FortinetXSWX:FTNT 91 PB Ratio is 94.24 as of Jul. 03, 2026, which is 189% above its 10-year median of 32.62. GuruFocus rates XSWX:FTNT with a GF Score™ of 91/100 and a GF Value™ of CHF80.86. The stock has 5 warning signs investors should review. Among 2,622 Software companies, Fortinet ranks worse than 99.5% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-07-03), Fortinet's share price is CHF127.04. Fortinet's Book Value per Share for the quarter that ended in Mar. 2026 was CHF1.35. Hence, Fortinet's PB Ratio of today is 94.24.
Warning Sign:
Fortinet Inc stock PB Ratio (=115.91) is close to 1-year high of 115.91.
The historical rank and industry rank for Fortinet's PB Ratio or its related term are showing as below:
XSWX:FTNT'
s PB Ratio Range Over the Past 10 Years
Min: 6.15 Med: 32.62 Max: 4852
Current: 115.91
During the past 13 years, Fortinet's highest PB Ratio was 4852.00. The lowest was 6.15. And the median was 32.62.
XSWX:FTNT's PB Ratio is ranked worse than 99.5% of 2622
companies
in the Software industry
Industry Median: 2.39
vs XSWX:FTNT: 115.91
During the past 12 months, Fortinet's average Book Value Per Share Growth Rate was -47.20% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Fortinet was 44.10% per year. The lowest was -6.70% per year. And the median was 14.50% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Fortinet PB Ratio Related Terms
Fortinet PB Ratio Historical Data
* Premium members only.
The historical data trend for Fortinet's 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.
For the Software - Infrastructure subindustry, Fortinet's PB Ratio, along with its competitors' market caps and 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 PB Ratio vs Software Industry
For the Software industry and Technology sector, Fortinet's PB Ratio distribution charts can be found below:
* The bar in red indicates where Fortinet's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Fortinet's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Fortinet (XSWX:FTNT) has a PB Ratio of 94.24 as of Jul. 03, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Fortinet and its competitors. This is 189% above median its historical median of 32.62. Over the past decade, Fortinet's PB Ratio has ranged from 6.15 to 4,852.00. According to the industry distribution chart, Fortinet ranks #2609 out of 2622 companies in the Software industry, placing it in the top 99.5%.
Is Fortinet's PB Ratio too high?
Fortinet's current PB Ratio of 94.24 is 189% above median its 10-year median of 32.62. Over the past 10 years, this metric has ranged from a low of 6.15 to a high of 4,852.00. The Software industry median PB Ratio is 2.39. Fortinet's value of 94.24 is 3843.1% above this industry median. Based on the distribution chart, Fortinet ranks #2609 out of 2622 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Fortinet has a GF Score™ of 91/100, reflecting its overall financial health beyond just this single metric.
How does Fortinet's PB Ratio compare to ?
According to the Software industry distribution chart, Fortinet ranks #2609 out of 2622 companies for PB Ratio. This places Fortinet in the lower half of its industry. The industry median PB Ratio is 2.39. Fortinet's value of 94.24 is 3843.1% above this benchmark. Historically, Fortinet's own PB Ratio has ranged from 6.15 to 4,852.00 over the past decade. While the company's 10-year median is 32.62 vs. the industry median of 2.39, 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 PB Ratio for a Software company?
The median PB Ratio among Software companies is 2.39, based on 2,622 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Fortinet's current PB Ratio of 94.24 is 3843.1% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Fortinet and its competitors. For the Software industry, the median PB Ratio is 2.39 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fortinet's current PB Ratio is 94.24, which is 189% above median its own 10-year median of 32.62. 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?
Fortinet (XSWX:FTNT) has a current PB Ratio of 94.24. The stock's GF Value™ is CHF80.86, compared to a current price of CHF127.04 — trading 57.1% above its estimated fair value. The current PB Ratio is 94.24, which is 189% above median its 10-year median of 32.62 and 3843.1% above the Software industry median of 2.39. Fortinet's overall GF Score™ is 91/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Fortinet (XSWX:FTNT), the current PB Ratio is 94.24 as of Jul. 03, 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 (XSWX:FTNT) Overvalued in 2026?
Based on GuruFocus' analysis, Fortinet stock appears to be overvalued.
The current stock price of CHF127.04 is trading 57.1% above its estimated GF Value™ of CHF80.86.
Key valuation signals for XSWX:FTNT:
PB Ratio: 94.24 (189% above median its 10-year median of 32.62)
GF Value™: CHF80.86 vs. price of CHF127.04 (57.1% above fair value)
Industry Position: 3843.1% above the Software median (#2609 of 2622)
No single metric tells the full story. See the XSWX: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.
91GF Score
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