-21%

est. 2Y upside i

CybersecuritySeries D+

Rank

#2768

Sector

Cybersecurity

Est. Liquidity

~3Y

Data Quality

Data: Medium

Low expected return (-20.6% over 2 years).

Last updated: July 3, 2026

Bull (10%)+66%

IPO window reopening in late 2026 drives multiple expansion to 12x forward revenue, yielding 86.4% pre-dilution upside. Dilution of 20pp reduces net to 66.4%.

Base (50%)+4%

Multiple converges to 8x forward revenue (premium to comps) as growth normalizes, giving 24.2% pre-dilution upside. Dilution subtracts 20pp.

Bear (40%)-73%

Multiple compresses to 3x forward revenue due to competitive pressure and growth deceleration, resulting in -53.4% pre-dilution return. After 20pp dilution, net -73.4%.

Est. time to liquidity~2.5 years

Preference Stack Risk

moderate

Funding Intensity

1504%

$525M in preferred funding at 1x liquidation preference represents 15% of current valuation, creating moderate preference overhang.

Dilution Risk

high

No new round since 2021; runway suggests a capital raise within 24 months, potentially diluting common shareholders by 15-25%.

Secondary Liquidity

moderate

Recent secondary transactions at $3.49B indicate some liquidity, but likely limited to institutional rounds.

Other — 45 roles

View all 45 open roles at Forter →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Forter's data — designed to show you've done your homework.

  • 1

    “How would Forter defend against Stripe Radar's bundling strategy?”

  • 2

    “What is the unit economics of a typical merchant contract?”

  • 3

    “How do you think about the trade-off between equity at a late-stage private company vs. liquid RSUs at a public company?”

Community

Valuation Sentiment

Our model estimates -21% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.