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SSH Communications Security Oyj (SSH1V) fair value: what the stock is really worth

As of Sep 25, 2026: fair value of SSH Communications Security Oyj €0.49, price €2.18, upside -77.5%, quality 25 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? No
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Technology · FI · ISIN FI0009008270

SC Thin data Sep 27, 2026

SSH Communications Security Oyj

SSH1V · HE

Weakest SetupStrongly overvalued and low quality.

!Fair value €0.4900 · Strongly overvalued (−77.5%)
!Quality 25/100
!Mixed Growth (revenue 5y +13.9 %/yr)
!Loss-making · -10.1% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers (1/10)
!Narrow moat 15/100
!Evidence only low, so the estimate is less certain

What runs behind every stock

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

Price vs Fair Value

€5.10 €0.9680 Fair Value €0.4900 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range €0.9680 – €5.10 · fair‑value band €0.3900 – €0.5900 · the €2.18 price screens above the €0.4900 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

SSH Communications Security Oyj operates as a cybersecurity company for humans, systems, and networks in the Americas, the Asia Pacific, Europe, the Middle East, and Africa.

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SSH Communications Security Oyj operates as a cybersecurity company for humans, systems, and networks in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company offers secure business communication products comprising SalaX Secure Mail, a secure email encryption solution to protect confidential email communications; SalaX Secure Messaging, a communications platform for chats, audio, and video calls; Secure Sign, a secure electronic signature to documents or other assets; and SalaX Secure Collaboration, all in one solution that includes secure messaging and secure mail. It also provides secure access and secret management products, including PrivX Hybrid PAM Solution, an automated privileged access management solution for hybrid and multi-cloud environments; PrivX OT Edition, an on and off-site secure access management to any ICS/OT/IT target; and PrivX Key Management, a zero-trust encryption key management solution. In addition, the company offers secure file transfer and encryption products, such as Tectia SSH Client/Server for secure file transfer, remote access, and tunneling; Tectia SSH Server for z/OS, a secure file transfer protocol server software; NQX quantum safe encryptor, a quantum-safe solution that transmits large-scale data using future-proof quantum-safe algorithms. Further, it provides risk assessment services and discovery and audit self-services, as well as professional services. SSH Communications Security Oyj was incorporated in 1995 and is headquartered in Helsinki, Finland.

Stock analysis

SSH Communications Security Oyj (SSH1V) currently trades at €2.18, while our model-based Fair Value estimate is €0.4900, implying the stock looks roughly 344.8% overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of €0.4800 per share, and 0 of the 10 models we run sit above the €2.18 price.

Bear case: the Asset-Based group reads lowest at €0.1100, and 10 of the 10 models stay below the price. Evidence for this calculation is low.

Scenario range: €0.3900 (bear) to €0.5900 (bull), the price of €2.18 sits above 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 25/100 (below-average quality), in the Technology sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

SSH Communications Security Oyj reported revenue of €21.6M in FY2025 versus €15.9M in FY2021, a compound +7.9%/yr. Reported net income was −€2.3M in FY2025.

Key figures

Market cap €112M · P/S ratio 5.19 · EPS (TTM) €−0.0800 · Net margin −10.6% · Return on equity −13.1% · Return on assets (EBIT) −4.1% · Operating margin −26.4% · Revenue (TTM) €21.5M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).

What moves the price

The share trades about 57% below its 52-week high and 26% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −22% fair-value upside, at −78%, SSH1V screens richer than that median.

Fair Value models

Bear €0.3900 Fair Value €0.4900 Bull €0.5900
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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. 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 €0.4100 €0.4800 €0.5800 82
Growth DCF €0.4100 €0.4800 €0.5500 80
5Y EBITDA Exit €0.3600 €0.4300 €0.5100 77
All 10 models by family
DCF Models
FCF DCF €0.4100 €0.4800 €0.5800 82
5Y Revenue Exit €0.3900 €0.4800 €0.5900 74
5Y EBITDA Exit €0.3600 €0.4300 €0.5100 77
10Y Revenue Exit €0.3900 €0.4700 €0.5600 68
10Y EBITDA Exit €0.3800 €0.4400 €0.5100 70
Multiples
EV/EBITDA €0.3500 €0.4000 €0.4500 67
EV/Revenue €0.3800 €0.4600 €0.5400 54
Asset-Based
NCAV (Graham) €0.0900 €0.1100 €0.1700 54
Growth DCF
Growth DCF €0.4100 €0.4800 €0.5500 80
Rev-Margin DCF €0.3900 €0.4800 €0.5800 74

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Quality Score breakdown

Overall quality 25/100

Of which business quality 29 · Market factors (momentum, volatility) 32

Profitability 20
Margins and returns on capital today
Quality Growth 9
Are margins and returns improving?
Cashflow 21
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 48
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 35
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 21
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. 56/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−2.7%
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.
+3.9%
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.
+13.9%
Start year 2020 (pandemic). Over 10 years: +1.4% a year
Revenue growth 25 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.
+1.3%
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.
−22.1% (2020) → −11.1% (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).
+38.4%
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 +35.5% a year for the price.

SSH1V screens 345% 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 · 376 stocks

Beats the industry median on 1/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 25 · Bottom 25%
Fair Value upside −77.5% · Bottom 25%
Profitability
Return on assets −3.5% · Bottom 25%
Net margin (TTM) −10.1% · Bottom 25%
Operating margin (TTM) −26.4% · Bottom 25%
Growth and dividend
Revenue growth −1.9% · Bottom 25%
Balance sheet
Debt / equity 0.02× · Below median

Valuation Multiplesvs Software - Infrastructure median · lower = cheaper

P/B 13.67× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM) 5.91× · Priciest 25%
P/FCF 115.6× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 21
FUTURE (revenue growth)0 · sector 52
PAST (return on equity)0 · sector 20
HEALTH (low debt)99 · sector 97
DIVIDEND (yield)0 · sector 34

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 $516.17 $567.79 +10%
Palantir Technologies Inc PLTR $189.67 $42.16 −78%
Oracle Corporation ORCL $137.10 $112.26 −18%
CrowdStrike Holdings CRWD $252.13 $37.31 −85%
Fortinet, Inc FTNT $173.46 $164.68 −5%
Synopsys, Inc SNPS $425.76 $249.20 −41%
CoreWeave, Inc CRWV $87.59 $58.32 −33%
Block, Inc XYZ $76.42 $76.95 +1%
NetApp, Inc NTAP $201.15 $157.26 −22%
Okta, Inc OKTA $195.19 $142.12 −27%

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Cite: Fair Value Calculator (2026). "SSH Communications Security Oyj Fair Value". https://www.fairvalue-calculator.com/stock/SSH1V

Frequently asked questions

Is SSH Communications Security Oyj (SSH1V) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of €0.4900 versus a price of €2.18, about −78% upside (overvalued).
What is the fair value of SSH1V?
Our model-based fair value for SSH Communications Security Oyj is €0.4900 (as of Sep 27, 2026), built from audited fundamentals. The current price: €2.18.
What is the quality score of SSH1V?
SSH Communications Security Oyj has a Quality Score of 25/100. 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 SSH Communications Security Oyj (SSH1V)?
Our model-based price target is the fair value of €0.4900 (as of Sep 27, 2026) from 10 valuation models. Cautious scenario €0.3900, optimistic scenario €0.5900. It is a calculation from audited fundamentals, not an analyst target.
What is the SSH Communications Security Oyj stock forecast for 2026?
Our models put fair value at €0.4900, about −78% upside versus a price of €2.18 (overvalued). Cautious scenario €0.3900, optimistic scenario €0.5900. The calculation is refreshed regularly with new filings.
What is the revenue of SSH Communications Security Oyj (SSH1V)?
SSH Communications Security Oyj reported trailing-twelve-month revenue of about €21.5M (latest available figure, as of Sep 27, 2026).
What growth is priced into SSH Communications Security Oyj (SSH1V)?
For today's price to be fair in a discounted-cash-flow model, SSH Communications Security Oyj would have to grow free cash flow by +38.4 % per year for five years (discount rate 11.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.9 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of SSH1V use?
Our models discount SSH Communications Security Oyj at 11.4 %: a base by market capitalisation (micro), damped by beta 0.15, country premium for Finland. 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 SSH Communications Security Oyj that is +38.4 % per year a year over ten years, using the same discount rate (11.4 %) and the same formula as our fair value.
How much growth has SSH Communications Security Oyj (SSH1V) delivered so far?
Over the past 5 years revenue at SSH Communications Security Oyj grew +13.9 % a year. The price currently implies +38.4 % 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 SSH Communications Security Oyj (SSH1V) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into SSH Communications Security Oyj (+38.4 % 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 SSH Communications Security Oyj (SSH1V)?
The free-cash-flow yield on the price is 1.14 %: that much free cash flow SSH Communications Security Oyj produces per unit of market value. When it exceeds the discount rate of our models (11.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of SSH Communications Security Oyj (SSH1V)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SSH Communications Security Oyj it is €0.4900 per share (as of Sep 27, 2026), against a price of €2.18. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is SSH Communications Security Oyj stock overvalued or undervalued in 2026?
As of Sep 27, 2026, SSH1V trades above its calculated fair value: price €2.18, fair value €0.4900, a gap of about −78% (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 SSH1V?
No. The price is what the market pays today (€2.18); the fair value is what the company's own numbers justify (€0.4900). For SSH Communications Security Oyj the two are €1.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is SSH Communications Security Oyj worth?
The market values SSH Communications Security Oyj at about €112M (market capitalisation, as of Sep 27, 2026). Per share that is €2.18; our models calculate a fair value of €0.4900 per share.
What do the bullish and bearish scenarios say about SSH1V?
Our models span a range for SSH Communications Security Oyj: cautious scenario €0.3900, base €0.4900, optimistic €0.5900 per share (as of Sep 27, 2026, price €2.18). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of SSH Communications Security Oyj (SSH1V)?
Balance-sheet figures for SSH Communications Security Oyj (as of Sep 27, 2026): return on equity −13.1%, debt of 0.02 per unit of equity. They feed the Quality Score of 25/100, which measures business quality independently of the share price.
How far is SSH1V from its 52-week high?
SSH Communications Security Oyj trades at €2.18, about 57% below its 52-week high of €5.10 and 26% above the low of €1.72 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of €0.4900 is for.
Which stocks are comparable to SSH Communications Security Oyj?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, CrowdStrike Holdings, 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 SSH Communications Security Oyj stock attractive at the current price?
The data as of Sep 27, 2026: price €2.18, calculated fair value €0.4900 (−78%), Quality Score 25/100, from 10 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 SSH1V calculated?
We run SSH Communications Security Oyj through 10 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 €0.4900, 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 16.1 % above its aggregate fair value. SSH Communications Security Oyj 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 SSH Communications Security Oyj (SSH1V)?
The closing price on Sep 25, 2026 was €2.18. Our model-based fair value is €0.4900, about −78% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SSH Communications Security Oyj right now?
The price sits above even our optimistic bull case (€0.5900). The favourable scenario is already priced in. Weak quality (25/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of SSH Communications Security Oyj

How large is the market capitalisation of SSH Communications Security Oyj (SSH1V)?
The market capitalisation of SSH Communications Security Oyj is €112M. 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 SSH Communications Security Oyj (SSH1V)?
The price-to-sales ratio of SSH Communications Security Oyj is 5.19 (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 SSH Communications Security Oyj (SSH1V)?
Earnings per share at SSH Communications Security Oyj are €−0.0800. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of SSH Communications Security Oyj (SSH1V)?
The net margin of SSH Communications Security Oyj is −10.6% (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 SSH Communications Security Oyj (SSH1V)?
The return on equity (ROE) of SSH Communications Security Oyj is −13.1% (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 SSH Communications Security Oyj (SSH1V)?
On an EBIT basis the return on assets of SSH Communications Security Oyj is −4.1% (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 SSH Communications Security Oyj (SSH1V)?
The operating margin of SSH Communications Security Oyj is −26.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SSH Communications Security Oyj (SSH1V)?
Revenue at SSH Communications Security Oyj is growing −1.9% versus a year earlier (3y avg +3.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net debt does SSH Communications Security Oyj (SSH1V) carry?
The net debt of SSH Communications Security Oyj is €82.3K (fiscal year 2025, ≈ 0.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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