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.
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.
Verimatrix SA is a leading provider of cybersecurity solutions that protect digital content, applications, and devices worldwide. Headquartered in Meyreuil, France, and founded in 1994, the company specializes in intuitive, people-centered security for premium video content such as movies and live sports streaming, sensitive data in financial services and healthcare, and mission-critical mobile apps across industries including automotive, gaming, IoT, media, entertainment, and pay TV. Key offerings include anti-piracy tools like Streamkeeper for disrupting pirate revenue through Multi-DRM, watermarking, and Counterspy; Video Content Authority System (VCAS) for cloud-based protection; and threat defense solutions such as App Shield for mobile hardening, Code Shield for code protection, Key Shield for cryptographic security, and Extended Threat Defense (XTD) for real-time threat monitoring. Formerly Inside Secure SA, it rebranded in 2019 after a merger, shifting to scalable SaaS models that enable faster market entry and revenue protection for leading brands. With approximately 246 employees and CEO Asaf Ashkenazi at the helm, Verimatrix holds a vital role in the technology sector's software infrastructure, powering secure experiences in the connected world and earning recognition through awards in mobile app security and anti-piracy.
The business is unprofitable at the operating level (-12.78% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 18.7% YoY. Margins deteriorated 6.0pp alongside, both lines moving the wrong way.
ROIC dropped from -2.11% to -4.84%, capital efficiency is deteriorating. Negative free cash flow of -$2M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$47M
▼ -18.7% YoY
Net Income (TTM)
-$79M
▼ -660.7% YoY
Op. Margin
-12.78%
▼ -6.0pp YoY
ROIC
-4.84%
▼ -2.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$2M
▲ +36.7% YoY
Op. Cash Flow (TTM)
-$2M
▲ +18.1% YoY
Net Debt
$16M
Cash & Equiv.
$7M
3Y CAGR: -8.7%
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