WithSecure - Public Comps and Valuation Multiples

WithSecure Overview

About WithSecure

WithSecure Corp, formerly F-Secure Corp is a cyber security products and services company The Company has one segment which is security. Its solutions help to protect thousands of businesses from security threats. Geographically, WithSecure is focused on Europe and the United States, and the company's products are sold by thousands of resellers. The company's revenue is split into three categories. Cloud revenue includes the Elements platform cloud-based products, Managed Detection and Response (MDR) and Cloud Protection for Salesforce (CPSF) revenue. Onpremise revenue includes the Elements portfolio on-premise product (Endpoint protection) and other legacy products. Consulting revenue includes the cyber security consulting services.

Founded

1988

HQ

Employees

961

Website

withsecure.com

Sectors

Cybersecurity
B2B SaaS
Horizontal SaaS

Financials

LTM Revenue $149M

LTM EBITDA $6.7M

EV

$173M

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WithSecure Financials

WithSecure has a last 12-month revenue of $149M and a last 12-month EBITDA of $6.7M.

In the most recent fiscal year, WithSecure achieved revenue of $125M and an EBITDA of $33.6M.

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

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WithSecure P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$153M	$125M	XXX	XXX	XXX
Gross Profit	$94.2M	$108M	XXX	XXX	XXX
Gross Margin	61%	86%	XXX	XXX	XXX
EBITDA	-$25.9M	$33.6M	XXX	XXX	XXX
EBITDA Margin	-17%	27%	XXX	XXX	XXX
Net Profit	$462M	-$43.0M	XXX	XXX	XXX
Net Margin	301%	-35%	XXX	XXX	XXX
Net Debt	n/a	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

WithSecure Stock Performance

As of April 15, 2025, WithSecure's stock price is EUR 1 (or $1).

WithSecure has current market cap of EUR 162M (or $174M), and EV of EUR 161M (or $173M).

See WithSecure trading valuation data

WithSecure Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$173M	$174M	XXX	XXX	XXX	XXX	$-0.03

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WithSecure Valuation Multiples

As of April 15, 2025, WithSecure has market cap of $174M and EV of $173M.

WithSecure's trades at 1.2x LTM EV/Revenue multiple, and 26.0x LTM EBITDA.

Analysts estimate WithSecure's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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WithSecure Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$173M	XXX	XXX	XXX
EV/Revenue	1.4x	XXX	XXX	XXX
EV/EBITDA	5.2x	XXX	XXX	XXX
P/E	-4.3x	XXX	XXX	XXX
P/E/Growth	n/a	XXX	XXX	XXX
EV/FCF	-30.3x	XXX	XXX	XXX

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

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2025, based on equity research analyst estimates.

WithSecure Valuation Multiples

WithSecure's NTM/LTM revenue growth is 1%

WithSecure's revenue per employee for the last fiscal year averaged $0.1M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, WithSecure's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate WithSecure's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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WithSecure Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	-19%	XXX	XXX	XXX	XXX
EBITDA Margin	27%	XXX	XXX	XXX	XXX
EBITDA Growth	-229%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	28%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.1M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	45%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	12%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	35%	XXX	XXX	XXX	XXX
Opex to Revenue	91%	XXX	XXX	XXX	XXX

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