YUBICO Stock Analysis: Yubico | ST
Software - Infrastructure | ST, Sweden | Market Cap: 10.018m SEK | 12M Return: -12.3% | SE0015657788 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 32.7M
Warnings
No concerns identified
Tailwinds
Seasonality 5.4 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Yubico AB is a Swedish cybersecurity company specializing in hardware-based authentication solutions designed to secure access to computers, networks, and online services. Its product portfolio includes the YubiKey 5, YubiKey 5 FIPS, YubiKey Bio, and Security Key series of physical security keys, along with YubiHSM hardware security modules, the Yubico Authenticator app, and software development kits. The company complements its hardware with services such as YubiEnterprise Delivery, which streamlines large-scale deployment of authentication devices to end users.
Yubico serves a broad customer base across technology, financial services, cryptocurrency, retail and hospitality, pharmaceuticals, education, healthcare, federal, state and local government, manufacturing, elections and political campaigns, energy and natural resources, telecommunications, defense, insurance, and federal systems integrators. Geographically, it operates across Sweden, the Americas, Asia Pacific, the rest of Europe, the Middle East, and Africa.
Founded in 2007 and headquartered in Stockholm, Sweden, Yubico operates in the cybersecurity and identity and access management segment. The industry has historically been characterized by recurring concerns over phishing and credential theft, which have driven adoption of phishing-resistant multi-factor authentication, including FIDO2/WebAuthn hardware keys that Yubico is well known for producing. The companys revenue model is largely tied to hardware unit sales plus related software, enterprise deployment services, and ongoing support.
- Federal cybersecurity mandates boost YubiKey government sales
- Passkey adoption threatens hardware authentication market share
- Enterprise subscriptions scale with YubiEnterprise rollout
| Net Income: 150.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.09 > 0.02 and ΔFCF/TA -6.78 > 1.0 |
| NWC/Revenue: 74.19% < 20% (prev 63.94%; Δ 10.25% < -1%) |
| CFO/TA 0.09 > 3% & CFO 225.9m > Net Income 150.9m |
| Net Debt (-949.7m) to EBITDA (212.2m): -4.48 < 3 |
| Current Ratio: 3.64 > 1.5 & < 3 |
| Outstanding Shares: last quarter (87.4m) vs 12m ago -0.46% < -2% |
| Gross Margin: 77.75% > 18% (prev 80.75%; Δ -3.00% > 0.5%) |
| Asset Turnover: 91.71% > 50% (prev 104.6%; Δ -12.85% > 0%) |
| Interest Coverage Ratio: 77.26 > 6 (EBIT TTM 177.7m / Interest Expense TTM 2.30m) |
| A: 0.66 (Total Current Assets 2.17b - Total Current Liabilities 595.6m) / Total Assets 2.39b |
| B: 0.26 (Retained Earnings 628.0m / Total Assets 2.39b) |
| C: 0.08 (EBIT TTM 177.7m / Avg Total Assets 2.31b) |
| D: 2.76 (Book Value of Equity 1.75b / Total Liabilities 635.2m) |
| Altman-Z'' = 8.59 = AAA |
| DSRI: 1.23 (Receivables 364.2m/327.1m, Revenue 2.12b/2.34b) |
| GMI: 1.04 (GM 80.75% / 77.75%) |
| AQI: 1.20 (AQ_t 0.06 / AQ_t-1 0.05) |
| SGI: 0.91 (Revenue 2.12b / 2.34b) |
| TATA: -0.03 (NI 150.9m - CFO 225.9m) / TA 2.39b) |
| Beneish M = -2.75 (Cap -4..+1) = A |
As of October 13, 2026, the stock is trading at SEK 122.90 with a total of 387,723 shares traded. Over the past week, the price has changed by +7.98%, over one month by +31.58%, over three months by +88.83% and over the past year by -12.25%.
Current recommended Stop Loss: 117.60 (which is 4.3% or 1.2 ATR below the current price).
Yubico has no consensus analysts rating.
P/E Trailing = 67.5145
P/E Forward = 21.7391
P/S = 4.7276
P/B = 4.8478
Revenue TTM = 2.12b SEK
EBIT TTM = 177.7m SEK
EBITDA TTM = 212.2m SEK
Long Term Debt = 19.2m SEK (from longTermDebt, last quarter)
Short Term Debt = 12.2m SEK (from shortTermDebt, last quarter)
Debt = 70.4m SEK (from shortLongTermDebtTotal, last quarter) + Leases 39.0m
Net Debt = -949.7m SEK (calculated: Debt 70.4m - CCE 1.02b)
Enterprise Value = 9.07b SEK (10.0b + Debt 70.4m - CCE 1.02b)
Interest Coverage Ratio = 77.26 (Ebit TTM 177.7m / Interest Expense TTM 2.30m)
EV/FCF = 40.11x (Enterprise Value 9.07b / FCF TTM 226.1m)
FCF Yield = 2.49% (FCF TTM 226.1m / Enterprise Value 9.07b)
FCF Margin = 10.67% (FCF TTM 226.1m / Revenue TTM 2.12b)
Net Margin = 7.12% (Net Income TTM 150.9m / Revenue TTM 2.12b)
Gross Margin = 77.75% ((Revenue TTM 2.12b - Cost of Revenue TTM 471.4m) / Revenue TTM)
Gross Margin QoQ = 80.05% (prev 76.82%)
Tobins Q-Ratio = 3.80 (Enterprise Value 9.07b / Total Assets 2.39b)
Interest Expense / Debt = 3.27% (Interest Expense 2.30m / Debt 70.4m)
Taxrate = 27.61% (57.6m / 208.6m)
NOPAT = 128.6m (EBIT 177.7m * (1 - 27.61%))
Current Ratio = 3.64 (Total Current Assets 2.17b / Total Current Liabilities 595.6m)
Debt / Equity = 0.04 (Debt 70.4m / totalStockholderEquity, last quarter 1.75b)
Debt / EBITDA = -4.48 (Net Debt -949.7m / EBITDA 212.2m)
Debt / FCF = -4.20 (Net Debt -949.7m / FCF TTM 226.1m)
Total Stockholder Equity = 1.69b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.53% (Net Income 150.9m / Total Assets 2.39b)
RoE = 8.96% (Net Income TTM 150.9m / Total Stockholder Equity 1.69b)
RoCE = 10.43% (EBIT 177.7m / Capital Employed (Equity 1.69b + L.T.Debt 19.2m))
RoIC = 7.57% (NOPAT 128.6m / Invested Capital 1.70b)
WACC = 7.67% (E(10.0b)/V(10.1b) * Re(7.71%) + D(70.4m)/V(10.1b) * Rd(3.27%) * (1-Tc(0.28)))
Discount Rate = 7.71% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -67.38 | Cagr: -0.15%
[DCF] Terminal Value 73.10% ; FCFF base≈280.9m ; Y1≈246.3m ; Y5≈199.0m
[DCF] Fair Price = 48.31 (EV 3.19b - Net Debt -949.7m = Equity 4.14b / Shares 85.8m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 22.11 | EPS CAGR: 17.87% | SUE: 1.41 | # QB: 1
Revenue Correlation: 57.96 | Revenue CAGR: 6.91% | SUE: 1.22 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.90 | Chg30d=+0.00% | Revisions=-25% | Analysts=2
EPS current Year (2026-12-31): EPS=2.62 | Chg30d=-0.20% | Revisions=+29% | GrowthEPS=+79.5% | GrowthRev=-1.2%
EPS next Year (2027-12-31): EPS=3.56 | Chg30d=+1.54% | Revisions=+29% | GrowthEPS=+35.8% | GrowthRev=+14.1%
[Analyst] Revisions Ratio: +25% (up=6, down=3)