olivLaw · European equity research
F-Secure Oyj FSECURE.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
F-Secure is a Finnish cybersecurity company selling consumer protection products both directly and through telecom and service-provider partners. Revenue was broadly flat in 2025 and the company is now focusing on partners and integrated security solutions while reducing paid customer acquisition in its direct business.
At the close of 03 Nov 2026, F-Secure Oyj (FSECURE.HE) stock was 1.39 EUR (+1.46% on the day), with market capitalisation 239.9 m EUR, P/E 10.7 on diluted EPS of 0.13 EUR over the last 12 months, dividend yield 2.91%, beta 0.51, 52-week range 1.35–2.28 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)
- 36.1
- weak (30–45)
- Bollinger (20, 2)
- 1.36 – 1.45
- in the lower half of the band · %B 0.41 · band width 6.6%
- SMA 50 / 200
- 1.68 / 1.80
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.09
- MACD above 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 | −3.7% | −1.0% | −2.7 pp | — |
| 3 months | −26.6% | −3.9% | −22.7 pp | — |
| 6 months | −25.1% | +7.2% | −32.2 pp | — |
| Year to date | −27.9% | +6.6% | −34.5 pp | — |
| 1 year | −18.5% | +9.1% | −27.6 pp | −3.8% |
| 3 years | −20.8% | +47.9% | −68.7 pp | +4.4% |
| 5 years | unavailable | +43.3% | unavailable | — |
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 0 percentile of its own 3-quarter history (min 14.9, median 14.9, max 15.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 130.4 m | 146.3 m | 145.7 m |
| Revenue YoY | unavailable | +12.2% | −0.4% |
| Net income | 22.4 m | 21.1 m | 22.4 m |
| Net income YoY | unavailable | −5.8% | +6.2% |
| Diluted EPS | 0.13 | 0.12 | 0.13 |
| Diluted EPS YoY | unavailable | −7.7% | +8.3% |
| net % | 17.2% | 14.4% | 15.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 10.8 m EUR
- Financial debt
- 156.4 m EUR
- Net debt
- 145.6 m EUR
- Equity
- 56.0 m EUR
- Total assets
- 261.1 m EUR
- Debt / equity
- 2.79x
- Current ratio
- 0.70x
- ROE
- 43.4%
- ROA
- 8.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 130.4 m | 146.3 m | 145.7 m | esef· 04 Mar 2026verified |
| Cost of revenue | 11.8 m | 20.2 m | 22.3 m | esef· 04 Mar 2026verified |
| Gross profit | 118.6 m | 126.0 m | 123.4 m | esef· 04 Mar 2026verified |
| Research & development | 27.5 m | 29.3 m | 30.9 m | esef· 04 Mar 2026verified |
| Operating income | 29.5 m | 38.4 m | 35.5 m | esef· 04 Mar 2026verified |
| Interest expense | 8.8 m | 13.1 m | 9.3 m | esef· 04 Mar 2026verified |
| Pre-tax income | 27.7 m | 27.0 m | 27.5 m | esef· 04 Mar 2026verified |
| Income tax | 5.3 m | 5.9 m | 5.2 m | esef· 04 Mar 2026verified |
| Net income | 22.4 m | 21.1 m | 22.4 m | esef· 04 Mar 2026verified |
| Diluted EPS | 0.13 | 0.12 | 0.13 | esef· 04 Mar 2026verified |
| Dividend per share | 0.07 | 0.07 | 0.04 | esef· 04 Mar 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 15.9 m | 8.1 m | 10.8 m | esef· 04 Mar 2026verified |
| Inventories | 35.0 k | 29.0 k | 20.0 k | esef· 04 Mar 2026verified |
| Current assets | 55.6 m | 53.2 m | 48.1 m | esef· 04 Mar 2026verified |
| Property, plant & equipment, net | 360.0 k | 326.0 k | 967.0 k | esef· 04 Mar 2026verified |
| Goodwill | 88.4 m | 89.8 m | 87.0 m | esef· 04 Mar 2026verified |
| Intangibles (excl. goodwill) | 125.2 m | 125.7 m | 119.4 m | esef· 04 Mar 2026verified |
| Total assets | 275.3 m | 270.6 m | 261.1 m | esef· 04 Mar 2026verified |
| Accounts payable | 14.2 m | 14.1 m | 14.7 m | esef· 04 Mar 2026verified |
| Short-term debt | 31.0 m | 44.0 m | 31.7 m | esef· 04 Mar 2026verified |
| Long-term debt | 166.0 m | 131.4 m | 124.7 m | esef· 04 Mar 2026verified |
| Current liabilities | 68.3 m | 82.1 m | 68.6 m | esef· 04 Mar 2026verified |
| Equity | 33.1 m | 47.0 m | 56.0 m | esef· 04 Mar 2026verified |
| Shares outstanding at year end | 172.0 m | 175.6 m | 172.1 m | esef· 04 Mar 2026derived |
Cash flow · EUR
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
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 239.9 m EUR
Key indicators
Coverage and freshness
Score by group
44% · 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: 0.55 – 2.49 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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E1.04 – 2.49 (Mid 1.53)23 companies used · median multiple 11.8x · quartiles 8.0x – 19.1xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE, KEMIRA.HE
- Dividend discount (DDM)0.55 – 0.75 (Mid 0.64)
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: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.9% | 67 (vs peers) | 24% |
| Net margin · Quality | 15.3% | 85 (vs peers) | 14% |
| 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 | 3.8x | 36 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 10.7x | 64 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.9% | 42 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet21/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality73/100 · 2/3 factors with a value
- Returns· partial42/100 · 1/2 factors with a value
- Valuation· partial64/100 · 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
F-Secure Oyj (FSECURE.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 145.7 m EUR in 2025; YoY growth -0.4%; net margin 15.3%; ROE 43.4%.
The estimated value range is 0.80–1.62 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.08 EUR, the price of 1.39 EUR leaves a potential of -22.3% (value / price − 1) and a margin of safety of -28.7% (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 (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 15.3%
What contradicts it
- Current ratio: 0.7x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · 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 | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.2 bn | 26.5 | 8.7% | 15.3% | −14.0% | +28% / +76% |
| ELISA.HEElisa Oyj | 5.4 bn | 15.7 | 27.0% | 15.2% | +3.0% | −11% / −19% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KEMIRA.HEKemira Oyj | 2.4 bn | 13.0 | 10.5% | 6.6% | −6.6% | −20% / −0% |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −5% / +131% |
| EXEL.HEExel Composites Oyj | 1.6 bn | — | -18.5% | -5.3% | +3.6% | +147% / +63% |
| BITTI.HEBittium Oyj | 1.3 bn | 61.9 | 17.5% | 17.9% | +40.1% | +92% / +680% |
| ALMA.HEAlma Media Oyj | 1.1 bn | 20.8 | 23.0% | 16.9% | +4.6% | +7% / +53% |
| FIA1S.HEFinnair Oyj | 893.4 m | 48.6 | 2.9% | 0.6% | +1.9% | +48% / +17% |
| GRK.HEGRK Infra Oyj | 812.6 m | 18.9 | 27.8% | 4.9% | +19.7% | +57% / unavailable |
| HARVIA.HEHarvia Oyj | 740.6 m | 28.2 | 21.0% | 13.3% | +13.5% | −5% / +58% |
| ATRAV.HEAtria Oyj | 447.2 m | 11.0 | 9.8% | 2.2% | +3.3% | +11% / +55% |
| CAPMAN.HECapMan Oyj | 305.1 m | 23.5 | 6.8% | 20.9% | +9.4% | −7% / −18% |
| ANORA.HEAnora Group Oyj | 301.8 m | 54.9 | 1.4% | 0.8% | −4.9% | +19% / +5% |
| ICP1V.HEIncap Oyj | 270.5 m | 19.4 | 10.4% | 6.5% | −6.7% | +1% / +42% |
| FSECURE.HEF-Secure Oyj | 239.9 m | 10.7 | 43.4% | 15.3% | −0.4% | −19% / −24% |
| ASPO.HEAspo Oyj | 214.2 m | 9.1 | 15.4% | 5.0% | +2.1% | −1% / +6% |
| ETTE.HEEtteplan Oyj | 177.2 m | 16.8 | 8.8% | 2.9% | +0.1% | −26% / −50% |
| DIGIA.HEDigia Oyj | 133.7 m | 10.6 | 14.5% | 5.9% | +5.5% | −15% / −10% |
| ILKKA.HEIlkka Oyj | 90.0 m | 7.7 | 6.2% | 30.8% | +22.6% | −4% / +16% |
| ESENSE.HEEnersense International Oyj | 83.9 m | 83.7 | 3.1% | 0.4% | −27.7% | +25% / +22% |
| CONSTI.HEConsti Oyj | 78.3 m | 11.8 | 15.3% | 2.0% | +2.9% | −7% / −5% |
| APETIT.HEApetit Oyj | 74.1 m | 8.2 | 8.2% | 5.4% | +3.1% | −16% / −5% |
| CTH1V.HEComponenta Oyj | 68.5 m | 336.0 | 0.8% | 0.2% | −4.6% | +54% / +192% |
| KAMUX.HEKamux Oyj | 49.0 m | 10.7 | 4.2% | 0.5% | +0.8% | −38% / −76% |
1- and 3-year price returns: for FSECURE.HE 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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.78 Total return -42% · Per year -42% | 1.39 Total return 3% · Per year 3% | 2.10 Total return 54% · Per year 54% |
| 3 years | 0.69 Total return -44% · Per year -18% | 1.38 Total return 8% · Per year 2% | 2.30 Total return 76% · Per year 21% |
| 5 years | 0.60 Total return -47% · Per year -12% | 1.37 Total return 13% · Per year 2% | 2.51 Total return 100% · Per year 15% |
- Exit P/E± 0.34
- Net margin± 0.24
- Annual revenue growth± 0.21
- Annual dilution± 0.02
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
F-Secure is a Finnish cybersecurity company selling consumer protection products both directly and through telecom and service-provider partners. Revenue was broadly flat in 2025 and the company is now focusing on partners and integrated security solutions while reducing paid customer acquisition in its direct business.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Competition and pricinghigh
Intensifying competition could reduce price levels and affect revenue, profitability and market share 1.
- Partner dependencehigh
Termination or non-renewal of significant partner contracts could materially reduce revenue and the ability to serve customers 1.
- Security and reputationhigh
Product vulnerabilities or cyberattacks could lead to data leakage, contractual penalties and fines from authorities 1.
- Currency and debtmedium
Operations outside the eurozone expose the company to currency fluctuations, and bank debt is tied to leverage covenants that, if breached, could lead to early repayment 1.
- Talent and personnelmedium
Losing key staff or failing to attract talent could affect product development and profitability 1.
Investment thesis
What would need to be true (bull case)
- If new Tier 1 contracts generate revenue as planned, the company could accelerate growth and reach its medium-term adjusted EBITA margin target 1.
- High margins and strong operating cash flow give the company resources for investment and for its dividend policy 1.
- Scam protection and integrated solutions could open new demand in the consumer market 1.
What would break the thesis
- The direct business is declining and total revenue slipped in 2025, which could indicate difficulty attracting new customers 1.
- Net debt and leverage above target could limit financial flexibility and the capacity to pay dividends 1.
- Integrated solutions carry lower margins and higher service costs for Tier 1 partners could reduce profitability 1.
What to watch
- Delivery of adjusted EBITA guidance of 44-50 million EUR2026
- Timing of revenue from new Tier 1 services2026
- Leverage development against the target below 2.5x2026
- Direct business revenue trend and customer retentionnext annual report
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
F-Secure offers consumer cybersecurity solutions and, through partners, large service providers. According to the annual report for 2025, revenue was 145.7 million EUR and adjusted EBITA 50.3 million EUR 1. The company aims to grow through the partner channel and integrated security solutions rather than paid direct customer acquisition 1.
The partner business, especially embedded security solutions, is identified as the main growth driver for 2026 1. The direct business, by contrast, is shrinking as the company refrains from paid customer acquisition and focuses on retention and revenue per user 1.
Segments
Partner business
Covers service providers that integrate F-Secure security into their consumer offerings. Integrated solutions and Tier 1 contracts are described as the main growth driver for 2026, with acceleration expected through the year if new services generate revenue 1.
Direct business
Direct consumer sales are expected to decline in 2026 because the company no longer pays for new customer acquisition. The focus is on retention and increasing revenue per user 1.
Market context
Management estimates that the core consumer cybersecurity market grows at a mid-single digit CAGR mid- to long-term, and the company hopes to grow faster through the partner channel and scam protection 1. Growth could be moderated by uncertain consumer sentiment and general economic volatility 1.
Growth views are based on industry analysts such as Gartner and IDC and on management estimates 1. These views are not guarantees of future results.
Trends
- Embedded security with service providersmixed
Partnerships with large service providers could expand the customer base but require upfront investment and can lower gross margin because these solutions carry a lower margin level 1.
- Scam and fraud threatstailwind
The evolving threat of consumer scams could create demand for scam protection products that the company is prioritising 1.
- Consumer sentiment and economyheadwind
Economic uncertainty and trade tensions could reduce consumer purchasing power and demand for premium subscriptions 1.
- Artificial intelligencemixed
Using AI in products and processes can improve protection, but the company acknowledges that rapid technology change may outpace it and that AI can increase security breach risk 1.
Competitive position
Competition in consumer cybersecurity is intense and could lead to a general decline in prices, affecting market share and revenue 1. The sources provided do not name direct competitors.
The company also relies on third parties for certain protection capabilities, including its relationship with Lookout and WithSecure, so these parties can be both suppliers and competitors 1.
- Lookout
Provider of protection capabilities, with which F-Secure maintains a relationship after acquiring Lookout's consumer security business 1.
- WithSecure
Separate company after the demerger, from which F-Secure obtains certain protection capabilities 1.
- Other consumer security providers
The sources do not identify other direct competitors; intensifying competition is named as a general risk 1.
- Tier 1 service providers
Large telecom operators are both partners and potential clients, and their requirements shape the company's strategy 1.
News & filings
In the press
- F-Secure Launches Victim-First Scam Encyclopedia Covering 50+ Types of Consumer FraudDark Reading · 15 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202504 Mar 2026
- Annual report 202504 Mar 2026
- Annual report 202404 Mar 2025
- Annual report 202404 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / F-Secure Oyj · 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.