ACQ Bure AB (YUBICO) AI Stock Analysis

• Market Cap: kr4.20B
• Dividend Yield: N/A
• Average Volume (3M): 123.13K
• Price to Earnings (P/E): 51.4
• Beta (1Y): 0.53
• Revenue Growth: 1.06%
• EPS Growth: -30.43%
• Country: SE
• Employees: 473
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 0.04
• Shares Outstanding: 86,426,880
• 10 Day Avg. Volume: 137,563
• 30 Day Avg. Volume: 123,125
• PEG Ratio: -0.78
• Price to Book (P/B): 3.97
• Price to Sales (P/S): 2.97
• P/FCF Ratio: 0.00
• 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: kr65.00
• Price Target Upside: -9.70% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): 3.05
• Revenue Forecast (FY): kr2.38B

• Rating: 54 Neutral
• Price Target: kr55.00 ▼(-23.59% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held up by a very strong, low-debt balance sheet, but is weighed down by 2025’s deterioration in profitability and free cash flow, alongside clearly bearish technicals (deeply below major moving averages and negative momentum) and a high P/E without dividend support.

Positive Factors

Conservative balance sheet

Yubico's very low leverage and conservatively financed balance sheet provide durable financial flexibility. Low debt reduces solvency risk, supports continued capex and R&D funding, and allows the company to absorb cyclical demand shocks without needing dilutive financing, bolstering long-term stability.

High gross margins

Sustained gross margins near 78–85% indicate robust product economics for YubiKey hardware and related offerings. These margins create structural room for reinvestment in product development, channel expansion, and customer support, enabling durable profitability even if operating expenses fluctuate.

Standards-based product and channels

Yubico's FIDO2/WebAuthn-compatible YubiKey and broad channel footprint (enterprise, public sector, distributors, resellers, direct) create long-term demand durability. Standards interoperability reduces integration friction, increases enterprise stickiness, and supports predictable replacement and volume procurement cycles.

Negative Factors

Profitability deterioration (2025)

The sharp net margin decline from ~16% in 2024 to ~5.8% in 2025 signals weakened earnings power. If persistent, this reduces internal funding for R&D and go-to-market, forces difficult cost trade-offs, and erodes the buffer that high gross margins previously provided against competitive and pricing pressures.

Free cash flow collapse

Free cash flow falling to zero in 2025, despite positive operating cash flow, materially weakens cash conversion. If driven by recurring higher capex or working-capital needs rather than one-offs, this constrains organic reinvestment, potential M&A, and shareholder returns without using balance-sheet reserves.

Revenue pullback and volatility

A 2025 revenue pullback and multi-year variability undermine operating leverage and planning. Persistent top-line weakness or volatility makes it harder to restore prior margins, delays scale benefits from channels and enterprise contracts, and raises execution risk for sustained growth initiatives.

ACQ Bure AB Business Overview & Revenue Model

Company Description

Yubico AB provides authentication solutions for use in enterprises and online services. It offers YubiKey, a hardware authentication token and a USB-key for instant authentication to networks and services that works on various browsers, platforms, and computers; and YubiEnterprise Delivery, a cloud-based service to streamline YubiKeys shipping and fulfillment for remote workforces. The company also provides YubiKey Firmware, which enables the YubiKey to be used in pre-boot settings, such as the TrueCrypt full disk encryption, an open source software. In addition, it offers YubiKey 4C Nano, a multi-protocol USB-C authentication device. The company's customers include individual developers, universities, and local e-governments. Yubico AB was founded in 2007 and is based in Stockholm, Sweden with an additional location in Sunnyvale, California. It has operations in Sweden, the United Kingdom, and India.

How the Company Makes Money

ACQ Bure AB generates revenue primarily through the sales of its YubiKey hardware products, which are sold directly to consumers, businesses, and government agencies. The company offers a range of pricing tiers based on the features and functionalities of its devices, catering to different market segments. Additionally, Yubico has established partnerships with major technology companies and platforms, integrating its authentication solutions into their services, which not only expands its customer base but also enhances brand visibility. Revenue is further supplemented through software solutions and licensing agreements related to its authentication technology. These partnerships and the increasing demand for secure authentication methods contribute significantly to the company's earnings.

ACQ Bure AB Financial Statement Overview

Summary

Strong, conservatively financed balance sheet (very low leverage) supports financial stability, but operating performance weakened in 2025 with lower net margin and free cash flow dropping to zero despite positive operating cash flow.

Income Statement

Revenue scaled meaningfully from 2022 to 2024, but 2025 saw a modest pullback (revenue down ~3.3% YoY). Profitability is mixed: gross margins are very strong in 2023–2025 (~78–85%), but operating and net profitability were far better in 2024 (net margin ~16%) than in 2025 (net margin ~5.8%), indicating a notable step-down in earnings power. Earlier periods (2021–2022) show losses/weak profitability, highlighting some historical volatility.

Balance Sheet

The balance sheet looks conservatively financed with very low leverage across years (debt-to-equity roughly ~1.5% to ~3.4%). Equity remains substantial relative to assets, suggesting good financial flexibility and lower solvency risk. A watch item is that returns to shareholders have been inconsistent—strong in 2024, but meaningfully lower in 2023 and negative in 2021–2022—implying profitability, not leverage, is the main swing factor.

Cash Flow

Cash generation is uneven. Operating cash flow improved from negative in 2021–2022 to positive in 2023–2025, and 2024 showed solid cash conversion with free cash flow matching net income. However, 2025 is a clear deterioration: free cash flow fell to zero (down 100% YoY) despite positive operating cash flow, suggesting higher investment needs or working-capital/other cash uses. Overall cash flow quality is improving versus the early years but remains less consistent than the balance sheet strength.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.22B	2.33B	1.83B	1.56B	0.00
Gross Profit	1.73B	1.90B	1.56B	194.80M	0.00
EBITDA	184.90M	431.90M	215.40M	233.70M	-7.30M
Net Income	128.10M	371.70M	142.30M	-800.00K	-7.30M
Balance Sheet
Total Assets	2.21B	2.21B	1.47B	3.44B	3.44B
Cash, Cash Equivalents and Short-Term Investments	895.00M	824.10M	547.30M	293.80M	309.40M
Total Debt	39.00M	52.30M	39.00M	52.00M	0.00
Total Liabilities	554.50M	642.80M	331.60M	2.60M	2.50M
Stockholders Equity	1.66B	1.57B	1.14B	3.44B	3.44B
Cash Flow
Free Cash Flow	0.00	343.80M	84.50M	-34.40M	-7.00M
Operating Cash Flow	254.20M	343.80M	97.60M	-15.70M	-7.00M
Investing Cash Flow	-48.40M	-60.00M	3.41B	-18.70M	0.00
Financing Cash Flow	-102.00M	-21.80M	-3.24B	-6.70M	3.43B

ACQ Bure AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 71.98
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:YUBICO, the sentiment is Negative. The current price of 71.98 is above the 20-day moving average (MA) of 50.16, above the 50-day MA of 60.25, and below the 200-day MA of 104.22, indicating a bearish trend. The MACD of -3.39 indicates Negative momentum. The RSI at 32.65 is Neutral, neither overbought nor oversold. The STOCH value of 23.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:YUBICO.

ACQ Bure AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WPAY	62 Neutral	kr126.00M	18.58	―	―	12.09%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ADVE	55 Neutral	kr658.91M	52.29	22.29%	0.48%	27.82%	305.33%
YUBICO	54 Neutral	kr4.20B	51.42	7.81%	―	1.06%	-30.43%
CLAV	50 Neutral	kr1.76B	174.76	―	―	20.43%	61.67%
FREJA	50 Neutral	kr428.41M	-26.07	―	―	19.18%	48.44%
CYB1	40 Underperform	€484.95K	-3.26	277.20%	―	―	―