F-Secure Oyj (FSECURE.HE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+433.2%

€7.35

vs €1.38 price

Levered DCF

€3.93

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.95

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	14.85×	14.83×	15.69×	16.65×	13.5×	13.5×	16.88×
P/B	5.93×	6.65×	10.61×	19.91×	49.36×	52.05×	238.96×
P/S	2.28×	2.14×	2.69×	4.45×	4.43×	4.71×	4.97×
EV / EBITDA	9.38×	8.97×	12.33×	11.78×	10.45×	10.37×	12.04×
Gross margin	73.5%	86.2%	87.7%	91.6%	91.7%	92.0%	91.6%
Operating margin	23.9%	26.7%	22.6%	34.8%	38.3%	43.7%	38.8%
Net margin	15.3%	14.4%	17.2%	27.2%	32.4%	34.1%	30.2%
Current ratio	0.7×	0.65×	0.81×	1.76×	1.26×	1.28×	0.96×
Debt / equity	2.85×	3.73×	5.95×	0.3×	0.03×	0.03×	0.13×
Interest coverage	4.7×	2.98×	3.87×	154.32×	135.67×	1,285.76×	1,022.06×
Dividend yield	2.1%	3.9%	3.5%	0.0%	0.0%	0.0%	0.0%
Payout ratio	31.2%	58.0%	54.7%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	39.9%	44.8%	67.6%	121.6%	360.5%	377.4%	1452.7%
Return on invested capital	12.6%	13.0%	9.9%	83.0%	243.9%	258.9%	504.6%
Return on assets	8.6%	7.7%	8.1%	48.1%	88.4%	92.3%	86.3%
Free cash flow yield	9.3%	8.9%	6.3%	6.4%	7.3%	7.0%	6.1%
Earnings yield	6.7%	6.7%	6.4%	6.1%	7.3%	7.2%	6.1%
Enterprise value	€481.1M	€479.9M	€531.9M	€478.3M	€471.5M	€471.7M	€471.7M
Net debt / EBITDA	2.9×	3.13×	4.2×	-0.38×	0.01×	0.01×	0.01×
Cash conversion cycle (days)	70	64	5	18	41	44	49