Secunet Security Networks AG (DE:YSN)
XETRA:YSN
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Secunet Security Networks
(XETRA:YSN)
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Rating:65Neutral
Price Target:
€194.00
▲(2.54% Upside)
Action:DowngradedDate:04/05/26
The score is primarily supported by a conservatively financed balance sheet and generally solid cash generation, but is held back by the steep 2025 revenue decline and weaker technical trend (price below major moving averages). Valuation is also a headwind given the elevated P/E with only a modest dividend yield.
Positive Factors
Conservative balance sheet
Very low leverage and a growing equity base give secunet durable financial flexibility. Over the next 2–6 months this supports funding of multi-period public contracts, cushions project timing volatility, and preserves capacity for targeted investments or selective M&A without stressing liquidity.
Negative Factors
Sharp 2025 revenue decline
A near-term 24% revenue drop is a material structural concern: it reduces operating leverage, weakens pipeline confidence, and can trigger discretionary budget scrutiny from public clients. If project timing or renewals remain muted, revenue recovery could be slow given long procurement cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage and a growing equity base give secunet durable financial flexibility. Over the next 2–6 months this supports funding of multi-period public contracts, cushions project timing volatility, and preserves capacity for targeted investments or selective M&A without stressing liquidity.
Read all positive factors
Secunet Security Networks (YSN) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.22B
Dividend Yield1.53%
Average Volume (3M)4.19K
Price to Earnings (P/E)36.0
Beta (1Y)1.22
Revenue Growth12.26%
EPS Growth15.55%
CountryDE
Employees1,059
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)2.39
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 Upside35.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)6.12
Revenue Forecast (FY)€502.33M
Secunet Security Networks Business Overview & Revenue Model
Company Description
secunet Security Networks Aktiengesellschaft operates as a cybersecurity company in Germany and internationally. The company offers safety audits and analyses; secunet biomiddle, a middleware for biometric systems and electronic ID (eID) documents...
How the Company Makes Money
secunet makes money mainly by selling cybersecurity solutions and related services to public-sector customers and regulated commercial clients. Key revenue streams include: (1) Product and solution sales: revenue from security solutions (e.g., sec...
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
Neutral
189.20
Price Trends
191.20
Negative
190.33
Negative
196.86
Negative
Market Momentum
-2.31
Negative
54.48
Neutral
77.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:YSN, the sentiment is Neutral. The current price of 189.2 is above the 20-day moving average (MA) of 181.00, below the 50-day MA of 191.20, and below the 200-day MA of 196.86, indicating a neutral trend. The MACD of -2.31 indicates Negative momentum. The RSI at 54.48 is Neutral, neither overbought nor oversold. The STOCH value of 77.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | €1.22B | 35.97 | 21.87% | 1.53% | 12.26% | 15.55% | |
60 Neutral | €1.43B | 49.55 | 4.19% | 0.20% | 1.16% | -43.53% | |
59 Neutral | €789.46M | 29.11 | 5.18% | 3.78% | -0.61% | -52.28% | |
57 Neutral | €370.15M | 12.03 | 7.22% | 0.85% | 12.37% | 196.11% | |
57 Neutral | €3.37B | 16.18 | 150.30% | ― | -7.15% | 53.40% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | €179.35M | 18.24 | 6.96% | 3.99% | -1.50% | -37.05% |
* General Sector Average
DE:YSN
Secunet Security Networks
188.00
-2.20
-1.16%
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36.10
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-26.16%
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3.20%
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-15.45%
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.