Rankings Software, cloud & internet SSH Communications Security
SSH Communications Security
56
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Margin and returns−8
- Quality of growth−6
- Profit warning−6
Strengths
- Validation from a large partner+2
- Net cash and positive cash flow+2
How the score is built
From 100 to 56, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.91 EUR
- Median analyst target
- 2.25 EUR
- Upside to median
- +17.8%
- Analysts
- 2
- Target range
- 1.90 – 2.60 EUR
- 52-week change
- −48%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−19 of −30
- −8Margin and returnsGross margin 99.6%, but operating margin -11.3% and net margin -17% over the last 12 months; EBITDA -0.4m EUR in H1 2026 (+0.6m a year earlier). ROIC -53%, ROE -21%. The company has had negative operating profit every year since 2021.
- −6Quality of growthRevenue has been at EUR 19-22m since 2022 (2025: -2.4%, H1 2026: +2.6%, +5.2% at constant exchange rates). Subscription ARR rose 14% to EUR 14.8m (about 70% of total ARR of 21.1m), however, so the mix is improving.
- −2Capital allocationDirected issue of 13.3m shares to Leonardo (+32% shares) in October 2025; in H1 2026 the proceeds went mainly to buying back the hybrid loan rather than growth, and a new option programme (2026A) for management.
- −3MoatThe inventor of the SSH protocol with PrivX (privileged access) and NQX (quantum-safe encryption), but a small player against CyberArk/Palo Alto, BeyondTrust and Delinea in PAM.
Price
Today's multiples against the company's own history and its peers. · 2 findings−8 of −35
- −4Multiples vs own historyP/S 5.0 and EV/Sales 4.9 versus 7.95/8.25 (2025), 1.92/2.24 (2024), 2.65/2.95 (2023) and 4.73/4.99 (2022): around the middle of history, but for a company that is not growing on the top line. P/B 9.2 is at the high end (4.7-9.8).
- −4Absolute price levelEV EUR 107m = about 51x 12-month FCF (2.1m) and with no positive EBITDA in 2026; the price assumes that the Leonardo collaboration lifts growth markedly.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−15 of −35
- −6Profit warningOn 22/9/2026 SSH lowered its 2026 outlook: EBITDA is now expected to be negative for the full year (previously positive) because larger customer orders expected in Q3 have been delayed. Revenue growth and positive operating cash flow are maintained.
- −4Dependence on the Leonardo partnershipLeonardo has global exclusivity to integrate SSH's solutions into its Zero Trust offering (except Scandinavia), but has not yet delivered visible revenue; management expects it to 'accelerate in H2'. If that fails, the growth case is weakened, and the exclusivity may limit other partners.
- −3USA and currencyUS revenue fell from EUR 7.9m to EUR 6.75m in 2025 (-15%), and the weak dollar pulled down growth in H1 2026.
- −2Low liquidity and concentrated ownershipLeonardo owns about 24.6% and Accendo Capital about 20.9%; free float is only about 17m shares, and daily turnover is about EUR 50,000.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Validation from a large partnerThe defence and security group Leonardo bought 13.3m new shares at EUR 1.50 (49.6% premium, EUR 20m) and made SSH its 'Center of Excellence' for PAM and quantum-safe encryption.
- +2Net cash and positive cash flowCash of EUR 9.5m against debt of about 1m (gearing -38%, equity ratio 69%), and operating cash flow of +EUR 1.0m in H1 2026.
Caveats
What the score does not capture, or where the data is weak.
Market cap 54.61m shares x EUR 1.99 = EUR 108.7m ≈ DKK 811m (Nordnet 821). The cash drop from EUR 21.0m (31 Dec 2025) to 9.5m (30 Jun 2026) is due, according to the CEO, to the buyback of almost the entire hybrid loan; the amount is not disclosed in the announcement. Stockanalysis' FCF (2.1m TTM) is not reconciled against capitalised development. Leonardo's revenue contribution is not disclosed. Peer multiples for Nordic cybersecurity companies have not been retrieved. Short register not checked. No analysts on stockanalysis (Inderes and Redeye cover the company).
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