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Cyan AG (CYR) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Cyan AG €1.50, price €2.06, upside -27.2%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Technology · DE · ISIN DE000A2E4SV8

CA Some data Sep 23, 2026

Cyan AG

CYR · XETRA

Overvalued / MonitorQuality is not strong enough to offset the price risk.

!Fair value €1.50 · Overvalued (−27%)
!Quality 60/100
!Weak Growth (revenue 5y −15.5 %/yr)
!Loss-making · -7.4% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers (4/12)
!Narrow moat 15/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€12.51 €0.9800 Fair Value €1.50 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range €0.9800 – €12.51 · fair‑value band €0.8300 – €2.49 · the €2.06 price screens above the €1.50 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

cyan AG, through its subsidiaries, provides cybersecurity solutions and telecommunication services in Europe, the Middle East, Africa, and the Asia-Pacific.

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cyan AG, through its subsidiaries, provides cybersecurity solutions and telecommunication services in Europe, the Middle East, Africa, and the Asia-Pacific. The company provides OnNet Security, a network integrated cybersecurity solution; OnDevice Security solution that offers tools for safe digital experiences; and child protection solutions for safe internet experience to telecommunication companies; and SMB solutions, as well as clean pipe DNS solutions. It also provides OnNet Core solution to protect the operator's network against unwanted traffic and content that includes mobile threats, such as phishing, malware, and bad trackers; and OnNet Plus that provides protection for the customer with various features. In addition, the company offers IT security products for mobile and fixed network internet, mobile phone, and financial service providers under cyan digital security brand name. cyan AG was founded in 2017 and is headquartered in Munich, Germany.

Stock analysis

Cyan AG (CYR) currently trades at €2.06, while our model-based Fair Value estimate is €1.50, implying the stock looks roughly 37.3% overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of €1.35 per share, and 0 of the 8 models we run sit above the €2.06 price.

Bear case: the Asset-Based group reads lowest at €0.8500, and 8 of the 8 models stay below the price. Evidence for this calculation is medium.

Scenario range: €0.8300 (bear) to €2.49 (bull), the price of €2.06 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 60/100 (solid quality), in the Technology sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Cyan AG reported revenue of €9.2M in FY2025 versus €8.5M in FY2021, a compound +1.9%/yr. Reported net income was −€678K in FY2025.

Key figures

Market cap €44.7M · P/S ratio 4.52 · EPS (TTM) €−0.0300 · Net margin −7.4% · Return on equity −2.4% · Return on assets (EBIT) −12.1% · Operating margin −5.7% · Revenue (TTM) €9.2M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 21% below its 52-week high and 10% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −19% fair-value upside, at −27%, CYR screens richer than that median.

Fair Value models

Bear €0.8300 Fair Value €1.50 Bull €2.49
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF €0.9900 €1.68 €3.45 73
Growth DCF €0.9600 €1.84 €3.34 72
Owner Earnings €0.3200 €0.6000 €1.15 70
All 8 models by family
DCF Models
FCF DCF €0.9900 €1.68 €3.45 73
Owner Earnings €0.3200 €0.6000 €1.15 70
5Y Revenue Exit €0.7600 €1.35 €2.26 68
10Y Revenue Exit €0.8100 €1.44 €2.39 63
Multiples
EV/Revenue €0.6500 €0.9000 €1.15 54
Asset-Based
NCAV (Graham) €0.6300 €0.8500 €1.26 54
Growth DCF
Growth DCF €0.9600 €1.84 €3.34 72
Rev-Margin DCF €0.7600 €1.35 €2.20 68

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Quality Score breakdown

Overall quality 60/100

Of which business quality 61 · Market factors (momentum, volatility) 38

Profitability 9
Margins and returns on capital today
Quality Growth 82
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 40
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 20/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+29.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+34.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−15.5%
Start year 2020 (pandemic). Over 10 years: +9.4% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−51.4% (2020) → −12.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +13.0% a year for the price.

CYR screens 37% overvalued. Compare with Microsoft Corporation →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Infrastructure · 383 stocks

Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 60 · Above median
Fair Value upside −27% · Below median
Profitability
Return on assets −1% · Below median
Net margin (TTM) −7% · Below median
Operating margin (TTM) −6% · Below median
Growth and dividend
Revenue growth 23% · Above median
Balance sheet
Debt / equity 0.02× · Below median

Valuation Multiplesvs Software - Infrastructure median · lower = cheaper

P/B 1.85× · Cheaper than median
P/S (TTM) 5.55× · Pricier than median
P/FCF 36.2× · Priciest 25%
EV/EBITDA 80.5× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 16
FUTURE (revenue growth)100 · sector 48
PAST (return on equity)0 · sector 18
HEALTH (low debt)99 · sector 97
DIVIDEND (yield)0 · sector 33

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Software - Infrastructure stocks, each showing price versus our Fair Value estimate.

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Microsoft Corporation MSFT $498.00 $547.80 +10%
Oracle Corporation ORCL $149.20 $117.84 −21%
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Palo Alto Networks, Inc PANW $374.57 $114.50 −69%
CrowdStrike Holdings CRWD $262.49 $35.15 −87%
Fortinet, Inc FTNT $178.74 $164.92 −8%
Synopsys, Inc SNPS $413.06 $250.04 −39%
Block, Inc XYZ $74.68 $101.29 +36%
CoreWeave, Inc CRWV $86.90 $71.79 −17%
NetApp, Inc NTAP $192.91 $157.18 −19%

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Cyan AG · Fair Value
€1.50 −37%Fair Value
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Cite: Fair Value Calculator (2026). "Cyan AG Fair Value". https://www.fairvalue-calculator.com/stock/CYR

Frequently asked questions

Is Cyan AG (CYR) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €1.50 versus a price of €2.06, about −27% upside (overvalued).
What is the fair value of CYR?
Our model-based fair value for Cyan AG is €1.50 (as of Sep 23, 2026), built from audited fundamentals. The current price: €2.06.
What is the quality score of CYR?
Cyan AG has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cyan AG (CYR)?
Our model-based price target is the fair value of €1.50 (as of Sep 23, 2026) from 8 valuation models. Cautious scenario €0.8300, optimistic scenario €2.49. It is a calculation from audited fundamentals, not an analyst target.
What is the Cyan AG stock forecast for 2026?
Our models put fair value at €1.50, about −27% upside versus a price of €2.06 (overvalued). Cautious scenario €0.8300, optimistic scenario €2.49. The calculation is refreshed regularly with new filings.
What is the revenue of Cyan AG (CYR)?
Cyan AG reported trailing-twelve-month revenue of about €9.2M (latest available figure, as of Sep 23, 2026).
What growth is priced into Cyan AG (CYR)?
For today's price to be fair in a discounted-cash-flow model, Cyan AG would have to grow free cash flow by +15.5 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -15.5 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of CYR use?
Our models discount Cyan AG at 9.0 %: a base by market capitalisation (nano), damped by beta 0.77, country premium for Germany. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Cyan AG that is +15.5 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Cyan AG (CYR) delivered so far?
Over the past 5 years revenue at Cyan AG grew -15.5 % a year. The price currently implies +15.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Cyan AG (CYR) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Cyan AG (+15.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cyan AG (CYR)?
The free-cash-flow yield on the price is 3.14 %: that much free cash flow Cyan AG produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cyan AG (CYR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cyan AG it is €1.50 per share (as of Sep 23, 2026), against a price of €2.06. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Cyan AG stock overvalued or undervalued in 2026?
As of Sep 23, 2026, CYR trades above its calculated fair value: price €2.06, fair value €1.50, a gap of about −27% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CYR?
No. The price is what the market pays today (€2.06); the fair value is what the company's own numbers justify (€1.50). For Cyan AG the two are €0.5600 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cyan AG worth?
The market values Cyan AG at about €44.7M (market capitalisation, as of Sep 23, 2026). Per share that is €2.06; our models calculate a fair value of €1.50 per share.
What do the bullish and bearish scenarios say about CYR?
Our models span a range for Cyan AG: cautious scenario €0.8300, base €1.50, optimistic €2.49 per share (as of Sep 23, 2026, price €2.06). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Cyan AG (CYR)?
Balance-sheet figures for Cyan AG (as of Sep 23, 2026): return on equity −2.4%, debt of 0.02 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is CYR from its 52-week high?
Cyan AG trades at €2.06, about 21% below its 52-week high of €2.62 and 10% above the low of €1.87 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €1.50 is for.
Which stocks are comparable to Cyan AG?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cyan AG stock attractive at the current price?
The data as of Sep 23, 2026: price €2.06, calculated fair value €1.50 (−27%), Quality Score 60/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CYR calculated?
We run Cyan AG through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €1.50, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. Cyan AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cyan AG (CYR)?
The closing price on Sep 24, 2026 was €2.06. Our model-based fair value is €1.50, about −27% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cyan AG right now?
The model range is unusually wide (€0.8300 to €2.49). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Cyan AG

How large is the market capitalisation of Cyan AG (CYR)?
The market capitalisation of Cyan AG is €44.7M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cyan AG (CYR)?
The price-to-sales ratio of Cyan AG is 4.52 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cyan AG (CYR)?
Earnings per share at Cyan AG are €−0.0300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Cyan AG (CYR)?
The net margin of Cyan AG is −7.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cyan AG (CYR)?
The return on equity (ROE) of Cyan AG is −2.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cyan AG (CYR)?
On an EBIT basis the return on assets of Cyan AG is −12.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cyan AG (CYR)?
The operating margin of Cyan AG is −5.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cyan AG (CYR)?
Revenue at Cyan AG is growing +22.7% versus a year earlier (3y avg +34.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Cyan AG (CYR)?
Earnings per share at Cyan AG are growing +482% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Cyan AG (CYR) hold?
Cyan AG holds more cash than debt, €617K net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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