.42 vs. price of €130.50 (52.8% above fair value)
No single metric tells the full story. See the FRA:FO8 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.
92GF Score
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