Fortinet Inc (FTNT) is overvalued and Microsoft Corp (MSFT) is slightly overvalued.
Both trade above our estimate of their intrinsic value. MSFT is the closer of the two: -6%, against -33% for FTNT.
Values as of the 22 Sept 2026 close.
A 12.5x revenue multiple, adjusted for growth and margin, values the shares at $130.76; the price of $174.26 is 33% above that value.
Leak Score 82/100 on 10 of 12 signals
A 10.6x revenue multiple, adjusted for growth and margin, values the shares at $470.55; the price of $498.00 is 6% above that value.
Leak Score 65/100 on 10 of 12 signals
| Metric | FTNT | MSFT |
|---|---|---|
| Verdict | Overvalued | Slightly overvalued |
| Price | $174.26 | $498.00 |
| Intrinsic value | $130.76 | $470.55 |
| Margin of safety | -33% | -6% |
| Leak Score | 82/100 (10/12) | 65/100 (10/12) |
| Market cap | $127.9B | $3.70T |
| Revenue growth, 5 years | 21.3% | 14.6% |
| Operating margin | 32.4% | 46.8% |
| Net margin | 28.2% | 40.3% |
| Return on equity | 117.4% | 34.0% |
| Debt to equity | 0.32 | 0.29 |
| P/E | 61.4x | 27.8x |
| Forward P/E | 46.2x | 21.2x |
| P/B | 82.4x | 8.4x |
| Dividend yield | — | 0.8% |