Secunet Security Networks (YSN) AI Stock Analysis

Secunet Security Networks

(XETRA:YSN)

Select Model

Rating:67Neutral

Price Target:EUR 290.00▲(19.34% Upside)

Action:downgraded

Date:09/25/26

The score is primarily supported by strong financial footing (low leverage, solid profitability and cash generation) and bullish technical momentum (price above major moving averages). This is materially offset by expensive valuation (high P/E with only a modest dividend yield) and the fundamental risk signaled by the steep 2025 revenue contraction and longer-term margin compression.

Positive Factors

Conservative Balance SheetVery low leverage and a growing equity base give Secunet financial flexibility to invest in cybersecurity capabilities while limiting balance-sheet strain. Strong returns on equity also show that the capital employed in the business remains productive, supporting resilience over the next several quarters.

Negative Factors

Sharp Revenue ContractionA roughly 24% annual revenue decline indicates a significant contraction in business volume and weakens visibility into the company’s growth trajectory. If sustained, lower scale could reduce operating leverage, constrain investment capacity, and make earnings more dependent on cost control.

Secunet Security Networks (YSN) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 1.57B
Dividend Yield: 1.06%
Average Volume (3M): 6,674
Price to Earnings (P/E): 53.8
Beta (1Y): 1.36
Revenue Growth: 13.37%
EPS Growth: 7.09%
Country: Germany
Employees: 1,226
Sector: General
Sector Strength: 55
Industry: Software - Infrastructure

Secunet Security Networks Business Overview & Revenue Model

Company Description

secunet Security Networks AG is a leading cybersecurity firm operating across Germany and on an international scale. The company provides a comprehensive suite of security solutions, including advanced biometric and electronic identity (eID) systems....

Secunet Security Networks Financial Statement Overview

Summary

Strong balance sheet with low leverage (debt-to-equity ~0.12) and solid profitability, supported by generally positive cash generation. Offsetting this is a sharp 2025 revenue decline (~-24% YoY) and margin compression versus 2020–2021, plus historical cash-flow volatility (negative OCF/FCF in 2022).

Income Statement

70Positive

Balance Sheet

82Very Positive

Cash Flow

76Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	320.11M	458.83M	406.38M	393.68M	347.22M	337.62M
Gross Profit	74.61M	106.29M	97.33M	87.37M	90.15M	101.61M
EBITDA	60.52M	75.59M	60.49M	60.24M	62.10M	73.82M
Net Income	29.20M	33.34M	27.95M	29.15M	31.31M	43.10M
Balance Sheet
Total Assets	425.26M	410.72M	359.65M	328.64M	315.42M	274.02M
Cash, Cash Equivalents and Short-Term Investments	6.94M	87.62M	57.68M	41.27M	21.48M	119.60M
Total Debt	29.77M	20.19M	24.17M	19.09M	19.13M	17.41M
Total Liabilities	268.90M	243.69M	208.82M	190.79M	187.59M	144.20M
Stockholders Equity	156.37M	167.03M	150.75M	137.75M	127.59M	129.56M
Cash Flow
Free Cash Flow	-1.32M	54.26M	46.85M	43.07M	-9.51M	46.98M
Operating Cash Flow	11.31M	62.50M	60.98M	51.88M	-3.96M	53.76M
Investing Cash Flow	-12.79M	-8.24M	-22.74M	-8.75M	-54.50M	-15.71M
Financing Cash Flow	-16.93M	-24.53M	-21.82M	-23.33M	-39.53M	-20.23M

Secunet Security Networks Technical Analysis

Technical Analysis SentimentNeutral

Last Price243.00

Price Trends

50DMA221.63Positive

100DMA198.89Positive

200DMA195.14Positive

Market Momentum

MACD5.46Positive

RSI52.17Neutral

STOCH72.50Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:YSN, the sentiment is Neutral. The current price of 243.00 is below the 20-day moving average (MA) of 247.93, above the 50-day MA of 221.63, and above the 200-day MA of 195.14, indicating a neutral trend. The MACD of 5.46 indicates Positive momentum. The RSI at 52.17 is Neutral, neither overbought nor oversold. The STOCH value of 72.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:YSN.

Secunet Security Networks Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

DE:YSN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:YSN	67Neutral	EUR 1.57B	53.76	18.06%	1.06%	13.37%	7.09%
DE:IOS	64Neutral	EUR 4.98B	21.94	72.80%	―	-34.09%	6.30%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
DE:COK	55Neutral	EUR 604.97M	17.40	7.07%	4.75%	-1.13%	104.45%
DE:A1OS	53Neutral	EUR 403.54M	-40.30	-8.99%	1.48%	-1.94%	-161.38%
DE:COP	53Neutral	EUR 1.50B	43.42	4.19%	1.74%	―	―
DE:ADN1	45Neutral	EUR 474.60M	25.60	9.65%	1.07%	12.73%	51.34%

* General Sector Average

Performance Comparison

DE:YSN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:YSN	Secunet Security Networks	243.00	40.13	19.78%
DE:ADN1	adesso AG	72.70	-16.63	-18.62%
DE:A1OS	All For One Group Se	81.00	41.39	104.47%
DE:COK	CANCOM SE	21.05	-2.36	-10.09%
DE:COP	CompuGroup Medical	28.45	4.30	17.83%
DE:IOS	IONOS Group SE	35.54	5.19	17.10%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 25, 2026

Secunet Security Networks AI Stock Analysis