nForce Secure Public Company Limited

nForce Secure Public Company Limited

SECURE.BK
nForce Secure Public Company LimitedTH flagStock Exchange of Thailand
13.10
THB
- -
- -
1.35BMarket Cap
nForce Secure Public Company Limited
SECURE.BK
(Stock Exchange of Thailand)

Recent

price

13.10

P/E

ratio

- -

div

yld

- -

ROIC.AI

2020
2021
2022
2023
2024
2025
TTM
FRC
8.92
9.23
8.7
10.38
12.05
12.68
12.82
Revenue per Share
0.33
0.69
0.54
0.89
1.13
1.18
1.24
Basic EPS, GAAP
1.03
0.38
0.1
0.8
0.59
1.91
2.21
Free Cash Flow per Basic Share
0.81
0.41
0.18
0.3
0.65
0.7
- -
Dividend per Share
0.67
0.98
1.22
1.8
2.29
2.75
3.09
Book Value per Share
1.58
6.42
5.95
6.53
6.99
7.47
7.81
Tangible Book Value per Share
71
89
103
103
103
103
103
Basic Weighted Avg Shares
634
823
894
1,066
1,238
1,303
1,317
Sales/Revenue/Turnover
5.63
8.99
6.4
10.37
10.81
11.39
11.67
Operating Margin (%)
12
11
12
14
15
14
14
Depreciation Expense
24
61
55
92
116
122
127
Net Income, GAAP
22.9
16.8
18.68
20.91
20.1
20.5
20.32
Effective Tax Rate (%)
3.71
7.42
6.16
8.61
9.34
9.33
9.64
Profit Margin (%)
69
518
541
597
636
747
787
Working Capital
11
8
17
16
10
15
27
LT Debt
114
573
612
673
723
771
806
Total Equity
- -
16.62
7.55
12.87
14.47
15.07
15.04
Return on Invested Capital (%)
- -
68.12
45.39
51.95
50.56
44.23
40.03
Return on Capital (%)
- -
90.36
51.82
59.08
54.97
46.9
43.64
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
5
4
7
LT Borrowings
- -
- -
- -
LT Finance Leases
15
15
27
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
103
103
103
Market Capitalization
1,325
1,284
1,212

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
906
1,081
989
Cash, Cash Equivalents & STI
556
608
664
Accounts Receivable, Net
221
380
209
Inventories
71
36
55
Total Current Liabilities
215
334
202
Payables & Accruals
179
302
159
ST Debt
5
4
7
Deferred Revenue
17
18
18

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
87.06%
6.66%
Free Cash Flow
- -
151.92%
224.1%
Net Income, GAAP
- -
49.48%
5.12%
Sales/Revenue/Turnover
- -
15.81%
5.24%
Total Cash Common Dividend
- -
21.05%
7.69%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
345
222
262
409
1,238
2025
293
290
268
451
1,303
2026
307
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.4
0.17
0.1
- -
1.13
2025
0.28
0.31
0.26
- -
1.18
2026
0.34
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
0.2
- -
0.65
2025
- -
- -
- -
- -
0.7
2026
- -
- -
- -
- -
- -
Business
nForce Secure Public Company Limited engages in the distribution and sale of cybersecurity and network management products and solutions primarily within Thailand. The company offers a comprehensive portfolio of products including application security, cloud security, email security, endpoint security hardware and software, identity and access management, network performance and monitoring systems, security operations center solutions, network security, PDPA compliance and data security products. Additionally, it develops enterprise software and provides project management, business consulting, risk assessment, planning, training, installation, and support services. Founded in 2005 and headquartered in Bangkok, Thailand, nForce Secure operates as a value-added distributor delivering advanced security technologies through a reseller network. The company’s core business segments include network security systems such as firewall and proxy servers; endpoint security products including antivirus and anti-malware software; network performance and monitoring systems to enhance network efficiency and reliability; and management products covering data management and user identification. Its customer base spans banking, financial services, insurance, industry enterprises, government, state enterprises, telecommunications, information and communication technology providers, as well as private sector businesses like hotels, hospitals, schools, and trading companies. Recent significant developments include strategic adjustments aimed at expanding market presence with a focus on high-margin products, resulting in increased gross profit margins in 2025. The company has also experienced changes in board membership and approved dividends for the second half of 2024. Financial management has seen improvements including reduced liabilities and a stable debt-to-equity ratio. Operationally, the company has increased inventories and lease liabilities due to changing contracts and has increased employee expenses aligning with sales growth. These changes reflect nForce Secure’s continuing evolution to strengthen its market position and financial health in the cybersecurity and IT security distribution sector.