Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
SSH Communications Security Oyj is a leading defensive cybersecurity company headquartered in Helsinki, Finland, specializing in securing communications between humans, systems, and networks. The company develops and provides enterprise-grade solutions that monitor, control, and automate trusted access to critical data, with a focus on Zero Trust Privileged Access Management (PAM). Its key products include Secure Mail, PrivX Hybrid PAM, Tectia SSH, and related professional services, enabling secure operations across diverse environments. SSH Communications Security Oyj serves a global customer base spanning the Americas, Asia-Pacific (APAC), Europe, the Middle East and Africa (EMEA), with significant revenue derived from Finland. It caters to vital sectors such as finance, retail, industrial, critical infrastructure, healthcare, and government, helping organizations mitigate cyber risks in high-stakes settings. Listed on Nasdaq Helsinki, the company operates under a one-tier governance model, transitioning toward a recurring-revenue business model for sustained stability while maintaining its core expertise in data security, communications, and information technology.
€2.03
+€0.05 (+2.32%)
EOD Jul 2, 2026
The business is unprofitable at the operating level (-10.08% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 2.4% YoY. Margins deteriorated 8.9pp alongside, both lines moving the wrong way.
Free cash flow declined 43% versus the prior year, cash generation momentum has weakened. ROIC dropped from -1.79% to -8.99%, capital efficiency is deteriorating.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€22M
▼ -2.4% YoY
Net Income (TTM)
-€2M
▼ -182.5% YoY
Op. Margin
-10.08%
▼ -8.9pp YoY
ROIC
-8.99%
▼ -7.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
€692K
▼ -43.0% YoY
Op. Cash Flow (TTM)
€1M
▼ -58.9% YoY
Net Debt
-€20M
Net Cash Position
Cash & Equiv.
€21M
3Y CAGR: +3.9%
3Y CAGR: +13.1%
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SSH Communications Security Oyj (SSH1V.XHEL) trades above a two-stage DCF intrinsic value of about €0.77 per share, so at €2.03 the stock looks overvalued (61.9% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, SSH Communications Security Oyj scores 42/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about €0.77 per share for SSH1V.XHEL, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around €0.58. At today's €2.03, that puts the stock about 61.9% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
SSH Communications Security Oyj scores 42 out of 100 on Intrinsiqq's quality score, a weighted blend of 7 metrics each scored 0 to 100, which makes it a mixed business on these measures. Recent fundamentals include a -10.1% operating margin and a -9.0% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. SSH1V.XHEL currently trades above its estimated intrinsic value and scores 42/100 on quality (mixed). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.