Fortinet price to book ratio FTNT

Market value divided by the book value of the company's net assets, since 2011.

Today, Oct 23, 2026: 85.1×
10-year median: 32.9×
Against its 10-year history: 90th; percentile: 0 is its lowest day, 100 its highest
10-year range: 6.1× to 199×
Peer median: 8.5×

Fortinet's price to book ratio is 85.1× as of Oct 23, 2026.

That is above its ten-year median of 32.9×, higher than on 90% of days in the last ten years.

Over that time it ranged from 6.1× in Dec 2016 to 199× in Sep 2024.

The median for 10 infrastructure software stocks of a similar size is 8.5×.

Price to book ratio over time

median 32.9×

The dashed line is the 10-year median and the shaded band the middle half of its days.

Open the interactive chart, with overlays and comparisons

Year by year

Year	End of year	Low	High
2026 so far	85.1×	45.9×	120×
2025	82.5×	27.7×	94.2×
2024	81.1×	78.3×	199×
2023	123×	123×	157×
2022	197×	41.3×	198×
2021	52.6×	31.9×	53.1×
2020	33.8×	10.8×	43.9×
2019	15.3×	11.6×	16.6×
2018	13.4×	8.5×	20.0×
2017	8.4×	6.5×	8.5×
2016	6.3×	5.2×	8.3×
2015	6.7×	6.6×	11.3×
2014	7.9×	5.2×	7.9×
2013	5.1×	4.7×	8.0×
2012	7.0×	6.1×	13.4×
2011	10.6×	8.7×	12.3×

Against its peers

Companies in Software - Infrastructure nearest Fortinet's size, closest first, today.

Company	Price to book ratio
FTNTFortinet	85.1×
NETCloudflare	71.6×
SNPSSynopsys	2.6×
CRWDCrowdStrike	51.7×
PANWPalo Alto Networks	11.3×
XYZBlock	2.1×
ORCLOracle	5.7×
ZSZscaler	16.0×
TWLOTwilio	4.5×
OKTAOkta	5.3×
PLTRPalantir Technologies	48.4×
Peer median	8.5×

What the price to book ratio tells you

Market value divided by the accounting value of the company's net assets. Below 1 means the market values the business at less than what it owns on paper.

Book value misses brands, software and people, so asset-light companies always look expensive on it. Most useful for banks and industrials.

More on Fortinet

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.