Hello dear Getquin Community,

Over the past few days, I have been working intensively on the topic of cyber security and its fundamental importance in various sectors such as healthcare, technology, energy, armaments & defense, e-commerce, software, insurance, industry, utilities, commodities, banks, fintech, holdings, crypto and blockchain. I took a closer look at the big players, the hidden champions and the essential blade manufacturers in the industry. My aim was to gain as comprehensive a picture as possible of the different levels of this industry.

If I have overlooked any important aspects or have not categorized something correctly, I look forward to your comments and interesting additions @Tenbagger2024
@Multibagger
@Simpson
@Vegasrobaina . Together we can understand the topic even better and learn from each other.

Feel free to leave a 👍. I wish you every success with your investments 🚀

Contribution:

Cybersecurity is evolving from a marginal topic to the foundation of global markets. Whether healthcare, banking, utilities, armaments & defense, energy, industry or the digital infrastructure for artificial intelligence and blockchain, the need for protection mechanisms is increasing everywhere. While the big players such as $PANW (+0,28%) Palo Alto Networks, $CRWD (+0,69%) CrowdStrike or $ZS (+1,36%) Zscaler are in the spotlight, more and more specialized providers are emerging that are essential in their niches and often have disproportionately high growth potential. Hidden champions such as $SECT B (+1,21%) Sectra in the healthcare sector, $NCNO (-0,77%) nCino in the banking sector or $ESTC (+1,43%) Elastic in the data center show that cyber security has long been a diversified ecosystem. In addition, we must not overlook the blade manufacturers, i.e. the companies that provide the technological basis. These include chip manufacturers such as $NVDA (-3,33%) , $INTC (-1,19%) Intel or $AMD (-7,23%) AMD, data center operators such as $EQIX (+0,2%) Equin$DLR (+0,03%) Digital Realty as well as software and infrastructure providers such as $ESTC (+1,43%) Elastic, $DDOG (+2,57%) Datadog or $ANET (+0,36%) Arista Networks, without whose technology the security providers' solutions would not be scalable. The capital markets are reacting to this with valuation premiums, as the dependence on secure infrastructures is comparable to electrification in the 20th century. Investors are now faced with the question of whether to favor the established market leaders or invest in smaller companies that fly under the radar but could potentially be the real winners of tomorrow.

🔑Takeaway:

Cybersecurity is not an isolated trend, but a key investment factor across all industries from hospitals to data centers from payments to crypto platforms.

Healthcare

Big players:

$PANW (+0,28%) Palo Alto Networks (PANW), $FTNT (+2,62%) Fortinet (FTNT), $CHKP (+0,44%) Check Point (CHKP), $CRWD (+0,69%) CrowdStrike (CRWD), $S (+2,57%) SentinelOne (S), $CYBR (+0,27%) CyberArk (CYBR), $ZS (+1,36%) Zscaler (ZS), $NET (+1,08%) Cloudflare (NET), $AKAM (+0,42%) Akamai Tech. (AKAM)

- Core provider for firewalls, zero trust, endpoint and web security

Hidden champions:

$SECT B (+1,21%) Sectra (SECT-B.ST) - secure imaging & healthcare security

$VRNS (+0,38%) Varonis Systems (VRNS) - protection of sensitive patient data

Imprivata (private, partnerships with listed players) - identity management for clinics

Shovel manufacturer:

$NVDA (-3,33%) Nvidia (NVDA), $INTC (-1,19%) Intel (INTC), $AMD (-7,23%) AMD (AMD) - Chips & computing power for security appliances

$EQIX (+0,2%) Equinix (EQIX), $DLR (+0,03%) Digital Realty (DLR) - Data center infrastructure for clinical data

$ESTC (+1,43%) Elastic (ESTC), $DDOG (+2,57%) Datadog (DDOG) - basic software for monitoring & analytics

🔑 Takeaway Healthcare

Healthcare data is highly sensitive and clinics are at high risk of ransomware. In addition to large security providers, hidden champions such as Sectra and Varonis are gaining in importance as they secure directly at the interface between patient data and medical devices.

Technology, Data centers & AI, Telecommunications

Major players:

$ZS (+1,36%) Zscaler (ZS), $S (+2,57%) SentinelOne (S), $CHKP (+0,44%) Check Point (CHKP)

- Protection for cloud and AI environments

Hidden champions:

$ESTC (+1,43%) Elastic (ESTC) - Security Analytics

$ANET (+0,36%) Arista Networks (ANET)

- Network switches for data centers

Blade manufacturers:

$EQIX (+0,2%) Equinix (EQIX), $DLR (+0,03%) Digital Realty (DLR)

- Data center infrastructure

$NVDA (-3,33%) Nvidia (NVDA), $INTC (-1,19%) Intel (INTC), $MRVL (-1,39%) Marvell Tech. (MRVL)

- Chips & computing power for AI and security

Special players telecommunications

$AKAM (+0,42%) Akamai Tech. (AKAM) & Cloudflare (NET) - secure traffic and mobile data

$RDWR (+0%) Radware (RDWR) - DDoS protection for telcos

$CSCO (-2,53%) Cisco (CSCO) - network security for carriers

$CLAV Clavister Holding AB (CLAV) - through SD-WAN and carrier security

🔑 Takeaway Technology, Data Centers & AI

Data centers and AI platforms are the backbone of the digital economy. Zero Trust and cloud security from Zscaler or SentinelOne meet shovel manufacturers such as Equinix or Nvidia, who are indispensable with infrastructure and chips.

Energy

Major players:

$FTNT (+2,62%) Fortinet (FTNT, NASDAQ) - OT/ICS security for power grids and power plants

$PANW (+0,28%) Palo Alto Networks (PANW, NASDAQ) - Zero Trust & network protection for energy suppliers

$CHKP (+0,44%) Check Point (CHKP, NASDAQ) - Critical infrastructure protection, gas and oil industry

Hidden Champions:

Dragos (private, IPO candidate) - leader in OT security, specialized in energy infrastructures

$RDWR (+0%) Radware (RDWR, NASDAQ) - DDoS defense for energy networks

$NCC (-1,18%) NCC Group (NCC.L, London) - penetration tests & audits for utilities

$CLAV Clavister Holding AB (CLAV) - OT/ICS and infrastructure security

Shovel manufacturer:

$SBGSY (+0%) Schneider Electric (SBGSY, OTC) - OT/ICS hardware with security components

$ENR (-2,06%) Siemens Energy (ENR, Frankfurt) - Energy infrastructure with embedded security solutions

$AVGO (+8,33%) Broadcom (AVGO, NASDAQ) - Security chips for networks in energy environments

E-Commerce

Major players:

$NET (+1,08%) Cloudflare (NET, NYSE) - DDoS and API protection for online stores & payment platforms

$AKAM (+0,42%) Akamai (AKAM, NASDAQ) - Application security & bot management in e-commerce

$FFIV (-0,09%) F5 Networks (FFIV, NASDAQ) - API & payment security for digital platforms

Hidden Champions:

$RSKD (+0,77%) Riskified (RSKD, NYSE) - Fraud prevention in online retail

$VRNS (+0,38%) Varonis Systems (VRNS, NASDAQ) - Protection of customer data

$CYBR (+0,27%) CyberArk (CYBR, NASDAQ) - Identity & access protection for payment processes

Shovel manufacturer:

$V (-2,85%) Visa (V, NYSE) & $MA (-2,53%) Mastercard (MA, NYSE) - not classic cybersecurity, but operator of secure payment networks

$ESTC (+1,43%) (ESTC, NYSE) - fraud analytics for e-commerce platforms

$DDOG (+2,57%) Datadog (DDOG, NASDAQ) - monitoring & security analytics for retail infrastructure

🔑 Takeaway:

Energy is particularly vulnerable due to OT/ICS systems, which is where specialists like Dragos come in.

E-commerce needs fraud prevention in addition to traditional web security, which is why players such as Riskified are occupying a niche.

Armaments & Defense

Major players:

$NOC (-0,4%) Northrop Grumman (NOC, NYSE) - leader in cyberdefense for military & intelligence agencies, also developing offensive cyber capabilities

$BAESY (+2,5%) BAE Systems (BAESY, OTC) - strong cyber intelligence division, protects critical military and government networks

$RTX (-1,4%) Raytheon Technologies (RTX, NYSE) - defense company with growing cybersecurity portfolio for military communications & satellites

Hidden Champions:

$PLTR (-2,66%) Palantir Technologies (PLTR, NYSE) - Data and analytics platform with strong cybersecurity component, often for defense ministries

$CACI (+2,51%) CACI International (CACI, NYSE) - specializes in cyber intelligence, network protection and military IT services

$LDOS (-0,34%) Leidos Holdings (LDOS, NYSE) - IT and cybersecurity service provider for US defense and NATO

$CLAV Clavister Holding AB (CLAV) - used by government and military organizations

$ADVE Advenica (ADVE) - Specialized security, relevant for government agencies and national infrastructure

Shovel manufacturer:

$LHX (-0,47%) L3Harris Technologies (LHX, NYSE) - Provides communications and cyber hardware for military networks

$GD (-1,21%) General Dynamics (GD, NYSE) - with its IT division GDIT also a provider of cyber defense infrastructure

$KTOS (+0,88%) Kratos Defense (KTOS, NASDAQ) - specializes in drones, satellite systems and cyber hardening of defense communications

🔑 Takeaway:

In the defense sector, the boundaries between traditional defense and cybersecurity are blurring. Alongside the large defense contractors, hidden champions such as Palantir, CACI and Leidos are emerging to provide pure cyber and data expertise. Shovel manufacturers such as L3Harris and Kratos secure the technical infrastructure.

Software & insurance

Big players:

$OKTA (+1,3%) Okta (OKTA), $CYBR (+0,27%) CyberArk (CYBR), $CRWD (+0,69%) CrowdStrike (CRWD)

- Identity, endpoint and cloud security

Hidden champions:

$VRNS (+0,38%) Varonis (VRNS) - Data security

SailPoint (private, formerly NYSE) - Identity Governance

$FROG (-0%) JFrog (FROG) - DevSecOps & Supply-Chain-Security

$CYBE (+0,53%) CyberCatch Holdings, Inc (CYBE) - Provides AI-based cybersecurity SaaS

$GEN (-0,79%) Gen Digital (GEN) - one of the largest consumer cybersecurity providers worldwide (Norton, Avast, LifeLock), strong in identity protection and data protection for consumers & small businesses

Shovel manufacturer:

$MSFT (-3,17%) (MSFT), $GOOG (+0,47%) Alphabet (GOOGL), $AMZN (-1,95%) Amazon (AMZN)

- Cloud security base

$FFIV (-0,09%) F5 Networks (FFIV) - API protection for SaaS & insurance platforms

🔑 Takeaway Software & Insurance

Data and identity protection take center stage. Major players such as Okta and CyberArk secure access, while hidden champions such as Varonis and JFrog provide specialist solutions. Cloud providers such as Microsoft and Amazon are both platform operators and security suppliers.

Industry, supply & raw materials

Major players:

$FTNT (+2,62%) Fortinet (FTNT), $CSCO (-2,53%) Cisco (CSCO), $PANW (+0,28%) Palo Alto Networks (PANW)

- Network protection for critical infrastructures

Hidden champions:

$RDWR (+0%) Radware (RDWR) - DDoS protection

$NCC (-1,18%) NCC Group (NCC.L) - OT-Security & Penetration Tests

$SECT B (+1,21%) Sectra (SECT-B.ST) - secure infrastructure in the OT/healthcare intersection

$CLAV Holding AB CLAV) - OT/ICS and infrastructure security

$ADVE Advenica (ADVE) - Specialized security, relevant for public authorities and national infrastructure

Shovel manufacturer:

$AVGO (+8,33%) Broadcom (AVGO) - Security chips

Juniper Networks (JNPR) - Network backbones

$ANET (+0,36%) Arista Networks (ANET) - high-end switches

🔑 Takeaway Industry, Supply & Raw Materials

OT/ICS systems in production, energy and raw materials are attractive targets. Fortinet and Palo Alto dominate, but hidden champions such as Radware and the NCC Group offer special expertise for attacks on industrial control systems.

Banks, Fintech & Holdings

Big players:

$CRWD (+0,69%) CrowdStrike (CRWD), $PANW (+0,28%) Palo Alto Networks (PANW), $ZS (+1,36%) Zscaler (ZS)

- Core protection for banks & digital platforms

Hidden champions:

$NCNO (-0,77%) nCino (NCNO) - Cloud Banking Security

$NCC (-1,18%) NCC Group (NCC.L) - Audits & Compliance

$CYBE (+0,53%) CyberCatch Holdings, Inc (CYBE) - Provides AI-based cybersecurity SaaS

$GEN (-0,79%) Gen Digital (GEN) - through fraud prevention and identity topics

Shovel Manufacturer:

$FFIV (-0,09%) F5 Networks (FFIV) - API security for payments

$AKAM (+0,42%) Akamai Tech. (AKAM) - Web & Payment Security

$ESTC (+1,43%) Elastic (ESTC) - Fraud Analytics

🔑 Takeaway Banks, Fintech & Holdings

High regulatory pressure makes cybersecurity a mandatory field. In addition to established providers, banks are relying on hidden champions such as nCino or Darktrace for cloud banking and anomaly detection. Shovel manufacturers such as F5 or Akamai secure payment APIs and banking portals.

Crypto & blockchain

Big players:

$PANW (+0,28%) Palo Alto Networks (PANW), $FTNT (+2,62%) Fortinet (FTNT), $CRWD (+0,69%) CrowdStrike (CRWD)

- Core protection for exchanges, wallets and blockchain infrastructure

Hidden champions:

$BBAI (+0,92%) BigBear.ai (BBAI) - Blockchain Fraud Detection

$RIOT (-0,62%) Riot Platforms (RIOT) - Mining with a focus on security

Shovel manufacturer:

$NVDA (-3,33%) Nvidia (NVDA), AMD (AMD) - Chips & Mining Hardware

$NET (+1,08%) Cloudflare (NET), $AKAM (+0,42%) Akamai Tech. (AKAM)

- Network protection for wallets & exchanges

🔑 Takeaway crypto & blockchain

Crypto ecosystems are heavily affected by attacks on exchanges, wallets and smart contracts. While traditional security players provide protection, niche providers such as BigBear.ai and Riskified are emerging that specialize specifically in fraud and blockchain risks.

Source: Own analysis, image material: schwarz-digits

$NOC (-0,4%)

Aerospace and defense company Northrop Grumman Corporation (NYSE:NOC) has reported strong financial results for the second quarter of 2025, beating forecasts for earnings and revenue. The company reported earnings per share (EPS) of $8.15, beating the forecast of $6.82, a positive surprise of 19.5%. Sales reached $10.4 billion, slightly above the expected $10.07 billion. As a result of these results, Northrop Grumman shares rose 8.31% in pre-market trading, reflecting investor optimism.

Key takeaways

Northrop Grumman's earnings per share (EPS) of $8.15 beat expectations by 19.5%.

Sales amounted to $10.4 billion, an increase of 1% year-on-year.

The share price rose 8.31% in pre-market trading.

The company raised its full-year guidance for earnings per share and free cash flow.

International sales grew 18%, driven by increased defense spending.

Company performance

Northrop Grumman delivered a robust performance in the second quarter of 2025, with revenue up 1% year over year. The company's segment operating profit increased 11% and the segment operating margin improved 100 basis points to 11.8%. This growth was driven by strong demand in the Defense and Aerospace segments as well as strategic investments in production capacity.

Financial highlights

Sales: $10.4 billion, an increase of 1% year-on-year

Earnings per share: $8.15, an increase of 28% compared to the previous year

Segment operating profit: increase of 11

Segment operating margin: increase of 100 basis points to 11.8

Bye bye $NOC (-0,4%) trade 🫡

Here is a clear overview of the quarterly figures due next week.

$NXPI (+0%)
$CLF (+7,76%)
$LOGN (+0,25%)
$KO (-1,09%)
$GM (-0,78%)
$LMT (+1,18%)
$NOC (-0,4%)
$PM (-0,51%)
$RYTT34
$UPS (+0,14%)
$V (-2,85%)
$T (-0,43%)
$FCX (+0,2%)
$GD (-1,21%)
$GOOGL (+0,59%)
$IBM (-0,15%)
$NOW (+1,08%)
$TSLA (+2,79%)
$DOW (+1,46%)
$HON (-0,54%)
$VLO (-0,39%)
$BMY (+0,02%)
$AON (-1,36%)
$CL (+1,52%)

The USA will now probably deliver urgently needed "Patriot" defense missiles to Ukraine after all. This was announced by the US President last night. According to Trump, the weapons will be paid for by the EU.US President Donald Trump has announced the delivery of "Patriot" anti-aircraft missiles to Ukraine. "We will send them 'Patriots', which they urgently need," said Trump. However, he left open how many systems he wanted to send to reporters at Andrews Air Force Base. The weapons are to be financed by the EU: the people in Ukraine need the protection of the "Patriots", "but the European Union is paying for it. We pay nothing," Trump said verbatim. It was a business deal. With a view to an upcoming meeting with NATO Secretary General Mark Rutte, Trump went on to explain that the defense alliance would buy US military technology: "We're basically going to send them various pieces of sophisticated military equipment and they're going to pay us 100 percent for it." Trump plans to meet with Rutte later this week to discuss Ukraine and other issues

Source and full content:

Trump announces "Patriot" delivery to Ukraine | tagesschau.de https://share.google/jk7iR8mM7Sd3HhYzF

Will the war end soon?

Profiting:

$STR (-0,53%)

$POS (-0,86%)

$HOT (-0,77%)

$NOC (-0,4%)

$LMT (+1,18%)

$RTX (-1,4%)

$NOC (-0,4%) is now also moving in the right direction.

The 3 week trade duration is a bit too long for my taste, but it's okay.

Trade is secured at +15% with an SL and I will be out before the figures on 22.7.

I wanted to give you a little update on my current defense portfolio and the planned changes.

📍Status Quo:

📍Capability areas and benefits for the portfolio:

Air & missile defense

$RTX (-1,4%) ,$LMT (+1,18%)

Patriot, PAC-3, THAAD - core systems for the protection of cities, bases and fleets

Combat aircraft & air dominance

$LMT (+1,18%) , $BA. (+0,81%)

F-35 program (LMT), Eurofighter Typhoon, future Tempest/FCAS

Maritime strike capability

$HII (-0,15%) , $GD (-1,21%) , $BA. (+0,81%)

Nuclear submarines (Virginia, Astute), Type-26 frigates, combat systems

Sensors & electronic reconnaissance

$HAG (+0,31%) , $QQ. (-0,76%) , $CHRT (-6,49%) , $BA. (+0,81%)

AESA radars, ESM/ECM, BAE Raven ES-05 radar

Autonomous systems & drones

Almost all companies play me here. $KTOS (+0,88%) as the only drone pure play.

Unmanned jets (XQ-58) and tactical UAS - rapidly growing budget item

Cyber / AI & data fusion

$PLTR (-2,66%) ,$CACI (+2,51%)

AI-supported command and control systems (PLTR Gotham/Apollo) and US government IT services

Ground-based large-scale systems

$GD (-1,21%) ,$NOC (-0,4%) , $BA. (+0,81%)

Abrams modernizations, artillery rockets and ground-based sensors, CV90-IFV, M109 howitzers

Multidomain space flight

$NOC (-0,4%)

US nuclear deterrence - from delivery systems to warning and command and control networks

💰Realized partial sales at $HAG and $PLTR

I had already reduced $HAG and $PLTR by 50% each this year with large gains (+651% and +346%):

The valuations of both companies are currently extremely sporty.

PLTR

Trailing P/E ratio (TTM): 580 - 590x

Forward P/E ratio: ~240x

Price-to-sales: >100x

HAG

Trailing P/E ratio (TTM): 120 - 130x

Forward P/E ratio: ~80x

Price-to-sales: >5x

I will nevertheless remain invested in both positions for the time being. Mainly because I currently see no significant change in the underlying investment story.

Position sizes are relativized by new planned purchases and the concentration risk falls from 34% → 25% of the sleeve.

📊Planned adjustments:

❓Why these changes?

New position$AVAV (-0,97%)
(drones/loitering ammunition):

Covers the fastest growing budget line (attritable UAS), which was previously barely represented.

New position $RHM (+1,29%)
(Ammunition & Platforms)

Adds the "155 mm grenades" bottleneck and European land systems to the portfolio; beneficiary of EU armament.

Increase $RTX (-1,4%)

Most favorable US prime (forward P/E ≈ 25), high visibility in air/missile defense systems.

Top-up $GD (-1,21%)

Diversified towards submarines, ground vehicles and ammunition; reliable free cash flow.

📉Planned, staggered entries:

$AVAV: $220 - $185

$RHM: €1550 - €1450

$RTX: $125 - $120

$GD: $285 - $270

🤔 What does your portfolio look like?

Which defense stocks do you hold and why?

At least for one value, the Brent oil future long, it looks good for tomorrow so far.

I think there will be 3-4 more.😉

Think of $VG (-0,68%) , $NOG (-5,06%) , $NOC (-0,4%) for example.

The rest, well, we'll see