Yubico
Yubico is a global cybersecurity company known for its flagship product, the YubiKey, a multi-factor authentication hardware key that addresses the critical issue of stolen credentials, which are a leading cause of cybersecurity breaches. The company has experienced significant growth, with a CAGR of 30% from 2020 to 2025. Yubico's solutions are deployed in over 175 countries and are used by major technology firms, financial institutions, and government entities to secure sensitive information. Headquartered in Stockholm, Sweden, and Santa Clara, California, Yubico also offers a subscription-based model, YubiKey as a Service, expanding its business model beyond traditional hardware sales.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueIncludes YubiKey devices for secure access
YubiKey as a Service model offering recurring revenue
Innovative authentication solutions and technologies
Customers
Yubico serves a diverse range of customers including technology companies, financial services, manufacturing, retail, governments, and the public sector. Major clients such as Amazon, Google, and Microsoft utilize YubiKeys to protect their staff and users from cyberattacks. The company's products are particularly appealing to organizations that require robust security measures to protect sensitive information. The shift towards a subscription model has attracted smaller and mid-sized enterprises seeking flexible security solutions.
Purchase YubiKeys for employee and user security
Use YubiKeys to protect sensitive financial data
Adopt YubiKeys for secure governmental operations
Engage in subscription model for flexible security
Strategy
Yubico's strategic priorities focus on advancing the secure Root of Trust and enhancing its position as a leader in hardware-backed authentication. The company is committed to expanding its subscription model, YubiKey as a Service, to increase recurring revenue. Yubico aims to strengthen its market presence in key verticals such as high-tech, financial services, and defense. The company is also focused on geographic expansion, particularly in the Asia Pacific region, to drive future growth.
Increase recurring revenue and customer engagement
Maintain leadership in hardware-backed authentication
Geography
Yubico operates globally, with headquarters in Stockholm, Sweden, and Santa Clara, California. Its products are sold in over 175 countries, reflecting a broad international presence. Manufacturing is primarily based in Sweden, with additional facilities in the US. The company's strategic geographic expansion includes significant growth in the Asia Pacific region, marked by a recent multi-year subscription agreement with a large IT services provider in India.
Risks
Yubico faces several business and financial risks, including the potential for cybersecurity threats that could undermine its product efficacy. The company must navigate geopolitical tensions and trade tariffs, though local manufacturing in Sweden and the US mitigates some exposure. Market competition from other cybersecurity firms poses a risk to market share. Additionally, the transition to a subscription model introduces financial risks related to customer retention and recurring revenue stability.
Could undermine product efficacy and customer trust
Impact on global operations and supply chain
Accounting
Judgemental itemsCritical for accurately reporting subscription model revenue
Impact: high
Similar listed companies
Publicly listed companies with a comparable business focus.
ASSA ABLOY
ASSA-B · Industrials
ASSA ABLOY is a global leader in access solutions, providing innovative products and services for security, safety, and convenience.
Alligo
ALLIGO-B · Consumer Discretionary
Alligo is a prominent player in the Nordic region, specializing in workwear, personal protective equipment, tools, and consumables.
Yubo International Biotech Ltd
YBGJ · Electromedical & Electrotherapeutic Apparatus
Yubo International Biotech Ltd is a U.S.-listed holding company whose operating business is conducted in China through Yubo International Biotech (Beijing)…
Bio Key International Inc
BKYI · Services-Prepackaged Software
BIO-key International develops identity and access management software centered on biometric authentication, multifactor authentication, and…
Fortinet, Inc.
FTNT · Computer Peripheral Equipment, NEC
Fortinet designs and sells cybersecurity and secure networking products built around its FortiOS software and Fortinet Security Fabric platform.
Cyberloq Technologies, Inc.
CLOQ · Services-Prepackaged Software
Last updated: 24/09/2026