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WithSecure Oyj
F:DTV

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WithSecure Oyj
F:DTV
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Price: 1.591 EUR -2.93% Market Closed
Market Cap: €525.7m

EV/EBITDA

8.7
Current
164%
More Expensive
vs 3-y average of 3.3

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
8.7
=
Enterprise Value
€293.2m
/
EBITDA
€33.7m

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
8.7
=
Enterprise Value
€293.2m
/
EBITDA
€33.7m

Valuation Scenarios

WithSecure Oyj is trading above its 3-year average

If EV/EBITDA returns to its 3-Year Average (3.3), the stock would be worth €0.6 (62% downside from current price).

Statistics
Positive Scenarios
2/3
Maximum Downside
-62%
Maximum Upside
+34%
Average Upside
1%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 8.7 €1.59
0%
3-Year Average 3.3 €0.6
-62%
Industry Average 11.7 €2.14
+34%
Country Average 11.5 €2.1
+32%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
€293.2m
/
Oct 2025
€33.7m
=
8.7
Current
€293.2m
/
Dec 2025
€3.3m
=
89.8
Forward
€293.2m
/
Dec 2026
€10.3m
=
28.4
Forward
€293.2m
/
Dec 2027
€14.3m
=
20.5
Forward
€293.2m
/
Dec 2028
€16.6m
=
17.7
Forward

Forward EV/EBITDA shows whether today’s EV/EBITDA still looks high or low once future ebitda are taken into account.

Peer Comparison

All Multiples
EV/EBITDA
P/E
All Countries
Close
Market Cap EV/EBITDA P/E
FI
WithSecure Oyj
F:DTV
302.1m EUR 8.7 -9.6
US
Microsoft Corp
NASDAQ:MSFT
3.2T USD 17.5 26.4
US
Oracle Corp
NYSE:ORCL
520.9B USD 21.3 32.2
US
Palo Alto Networks Inc
NASDAQ:PANW
142.8B USD 78.6 95.9
US
CrowdStrike Holdings Inc
NASDAQ:CRWD
111.4B USD 3 247.1 -685.8
US
ServiceNow Inc
NYSE:NOW
104.9B USD 38.9 60
US
VMware Inc
XETRA:BZF1
58B EUR 22.1 47.9
US
Fortinet Inc
NASDAQ:FTNT
63.3B USD 27.1 34.2
CN
Knowledge Atlas Technology JSC Ltd
HKEX:2513
429.2B HKD -103.8 -78.1
US
Xperi Holding Corp
LSE:0M2A
54.6B USD 212.5 491.7
CN
MiniMax Group Inc
HKEX:100
278.4B HKD -20.2 -18.7
EV/EBITDA Multiple
EBITDA Growth EV/EBITDA to Growth
FI
W
WithSecure Oyj
F:DTV
Average EV/EBITDA: 408.2
8.7
-23%
N/A
US
Microsoft Corp
NASDAQ:MSFT
17.5
19%
0.9
US
Oracle Corp
NYSE:ORCL
21.3
43%
0.5
US
Palo Alto Networks Inc
NASDAQ:PANW
78.6
49%
1.6
US
CrowdStrike Holdings Inc
NASDAQ:CRWD
3 247.1
345%
9.4
US
ServiceNow Inc
NYSE:NOW
38.9
47%
0.8
US
V
VMware Inc
XETRA:BZF1
22.1
19%
1.2
US
Fortinet Inc
NASDAQ:FTNT
27.1
17%
1.6
CN
K
Knowledge Atlas Technology JSC Ltd
HKEX:2513
Negative Multiple: -103.8 N/A N/A
US
Xperi Holding Corp
LSE:0M2A
212.5
N/A N/A
CN
MiniMax Group Inc
HKEX:100
Negative Multiple: -20.2 N/A N/A
P/E Multiple
Earnings Growth PEG
FI
W
WithSecure Oyj
F:DTV
Average P/E: 112.6
Negative Multiple: -9.6
N/A N/A
US
Microsoft Corp
NASDAQ:MSFT
26.4
18%
1.5
US
Oracle Corp
NYSE:ORCL
32.2
37%
0.9
US
Palo Alto Networks Inc
NASDAQ:PANW
95.9
50%
1.9
US
CrowdStrike Holdings Inc
NASDAQ:CRWD
Negative Multiple: -685.8 N/A N/A
US
ServiceNow Inc
NYSE:NOW
60
54%
1.1
US
V
VMware Inc
XETRA:BZF1
47.9
39%
1.2
US
Fortinet Inc
NASDAQ:FTNT
34.2
15%
2.3
CN
K
Knowledge Atlas Technology JSC Ltd
HKEX:2513
Negative Multiple: -78.1 N/A N/A
US
Xperi Holding Corp
LSE:0M2A
491.7
N/A N/A
CN
MiniMax Group Inc
HKEX:100
Negative Multiple: -18.7 N/A N/A

Market Distribution

In line with most companies in Finland
Percentile
66th
Based on 419 companies
66th percentile
15.3
Low
0.5 — 8.7
Typical Range
8.7 — 16.5
High
16.5 —
Distribution Statistics
Finland
Min 0.5
30th Percentile 8.7
Median 11.5
70th Percentile 16.5
Max 368.3

WithSecure Oyj
Glance View

Market Cap
525.7m EUR
Industry
Technology

F-Secure Oyj engages in the provision of internet and mobile security software solutions. The company is headquartered in Helsinki, Etela-Suomen and currently employs 1,656 full-time employees. The firm operates a modular, cloud-native platform for the corporate security. WithSecure Oyj provides a broad range of cyber security products, managed detection and response solutions and cyber security consulting to companies globally with a focus on the mid-market and local enterprises. The offered services include software elements such as endpoint protection, detection and response, collaboration protection, vulnerability management, cloud protection for salesforce, managed detection and response as well as cyber security consulting services.

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