| Intrinsic Valuation of: FTNT | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 2 | Market Cap | $78B | |||||
| 2021 | - | - (-) | P/E Ratio | 42 | Total Asset | $10B | |||||
| 2022 | $1B | - (-) | Net Income | $2B | Total Debt | $994M | |||||
| 2023 | $1B | 20.4% (-8.9%) | EBITDA | $2B | Total Liab | $8B | |||||
| 2024 | $2B | 19.5% (-0.5%) | Opr Margin | 0.30 | Debt/Equity | 0.67 | |||||
| 2025 | $2B | 8.5% (-3.3%) | PreTax Margin | 29.94 | BV/Share | 1 | |||||
| 5Y Average FCF | $2B | 16.1% (-4.2%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (16.1%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $22 | ||||||||
| 2027 | $3B | ||||||||||
| 2028 | $3B | ||||||||||
| 2029 | $3B | ||||||||||
| 2030 | $4B | ||||||||||
| 2031 | $5B | ||||||||||
| Terminal Value | $96B | Net Worth/Share | $2 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $77B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $3B | $103 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $994M | WACC | 7.3% | 91 | 97 | 106 | 116 | 129 | |||
| Equity Value | $79B | 7.4% | 90 | 96 | 105 | 114 | 127 | ||||
| Shares Outstanding | 765,416,000 | 7.4% | 89 | 96 | 103 | 113 | 125 | ||||
| 7.9% | 82 | 87 | 94 | 101 | 111 | ||||||
| DCF Intrinsic Value | $103 | 8.4% | 76 | 80 | 85 | 92 | 99 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||