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CY4Gate SpA
(CY4)
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Rating:57Neutral
Price Target:
€11.50
▲(19.54% Upside)
Action:Reiterated
Date:09/15/26
Overall score is driven by improved financial stability (low leverage) and a meaningful turnaround to positive free cash flow, supported by solid revenue growth. Technicals add a moderate tailwind with the stock above major moving averages, but the score is held back by ongoing net losses (negative P/E and weak profitability), which remain the key risk.
Positive Factors
Revenue Growth
Revenue growth of 22% in the latest annual period demonstrates continued demand for CY4Gate’s cybersecurity, cyber-intelligence, and related services. Sustained top-line expansion can support operating scale, deepen customer relationships, and provide a foundation for improving earnings if cost discipline strengthens.
Negative Factors
Persistent Net Losses
Despite solid revenue growth and positive EBITDA, CY4Gate remains loss-making at the EBIT and net-income levels, with negative gross profit reported in the latest year. Continued losses indicate that the cost base and non-cash charges are still absorbing operating gains, limiting earnings quality and retained capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Revenue growth of 22% in the latest annual period demonstrates continued demand for CY4Gate’s cybersecurity, cyber-intelligence, and related services. Sustained top-line expansion can support operating scale, deepen customer relationships, and provide a foundation for improving earnings if cost discipline strengthens.
Read all positive factors
CY4Gate SpA (CY4) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€264.00M
Dividend YieldN/A
Average Volume (3M)74.11K
Price to Earnings (P/E)―
Beta (1Y)0.47
Revenue Growth51.03%
EPS Growth45.94%
CountryIT
Employees521
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.04
Shares Outstanding23,571,428
10 Day Avg. Volume98,826
30 Day Avg. Volume74,113
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)1.24
Price to Sales (P/S)1.53
P/FCF Ratio6.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€10.85Price Target Upside12.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.02
Revenue Forecast (FY)€120.50M
CY4Gate SpA Business Overview & Revenue Model
Company Description
Cy4gate S.p.A. designs, develops, and produces technologies, products, systems, and services for cyber intelligence and cyber security needs for the companies, institutions, law enforcement agencies, and armed forces in Italy and internationally. ...
How the Company Makes Money
CY4Gate makes money primarily by selling and supporting its cybersecurity and cyber-intelligence software platforms and by providing related services to customers. Key revenue streams typically include: (1) Software/platform revenues: fees from li...
CY4Gate SpA Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
72
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 59.96M | 78.86M | 68.40M | 68.14M | 56.45M | 16.56M |
| Gross Profit | 32.89M | -5.89M | 47.28M | 11.89M | 14.97M | 8.74M |
| EBITDA | 21.66M | 15.09M | 11.87M | 8.66M | 12.32M | 7.96M |
| Net Income | -854.15K | -7.13M | -7.40M | -8.90M | 2.47M | 5.19M |
Balance Sheet | ||||||
| Total Assets | 199.33M | 184.07M | 190.57M | 178.85M | 172.25M | 41.28M |
| Cash, Cash Equivalents and Short-Term Investments | 25.22M | 18.67M | 15.34M | 18.36M | 21.05M | 2.30M |
| Total Debt | 31.98M | 5.11M | 42.76M | 32.58M | 18.63M | 4.01M |
| Total Liabilities | 110.19M | 84.33M | 88.28M | 67.72M | 49.71M | 11.02M |
| Stockholders Equity | 86.58M | 97.34M | 99.10M | 108.55M | 121.12M | 30.25M |
Cash Flow | ||||||
| Free Cash Flow | 21.66M | 18.10M | -3.95M | -1.59M | -9.30M | -7.54M |
| Operating Cash Flow | 37.62M | 29.17M | 11.78M | 20.46M | 1.35M | -497.92K |
| Investing Cash Flow | -14.56M | -12.66M | -21.59M | -26.07M | -84.52M | -7.94M |
| Financing Cash Flow | -9.66M | -8.06M | 6.79M | 3.29M | 97.29M | 758.21K |
CY4Gate SpA Technical Analysis
Positive
9.62
Price Trends
9.99
Positive
9.68
Positive
8.66
Positive
Market Momentum
0.39
Negative
60.40
Neutral
59.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:CY4, the sentiment is Positive. The current price of 9.62 is below the 20-day moving average (MA) of 10.63, below the 50-day MA of 9.99, and above the 200-day MA of 8.66, indicating a bullish trend. The MACD of 0.39 indicates Negative momentum. The RSI at 60.40 is Neutral, neither overbought nor oversold. The STOCH value of 59.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:CY4.
CY4Gate SpA Peers Comparison
UnderperformOutperform
Sector (61)
IT:CY4
CY4Gate SpA
11.36
5.43
91.57%
IT:WIIT
WIIT SpA
29.15
11.13
61.77%
IT:CYB
Cyberoo S.p.A.
1.31
-0.26
-16.83%
IT:DHH
DHH S.p.A
23.70
1.00
4.41%
IT:NRST
Neurosoft S.A.
0.55
-0.15
-22.14%
CY4Gate SpA Corporate Events
CY4Gate Wins €5 Million Defence Decision Intelligence Contract from ELT
Oct 6, 2026
CY4Gate, an Italian cyber security and cyber intelligence specialist within the ELT Group, has secured a three-year order worth about €5 million from ELT S.p.A. in the decision intelligence segment for a foreign defence customer. The contrac...
CY4Gate Secures €4 Million in Decision Intelligence Contracts with Italian Institutions
Sep 22, 2026
CY4Gate Group, a European cyber security and cyber intelligence specialist, has signed about €4 million in contracts over the last two months with leading Italian institutional customers. The deals cover proprietary Decision Intelligence tec...
CY4Gate Delivers Strong H1 2026 Growth and Raises Guidance on Cyber Contracts
Sep 10, 2026
CY4Gate reported a sharp improvement in its half-year performance to 30 June 2026, with production value up about 62% to €65.7 million and operating revenues rising 63% to €64.2 million. Growth was driven across all business lines, par...
CY4Gate Takes Full Control of French Cyber Firm DIATEAM to Boost European Growth
Sep 7, 2026
CY4Gate Group has exercised a call option to acquire an additional 14.67% stake in French cyber security firm DIATEAM for €980,000, lifting its ownership to 100%. DIATEAM focuses on advanced systems for cyber security testing, validation and...
CY4Gate wins €4.5 million in Decision Intelligence and Cyber Security contracts
Jul 22, 2026
CY4Gate has secured new contracts worth about €4.5 million from leading institutional bodies and national corporations for technologies and services in Decision Intelligence and Cyber Security. The deals will generate revenue in the current ...
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.