LAESNasdaqSemiconductors & Related DevicesFiscal year ends December 31
SEALSQ Corp
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Mar 31, 2026
$1.67−0.12 (-6.70%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
47.3%+9.3 pts over 5 years
Operating margin
-218.1%−158.1 pts over 5 years
Net margin
-187.3%−123.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +66.2% | -7.7% | +5.0% | – | |
| Gross profit | +131.5% | -4.1% | +9.7% | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -12.7% | |
| Return on assets | – | – | -11.4% | |
| Current ratio | – | – | 15.92 | |
| Interest coverage | – | -1073.1× | -593.8× | |
| Inventory turnover | – | – | 5.6× | |
| Capex to revenue | – | 0.4% | 4.1% | |
| Diluted shares | – | 1M | – |
Where the cash went
Fiscal 2021 to 2025, five years combined
Sealsq generated $47.94M from operations and spent $4.67M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$47.94M
Used
$4.67M
Capital expenditure$4.67M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-187.3%
×Asset turnover0.06×
×Equity multiplier1.12×
=Return on equity, FY2025-12.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -187.3% | 0.06× | 1.12× | -12.7% |
| FY2024 | -193.1% | 0.17× | 1.55× | -52.2% |
| FY2023 | -10.9% | 1.21× | 10.02× | -132.1% |
| FY2022 | 24.9% | 1.38× | -2.51× | -86.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$34.19M
- Cash generatingOperating cash flow above zero-$31.26M
- Return on assets improvedROA up on the prior year-75.9% → -35.0%
- Earnings backed by cashOperating cash flow above net income-$31.26M vs -$34.19M
- Less leverageLong-term debt to assets fell– → 0.2%
- Better liquidityCurrent ratio rose5.51 → 15.92
- No dilutionShare count did not rise28M → –
- Gross margin improvedGross margin up on the prior year33.95% → 47.28%
- More efficientAsset turnover rose0.39 → 0.19