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WithSecure Oyj
OMXH:WITH

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WithSecure Oyj
OMXH:WITH
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Price: 1.718 EUR
Market Cap: €302.5m

EV/EBIT

28.4
Current
693%
Cheaper
vs 3-y average of -4.8

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

EV/EBIT
28.4
=
Enterprise Value
€293.2m
/
EBIT
€10.3m

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

EV/EBIT
28.4
=
Enterprise Value
€293.2m
/
EBIT
€10.3m

Valuation Scenarios

WithSecure Oyj is trading above its industry average

If EV/EBIT returns to its Industry Average (17.4), the stock would be worth €1.05 (39% downside from current price).

Statistics
Positive Scenarios
0/2
Maximum Downside
-39%
Maximum Upside
No Upside Scenarios
Average Downside
38%
Scenario EV/EBIT Value Implied Price Upside/Downside
Current Multiple 28.4 €1.72
0%
Industry Average 17.4 €1.05
-39%
Country Average 17.9 €1.08
-37%

Forward EV/EBIT
Today’s price vs future ebit

Today's Enterprise Value EBIT Forward EV/EBIT
€293.2m
/
Oct 2025
€10.3m
=
28.4
Current
€293.2m
/
Dec 2025
€-8.2m
=
-35.9
Forward
€293.2m
/
Dec 2026
€-544k
=
-538.9
Forward
€293.2m
/
Dec 2027
€3.6m
=
82.1
Forward

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

Peer Comparison

All Multiples
EV/EBIT
P/E
All Countries
Close
Market Cap EV/EBIT P/E
FI
WithSecure Oyj
OMXH:WITH
302.1m EUR 28.4 -9.6
US
Microsoft Corp
NASDAQ:MSFT
3.1T USD 21.7 25.9
US
Oracle Corp
NYSE:ORCL
506.8B USD 29 31.3
US
Palo Alto Networks Inc
NASDAQ:PANW
141.3B USD 97.1 95
US
CrowdStrike Holdings Inc
NASDAQ:CRWD
112.8B USD -436 -694.4
US
ServiceNow Inc
NYSE:NOW
87.8B USD 44.8 50
US
VMware Inc
XETRA:BZF1
58B EUR 37.2 47.9
US
Fortinet Inc
NASDAQ:FTNT
61.5B USD 28.2 33.2
CN
Knowledge Atlas Technology JSC Ltd
HKEX:2513
452.6B HKD -103.3 -83.9
US
Xperi Holding Corp
LSE:0M2A
54.6B USD 274.8 491.7
CN
MiniMax Group Inc
HKEX:100
262.2B HKD -19.3 -17.9
EV/EBIT Multiple
EBIT Growth EV/EBIT to Growth
FI
W
WithSecure Oyj
OMXH:WITH
Average EV/EBIT: 70.2
28.4
N/A N/A
US
Microsoft Corp
NASDAQ:MSFT
21.7
18%
1.2
US
Oracle Corp
NYSE:ORCL
29
38%
0.8
US
Palo Alto Networks Inc
NASDAQ:PANW
97.1
57%
1.7
US
CrowdStrike Holdings Inc
NASDAQ:CRWD
Negative Multiple: -436 N/A N/A
US
ServiceNow Inc
NYSE:NOW
44.8
61%
0.7
US
V
VMware Inc
XETRA:BZF1
37.2
30%
1.2
US
Fortinet Inc
NASDAQ:FTNT
28.2
16%
1.8
CN
K
Knowledge Atlas Technology JSC Ltd
HKEX:2513
Negative Multiple: -103.3 N/A N/A
US
Xperi Holding Corp
LSE:0M2A
274.8
N/A N/A
CN
MiniMax Group Inc
HKEX:100
Negative Multiple: -19.3 N/A N/A
P/E Multiple
Earnings Growth PEG
FI
W
WithSecure Oyj
OMXH:WITH
Average P/E: 110.7
Negative Multiple: -9.6
N/A N/A
US
Microsoft Corp
NASDAQ:MSFT
25.9
18%
1.4
US
Oracle Corp
NYSE:ORCL
31.3
37%
0.8
US
Palo Alto Networks Inc
NASDAQ:PANW
95
50%
1.9
US
CrowdStrike Holdings Inc
NASDAQ:CRWD
Negative Multiple: -694.4 N/A N/A
US
ServiceNow Inc
NYSE:NOW
50
54%
0.9
US
V
VMware Inc
XETRA:BZF1
47.9
39%
1.2
US
Fortinet Inc
NASDAQ:FTNT
33.2
15%
2.2
CN
K
Knowledge Atlas Technology JSC Ltd
HKEX:2513
Negative Multiple: -83.9 N/A N/A
US
Xperi Holding Corp
LSE:0M2A
491.7
N/A N/A
CN
MiniMax Group Inc
HKEX:100
Negative Multiple: -17.9 N/A N/A

Market Distribution

Higher than 84% of companies in Finland
Percentile
84rd
Based on 398 companies
84rd percentile
28.4
Low
0.5 — 13.7
Typical Range
13.7 — 25.3
High
25.3 —
Distribution Statistics
Finland
Min 0.5
30th Percentile 13.7
Median 17.9
70th Percentile 25.3
Max 3 081.1

WithSecure Oyj
Glance View

Market Cap
302.5m 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.

WITH Intrinsic Value
0.528 EUR
Overvaluation 69%
Intrinsic Value
Price €1.718
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