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Secunet Security Networks
(XETRA:YSN)
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Rating:68Neutral
Price Target:
€196.00
▲(22.19% Upside)
Action:Reiterated
Date:08/06/26
Overall score is driven by solid financial quality (low leverage, strong ROE, and positive cash generation), tempered by a significant 2025 revenue contraction and compressed margins. Technicals are mixed with weaker longer-term trend signals, and valuation is relatively expensive (P/E ~34.7) with only a modest dividend yield.
Positive Factors
Conservative balance sheet
Secunet's low leverage and expanding equity base give it financial flexibility to fund project execution, certifications, and working capital without heavy external financing. A ~20% ROE indicates efficient capital use, supporting sustainable returns and resilience through procurement cycles.
Negative Factors
2025 revenue contraction
A ~24% revenue drop in 2025 signals meaningful near-term demand or contract timing issues; such a decline undermines growth durability and may reflect lost projects or backlog slippage. Sustained revenue weakness can pressure margins, service renewals, and investment plans over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Secunet's low leverage and expanding equity base give it financial flexibility to fund project execution, certifications, and working capital without heavy external financing. A ~20% ROE indicates efficient capital use, supporting sustainable returns and resilience through procurement cycles.
Read all positive factors
Secunet Security Networks (YSN) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.16B
Dividend Yield1.44%
Average Volume (3M)4.19K
Price to Earnings (P/E)34.7
Beta (1Y)1.36
Revenue Growth12.91%
EPS Growth19.29%
CountryDE
Employees1,133
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)5.15
Shares Outstanding6,500,000
10 Day Avg. Volume4,931
30 Day Avg. Volume4,192
Financial Highlights & Ratios
PEG Ratio1.87
Price to Book (P/B)7.18
Price to Sales (P/S)2.61
P/FCF Ratio22.11
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€257.00Price Target Upside60.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)6.1
Revenue Forecast (FY)€503.23M
Secunet Security Networks Business Overview & Revenue Model
Company Description
secunet Security Networks AG is a leading cybersecurity firm operating across Germany and on an international scale. The company provides a comprehensive suite of security solutions, including advanced biometric and electronic identity (eID) syste...
How the Company Makes Money
Secunet makes money primarily by selling cybersecurity products and delivering project-based IT security solutions, alongside ongoing services that support and operate those solutions. Key revenue streams typically include: (1) Product revenue fro...
Secunet Security Networks Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
82
Very Positive
Cash Flow
76
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 458.83M | 406.38M | 393.68M | 347.22M | 337.62M |
| Gross Profit | 106.29M | 97.33M | 87.37M | 90.15M | 101.61M |
| EBITDA | 75.59M | 60.49M | 60.24M | 62.10M | 73.82M |
| Net Income | 33.34M | 27.95M | 29.15M | 31.31M | 43.10M |
Balance Sheet | |||||
| Total Assets | 410.72M | 359.65M | 328.64M | 315.42M | 274.02M |
| Cash, Cash Equivalents and Short-Term Investments | 87.62M | 57.68M | 41.27M | 21.48M | 119.60M |
| Total Debt | 20.19M | 24.17M | 19.09M | 19.13M | 17.41M |
| Total Liabilities | 243.69M | 208.82M | 190.79M | 187.59M | 144.20M |
| Stockholders Equity | 167.03M | 150.75M | 137.75M | 127.59M | 129.56M |
Cash Flow | |||||
| Free Cash Flow | 54.26M | 46.85M | 43.07M | -9.51M | 46.98M |
| Operating Cash Flow | 62.50M | 60.98M | 51.88M | -3.96M | 53.76M |
| Investing Cash Flow | -8.24M | -22.74M | -8.75M | -54.50M | -15.71M |
| Financing Cash Flow | -24.53M | -21.82M | -23.33M | -39.53M | -20.23M |
Secunet Security Networks Technical Analysis
Positive
160.40
Price Trends
178.34
Positive
181.88
Negative
185.93
Negative
Market Momentum
0.63
Negative
59.58
Neutral
80.81
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:YSN, the sentiment is Positive. The current price of 160.4 is below the 20-day moving average (MA) of 168.80, below the 50-day MA of 178.34, and below the 200-day MA of 185.93, indicating a neutral trend. The MACD of 0.63 indicates Negative momentum. The RSI at 59.58 is Neutral, neither overbought nor oversold. The STOCH value of 80.81 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DE:YSN.
Secunet Security Networks Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | €1.16B | 34.72 | 21.87% | 1.61% | 12.91% | 19.29% | |
65 Neutral | €686.88M | 22.20 | 6.15% | 4.18% | 0.21% | 33.16% | |
63 Neutral | €4.40B | 18.70 | 83.96% | ― | -25.38% | 25.36% | |
60 Neutral | €1.45B | 43.42 | 4.19% | 1.82% | ― | ― | |
58 Neutral | €337.78M | 60.54 | 5.09% | 1.78% | -3.10% | -65.33% | |
56 Neutral | €380.60M | 15.51 | 12.82% | 1.48% | 13.29% | 214.17% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
DE:YSN
Secunet Security Networks
188.80
-26.91
-12.47%
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61.40
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DE:A1OS
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67.80
21.52
46.50%
DE:COK
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24.55
2.73
12.49%
DE:COP
CompuGroup Medical
27.55
4.37
18.84%
DE:IOS
IONOS Group SE
30.20
-12.35
-29.02%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.