FTNT — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($79.18)
DCF	$76.30	-3.6%
Graham Number	$9.52	-88.0%
Reverse DCF	—	implied g: 15.5%
DDM	—	—
EV/EBITDA	$78.78	-0.5%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.75B

Near-term growth (yrs 1–5)(%)Rev: 14.8% / EPS: -1.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.92%

Computed WACC: 9.92%

Cost of equity (Re)10.06%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)2.70%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)98.28%

Debt weight (D/V)1.72%

Results

Intrinsic Value / share$66.33

Current Price$79.18

Upside / Downside-16.2%

Net Debt (used)-$2.52B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	6.8%	10.8%	14.8%	18.8%	22.8%
7.0%	$80.85	$95.50	$112.36	$131.66	$153.68
8.0%	$65.94	$77.60	$91.01	$106.34	$123.82
9.0%	$55.66	$65.27	$76.30	$88.91	$103.26
10.0%	$48.16	$56.27	$65.58	$76.20	$88.29
11.0%	$42.46	$49.44	$57.43	$66.55	$76.92

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $2.42

Book Value / share($)Yahoo: $1.67

Results

Graham Number$9.52

Current Price$79.18

Margin of Safety-88.0%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.92%

Terminal growth rate(%)

Computed WACC: 9.92%

Cost of equity (Re)10.06%(Rf 4.30% + β 1.05 × ERP 5.50%)

Cost of debt (Rd)2.70%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)98.28%

Debt weight (D/V)1.72%

Results

Current Price$79.18

Implied Near-term FCF Growth18.1%

Historical Revenue Growth14.8%

Historical Earnings Growth-1.1%

Base FCF (TTM)$1.75B

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$79.18

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.23B

Target EV/EBITDA multipleCurrent: 25.2×

Net Debt($B)Default: -$2.52B

Results

Implied Equity Value / share$78.78

Current Price$79.18

Upside / Downside-0.5%

Implied EV$56.07B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	-$4.52B	-$3.52B	-$2.52B	-$1.52B	-$520.70M
21.2x	$69.50	$68.15	$66.81	$65.46	$64.12
23.2x	$75.49	$74.14	$72.80	$71.45	$70.11
25.2x	$81.47	$80.13	$78.78	$77.44	$76.09
27.2x	$87.46	$86.12	$84.77	$83.43	$82.08
29.2x	$93.45	$92.10	$90.76	$89.41	$88.07

← Overview Financial Statements ← Companies