Yubico AB (YUBICO.ST) 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

+81.1%

SEK 233.28

vs SEK 128.80 price

Levered DCF

SEK 156.51

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

12.69

Safe 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
P/E	51.29×	56.25×	83.03×	-4,135.37×	-374.44×	0×
P/B	3.97×	13.36×	9.52×	0.96×	0.8×	0×
P/S	2.97×	8.99×	5.95×	2.12×	0×	0×
EV / EBITDA	26.12×	43.08×	48.09×	13.15×	-332.75×	0×
Gross margin	77.9%	81.6%	85.4%	12.5%	0.0%	0.0%
Operating margin	8.3%	18.6%	10.6%	-1.0%	0.0%	0.0%
Net margin	5.8%	16.0%	7.8%	-0.1%	0.0%	0.0%
Current ratio	3.86×	3.41×	4.52×	1,376.64×	1,376.88×	15.23×
Debt / equity	0.02×	0.03×	0.03×	0.02×	0×	0×
Interest coverage	80.39×	113.66×	62.74×	-7.38×	0×	0×
Dividend yield	0.0%	0.0%	35.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	2672.5%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	7.7%	23.7%	12.5%	-0.0%	-0.2%	0.0%
Return on invested capital	8.3%	21.3%	11.8%	18.4%	-0.2%	0.0%
Return on assets	5.8%	16.8%	9.7%	-0.0%	-0.2%	0.0%
Free cash flow yield	3.5%	1.6%	0.8%	-1.0%	-0.3%	0.0%
Earnings yield	1.9%	1.8%	1.3%	-0.0%	-0.3%	0.0%
Enterprise value	SEK 5.7B	SEK 20.2B	SEK 10.4B	SEK 3.1B	SEK 2.4B	-SEK 19.8M
Net debt / EBITDA	-3.9×	-1.65×	-2.36×	-1.03×	42.38×	0×
Cash conversion cycle (days)	558	614	650	942	0	0