Fortinet Inc (FTNT) is overvalued and Palo Alto Networks Inc (PANW) is overvalued.
Both trade above our estimate of their intrinsic value. FTNT is the closer of the two: -33%, against -152% for PANW.
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 10.4x revenue multiple, adjusted for growth and margin, values the shares at $148.73; the price of $374.57 is 152% above that value.
Leak Score 53/100 on 9 of 12 signals
| Metric | FTNT | PANW |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $174.26 | $374.57 |
| Intrinsic value | $130.76 | $148.73 |
| Margin of safety | -33% | -152% |
| Leak Score | 82/100 (10/12) | 53/100 (9/12) |
| Market cap | $127.9B | $306.4B |
| Revenue growth, 5 years | 21.3% | 21.9% |
| Operating margin | 32.4% | 5.4% |
| Net margin | 28.2% | 2.7% |
| Return on equity | 117.4% | 1.7% |
| Debt to equity | 0.32 | 0.09 |
| P/E | 61.4x | 730.9x |
| Forward P/E | 46.2x | 76.9x |
| P/B | 82.4x | 11.1x |