Is FTNT Stock Worth Buying at a Premium P/S or Should Investors Wait?

Fortinet shares have surged 98% year-to-date, pushing the stock to a forward price-to-sales ratio of 13.16x, well above typical cybersecurity valuations. Zacks Investment Research analysts argue the premium is justified and recommend buying now rather than waiting for a pullback.

The company raised its 2026 guidance while posting 26% revenue growth and 33% billings expansion. Fortinet's AI-native Security Fabric platform is driving competitive differentiation in the crowded cybersecurity market, according to the research firm.

The analyst team cited durable growth drivers that support the valuation multiple despite the stock's nearly doubled price this year. The combination of accelerating billings, raised forward guidance, and platform innovation through AI-security capabilities underpins the bullish stance.

At current levels, FTNT trades at more than 13 times forward sales, a significant premium that typically signals either elevated risk or exceptional growth expectations. Zacks analysts are betting on the latter, pointing to the company's ability to expand billings faster than revenue as evidence of sustainable momentum.