SEALSQ Corp
LAES Nasdaq Semiconductors & Related Devices Financials FY2020โFY2025
Revenue
Total sales reported in the income statement.
$18.3M
66.2%
vs prior year
Operating margin
Operating income as a share of revenue.
โ218.1%
61.5ย pts
Net income
Profit after all expenses, interest and tax.
โ$34.2M
Free cash flow
Cash from operations minus capital spending.
โ$32.0M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ88.6%
Market cap
Last close times the latest diluted share count, so it is approximate.
โ
P/E
Last close divided by diluted earnings per share over the last four quarters.
โ
What SEALSQ Corp does
No business description yet.
- Legal name
- SEALSQ Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F ยท Mar 31, 2026
- Accession ยท CIK
- 0001104659-26-037706
0001951222
Revenue and margins
SEALSQ Corp had $18.3M of revenue in fiscal 2025, up 66.2% on the year before.
FY20
Revenue $14.3M
FY21
Revenue $17.0M
FY22
Revenue $23.2M
FY23
Revenue $30.1M
FY24
Revenue $11.0M
FY25
Revenue $18.3M
FY20
Gross 38.0%
Operating โ60.0%
Net โ64.3%
FCF โ21.5%
FY21
Gross 42.1%
Operating โ29.7%
Net โ28.4%
FCF โ20.0%
FY22
Gross 42.2%
Operating 11.1%
Net 24.9%
FCF 0.6%
FY23
Gross 46.7%
Operating โ13.8%
Net โ10.9%
FCF โ19.2%
FY24
Gross 33.9%
Operating โ156.6%
Net โ193.1%
FCF โ97.4%
FY25
Gross 47.3%
Operating โ218.1%
Net โ187.3%
FCF โ175.3%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY20
Net income โ$9.2M
FY21
Net income โ$4.8M
FY22
Net income $5.8M
FY23
Net income โ$3.3M
FY24
Net income โ$21.2M
FY25
Net income โ$34.2M
FY20
Diluted EPS โ$7.09
FY21
Diluted EPS โ$0.34
FY22
Diluted EPS $0.41
FY23
Diluted EPS โ$0.21
FY24
Diluted EPS โ$0.60
FY25
Diluted EPS โ
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY20
Return on capital โ
Return on equity โ
Return on assets โ
FY21
Return on capital โ
Return on equity โ
Return on assets โ40.8%
FY22
Return on capital โ
Return on equity โ
Return on assets 34.4%
FY23
Return on capital โ
Return on equity โ132.1%
Return on assets โ13.2%
FY24
Return on capital โ
Return on equity โ52.2%
Return on assets โ33.8%
FY25
Return on capital โ88.6%
Return on equity โ12.7%
Return on assets โ11.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was โ$32.0M in fiscal 2025, โ175.3% of revenue. Cash from operations minus capital spending.
FY20
Free cash flow โ$3.1M
FY21
Free cash flow โ$3.4M
FY22
Free cash flow $0.1M
FY23
Free cash flow โ$5.8M
FY24
Free cash flow โ$10.7M
FY25
Free cash flow โ$32.0M
FY20
Cash from operations โ$3.0M
Capital spending $0.1M
FY21
Cash from operations โ$3.4M
Capital spending $0.0M
FY22
Cash from operations $0.4M
Capital spending $0.3M
FY23
Cash from operations โ$2.7M
Capital spending $3.0M
FY24
Cash from operations โ$10.1M
Capital spending $0.6M
FY25
Cash from operations โ$31.3M
Capital spending $0.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
SEALSQ Corp returned โ to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY20
Dividends โ
Buybacks โ
FY21
Dividends โ
Buybacks โ
FY22
Dividends โ
Buybacks โ
FY23
Dividends โ
Buybacks โ
FY24
Dividends โ
Buybacks โ
FY25
Dividends โ
Buybacks โ
Dividends
Buybacks
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.01B
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.03B
FY25
Diluted shares โ
Balance sheet
Cash, debt and the ratios that show how comfortably SEALSQ Corp can carry it.
FY20
Cash $1.8M
Debt โ
FY21
Cash $2.1M
Debt โ
FY22
Cash $4.1M
Debt โ
FY23
Cash $6.9M
Debt โ
FY24
Cash $84.6M
Debt โ
FY25
Cash $428M
Debt $1.8M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.1M | $4.1M | $6.9M | $84.6M | $428M |
| Debt incl. finance leases | โ | โ | โ | โ | $1.8M |
| Debt / equity | โ | โ | โ | โ | 0.0x |
| Interest coverage | โ30.2x | 7.3x | โ845.1x | โ1,177.5x | โ594.0x |
| Current ratio | 1.1x | 1.5x | 2.3x | 5.5x | 15.9x |
| Quick ratio | 0.7x | 0.8x | 1.7x | 5.4x | 15.8x |
| Total assets | $11.8M | $21.7M | $27.9M | $97.6M | $504M |
| Total liabilities | $25.4M | $21.4M | $22.9M | $21.1M | $42.7M |
| Shareholders' equity | โ$13.6M | $0.2M | $4.7M | $76.5M | $462M |
| Net debt (โ = net cash) | โ | โ | โ | โ | โ$426M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โPlanโ marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
โ
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8โ9 is strong, 0โ2 weak.
| Test | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income is positive | โ | โ | โ | โ | โ | โ |
| Cash from operations is positive | โ | โ | โ | โ | โ | โ |
| Return on assets rose | โ | โ | โ | โ | โ | โ |
| Cash from operations exceeds net income | โ | โ | โ | โ | โ | โ |
| Debt fell relative to assets | โ | โ | โ | โ | โ | โ |
| Current ratio rose | โ | โ | โ | โ | โ | โ |
| Share count didn't rise | โ | โ | โ | โ | โ | โ |
| Gross margin rose | โ | โ | โ | โ | โ | โ |
| Revenue rose relative to assets | โ | โ | โ | โ | โ | โ |
| F-score | โ / 3 | โ / 5 | 6 / 8 | 4 / 8 | 2 / 8 | 4 / 7 |
| Accruals ratio | โ | โ12.4% | 31.8% | โ2.1% | โ17.7% | โ1.0% |
| Altman Z'' | โ | โ9.54 | โ0.15 | โ0.48 | 6.35 | 15.82 |
6 years of figures
Amounts in USD. Hover a ratioโs name for its definition.
| Fiscal year | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $14.3M | $17.0M | $23.2M | $30.1M | $11.0M | $18.3M |
| Gross profit | $5.4M | $7.1M | $9.8M | $14.0M | $3.7M | $8.6M |
| Research and development | $4.1M | $3.1M | $2.3M | $3.9M | $5.0M | $12.5M |
| Operating income | โ$8.6M | โ$5.0M | $2.6M | โ$4.1M | โ$17.2M | โ$39.8M |
| Interest expense | $0.0M | $0.2M | $0.4M | $0.0M | $0.0M | $0.1M |
| Pretax income | โ$9.2M | โ$4.8M | $2.5M | โ$3.0M | โ$18.1M | โ$34.2M |
| Income tax | $0.0M | $0.0M | โ$3.2M | $0.2M | $3.1M | โ$0.2M |
| Net income | โ$9.2M | โ$4.8M | $5.8M | โ$3.3M | โ$21.2M | โ$34.2M |
| Net income to common | โ$9.2M | โ$4.8M | $5.8M | โ$3.3M | โ$21.2M | โ$34.2M |
| Diluted EPS | โ$7.09 | โ$0.34 | $0.41 | โ$0.21 | โ$0.60 | โ |
| Diluted shares | 0.00B | 0.01B | 0.01B | 0.01B | 0.03B | โ |
| Cash flow | ||||||
| Cash from operations | โ$3.0M | โ$3.4M | $0.4M | โ$2.7M | โ$10.1M | โ$31.3M |
| Capital expenditure | $0.1M | $0.0M | $0.3M | $3.0M | $0.6M | $0.7M |
| Free cash flow | โ$3.1M | โ$3.4M | $0.1M | โ$5.8M | โ$10.7M | โ$32.0M |
| Depreciation and amortization | $2.2M | $1.5M | $0.4M | $0.6M | $0.6M | $0.7M |
| Stock-based compensation | โ | โ | โ | โ | $0.1M | $11.3M |
| Acquisitions | โ$0.2M | โ | โ | โ | โ | $10.5M |
| Balance sheet | ||||||
| Cash and short-term investments | $1.8M | $2.1M | $4.1M | $6.9M | $84.6M | $428M |
| Total debt | โ | โ | โ | โ | โ | $1.7M |
| Finance lease liabilities | โ | โ | โ | $0.0M | $0.0M | $0.1M |
| Current assets | โ | $8.2M | $16.1M | $20.3M | $93.1M | $450M |
| Current liabilities | โ | $7.8M | $10.6M | $8.7M | $16.9M | $28.2M |
| Inventory | โ | $2.7M | $7.5M | $5.2M | $1.4M | $2.0M |
| Property and equipment, net | โ | $0.9M | $0.8M | $3.2M | $3.2M | $3.8M |
| Goodwill | โ | โ | โ | โ | โ | $5.7M |
| Intangible assets | โ | $0.0M | $0.0M | $0.0M | $0.0M | $21.0M |
| Total assets | โ | $11.8M | $21.7M | $27.9M | $97.6M | $504M |
| Total liabilities | โ | $25.4M | $21.4M | $22.9M | $21.1M | $42.7M |
| Shareholders' equity | โ$9.4M | โ$13.6M | $0.2M | $4.7M | $76.5M | $462M |
| Margins | ||||||
| Gross margin | 38.0% | 42.1% | 42.2% | 46.7% | 33.9% | 47.3% |
| Operating margin | โ60.0% | โ29.7% | 11.1% | โ13.8% | โ156.6% | โ218.1% |
| EBITDA margin | โ44.3% | โ20.6% | 12.9% | โ11.9% | โ150.8% | โ214.2% |
| Net margin | โ64.3% | โ28.4% | 24.9% | โ10.9% | โ193.1% | โ187.3% |
| FCF margin | โ21.5% | โ20.0% | 0.6% | โ19.2% | โ97.4% | โ175.3% |
| Returns | ||||||
| Return on capital | โ | โ | โ | โ | โ | โ88.6% |
| Return on capital employed | โ | โ123.4% | 23.4% | โ21.5% | โ21.3% | โ8.4% |
| Return on equity | โ | โ | โ | โ132.1% | โ52.2% | โ12.7% |
| Return on assets | โ | โ40.8% | 34.4% | โ13.2% | โ33.8% | โ11.4% |
| Return on tangible equity | โ | โ | 2,734.6% | โ69.0% | โ27.7% | โ7.9% |
| Growth | ||||||
| Revenue growth | โ | 18.7% | 36.5% | 29.6% | โ63.5% | 66.2% |
| Net income growth | โ | โ | โ | โ156.6% | โ | โ |
| EPS growth | โ | โ | โ | โ151.2% | โ | โ |
| FCF growth | โ | โ | โ | โ4,022.4% | โ | โ |
| Share count change | โ | 409.2% | 0.0% | 18.0% | 255.8% | โ |
| Financial health | ||||||
| Debt / equity | โ | โ | โ | โ | โ | 0.0x |
| Interest coverage | โ1,073.1x | โ30.2x | 7.3x | โ845.1x | โ1,177.5x | โ594.0x |
| Current ratio | โ | 1.1x | 1.5x | 2.3x | 5.5x | 15.9x |
| Quick ratio | โ | 0.7x | 0.8x | 1.7x | 5.4x | 15.8x |
| Capital allocation | ||||||
| Capex / revenue | 0.4% | 0.2% | 1.3% | 10.1% | 5.2% | 4.1% |
| Stock comp / revenue | โ | โ | โ | โ | 1.3% | 61.7% |
| Quality scores | ||||||
| Piotroski F-score | โ | โ | 6.0 | 4.0 | 2.0 | 4.0 |
| Altman Z'' | โ | โ9.5 | โ0.1 | โ0.5 | 6.3 | 15.8 |
| Accruals ratio | โ | โ12.4% | 31.8% | โ2.1% | โ17.7% | โ1.0% |
Source: SEC EDGAR XBRL filings (CIK 0001951222). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ not investment advice. Check the original filings before relying on any figure.