Yubico - Public Comps and Valuation Multiples

Yubico Overview

About Yubico

Yubico AB is a leader in setting standards for secure access to computers, mobile devices, servers, browsers, and internet accounts. Yubico is a creator and core contributor to the FIDO2, WebAuthn, and FIDO Universal 2nd Factor (U2F) open authentication standards, and is a pioneer in delivering modern, hardware-based passkey authentication security at scale to customers in over 160 countries. The company is a cybersecurity company and the inventor of the YubiKey, which offers the gold standard for phishing-resistant multi-factor authentication (MFA).

Founded

2007

HQ

Employees

456

Website

yubico.com

Sectors

Cybersecurity

Financials

LTM Revenue $247M

LTM EBITDA $37.0M

EV

$1.1B

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Yubico Financials

As of September 2025, Yubico reported last 12-month revenue of $247M and EBITDA of $37.0M.

In the same period, Yubico generated $197M in LTM gross profit and $25.8M in net income.

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Yubico P&L

In the most recent fiscal year, Yubico reported revenue of $246M and EBITDA of $53.0M.

Yubico 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	$247M	XXX	$246M	XXX	XXX	XXX
Gross Profit	$197M	XXX	$201M	XXX	XXX	XXX
Gross Margin	80%	XXX	82%	XXX	XXX	XXX
EBITDA	$37.0M	XXX	$53.0M	XXX	XXX	XXX
EBITDA Margin	15%	XXX	22%	XXX	XXX	XXX
EBIT	$34.6M	XXX	$45.8M	XXX	XXX	XXX
EBIT Margin	14%	XXX	19%	XXX	XXX	XXX
Net Profit	$25.8M	XXX	$39.3M	XXX	XXX	XXX
Net Margin	10%	XXX	16%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Yubico including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $247M. EBITDA for the last twelve months was $37.0M. In the most recent fiscal year, Yubico achieved $246M in revenue and $53.0M 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	$247M	Analyst estimates available to subscribers	$246M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$197M	Analyst estimates available to subscribers	$201M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	79.5% gross margin	Analyst estimates available to subscribers	81.6% 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)	$37.0M	Analyst estimates available to subscribers	$53.0M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	15.0% EBITDA margin	Analyst estimates available to subscribers	21.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$34.6M	Analyst estimates available to subscribers	$45.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	14.0% EBIT margin	Analyst estimates available to subscribers	18.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$25.8M	Analyst estimates available to subscribers	$39.3M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	10.4% net profit margin	Analyst estimates available to subscribers	16.0% 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	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Yubico

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

Recent Performance Highlights

Yubico generated $247M in revenue over the last twelve months.
The company achieved $37.0M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $197M.
Net income over the last twelve months reached $25.8M.

Fiscal Year Performance

In the most recent fiscal year, Yubico reported $246M in total revenue.
Fiscal year EBITDA was $53.0M.
The company maintained a gross profit margin of 81.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 21.6%.
Net profit margin reached 16.0% in the most recent fiscal year.

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

Yubico Stock Performance

Yubico has current market cap of SEK 11.7B (or $1.2B), and EV of SEK 10.8B (or $1.1B).

Market Cap Evolution

Yubico Stock Data

As of October 2, 2025, Yubico's stock price is SEK 136 (or $14).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.1B	$1.2B	XXX	XXX	XXX	XXX	$0.30

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Yubico Valuation Multiples

Yubico's trades at 4.6x EV/Revenue multiple, and 21.5x EV/EBITDA.

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Yubico Financial Valuation Multiples

As of October 2, 2025, Yubico has market cap of $1.2B and EV of $1.1B.

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

Yubico has a P/E ratio of 48.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$1.2B	XXX	$1.2B	XXX	XXX	XXX
EV (current)	$1.1B	XXX	$1.1B	XXX	XXX	XXX
EV/Revenue	4.6x	XXX	4.6x	XXX	XXX	XXX
EV/EBITDA	30.9x	XXX	21.5x	XXX	XXX	XXX
EV/EBIT	33.0x	XXX	24.9x	XXX	XXX	XXX
EV/Gross Profit	5.8x	XXX	n/a	XXX	XXX	XXX
P/E	48.0x	XXX	31.5x	XXX	XXX	XXX
EV/FCF	43.8x	XXX	38.0x	XXX	XXX	XXX

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

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Yubico Margins & Growth Rates

Yubico's last 12 month revenue growth is 14%

Yubico's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.3M for the same period.

Yubico's rule of 40 is 25% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Yubico's rule of X is 49% (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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Yubico Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	14%	XXX	9%	XXX	XXX	XXX
EBITDA Margin	15%	XXX	22%	XXX	XXX	XXX
EBITDA Growth	31%	XXX	21%	XXX	XXX	XXX
Rule of 40	25%	XXX	35%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	49%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	36%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	14%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	63%	XXX	XXX	XXX

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

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