## FTNT PE Stream Chart Analysis **Current Valuation (Latest Data Point — mid-March 2026):** FTNT's most recent monthly average price stands at approximately **$83.39**, which falls **below the PE_stream_1 boundary of $78.84 (32.2x)**... wait — $83.39 is actually **above** the 32.2x boundary ($78.84) but **well below** the 45.6x boundary ($111.48). This places the stock firmly in the **"Value" interval**, trading between the **32.2 times** and **45.6 times** PE boundaries. Specifically, the current price of ~$83.39 sits just above the lower 32.2x band ($78.84) and remains significantly below the 45.6x ceiling ($111.48), suggesting the stock is trading at a relatively modest valuation compared to its historical PE range. This positioning implies a **low-to-moderate valuation** level, offering a potentially attractive entry point relative to the stock's historical earnings multiples. **Historical Valuation Trend:** Over the observed period from early 2021 through mid-March 2026, FTNT's valuation trajectory has been dynamic and marked by several notable inflection points. In early 2021, the stock traded around $29–$35, which at the time placed it **below the 32.2x PE boundary** (then ~$19–$20), meaning the stock was actually trading **above** the lowest band — in fact, well into the **"Watch" to "Overvalued"** interval relative to the then-prevailing PE bands, reflecting the high-growth premium investors assigned to the stock. Through 2021, prices surged to the mid-$60s, consistently trading in the upper PE bands (between the 59x and 72.3x intervals), reflecting strong valuation expansion driven by robust earnings growth momentum. The PE river chart's upward trend throughout 2021–2023 confirms consistent underlying earnings growth, with all six PE band boundaries rising steadily — a hallmark of a company with expanding profitability. A significant peak occurred in mid-2023, when the monthly average price reached ~$77, briefly touching the **45.6x–59x interval**. However, a sharp correction followed in the second half of 2023, with prices retreating to the low-$50s, pulling the stock back toward the **"Value" zone** near the 32.2x boundary. The 2024 recovery was notable: prices climbed from ~$62 in early 2024 to a peak of ~$108 in early 2025 (around Q1'25), briefly pushing into the **45.6x interval** — the highest valuation zone reached in recent years. Since that peak, the stock has undergone a meaningful de-rating, declining back to the current ~$83 level. The PE band boundaries themselves have shown a slight moderation since mid-2025, reflecting a stabilization (and modest dip) in earnings estimates. Overall, the valuation trend has **contracted from peak levels**, with the stock now consolidating in the lower "Value" band — a more defensible valuation position compared to the elevated multiples seen in 2021 and early 2025.