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Cyan Valuation Multiples

Discover revenue and EBITDA valuation multiples for Cyan and similar public comparables like Alarum Group, Freja eID Group, Cyberoo, World Health Energy Holdings and more.

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Cyan Overview

About Cyan

Cyan AG is a provider of intelligent IT security solutions and telecommunication services in the IT industry. The main business of the company involves cybersecurity solutions for the end customers of mobile and fixed-line internet providers (MNO, ISP), financial service providers, mobile virtual network operators (MVNO) as well as the convergent BSS/OSS platform (Business Support System and Operations Support System) as a mobile virtual network enabler (MVNE). With the BSS/OSS business, services such as connection to the network operator, billing, provisioning, and similar services relating to the operational aspects of running an MVNO are offered. The company has two segments: Cybersecurity, and BSS/OSS platform. Its products include a Seamless BSS/OSS Platform.

Founded

2017

HQ

Germany

Employees

124

Financials (LTM)

Revenue: $12M
EBITDA: $1M

EV

$49M

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Cyan Financials

Cyan reported last 12-month revenue of $12M and EBITDA of $1M.

In the same LTM period, Cyan generated $1M in EBITDA and had net loss of ($769K).

Revenue (LTM)

Cyan P&L

In the most recent fiscal year, Cyan reported revenue of $8M and EBITDA of ($2M).

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

See Cyan forward-looking valuation multiples
LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue$12MXXX$8MXXXXXXXXX
Gross Profit—XXX$2MXXXXXXXXX
Gross Margin—XXX22%XXXXXXXXX
EBITDA$1MXXX($2M)XXXXXXXXX
EBITDA Margin10%XXX(19%)XXXXXXXXX
EBIT Margin(9%)XXX(52%)XXXXXXXXX
Net Profit($769K)XXX($4M)XXXXXXXXX
Net Margin(7%)XXX(48%)XXXXXXXXX

Financial data powered by Morningstar, Inc.

Cyan Stock Performance

Cyan has current market cap of $50M, and enterprise value of $49M.

Market Cap Evolution

Cyan's stock price is $2.32.

See Cyan trading valuation data
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$49M$50M0.0%XXXXXXXXX$-0.19

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Cyan Valuation Multiples

Cyan trades at 4.2x EV/Revenue multiple, and 41.1x EV/EBITDA.

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EV / Revenue (LTM)

Cyan Financial Valuation Multiples

As of April 19, 2026, Cyan has market cap of $50M and EV of $49M.

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

Cyan has a P/E ratio of (65.5x).

LTMNTMLast FYFY 2026FY 2027FY 2028
Market cap (current)$50MXXX$50MXXXXXXXXX
EV (current)$49MXXX$49MXXXXXXXXX
EV/Revenue4.2xXXX5.9xXXXXXXXXX
EV/EBITDA41.1xXXX(30.1x)XXXXXXXXX
EV/EBIT(46.5x)XXX(11.3x)XXXXXXXXX
EV/Gross Profit—XXX26.8xXXXXXXXXX
P/E(65.5x)XXX(12.5x)XXXXXXXXX
EV/FCF28.2xXXX(11.9x)XXXXXXXXX

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

Verified Cyan Valuation Multiples

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Cyan Margins & Growth Rates

Cyan's revenue in the last 12 month grew by 23%.

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

Cyan's rule of 40 is 38% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Cyan's rule of X is 76% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~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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Cyan Operational Valuation Multiples

LTMNTMLast FYFY 2026FY 2027FY 2028
Revenue Growth23%XXX30%XXXXXXXXX
EBITDA Margin10%XXX(19%)XXXXXXXXX
EBITDA Growth96%XXX(158%)XXXXXXXXX
Rule of 40—XXX38%XXXXXXXXX
Bessemer Rule of X—XXX76%XXXXXXXXX
Revenue per Employee—XXX$0.1MXXXXXXXXX
Opex per Employee—XXX$0.1MXXXXXXXXX
S&M Expenses to Revenue—XXX2%XXXXXXXXX
G&A Expenses to Revenue—XXX16%XXXXXXXXX
R&D Expenses to Revenue—XXX1%XXXXXXXXX
Opex to Revenue—XXX79%XXXXXXXXX

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Cyan Public Comps

See public comps and valuation multiples for other Cybersecurity comps.

EV/RevenueEV/EBITDA
LTM2026E2027ELTM2026E2027E
CyanXXXXXXXXXXXXXXXXXX
Alarum GroupXXXXXXXXXXXXXXXXXX
Freja eID GroupXXXXXXXXXXXXXXXXXX
CyberooXXXXXXXXXXXXXXXXXX
World Health Energy HoldingsXXXXXXXXXXXXXXXXXX
Elliptic LaboratoriesXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXXXXXXX

Valuation data powered by FactSet, Inc.

Cyan M&A Activity

Cyan acquired XXX companies to date.

Last acquisition by Cyan was on XXXXXXXX, XXXXX. Cyan acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

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Latest Acquisitions by Cyan

Acquired CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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Cyan Investment Activity

Cyan invested in XXX companies to date.

Cyan made its latest investment on XXXXXXXX, XXXXX. Cyan invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).

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Latest Investments by Cyan

CompanyValuationEV/RevenueEV/EBITDA
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXXX

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About Cyan

When was Cyan founded?Cyan was founded in 2017.
Where is Cyan headquartered?Cyan is headquartered in Germany.
How many employees does Cyan have?As of today, Cyan has over 124 employees.
Is Cyan publicly listed?Yes, Cyan is a public company listed on Frankfurt Stock Exchange.
What is the stock symbol of Cyan?Cyan trades under CYR ticker.
When did Cyan go public?Cyan went public in 2018.
Who are competitors of Cyan?Cyan main competitors are Alarum Group, Freja eID Group, Cyberoo, World Health Energy Holdings.
What is the current market cap of Cyan?Cyan's current market cap is $50M.
What is the current revenue of Cyan?Cyan's last 12 months revenue is $12M.
What is the current revenue growth of Cyan?Cyan revenue growth (NTM/LTM) is 23%.
What is the current EV/Revenue multiple of Cyan?Current revenue multiple of Cyan is 4.2x.
Is Cyan profitable?Yes, Cyan is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Cyan?Cyan's last 12 months EBITDA is $1M.
What is Cyan's EBITDA margin?Cyan's last 12 months EBITDA margin is 10%.
What is the current EV/EBITDA multiple of Cyan?Current EBITDA multiple of Cyan is 41.1x.
What is the current FCF of Cyan?Cyan's last 12 months FCF is $2M.
What is Cyan's FCF margin?Cyan's last 12 months FCF margin is 15%.
What is the current EV/FCF multiple of Cyan?Current FCF multiple of Cyan is 28.2x.

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