ACQ Bure AB (YUBICO) AI Stock Analysis

• Market Cap: kr6.43B
• Dividend Yield: N/A
• Average Volume (3M): 123.13K
• Price to Earnings (P/E): 26.8
• Beta (1Y): 0.87
• Revenue Growth: 1.06%
• EPS Growth: -30.43%
• Country: SE
• Employees: 473
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 0.75
• Shares Outstanding: 86,426,880
• 10 Day Avg. Volume: 137,563
• 30 Day Avg. Volume: 123,125
• PEG Ratio: 0.31
• Price to Book (P/B): 13.36
• Price to Sales (P/S): 8.99
• P/FCF Ratio: 60.86
• 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: kr95.00
• Price Target Upside: 31.98% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 61 Neutral
• Price Target: kr75.00 ▲(4.20% Upside)

The overall stock score of 61 reflects strong financial stability but highlights concerns over recent growth challenges and bearish technical indicators. The stock's high P/E ratio suggests overvaluation, and the lack of a dividend yield further impacts its attractiveness.

Positive Factors

Balance sheet strength

Very low leverage (debt/equity 0.026) alongside a healthy TTM ROE (16.3%) gives the company financial flexibility to fund R&D, pursue enterprise and government contracts, and withstand downturns. This durable balance-sheet strength lowers refinancing risk and supports long-term investment capacity.

High gross margins

Sustained gross margins above 80% indicate strong product pricing power and an efficient cost base for its YubiKey hardware. High gross margins provide durable capacity to reinvest in product development, support, and go-to-market execution, preserving competitive separation from commodity competitors.

Platform partnerships and integrations

Deep integrations and partnerships with major tech platforms embed Yubico authentication into ecosystems, expanding distribution and increasing switching costs for enterprise and government clients. These structural ties drive recurring demand and strengthen the firm's lasting market position and adoption.

Negative Factors

Revenue growth softness

A TTM decline in revenue growth (-1.82%) suggests the company may be facing market saturation or slower enterprise uptake. If this trend persists, it will limit scale benefits, reduce leverage of fixed-costs, and constrain the pace at which the firm can expand sales and fund longer-term strategic initiatives.

Net margin compression

A material fall in net margin (from 15.98% to 10.90% TTM) signals increasing cost or pricing pressure. Sustained margin compression would reduce internal cash available for R&D, sales expansion, and support investments, weakening the firm’s ability to defend share and maintain product leadership over time.

Weaker free cash flow trends

Declining free cash flow growth (-8.65% TTM) and operating cash flow covering only ~66% of net income indicate weaker cash conversion. Over time this restricts the company’s ability to self-fund capex, partnerships, or M&A, increasing sensitivity to external financing despite low leverage.

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

ACQ Bure AB demonstrates strong profitability and a solid balance sheet with low leverage, providing financial stability. However, recent declines in revenue growth and free cash flow growth suggest potential challenges in maintaining growth momentum.

Income Statement

The company shows strong profitability with a consistent gross profit margin above 80% in recent years, indicating efficient cost management. However, the recent TTM data shows a slight decline in revenue growth rate (-1.82%), which could be a concern if it continues. The net profit margin has decreased from 15.98% in 2024 to 10.90% in TTM, suggesting some pressure on net income. Overall, the income statement reflects solid profitability but with recent growth challenges.

Balance Sheet

The balance sheet is robust with a low debt-to-equity ratio of 0.026 in TTM, indicating low leverage and financial stability. The return on equity (ROE) is healthy at 16.30% in TTM, although it has decreased from 23.73% in 2024. The equity ratio remains strong, reflecting a solid capital structure. Overall, the balance sheet is strong with low risk due to minimal debt.

Cash Flow

The cash flow statement shows a decrease in free cash flow growth rate (-8.65%) in TTM, which could indicate potential liquidity concerns if the trend continues. The operating cash flow to net income ratio is 0.66, suggesting that operating cash flow is sufficient to cover net income. The free cash flow to net income ratio is stable at 1.0, indicating efficient cash generation relative to net income. Overall, cash flow is adequate but shows signs of pressure.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.29B	2.33B	1.83B	1.56B	0.00
Gross Profit	1.84B	1.90B	1.56B	194.80M	0.00
EBITDA	278.00M	431.90M	215.40M	233.70M	-7.30M
Net Income	237.50M	371.70M	142.30M	-800.00K	-7.30M
Balance Sheet
Total Assets	2.23B	2.21B	1.47B	3.44B	3.44B
Cash, Cash Equivalents and Short-Term Investments	874.70M	824.10M	547.30M	293.80M	309.40M
Total Debt	39.00M	52.30M	39.00M	52.00M	0.00
Total Liabilities	589.80M	642.80M	331.60M	2.60M	2.50M
Stockholders Equity	1.64B	1.57B	1.14B	3.44B	3.44B
Cash Flow
Free Cash Flow	331.60M	343.80M	84.50M	-34.40M	-7.00M
Operating Cash Flow	331.60M	343.80M	97.60M	-15.70M	-7.00M
Investing Cash Flow	-66.40M	-60.00M	3.41B	-18.70M	0.00
Financing Cash Flow	-101.20M	-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 below the 20-day moving average (MA) of 75.47, below the 50-day MA of 83.25, and below the 200-day MA of 127.81, indicating a bearish trend. The MACD of -3.10 indicates Negative momentum. The RSI at 40.84 is Neutral, neither overbought nor oversold. The STOCH value of 51.85 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
ADVE	63 Neutral	kr858.60M	36.65	22.29%	0.48%	27.82%	305.33%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
YUBICO	61 Neutral	kr6.43B	26.77	16.90%	―	1.06%	-30.43%
WPAY	51 Neutral	kr137.02M	48.25	―	―	12.09%	―
FREJA	46 Neutral	kr459.83M	-26.72	―	―	19.18%	48.44%
CLAV	45 Neutral	kr1.46B	-34.75	―	―	20.43%	61.67%
CYB1	40 Underperform	€2.27M	―	―	―	―	―