Wallix Group SA (ALLIX) AI Stock Analysis

• Market Cap: €148.52M
• Dividend Yield: N/A
• Average Volume (3M): 16.49K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.80
• Revenue Growth: 17.72%
• EPS Growth: 79.71%
• Country: FR
• Employees: 212
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 0.34
• Shares Outstanding: 6,743,070
• 10 Day Avg. Volume: 15,834
• 30 Day Avg. Volume: 16,493
• PEG Ratio: 2.34
• Price to Book (P/B): 15.25
• Price to Sales (P/S): 4.03
• P/FCF Ratio: 157.19
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.81
• Revenue Forecast (FY): €50.50M

• Rating: 49 Neutral
• Price Target: €22.00 ▼(-14.73% Downside)
• Action: Reiterated Date: 03/21/26
• Date: Action: Reiterated 03/21/26

The score is held back primarily by continued losses (negative net income/EBIT) and weak technical momentum (below major moving averages with negative MACD). Support comes from improving fundamentals—strong revenue growth, zero debt, and a sharp cash-flow rebound to positive free cash flow in 2025.

Positive Factors

Sustained Revenue Growth

Revenue roughly doubled from 2020–2025, signaling durable demand for Wallix's PAM offerings and growing scale. Given a recurring revenue mix (licenses, subscriptions, maintenance) this trend supports steady cash inflows, product adoption and margin expansion potential over the medium term.

Deleveraged Balance Sheet

Eliminating debt materially lowers financial risk and interest burden, giving management flexibility to fund product development, channel expansion or selective M&A without immediate refinancing needs. A cleaner balance sheet increases resilience through industry cycles.

Positive Operating & Free Cash Flow

The swing to positive operating and free cash flow indicates improving cash generation from operations and working-capital discipline. Sustainable cash generation underpins reinvestment in R&D and sales, reduces reliance on external capital, and supports longer-term strategic initiatives.

Negative Factors

Persistent Losses

Recurring negative EBIT and net losses mean Wallix has not yet achieved durable operating profitability. Continued losses can limit reinvestment capacity, risk further equity dilution if funding is required, and delay the realization of scale-driven margin improvements.

Volatile Cash Flow History

Although 2025 shows positive cash flow, prior years had negative operating cash flows and swings in free cash flow. This variability complicates forecasting, increases working-capital risk, and means recent improvements may not yet indicate a fully stabilized cash-generation profile.

Eroding Equity From Past Losses

A declining equity base from accumulated losses reduces the capital cushion against adverse shocks and narrows borrowing capacity. This erosion can constrain growth investments or require dilution to raise capital, limiting strategic optionality over the medium term.

Wallix Group SA Business Overview & Revenue Model

Company Description

Wallix Group SA, a software company, provides cyber security solutions worldwide. It offers session manager, which provides solution to manage, control, and audit access to network assets with security posture; password manager that enables IT leaders to easily control and manage their passwords, secrets and credentials; access manager, that enables secure remote access for IT administrators and external providers to connect safely from anywhere with secure-by-design capabilities; privilege elevation and delegation management, provides least privilege control over access rights to sensitive IT resources; and application-to-application password manager, enables DevOps to access critical resources without ever knowing the credentials. The company also provides endpoint privilege management, identify access management, and multi-factor authentication services; and digital transformation, audit and compliance, remote access management, cyber security risk management, and securing IT-OT convergence solutions. It serves clients through resellers and integrators. WALLIX GROUP SA was founded in 2003 and is headquartered in Paris, France.

How the Company Makes Money

Wallix primarily makes money by selling access-security/PAM software to organizations that need to control and monitor privileged access to sensitive systems. Revenue is generated mainly through (1) software licensing or subscription contracts for its PAM products (where customers pay recurring fees to use the software and receive updates), (2) maintenance and support contracts that provide ongoing technical support, patches, and upgrades (often recurring annually), and (3) professional services such as implementation, configuration, integration, training, and consulting to deploy the solution in customer environments. The company also sells through channel partners (e.g., value-added resellers and systems integrators) who help source deals and deliver deployments, with partner-led sales contributing to billings alongside direct sales. Additional factors that support earnings typically include renewals/expansions within existing customers (adding more users, systems, or modules), and demand driven by regulatory compliance and audit requirements that require traceable privileged access; if precise partner names, contract structures, or segment revenue splits are not publicly available here, those details are null.

Wallix Group SA Financial Statement Overview

Summary

Revenue growth is solid (about €20.1m in 2020 to ~€40.6m in 2025), the balance sheet is de-risked with debt reduced to zero by 2025, and cash flow rebounded with positive operating cash flow (~€7.6m) and positive free cash flow (~€1.0m) in 2025. Offsetting this, the company remains loss-making with persistently negative net income/EBIT, and cash flow has been historically volatile.

Income Statement

Revenue has grown steadily over time (from ~€20.1m in 2020 to ~€40.6m in 2025), indicating improving demand and scale. However, profitability remains the key issue: net income has been consistently negative across all years provided, and EBIT has stayed negative as well. Margins were deeply negative in 2020–2023 and, while losses narrowed materially by 2024–2025, the company has not yet demonstrated durable operating profitability.

Balance Sheet

The balance sheet looks healthier than the earnings profile. Debt has been reduced to zero by 2025 (down from ~€8.3m in 2024), while equity remains positive (~€10.7m in 2025) against ~€64.4m of assets, which lowers financial risk and improves flexibility. The main weakness is that equity has trended down from 2021–2023 levels, reflecting accumulated losses and historically weak returns for shareholders.

Cash Flow

Cash generation has improved meaningfully in the most recent period: operating cash flow rose to ~€7.6m in 2025 and free cash flow turned positive (~€1.0m), a notable swing from large negative free cash flow in 2022–2024. That said, cash flow has been volatile historically (negative operating cash flow in multiple years), and free cash flow growth has swung sharply, suggesting execution and working-capital dynamics can still create variability.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	40.62M	34.09M	30.18M	25.18M	23.17M
Gross Profit	-6.23M	18.03M	5.33M	4.85M	1.88M
EBITDA	-812.00K	-279.00K	-4.47M	-2.75M	1.04M
Net Income	-875.00K	-4.29M	-8.53M	-6.00M	-2.95M
Balance Sheet
Total Assets	64.37M	54.21M	58.47M	51.07M	52.55M
Cash, Cash Equivalents and Short-Term Investments	0.00	11.17M	17.63M	13.55M	22.72M
Total Debt	0.00	8.28M	8.95M	1.96M	2.65M
Total Liabilities	51.08M	44.38M	43.34M	33.57M	29.94M
Stockholders Equity	10.73M	9.83M	15.13M	17.50M	22.61M
Cash Flow
Free Cash Flow	1.04M	-4.88M	-8.20M	-8.03M	231.00K
Operating Cash Flow	7.56M	1.55M	-3.48M	-2.29M	6.24M
Investing Cash Flow	-7.53M	-6.52M	-5.16M	-5.81M	-5.62M
Financing Cash Flow	950.00K	-1.51M	12.72M	-1.09M	-1.14M

Wallix Group SA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 25.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALLIX, the sentiment is Negative. The current price of 25.8 is above the 20-day moving average (MA) of 22.99, above the 50-day MA of 25.54, and above the 200-day MA of 23.96, indicating a bearish trend. The MACD of -0.88 indicates Positive momentum. The RSI at 41.56 is Neutral, neither overbought nor oversold. The STOCH value of 21.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ALLIX.

Wallix Group SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ALHYP	60 Neutral	€33.09M	36.28	3.43%	―	9.77%	-86.18%
ALLIX	49 Neutral	€148.52M	-12.65	-21.69%	―	17.72%	79.71%
VMX	41 Neutral	€14.00M	-0.26	-86.76%	―	-14.91%	-512.12%
ALGEC	41 Neutral	€2.62M	34,926.41	-12.16%	―	-13.72%	-144.02%