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F-Secure Oyj

FSECURE.HE
61
Software - Infrastructure · Technology
Price
€2.02
-0.01 (-0.49%)
Market Cap
€352.9M
Exchange
NASDAQ Helsinki
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Exceptional
Growth
Weak
Cash Flow
Exceptional
Stability
Weak
Valuation
Strong
Dividends
Mixed

Share count falling — buybacks

1.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 174.5M (2021) → 172.1M (2025)

Winston Score History

The full picture

F-Secure is a Finnish cybersecurity company that protects people and businesses from online threats like viruses, hackers, and data theft. Its main products include antivirus software, VPN tools, identity protection, and password managers, sold mostly to everyday consumers and small businesses. Founded in 1988 and headquartered in Helsinki, Finland, it is one of Europe's oldest and most recognized cybersecurity brands.

The company earns money primarily through subscriptions, where customers pay a recurring fee to keep their devices and personal data protected. F-Secure operates mainly across Europe and sells its products both directly to consumers and through telecom and internet service provider partners, which gives it a broad distribution network without needing to reach every customer individually. Its main growth opportunity lies in expanding its consumer identity protection services, while its key risk is intense competition from larger global players like Norton and McAfee, which have significantly more resources to spend on marketing and product development.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-33.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€25M/ year

Declining (-16% vs prior year)

16.9% of revenue

In line with sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

34.6%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€6M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

F-Secure Oyj is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
83.9%
Premium pricing power — 83.9% gross margin
Profit after running costs
Operating Margin
17.6%
Healthy — 17.6% operating margin
Return on the money invested
ROCE
54.0%
Exceptional — 54.0% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+0.4%
Nearly flat sales (+0.4% YoY)
Profit growth
EPS YoY
-15.1%
Earnings shrinking (-15.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
194%
Turns 194% of profit into real cash
Spare cash per sale
FCF Margin
14.9%
Converts sales into free cash efficiently (14.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
3.93x
Tight — interest eats into profit (3.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
19.3x
Fair value — P/E 19.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+8.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (19.3 → 11.0)

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Dividends

Dividend
Dividend Yield
2.16%
Moderate income — 2.16% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
N/A
Data not available

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