FTNT EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
FTNT's ev/ebitda is lower than 83% of the last 10 years.
EV/EBITDA History
FTNT EV/EBITDA by year
Yearly range of FTNT’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 20.5 to 89.9, averaging 44.6.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 20.5 | 33.7 | 47.8 | 33.8 |
| 2025 | 22.7 | 29.9 | 39.5 | 23.6 |
| 2024 | 24.5 | 32.3 | 38.2 | 32.4 |
| 2023 | 26.8 | 37.9 | 47.7 | 31.8 |
| 2022 | 40.1 | 58.8 | 79.3 | 42.7 |
| 2021 | 35.9 | 63.8 | 89.9 | 82.0 |
| 2020 | 29.6 | 40.6 | 52.1 | 38.8 |
| 2019 | 32.4 | 42.0 | 50.3 | 43.0 |
| 2018 | 39.3 | 50.5 | 70.3 | 39.3 |
| 2017 | 33.2 | 48.6 | 64.1 | 41.0 |
| 2016 | 74.3 | 80.2 | 86.1 | 78.8 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is FTNT EV/EBITDA High or Low Right Now?
Fortinet, Inc.'s EV/EBITDA is currently 33.8, which is historically cheap relative to its 10-year historical range. The 10-year median EV/EBITDA for FTNT is approximately 41.9. See all FTNT valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.