Morningstar | FireEye is still pivoting as it launches new products in an attempt to revitalize growth.
FireEye is a cybersecurity equipment and services vendor, offering solutions for both security-conscious enterprises and public-sector clients. FireEye’s inception was characterized by vigorous growth as it earned mass-market adoption of its sandboxing technology, the multivector virtual execution, or MVX, engine, which protects customers against advanced persistent threats. More recently, FireEye has been pushed to diversify as network security competitors have launched comparable products. Thus, FireEye aims to transition from a point vendor to a platform-oriented security company offering products and services that include threat intelligence and endpoint and email security.FireEye achieved exponential growth earlier this decade, but after such growth decelerated to 5% in 2017, management focused on new product launches to reinvigorate the business, such as MVX Cloud, Threat Analytics Platform, FireEye-as-a-Service, and FireEye iSIGHT intelligence. We believe FireEye’s transition to cloud-based architectures will allow the firm to lower its customers’ total cost of ownership, potentially appealing to a larger client base. Furthermore, the new cloud-based product launches shift the firm to a subscription-based business model, increasing recurring revenue and aiding margins. In 2017, the firm launched FireEye Helix, coupling various solutions into a single platform, with the capacity to alert customers regarding the nature, tools, and potentially the identity of recent cyberattacks while concurrently providing a predetermined response. We expect Helix to appeal to firms financially unable to contract with FireEye’s Mandiant consulting business.We believe FireEye is still midpivot, as the firm is at the tail end of a salesforce restructuring and contending with new product launches. Even with expected cost discipline and stronger top-line growth after a muted 2017, we do not expect the firm to become GAAP profitable until 2022. Furthermore, while new product launches expand FireEye’s addressable market, the firm will compete more directly with diversified incumbent security rivals.FireEye provides intelligence-based cybersecurity solutions that allow organizations to prepare for, prevent, respond to and remediate cyber attacks. The company's portfolio of cybersecurity products and services is designed to minimize the risk of cyber security breaches by detecting and preventing advanced, targeted and other evasive attacks, as well as enabling management of security operations, including alert management, investigation and response when a breach occurs. The company provides threat detection and prevention solutions, security orchestration, analytics and management solutions, threat intelligence subscriptions, on-demand and managed service subscriptions, and other services.
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