olivLaw · European equity research
CY4Gate S.p.A. CY4.MI
Italy · Euronext Milan · ISIN IT0005412504 · Vertical: Listed companies from Italy
CY4Gate is an Italian group developing Forensic Intelligence and cyber security technologies for police forces and judicial bodies, mainly in Italy and abroad. Its 2025 annual report shows a regulated business, with emphasis on export authorisations and on attracting specialised staff, both relevant when assessing the company today.
At the close of 05 Nov 2026, CY4Gate S.p.A. (CY4.MI) stock was 9.54 EUR (−3.44% on the day), with P/E 28.1 on diluted EPS of 0.34 EUR over the last 12 months, beta 0.77, 52-week range 6.15–11.44 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.2
- weak (30–45)
- Bollinger (20, 2)
- 9.61 – 11.59
- below the lower band · %B -0.03 · band width 18.7%
- SMA 50 / 200
- 10.28 / 8.90
- mixed trend
- MACD (12, 26, 9)
- -0.16 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −16.2% | −0.6% | −15.5 pp | — |
| 3 months | −5.7% | −4.2% | −1.6 pp | — |
| 6 months | +15.2% | +4.3% | +10.9 pp | — |
| Year to date | +17.1% | +7.5% | +9.5 pp | — |
| 1 year | +50.9% | +9.9% | +41.0 pp | −6.1% |
| 3 years | +27.5% | +49.8% | −22.3 pp | +7.7% |
| 5 years | −14.8% | +42.8% | −57.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 20.6, median 22.3, max 24.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | 72.4 m | 99.1 m |
| Revenue YoY | unavailable | unavailable | +37.0% |
| Net income | -8.9 m | -7.4 m | -10.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | 0.24 | 0.34 |
| Diluted EPS YoY | unavailable | unavailable | +41.7% |
| net % | unavailable | -10.2% | -10.1% |
| Free cash flow | unavailable | 8.2 m | 25.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 23.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 92.8 m EUR
- Total assets
- 224.0 m EUR
- Debt / equity
- unavailable
- Current ratio
- 1.16x
- ROE
- -10.2%
- ROA
- -4.8%
- FCF margin
- 25.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | — | 72.4 m | 99.1 m | esef· 07 Apr 2026verified |
| Cost of revenue | — | 62.5 m | 80.1 m | esef· 07 Apr 2026verified |
| Gross profit | — | 9.9 m ≈ | 19.1 m ≈ | esef· 07 Apr 2026derived |
| Operating income | — | -9.9 m | -4.7 m | esef· 07 Apr 2026verified |
| Interest expense | — | 3.0 m | 3.7 m | esef· 07 Apr 2026verified |
| Pre-tax income | — | -12.2 m | -7.5 m | esef· 07 Apr 2026verified |
| Income tax | — | -6.6 m | 536.4 k | esef· 07 Apr 2026verified |
| Net income | -8.9 m | -7.4 m | -10.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | — | 0.24 | 0.34 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 17.6 m | 14.5 m | 23.0 m | esef· 07 Apr 2026verified |
| Inventories | — | 973.8 k | 3.0 m | esef· 07 Apr 2026verified |
| Current assets | 85.8 m | 80.6 m | 119.9 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 7.3 m | 9.9 m | 10.3 m | esef· 07 Apr 2026verified |
| Goodwill | 42.1 m | 49.2 m | 49.2 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 34.3 m | 32.0 m | 25.2 m | esef· 07 Apr 2026verified |
| Total assets | 178.8 m | 190.6 m | 224.0 m | esef· 07 Apr 2026verified |
| Current liabilities | 38.4 m | 50.2 m | 103.5 m | esef· 07 Apr 2026verified |
| Total liabilities | 67.7 m | 88.3 m | 131.2 m | esef· 07 Apr 2026verified |
| Equity | 111.1 m | 102.3 m | 92.8 m | esef· 07 Apr 2026verified |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | — | 11.8 m | 29.2 m | esef· 07 Apr 2026verified |
| Capex | — | 3.6 m | 3.9 m | esef· 07 Apr 2026verified |
| Free cash flow | — | 8.2 m ≈ | 25.2 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | — | -21.6 m | -12.7 m | esef· 07 Apr 2026verified |
| Financing cash flow | — | 6.8 m | -8.1 m | esef· 07 Apr 2026verified |
| Dividends paid | — | 2.0 m | 1.7 m | esef· 07 Apr 2026verified |
| Share repurchases | — | 1.6 m | 0 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
31% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.14 – 7.77 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.14 – 7.77 (Mid 4.51)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI, ELN.MI
- Dividend discount (DDM)unavailable · input data missing
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -10.1% | 5 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.3x | 0 (on a fixed band) | 20% |
| Current ratio · Balance sheet | 1.2x | 30 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 28.1x | 27 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 6.8% | 100 (on a fixed band) | 13% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet12/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial5/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial27/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CY4GATE S.P.A. (CY4.MI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 99.1 m EUR in 2025; YoY growth 37.0%; net margin -10.1%; ROE -10.6%.
The estimated value range is 2.14–7.77 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.51 EUR, the price of 9.54 EUR leaves a potential of -52.8% (value / price − 1) and a margin of safety of -111.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Payout ratio (FCF): 6.8%
What contradicts it
- Net margin: -10.1%
- Interest coverage: -1.3x
- Current ratio: 1.2x
- P/E (TTM): 28.1x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| ELN.MIEl.en. - S.p.a. | 1.3 bn | 30.3 | 10.9% | 7.3% | +4.2% | +26% / +73% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for CY4.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CY4Gate is an Italian group developing Forensic Intelligence and cyber security technologies for police forces and judicial bodies, mainly in Italy and abroad. Its 2025 annual report shows a regulated business, with emphasis on export authorisations and on attracting specialised staff, both relevant when assessing the company today.
SWOT
Strengths
- Proprietary technologies in Forensic Intelligence and a portfolio of subsidiaries specialised in cyber security and telecommunications. 1
- Clients mostly public entities, which reduces exposure to credit risk. 1
- Research and development activity focused on advanced products and technological solutions. 1
Weaknesses
Opportunities
Risks
- Export authorisationshigh
Authorisation procedures for non-EU sales can be long, costly and uncertain in outcome. 1
- Reputational riskhigh
Even with full compliance, incomplete press reports on the use of technologies could damage the Group's image. 1
- Shortage of specialised staffmedium
The shortage of human resources with STEM training could limit development and project execution. 1
- Technological riskmedium
Delays in product development or in adapting to innovation could reduce competitiveness. 1
- Interest rate risklow
Variable-rate financing contracts are partly hedged through Interest Rate Swaps, but exposure remains if rates move unexpectedly. 1
Investment thesis
What would need to be true (bull case)
- If export authorisations remain favourable, the Group could monetise its proprietary technologies in new markets. 1
- Clients that are mostly public could provide a relatively stable revenue base with limited credit risk. 1
- Diversification through subsidiaries in cyber security and telecommunications could open new sources of demand. 1
What to watch
- Evolution of export authorisations and contracts with non-EU states2026
- Progress in attracting staff with STEM skills2026
- Maturity of the interest rate swap with Intesa30 November 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended 31 December 2025, the CY4Gate Group operates in Forensic Intelligence, where proprietary products support national and foreign police forces and judicial bodies in investigations. The parent CY4Gate S.p.A., founded in 2014 and controlled by ELETTRONICA S.p.A., includes several subsidiaries, among them RCS ETM Sicurezza, Tykelab, Dars Telecom, Diateam and XTN Cognitive Security. The Group also carries out research and development for new technological products and solutions. 1
The Group has adopted a related-party transactions procedure and in 2025 did not conclude any transactions of greater relevance. The consolidated sustainability report was prepared under ESRS, with material topics including climate change, own workforce, affected communities and consumers. 1
Segments
Forensic Intelligence
The main segment of the Group is Forensic Intelligence, which provides proprietary technologies for investigations intended for police forces and judicial bodies. The activity is carried out within a preventive authorisation framework set by the competent authorities. 1
Cyber security and telecommunications
Subsidiaries including XTN Cognitive Security, Tykelab and Dars Telecom complete the portfolio with cyber security solutions and telecommunications technologies. This passage does not detail revenue by segment. 1
Market context
The market in which CY4Gate operates is regulated, with clients mostly public entities, which reduces credit risk. Demand, however, depends on government authorisations and on the availability of staff with STEM skills, a resource the report describes as scarce. 1
Export contracts to non-EU states are a sensitive segment, because authorisation procedures can be slow and uncertain. International market dynamics are therefore a factor to monitor for the company. 1
Trends
- Regulation and export authorisationsmixed
The strict regulatory framework for non-EU exports could make it harder to launch new products in some markets, but it may also protect a company that already holds the necessary authorisations. 1
- Shortage of technical skillsheadwind
The report highlights a marked shortage of staff trained in STEM disciplines, which could slow product development and group growth. 1
- Need for technological innovationheadwind
Delays in product development or in adapting to new technologies could limit market expansion and the Group's innovation positioning. 1
- Demand for digital investigation and securitytailwind
Public clients in investigation and cyber security could provide steady demand, if authorisations and budgets remain favourable. 1
Competitive position
The analysed source does not name competitors. Given that the company operates in Forensic Intelligence and cyber security for authorities, competition likely comes from specialised suppliers of digital investigation and government security technologies. 1
The Group's competitive advantage lies in its proprietary technologies, the authorisations it holds and its contractual relationships with public clients, which are difficult to replicate quickly. 1
- Digital investigation technology suppliers
Generic competitors in Forensic Intelligence; not named in the source.
- Government cyber security suppliers
Companies offering security solutions to public entities; not identified in the source.
- Secure telecommunications solution providers
Potential competition in the telecommunications area of the subsidiaries; the source does not name them.
- Systems integrators for law enforcement
Players delivering complete systems to authorities; not named in the report.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / CY4Gate S.p.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.