Largest Cyber Stocks Feast in 2025, as Smaller Stocks Famish

Investors Increasingly See Each Security Technology Category as Winner-Take-All Michael Novinson (MichaelNovinson) • January 2, 2026

The chasm between the cyber "haves" and cyber "have nots" widened in 2025, with most large security companies recording stock price gains while smaller companies logged losses.

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Of the 11 public cyber vendors with valuations exceeding $14.9 billion, stock prices rose for nine companies in 2025, with Gen Digital down marginally and only Fortinet recording a meaningful stock price drop. But it was a very different story for the 12 security vendors with valuations between $1.1 and $14.9 billion, with all 12 experiencing market cap decline in 2025, with a median stock price drop of 14.8%.

The eight public cyber vendors with valuations below $1.1 billion were a mixed bag in 2025, with one recording a large ...