Yubico AB (YUBICO) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Yubico AB SEK 41.82, price SEK 102, upside -59.0%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range kr 30.78 – kr 319.50 · fair‑value band kr 31.36 – kr 52.27 · the kr 101.90 price screens above the kr 41.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Yubico AB provides authentication solutions for use in computers, networks, and online services. It provides YubiKey 5, YubiKey 5 FIPS, YubiKey Bio, and security key series hardware products.
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Yubico AB provides authentication solutions for use in computers, networks, and online services. It provides YubiKey 5, YubiKey 5 FIPS, YubiKey Bio, and security key series hardware products. The company also offers YubiHSM, a hardware security module application for protection of cryptographic hardware security for applications, servers, and computing devices; Yubico authenticator, safest authenticator app experience on mobile and desktop; and software development kits. In addition, it provides YubiEnterprise delivery, a service that streamlines the distribution of YubiKeys to end users; and computer login tools. The company serves technology, financial services, cryptocurrency, retail and hospitality, pharmaceuticals, education, healthcare, federal government, state and local government, manufacturing, elections and political campaigns, energy and natural resources, telecommunications, defense, insurance organizations, and federal systems integrators. It operates in Sweden, the Americas, the Asia Pacific, rest of Europe, the Middle East, and Africa. Yubico AB was founded in 2007 and is headquartered in Stockholm, Sweden.
Stock analysis
Yubico AB (YUBICO) currently trades at kr 101.90, while our model-based Fair Value estimate is kr 41.82, implying the stock looks roughly 143.7% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 50.35 per share, and 0 of the 22 models we run sit above the kr 101.90 price.
Bear case: the Asset-Based group reads lowest at kr 12.97, and 22 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 31.36 (bear) to kr 52.27 (bull), the price of kr 101.90 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 55/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Yubico AB reported revenue of 2.2B SEK in FY2025 versus 1.6B SEK in FY2022, a compound +12.4%/yr. Reported net income was 128M SEK in FY2025.
Key figures
Market cap 8.9B SEK (≈ $901M) · P/E ratio 90.2 · P/S ratio 5.21 · EPS (TTM) kr 1.13 · Net margin 5.8% · Return on equity 6.0% · Return on assets (EBIT) 8.1% · Operating margin 2.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 25% below its 52-week high and 231% 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 −59%, YUBICO screens richer than that median.
Fair Value models
Bear kr 31.36Fair Value kr 41.82Bull kr 52.27
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. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (kr 1.11 per share) are deliberately not added.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.
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.81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.7%
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.
+12.4%
’22
’23
’24
’25
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−4.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.1%
Dividend (yield on the price)0.0%
Profit margin 2022 to 2025 ⓘ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.−1% → 8%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+20.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +17.9% a year for the price and +6.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (89 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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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 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−59% · Bottom 25%
Profitability
Return on equity (TTM)6% · Above median
Return on assets3% · Above median
Net margin (TTM)5% · Above median
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth−23% · Bottom 25%
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
P/E (TTM)90.2× · Priciest 25%
P/B5.39× · Priciest 25%
P/S (TTM)4.31× · Pricier than median
P/FCF3.5× · Cheaper than median
EV/EBITDA54.5× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 15
FUTURE (revenue growth)0· sector 48
PAST (return on equity)24· sector 18
HEALTH (low debt)99· sector 97
DIVIDEND (yield)0· sector 33
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Yubico AB Fair Value". https://www.fairvalue-calculator.com/stock/YUBICO
Frequently asked questions
Is Yubico AB (YUBICO) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 41.82 versus a price of kr 101.90, about −59% upside (overvalued).
What is the fair value of YUBICO?
Our model-based fair value for Yubico AB is kr 41.82 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 101.90.
What is the quality score of YUBICO?
Yubico AB has a Quality Score of 55/100. 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 Yubico AB (YUBICO)?
Our model-based price target is the fair value of kr 41.82 (as of Sep 24, 2026) from 22 valuation models. Cautious scenario kr 31.36, optimistic scenario kr 52.27. It is a calculation from audited fundamentals, not an analyst target.
What is the Yubico AB stock forecast for 2026?
Our models put fair value at kr 41.82, about −59% upside versus a price of kr 101.90 (overvalued). Cautious scenario kr 31.36, optimistic scenario kr 52.27. The calculation is refreshed regularly with new filings.
What is the revenue of Yubico AB (YUBICO)?
Yubico AB reported trailing-twelve-month revenue of about 2.1B SEK (latest available figure, as of Sep 24, 2026).
What growth is priced into Yubico AB (YUBICO)?
For today's price to be fair in a discounted-cash-flow model, Yubico AB would have to grow free cash flow by +20.2 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +12.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of YUBICO use?
Our models discount Yubico AB at 10.4 %: a base by market capitalisation (small), damped by beta 0.80, country premium for Sweden. 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 Yubico AB that is +20.2 % per year a year over ten years, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Yubico AB (YUBICO) delivered so far?
Over the past 3 years revenue at Yubico AB grew +12.4 % a year. The price currently implies +20.2 % 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 Yubico AB (YUBICO) growing?
The median revenue growth in the sector is +3.4 % a year. That is the yardstick for the growth priced into Yubico AB (+20.2 % 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 Yubico AB (YUBICO)?
The free-cash-flow yield on the price is 2.84 %: that much free cash flow Yubico AB produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Yubico AB (YUBICO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Yubico AB it is kr 41.82 per share (as of Sep 24, 2026), against a price of kr 101.90. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Yubico AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, YUBICO trades above its calculated fair value: price kr 101.90, fair value kr 41.82, a gap of about −59% (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 YUBICO?
No. The price is what the market pays today (kr 101.90); the fair value is what the company's own numbers justify (kr 41.82). For Yubico AB the two are kr 60.08 per share apart. That gap is exactly why we show both numbers side by side.
How much is Yubico AB worth?
The market values Yubico AB at about 8.9B SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 101.90; our models calculate a fair value of kr 41.82 per share.
What do the bullish and bearish scenarios say about YUBICO?
Our models span a range for Yubico AB: cautious scenario kr 31.36, base kr 41.82, optimistic kr 52.27 per share (as of Sep 24, 2026, price kr 101.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of YUBICO?
Yubico AB trades at a price-to-earnings ratio of 90.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 41.82 is built from several models across several years. Other multiples: P/B 5.4, P/S 4.3, EV/EBITDA 54.5.
How solid is the balance sheet of Yubico AB (YUBICO)?
Balance-sheet figures for Yubico AB (as of Sep 24, 2026): return on equity 6.0%, debt of 0.01 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is YUBICO from its 52-week high?
Yubico AB trades at kr 101.90, about 25% below its 52-week high of kr 135.50 and 231% above the low of kr 30.78 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 41.82 is for.
Which stocks are comparable to Yubico AB?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, 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 Yubico AB stock attractive at the current price?
The data as of Sep 24, 2026: price kr 101.90, calculated fair value kr 41.82 (−59%), Quality Score 55/100, from 22 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 YUBICO calculated?
We run Yubico AB through 22 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 kr 41.82, 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 14.0 % above its aggregate fair value. Yubico AB 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 Yubico AB (YUBICO)?
The closing price on Sep 24, 2026 was kr 101.90. Our model-based fair value is kr 41.82, about −59% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Yubico AB right now?
The price sits above even our optimistic bull case (kr 52.27). The favourable scenario is already priced in. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Yubico AB
How large is the market capitalisation of Yubico AB (YUBICO)?
The market capitalisation of Yubico AB is 8.9B SEK (≈ $901M). 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 Yubico AB (YUBICO)?
The price-to-sales ratio of Yubico AB is 5.21 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Yubico AB (YUBICO)?
Earnings per share at Yubico AB are kr 1.13 (price ÷ EPS = P/E 90.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Yubico AB (YUBICO)?
The net margin of Yubico AB is 5.8% (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 Yubico AB (YUBICO)?
The return on equity (ROE) of Yubico AB is 6.0% (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 Yubico AB (YUBICO)?
On an EBIT basis the return on assets of Yubico AB is 8.1% (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 Yubico AB (YUBICO)?
The operating margin of Yubico AB is 2.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Yubico AB (YUBICO)?
Revenue at Yubico AB is growing −23.1% versus a year earlier (3y avg +12.4%). 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 Yubico AB (YUBICO)?
Earnings per share at Yubico AB are growing −56.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Yubico AB (YUBICO) hold?
Yubico AB holds more cash than debt, 856M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Sep 24, 2026