Cy4gate - Public Comps and Valuation Multiples

Cy4gate Overview

About Cy4gate

Cy4gate SpA is engaged in design, development and production of technologies, products, systems and services for the Armed Forces, Law Enforcement Agencies and Italian and foreign companies. It operates in single operating segment, that of the development and marketing of cyber intelligence and cyber security products.

Founded

2014

HQ

Employees

549

Website

cy4gate.com

Sectors

Cybersecurity
B2B SaaS
Horizontal SaaS

Financials

LTM Revenue $97.8M

LTM EBITDA $21.2M

EV

$127M

Valuation Multiples

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Cy4gate Financials

As of August 2025, Cy4gate reported last 12-month revenue of $97.8M and EBITDA of $21.2M.

In the same period, Cy4gate achieved -$5.9M in LTM net income.

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Cy4gate P&L

In the most recent fiscal year, Cy4gate reported revenue of $80.2M and EBITDA of $13.9M.

Cy4gate expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$97.8M	XXX	$80.2M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$55.4M	XXX	XXX	XXX
Gross Margin	n/a	XXX	69%	XXX	XXX	XXX
EBITDA	$21.2M	XXX	$13.9M	XXX	XXX	XXX
EBITDA Margin	22%	XXX	17%	XXX	XXX	XXX
EBIT	$0.3M	XXX	-$10.9M	XXX	XXX	XXX
EBIT Margin	0%	XXX	-14%	XXX	XXX	XXX
Net Profit	-$5.9M	XXX	-$8.7M	XXX	XXX	XXX
Net Margin	-6%	XXX	-11%	XXX	XXX	XXX
Net Debt	XXX	XXX	$26.2M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Cy4gate including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $97.8M. EBITDA for the last twelve months was $21.2M. In the most recent fiscal year, Cy4gate achieved $80.2M in revenue and $13.9M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$97.8M	Analyst estimates available to subscribers	$80.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$55.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	69.1% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$21.2M	Analyst estimates available to subscribers	$13.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	21.6% EBITDA margin	Analyst estimates available to subscribers	17.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$0.3M	Analyst estimates available to subscribers	-$10.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	0.3% EBIT margin	Analyst estimates available to subscribers	-13.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$5.9M	Analyst estimates available to subscribers	-$8.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-6.1% net profit margin	Analyst estimates available to subscribers	-10.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$26.2M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Cy4gate

This financial data table provides comprehensive performance metrics for Cy4gate, a company based in Italy. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Cy4gate generated $97.8M in revenue over the last twelve months.
The company achieved $21.2M in EBITDA over the last twelve months.
Net income over the last twelve months reached -$5.9M.

Fiscal Year Performance

In the most recent fiscal year, Cy4gate reported $80.2M in total revenue.
Fiscal year EBITDA was $13.9M.
The company maintained a gross profit margin of 69.1% in the most recent fiscal year.
EBITDA margin for the fiscal year was 17.4%.
Net profit margin reached -10.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Cy4gate. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Cy4gate Stock Performance

Cy4gate has current market cap of EUR 120M (or $141M), and EV of EUR 109M (or $127M).

Market Cap Evolution

Cy4gate Stock Data

As of September 12, 2025, Cy4gate's stock price is EUR 5 (or $6).

See Cy4gate trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$127M	$141M	XXX	XXX	XXX	XXX	$-0.17

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Cy4gate Valuation Multiples

Cy4gate's trades at 1.6x EV/Revenue multiple, and 9.1x EV/EBITDA.

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Cy4gate Financial Valuation Multiples

As of September 12, 2025, Cy4gate has market cap of $141M and EV of $127M.

Equity research analysts estimate Cy4gate's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Cy4gate has a P/E ratio of -23.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$141M	XXX	$141M	XXX	XXX	XXX
EV (current)	$127M	XXX	$127M	XXX	XXX	XXX
EV/Revenue	1.3x	XXX	1.6x	XXX	XXX	XXX
EV/EBITDA	6.0x	XXX	9.1x	XXX	XXX	XXX
EV/EBIT	426.1x	XXX	-11.6x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	-23.7x	XXX	-16.2x	XXX	XXX	XXX
EV/FCF	33025.8x	XXX	-27.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Cy4gate Margins & Growth Rates

Cy4gate's last 12 month revenue growth is 9%

Cy4gate's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.1M for the same period.

Cy4gate's rule of 40 is 23% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Cy4gate's rule of X is 44% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Cy4gate Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	9%	XXX	16%	XXX	XXX	XXX
EBITDA Margin	22%	XXX	17%	XXX	XXX	XXX
EBITDA Growth	28%	XXX	48%	XXX	XXX	XXX
Rule of 40	23%	XXX	26%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	44%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	3%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	83%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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