Fortinet Inc (FTNT) is overvalued and Cloudflare Inc (NET) is overvalued.
Both trade above our estimate of their intrinsic value. FTNT is the closer of the two: -33%, against -758% for NET.
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 6.2x revenue multiple, discounted for its losses, values the shares at $41.13; the price of $353.00 is 758% above that value.
Leak Score 46/100 on 7 of 12 signals
| Metric | FTNT | NET |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $174.26 | $353.00 |
| Intrinsic value | $130.76 | $41.13 |
| Margin of safety | -33% | -758% |
| Leak Score | 82/100 (10/12) | 46/100 (7/12) |
| Market cap | $127.9B | $125.7B |
| Revenue growth, 5 years | 21.3% | 38.1% |
| Operating margin | 32.4% | -7.9% |
| Net margin | 28.2% | -8.2% |
| Return on equity | 117.4% | -14.4% |
| Debt to equity | 0.32 | 2.18 |
| P/E | 61.4x | — |
| Forward P/E | 46.2x | 211.0x |
| P/B | 82.4x | 77.6x |