Yubico Due Diligence

Run due diligence on Yubico: check compliance and get alerts when suppliers change.

Sweden · www.yubico.com · 20 vendors

Yubico AB is a global cybersecurity company that invents and manufactures hardware authentication devices, including the YubiKey and YubiHSM. The company provides strong multi-factor authentication and passwordless login solutions for secure access to computers, mobile devices, servers, and internet accounts. Yubico is a key contributor to open authentication standards such as FIDO2, WebAuthn, and FIDO Universal 2nd Factor (U2F).

Resilience scores

Technology vendors

Services catalogue

2 services in catalogue across 2 categories; runs on 20 sub-vendors.

Insights

Last updated 2026-07-30 · revision 1

20 direct vendors, 183 subvendors

Direct vendors by controlling owner country (sample)

Subvendors by controlling owner country (sample)

Compliance

8 in-scope frameworks identified; showing 3.

FedRAMP — No public evidence

Evidence: https://www.yubico.com/industries/federal/, https://www.yubico.com/products/yubikey-fips/, https://www.yubico.com/products/yubicloud/

ISO 27001 (source) — No public evidence

Evidence: https://www.yubico.com/products/yubikey-fips/, https://www.yubico.com/products/hardware-security-module/, https://www.yubico.com/why-yubico/

CSRD (source) — No public evidence

Evidence: https://investors.yubico.com/en/, https://www.yubico.com/support/terms-conditions/legal-imprint/

Financials

Three-year financials

Financial Resilience Score: 8/10

Yubico exhibits strong financial resilience underpinned by a fortress balance sheet: SEK 856M net cash at year-end 2025, total equity of SEK 1,659.9M, an equity ratio of approximately 75%, and virtually no interest-bearing debt beyond SEK 39M in lease liabilities. The company generates high gross margins (77.9% in 2025, historically 79-82%) driven by proprietary IP, in-house programming, and premium enterprise positioning. Operating cash flow remains solidly positive at SEK 254M in 2025 (SEK 344M in 2024), enabling continued investment and share repurchases (SEK 88.3M in 2025) without balance sheet strain. The business benefits from a blue-chip customer base (19 of the top 20 U.S. tech companies, ~30% of the Fortune 500) with no single customer exceeding 10% of revenue, growing recurring revenue (ARR +20.7% to SEK 391M; subscription share of bookings up to 23.1%), and dual-site manufacturing in Sweden and the U.S. that mitigates tariff and geopolitical risks. Long-term growth is impressive with a 2020-2025 revenue CAGR of approximately 30%. However, 2025 exposed material vulnerabilities: reported revenue declined 4.7% (only -1.4% in constant currency) due to significant SEK/USD FX headwinds, and EBIT margin collapsed from 18.8% to 9.0%, missing the company's 20% EBIT margin and 25% growth targets. Deal lumpiness in the Americas (68% of sales), a 15% headcount increase creating negative operating leverage, rising LTIP costs (SEK 87.5M), and a CEO transition in December 2025 (Acting CEO Jerrod Chong replacing Mattias Danielsson) all introduce near-term execution uncertainty. Overall the balance sheet strength and business model quality clearly outweigh the cyclical setback, warranting a score of 8.

Key strengths: Net cash position of SEK 856M with virtually no interest-bearing debt, Equity ratio of ~75% (SEK 1,659.9M equity on SEK 2,214.4M assets), High gross margins of 77-82% driven by proprietary IP, Strong operating cash flow generation (SEK 254M in 2025), Blue-chip customer base with no customer >10% of revenue, Growing recurring revenue (ARR +20.7%, subscription bookings share 23.1%), Dual-site manufacturing in Sweden and U.S. mitigates geopolitical risk, 2020-2025 revenue CAGR of ~30%

Risk factors: High USD revenue exposure (~60%+) with no transaction hedging causes reported earnings volatility, Americas concentration (67.7% of sales) with lumpy large enterprise deals, Single core product (YubiKey) vulnerable to platform-embedded passkey substitution from Apple/Google/Microsoft, Chip and supply-chain dependency despite ARM multi-sourcing, EBIT margin collapsed from 18.8% to 9.0% in 2025, missing 20% target, Growth target of 25% significantly undershot (-4.7% reported in 2025), Headcount grew 15% while revenue was flat/down, causing negative operating leverage, CEO transition in December 2025 with only Acting CEO in place, No dividend paid for 2024 or 2025

Revenue by geography

Revenue by product/service

Workforce by country

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