WALLIX GROUP SA
WALLIX develops software that controls who can access critical IT and industrial systems.
Overview
European tech stocks in Q3 2026
Chipmaking equipment, maritime robots, satellites, cybersecurity and RNA editing. Five developments that offer a closer look at the businesses behind European tech stocks.
Latest results
Reported in EUR
Latest financial publication
Q3 and nine-month 2026 revenue
Investment Thesis
Can recurring access-security revenue carry the cost base?
European Tech Equities analysis ·
A small supplier with a specific job
WALLIX GROUP SA has a plausible route to a larger, more predictable business by turning privileged-access security into recurring subscriptions. The customer need is concrete. Organisations must control who can reach sensitive systems, particularly when contractors maintain industrial equipment remotely. The case strengthens if subscription growth produces lasting profit without requiring sales and development spending to rise just as quickly.
Recurring sales are growing
WALLIX’s revenue reached €31.7 million in the first nine months of 2026, up 15.4%. Recurring revenue accounted for almost 80% of that total. This gives the business a more predictable sales base, although growth still has to cover the cost of developing and selling its software.
Security budgets favour a useful specialist
Gartner forecast global information-security spending of US$244 billion for 2026. In Europe, ENISA’s 2025 survey found median security spending of €1.5 million among 1,080 participating organisations, with more emphasis on technology and outsourcing. WALLIX competes for the access-control portion of those budgets. Its opportunity is to win that specific purchase and subsequent renewals, rather than capture a fixed share of the entire security market.
Profitability is improving, but the full-year target remains ahead
The first-half operating loss narrowed to €1.2 million from €3.0 million a year earlier. Operating cash flow of €4.0 million covered €3.9 million of capital spending, leaving a small positive balance. Cash was €12.5 million at June-end. In October, management maintained its aim of positive operating profit and free cash flow for 2026. The half-year progress supports that aim; it does not yet establish a profitable full year.
Recurring revenue earns a premium through retention
A subscription valuation is more credible when renewals, customer expansion and cash generation improve together. A fast-growing recurring-revenue measure could overstate the improvement if it mainly replaces perpetual licences or requires expensive customer acquisition. The stronger case is profitable growth after the transition, supported by repeat payments and a stable service burden. That is the evidence needed before treating software revenue as especially valuable.
What would weaken the case
- Larger security platforms bundle comparable access controls and make standalone sales harder.
- Recurring revenue grows while total revenue, operating profit or cash generation disappoint.
- International expansion and acquired products add cost faster than they add paying customers.
Sources
- WALLIX · Company
- WALLIX · 2026 technology plans
- WALLIX Q3 2026 revenue
- Gartner · Worldwide information-security spending forecast, February 2026
- ENISA · NIS Investments 2025, European organisation survey
- WALLIX H1 2026 results
- WALLIX GROUP SA · FY 2025 financial report
- WALLIX · H1 2026 trading update, 19 July 2026
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
- Revenue
- EUR 31.7m
- Revenue growth · YoY
- 15.4%
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
FY 2025 consolidated statements, printed pp. 4–6. French accounting rules (ANC), not IFRS. Cash follows the balance sheet; the cash-flow statement nets small bank overdrafts. Loans and borrowings follow the issuer’s definition.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
FY 2024 · FY 2025 consolidated statements, printed pp. 4–6
FY 2025 · FY 2025 consolidated statements, printed pp. 4–6
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
FY 2025 consolidated statements, printed pp. 4–6. French accounting rules (ANC), not IFRS. Cash follows the balance sheet; the cash-flow statement nets small bank overdrafts. Loans and borrowings follow the issuer’s definition.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
FY 2025 consolidated statements, printed pp. 4–6. French accounting rules (ANC), not IFRS. Cash follows the balance sheet; the cash-flow statement nets small bank overdrafts. Loans and borrowings follow the issuer’s definition.
Quarterly
Revenue
Income statement
| For the periodEUR million | Q3 2026 |
|---|---|
| Revenue | 11.20 |
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Q3 2026 · Release p.1; three-month revenue.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
FY 2025 consolidated statements, printed pp. 4–6. French accounting rules (ANC), not IFRS. Cash follows the balance sheet; the cash-flow statement nets small bank overdrafts. Loans and borrowings follow the issuer’s definition.
Year to date
Revenue
Income statement
| For the periodEUR million | 9M 2026 |
|---|---|
| Revenue | 31.70 |
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
9M 2026 · Release p.1; cumulative nine-month revenue, not Q3-only.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
FY 2025 consolidated statements, printed pp. 4–6. French accounting rules (ANC), not IFRS. Cash follows the balance sheet; the cash-flow statement nets small bank overdrafts. Loans and borrowings follow the issuer’s definition.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
European tech stocks in Q3 2026
Chipmaking equipment, maritime robots, satellites, cybersecurity and RNA editing. Five developments that offer a closer look at the businesses behind European tech stocks.
Strong growth and positive commercial momentum in Q3 2026 support confirmation of full-year targets
Q3 and nine-month 2026 revenue
Strong improvement in earnings and positive free cash flow in H1 2026 2026 objectives confirmed
WALLIX launches Sovereign Identity Access, placing identity control at the heart of digital sovereignty
WALLIX launches Sovereign Identity Access, placing identity control at the heart of digital sovereignty
Interviews
Interviews are coming soon
No interviews with WALLIX GROUP SA have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
9M 2026 · Published Oct 22, 2026 · Checked Oct 23, 2026
Q3 2026 · Published Oct 22, 2026 · Checked Oct 23, 2026
H1 2026 · Published Oct 8, 2026 · Checked Oct 23, 2026
FY 2025 · Published Apr 21, 2026 · Checked Sep 14, 2026
Checked 2026-09-14
Checked 2026-09-14
Checked 2026-09-14
Checked 2026-09-14