CY4Gate SpA (IT:CY4)
:CY4
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CY4Gate SpA
(CY4)
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Rating:58Neutral
Price Target:
€9.50
▲(24.84% Upside)
Action:Reiterated
Date:05/19/26
The score is driven primarily by improving financial stability (lower leverage and a move to positive free cash flow) but held back by continued net losses and weak profitability. Technicals are constructive with price above key moving averages and neutral momentum, while valuation remains a key risk due to the company being loss-making and lacking dividend support.
Positive Factors
Low leverage
A materially lower debt-to-equity ratio (~0.05 vs ~0.43 prior) meaningfully improves financial flexibility. This durable balance-sheet strength reduces refinancing risk, supports multi-year government programs, and allows the company to fund R&D, integrations, or acquisitions without stressing liquidity.
Negative Factors
Weak profitability
Despite revenue gains, negative gross profit and a ~-9% net margin show profitability has not normalized. Persistent losses and negative ROE point to a cost structure or non-cash charges that materially depress earnings, requiring sustained margin improvement to translate growth into durable shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
A materially lower debt-to-equity ratio (~0.05 vs ~0.43 prior) meaningfully improves financial flexibility. This durable balance-sheet strength reduces refinancing risk, supports multi-year government programs, and allows the company to fund R&D, integrations, or acquisitions without stressing liquidity.
Read all positive factors
CY4Gate SpA (CY4) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€205.78M
Dividend YieldN/A
Average Volume (3M)93.01K
Price to Earnings (P/E)―
Beta (1Y)0.61
Revenue Growth36.99%
EPS Growth-35.05%
CountryIT
Employees511
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.50
Shares Outstanding23,571,428
10 Day Avg. Volume148,367
30 Day Avg. Volume93,014
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)1.24
Price to Sales (P/S)1.53
P/FCF Ratio6.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€10.00Price Target Upside31.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)€110.25M
CY4Gate SpA Business Overview & Revenue Model
Company Description
Cy4gate S.P.A. develops cyber electronic warfare and intelligence solutions for government and corporate organizations. The company offers QUIPO, is an advanced intelligence analytics platform to collect, analyze, and transform heterogeneous data ...
How the Company Makes Money
CY4Gate makes money primarily by selling cybersecurity and cyber-intelligence solutions and associated professional services to public-sector (including defense and government) and private-sector organizations. Revenue is generated through: (1) So...
CY4Gate SpA Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
72
Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 78.86M | 68.40M | 68.14M | 56.45M | 16.56M |
| Gross Profit | -5.89M | 47.28M | 11.89M | 14.97M | 8.74M |
| EBITDA | 5.51M | 11.87M | 8.66M | 12.32M | 7.96M |
| Net Income | -7.13M | -7.40M | -8.90M | 2.47M | 5.19M |
Balance Sheet | |||||
| Total Assets | 184.07M | 190.57M | 178.85M | 172.25M | 41.28M |
| Cash, Cash Equivalents and Short-Term Investments | 18.67M | 15.34M | 18.36M | 21.05M | 2.30M |
| Total Debt | 5.11M | 42.76M | 32.58M | 18.63M | 4.01M |
| Total Liabilities | 84.33M | 88.28M | 67.72M | 49.71M | 11.02M |
| Stockholders Equity | 97.34M | 99.10M | 108.55M | 121.12M | 30.25M |
Cash Flow | |||||
| Free Cash Flow | 18.10M | -3.95M | -1.59M | -9.30M | -7.54M |
| Operating Cash Flow | 29.17M | 11.78M | 20.46M | 1.35M | -497.92K |
| Investing Cash Flow | -12.66M | -21.59M | -26.07M | -84.52M | -7.94M |
| Financing Cash Flow | -8.06M | 6.79M | 3.29M | 97.29M | 758.21K |
CY4Gate SpA Technical Analysis
Positive
7.61
Price Trends
7.83
Positive
7.66
Positive
6.99
Positive
Market Momentum
0.22
Positive
58.29
Neutral
54.57
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:CY4, the sentiment is Positive. The current price of 7.61 is below the 20-day moving average (MA) of 8.43, below the 50-day MA of 7.83, and above the 200-day MA of 6.99, indicating a bullish trend. The MACD of 0.22 indicates Positive momentum. The RSI at 58.29 is Neutral, neither overbought nor oversold. The STOCH value of 54.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:CY4.
CY4Gate SpA Peers Comparison
UnderperformOutperform
Sector (61)
IT:CY4
CY4Gate SpA
8.73
3.44
65.03%
IT:AGP
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6.96
-1.69
-19.54%
IT:CYB
Cyberoo S.p.A.
1.16
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-34.83%
IT:DGV
Digital Value SpA
28.98
1.91
7.06%
IT:E9IA
e-Novia SpA
2.00
-0.10
-4.76%
CY4Gate SpA Corporate Events
CY4Gate Strengthens Governance as Board Confirms CEO and Reshapes Committees
Apr 30, 2026
CY4Gate’s board has confirmed Emanuele Galtieri as chief executive officer and as the director responsible for internal control and risk management, ensuring continuity in the group’s strategic and operational leadership. Executive cha...
CY4Gate Approves 2025 Results, Renews Board and Governance to Support Cyber Security Growth
Apr 28, 2026
CY4Gate’s ordinary shareholders’ meeting approved the parent company’s 2025 financial statements, showing lower standalone revenues and a wider net loss, while consolidated results reported strong double‑digit revenue and E...
CY4GATE wins €4.2 million European decision intelligence contract for law enforcement
Apr 23, 2026
CY4GATE has secured a one-year contract worth about €4.2 million with a major European institutional client to supply decision intelligence technologies to law enforcement agencies. The solutions will integrate structured and unstructured da...
CY4Gate Secures €4.2 Million in Q1 Cyber Security Contracts for Anti-Fraud Platform
Apr 14, 2026
CY4Gate Group, through its subsidiary XTN Cognitive Security, has signed new contracts worth about €4.2 million in the first quarter of 2026 with major Italian companies for its XTN Cognitive Security Platform. The agreements, running 18 to ...
CY4Gate Publishes Board and Audit Slate Proposals Ahead of April Shareholders’ Meeting
Apr 7, 2026
CY4Gate, the Italian cyber security and cyber intelligence specialist listed on Euronext Milan, has disclosed the slates of candidates submitted for the renewal of its Board of Directors and Board of Statutory Auditors ahead of the ordinary shareh...
CY4Gate Publishes 2025 Annual Financial and Governance Documentation
Mar 31, 2026
CY4Gate, a national and European cyber security and cyber intelligence player, designs and manufactures proprietary solutions for decision intelligence and cyber protection aimed at law enforcement, defence, institutional and corporate customers. ...
CY4Gate wins €13 million government deal for decision intelligence solutions
Mar 24, 2026
CY4Gate S.p.A., an Italian cyber security and cyber intelligence specialist listed on Euronext Milan’s Star segment, develops proprietary platforms for decision intelligence and cyber defence, serving law enforcement, armed forces, public in...
CY4GATE Publishes Documentation for April 2026 Shareholders’ Meeting
Mar 19, 2026
CY4GATE S.p.A. has published the full set of documents for its ordinary shareholders’ meeting scheduled for 28 April 2026, including the notice of call, board explanatory report, proxy forms, regulatory information document and share capital...
CY4Gate Calls 2026 Shareholders’ Meeting to Renew Governance and Incentive Plans
Mar 19, 2026
CY4Gate has called an ordinary shareholders’ meeting for 28 April 2026, to be held exclusively via telecommunication systems with participation through an appointed representative. The meeting will review and approve the 2025 statutory and c...
CY4GATE boosts 2025 revenues and margins, sets higher 2026 targets
Mar 12, 2026
CY4GATE’s board approved the 2025 separate and consolidated financial statements, including its sustainability report, reporting a 35% rise in value of production to €101.5 million and a 79% jump in EBITDA to €20.8 million. Growt...
CY4Gate secures €8 million foreign contract for AI-driven decision intelligence platform
Mar 11, 2026
CY4Gate has signed a three-year contract worth about €8 million with a major foreign institutional customer to supply advanced decision intelligence solutions. The deal centres on a customised Data Fusion Center built on its proprietary Quip...
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.