| Intrinsic Valuation of: FTNT | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 3 | Market Cap | $90B | |||||
| 2021 | - | - (-) | P/E Ratio | 48 | Total Asset | $10B | |||||
| 2022 | $1B | - (-) | Net Income | $2B | Total Debt | $497M | |||||
| 2023 | $2B | 19.5% (-0.5%) | EBITDA | $2B | Total Liab | $9B | |||||
| 2024 | $2B | 8.5% (-3.3%) | Opr Margin | 30.66 | Debt/Equity | 0.40 | |||||
| 2025 | $2B | 18.4% (3.7%) | PreTax Margin | 30.36 | BV/Share | 1 | |||||
| 5Y Average FCF | $2B | 15.0% (-0.0%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 8.51% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $23 | ||||||||
| 2027 | $3B | ||||||||||
| 2028 | $3B | ||||||||||
| 2029 | $3B | ||||||||||
| 2030 | $3B | ||||||||||
| 2031 | $3B | ||||||||||
| Terminal Value | $59B | Net Worth/Share | $2 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $50B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $2B | $70 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $497M | WACC | 6.5% | 88 | 95 | 105 | 117 | 133 | |||
| Equity Value | $52B | 7.5% | 73 | 78 | 84 | 91 | 100 | ||||
| Shares Outstanding | 732,648,391 | 8.5% | 63 | 66 | 70 | 75 | 81 | ||||
| 9.5% | 55 | 58 | 61 | 64 | 68 | ||||||
| DCF Intrinsic Value | $70 | 10.5% | 49 | 51 | 53 | 56 | 58 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||