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Corero Network Security
(LSE:CNS)
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Rating:70Outperform
Price Target:
18.50 p
▲(155.17% Upside)
Action:Upgraded
Date:10/15/26
The score is driven primarily by financial stability (low leverage and generally positive operating cash flow) and strong technical momentum (price above major moving averages with positive MACD). Offsetting these positives are inconsistent profitability and a relatively high P/E multiple without a stated dividend yield, which limit the valuation-driven upside.
Positive Factors
Revenue Growth
Steady revenue growth indicates continuing customer demand and expanding adoption of Corero’s offerings. If maintained, this top-line trajectory can support greater operating scale, strengthen market presence, and provide a foundation for improving earnings as the business grows.
Negative Factors
Inconsistent Profitability
The move from modest profit to a small loss, alongside negative operating profit, indicates that Corero has not yet established dependable earnings power. Persistent profit volatility can constrain reinvestment, reduce forecasting confidence, and make growth less valuable if costs rise with revenue.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Steady revenue growth indicates continuing customer demand and expanding adoption of Corero’s offerings. If maintained, this top-line trajectory can support greater operating scale, strengthen market presence, and provide a foundation for improving earnings as the business grows.
Read all positive factors
Corero Network Security (CNS) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£78.11M
Dividend YieldN/A
Average Volume (3M)975.53K
Price to Earnings (P/E)32.7
Beta (1Y)0.54
Revenue Growth24.53%
EPS GrowthN/A
CountryUK
Employees91
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)<0.01
Shares Outstanding512,165,160
10 Day Avg. Volume1,412,992
30 Day Avg. Volume975,529
Financial Highlights & Ratios
PEG Ratio0.34
Price to Book (P/B)3.43
Price to Sales (P/S)2.45
P/FCF Ratio29.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£21.00Price Target Upside189.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)<0.01
Revenue Forecast (FY)£29.17M
Corero Network Security Business Overview & Revenue Model
Company Description
Corero Network Security plc specializes in delivering global solutions to combat distributed denial-of-service (DDoS) attacks. The company's primary offering is the Corero SmartWall product range, designed to proactively neutralize DDoS attack tra...
How the Company Makes Money
Corero primarily makes money by selling its DDoS protection products and related ongoing support. Its revenue model typically includes: (1) product/software sales of its DDoS detection and mitigation solutions (sold either as software and/or as in...
Corero Network Security Financial Statement Overview
Summary
Income Statement
60
Neutral
Balance Sheet
85
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 29.88M | 26.03M | 24.56M | 22.35M | 20.12M | 20.89M |
| Gross Profit | 24.75M | 21.26M | 22.43M | 20.18M | 17.55M | 17.78M |
| EBITDA | 5.77M | 1.73M | 2.82M | 2.07M | 2.99M | 4.35M |
| Net Income | 3.11M | -725.92K | 498.00K | -170.00K | 554.00K | 1.52M |
Balance Sheet | ||||||
| Total Assets | 33.55M | 32.91M | 33.50M | 28.44M | 26.83M | 29.79M |
| Cash, Cash Equivalents and Short-Term Investments | 2.11M | 4.04M | 5.32M | 5.16M | 5.65M | 11.20M |
| Total Debt | 390.01K | 458.17K | 150.00K | 315.00K | 1.29M | 2.95M |
| Total Liabilities | 13.43M | 14.36M | 14.83M | 11.70M | 10.95M | 13.98M |
| Stockholders Equity | 20.12M | 18.56M | 18.66M | 16.74M | 15.88M | 15.80M |
Cash Flow | ||||||
| Free Cash Flow | 3.12M | 2.19M | -693.00K | 494.00K | -2.15M | 2.36M |
| Operating Cash Flow | 3.88M | 3.06M | 3.29M | 3.13M | -1.73M | 2.79M |
| Investing Cash Flow | -4.87M | -4.47M | -3.88M | -2.59M | -2.12M | -2.17M |
| Financing Cash Flow | -168.54K | -185.82K | 765.00K | -1.37M | -1.39M | 605.00K |
Corero Network Security Technical Analysis
Positive
7.25
Price Trends
11.39
Positive
10.32
Positive
11.26
Positive
Market Momentum
1.16
Negative
66.43
Neutral
38.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:CNS, the sentiment is Positive. The current price of 7.25 is below the 20-day moving average (MA) of 13.52, below the 50-day MA of 11.39, and below the 200-day MA of 11.26, indicating a bullish trend. The MACD of 1.16 indicates Negative momentum. The RSI at 66.43 is Neutral, neither overbought nor oversold. The STOCH value of 38.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:CNS.
Corero Network Security Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | £1.06B | 20.67 | 69.17% | 2.23% | 9.56% | ― | |
70 Outperform | £78.11M | 32.73 | 16.07% | ― | 24.53% | ― | |
65 Neutral | £29.72M | -16.06 | -8.35% | ― | 7.66% | 8.26% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | £126.28M | 38.15 | 7.23% | 0.29% | 11.32% | 8.80% | |
49 Neutral | £1.87M | 6.67 | 58.02% | ― | ― | ― | |
42 Neutral | £12.84M | -1.39 | -16.28% | 5.66% | 7.96% | 83.46% |
* Technology Sector Average
GB:CNS
Corero Network Security
15.25
6.60
76.30%
GB:CLCO
CloudCoCo Group
0.20
>-0.01
-4.76%
GB:IOM
Iomart Group plc
11.30
-10.30
-47.69%
GB:SYS
SysGroup
35.50
18.00
102.86%
GB:BKS
Beeks Financial Cloud Group Plc
183.50
-74.50
-28.88%
GB:BYIT
Bytes Technology Group Plc
462.60
105.13
29.41%
Corero Network Security Corporate Events
Business Operations and StrategyFinancial Disclosures
Corero Network Security boosts Q3 orders 50% on Tier-1 and channel-led growth
Positive
Oct 14, 2026
Corero Network Security reported a strong third quarter, with order intake rising 50% year-on-year to $11.1 million and year-to-date orders up 28% to $25.4 million, driven by robust channel-led growth across North America, Europe, the Middle East,...
Business Operations and StrategyFinancial Disclosures
Corero lifts outlook as H1 revenue jumps 42% on DDoS demand
Positive
Sep 9, 2026
Corero Network Security reported a strong first half of 2026, with revenue up 42% to $15.5 million and EBITDA swinging from a $1.4 million loss to a $2.6 million profit, driven by new customer wins, contract expansions and a growing subscription-b...
Business Operations and StrategyRegulatory Filings and Compliance
Corero wins major UK telecom contract and expands NeoCloud footprint
Positive
Sep 2, 2026
Corero Network Security has secured a five-year, $3.4 million managed services contract with a leading UK Tier-1 fixed and mobile telecoms provider, deploying its SmartWall ONE DDoS protection and CORE platform, including Layer 7 TLS capabilities....
Business Operations and StrategyFinancial Disclosures
Corero Network Security Sets Date for Half-Year Results and Investor Presentation
Positive
Aug 26, 2026
Corero Network Security will report its half-year results for the six months to 30 June 2026 on 9 September 2026, underscoring a key information point for investors tracking its performance in the DDoS protection market. The timing keeps the marke...
Business Operations and StrategyProduct-Related Announcements
Corero adds AI-driven Cloud-Assist to SmartWall ONE for faster DDoS protection
Positive
Aug 21, 2026
Corero Network Security has introduced AI-Augmented Cloud-Assist for its SmartWall ONE platform, adding cloud-delivered artificial intelligence analysis, threat intelligence, and policy optimisation to its automated DDoS protection offering. The s...
Business Operations and StrategyFinancial Disclosures
Corero Network Security posts strong H1 growth and wins Tier‑1 U.S. telecom contract
Positive
Aug 6, 2026
Corero Network Security reported strong operational momentum in the first half of 2026, with revenue up 42% to $15.5 million, order intake rising 14% to $14.3 million, and annualised recurring revenue advancing 12% to $24.1 million. High renewal r...
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.