Mulya.ai
Ticker
FTNT
Scenario
Key Inputs
Revenue est.?Analyst
OP margin est.?hist_ind
Reinvestment est.?projected
R&D capitalizedYes · 5yr amort
Leases factoredNo
Key Assumptions
WACC ?9.1%
ERP ?4.5%
Risk-free rate ?4.1%
Beta (blended) ?1.109
Beta (levered) ?1.113
Terminal OM% ?25.0%
Segment conc. ?39% dominant
Terminal growth ?4.1%
Bond rating ?AAA · 0.60%
ROIC option ?Opt 4 · 23.6%
Prob of failure ?0.0%
Pipeline validated · 2026-07-21

FTNT · Fortinet, Inc.

$151.352026-07-21
Sector: Technology; Industry: Software - Infrastructure; Sub-Industry: Systems Software

Intrinsic Value Range Comparison · Mulya.ai

R&D capitalized (5yr)
Bull
$67
-55.5% vs market
Base · active
$62
-58.9% vs market
Bear
$51
-66.6% vs market
Mulya.ai vs Analyst IV Comparison?
Bear $51
Base $62
Bull $67
Median $95
Market $151
Market Price $151
Mulya.ai Base $62
Analysts Median $95
Mulya.ai IV range ($51 · $67)
Analysts Range ($70 · $155)
Fundamentals · historical + forward · base
italics = DCF projection
PeriodRevenueRev Gr ?Ops M% ?Tax Rate ?NOPAT ?
Reinvest ?
FCFF ?WACC% ?PV FCFF ?ROIC ?Inv. Cap ?EPS ?P/E
2024.Q1$5.3B26.4%11.9%$1.2B−$270MM$964MM8.9%0.0%−$2.2B$1.55
2024.Q4$5.3B0.0%26.4%14.0%$1.2B−$765MM$439MM9.0%0.0%$68MM$1.55
2025.Q1$6.0B12.3%34.2%15.4%$1.7B−$719MM$1.0B9.4%2053.1%$100MM$2.35
2025.Q4$6.0B0.0%34.2%19.2%$1.6B−$410MM$1.2B9.0%488.3%$574MM$2.35
2026.Q1$7.1B19.4%35.0%19.2%$2.0B−$305MM$1.7B9.2%422.6%$379MM$2.6345.1
italics below = DCF projection · 10yr Rev CAGR: 8.2%
2027.Q1$8.0B+13.0%39.5%19.3%$2.6B−$455MM$2.1B9.0%$1.9B422.9%$834MM$2.7155.8
2028.Q1$8.9B+10.6%36.6%19.4%$2.6B−$112MM$2.5B9.0%$2.1B295.0%$945MM$2.8253.7
2029.Q1$10.0B+12.6%33.7%19.4%$2.7B−$85MM$2.6B8.9%$2.0B275.1%$1.0B$2.9850.8
2030.Q1$11.4B+14.4%30.8%19.5%$2.8B−$651MM$2.2B8.9%$1.6B209.3%$1.7B$3.1947.4
2031.Q1$12.2B+6.7%25.0%19.6%$2.5B−$354MM$2.1B8.8%$1.4B132.2%$2.0B$2.9351.7
Term. Yr+$16.3B4.1%25.0%20.0%$3.3B−$568MM$2.7B8.6%$25.8B23.6%
Active scenario IV: $62 (-58.9% vs market)