Share count
124Mpeak FY2025
← All companies ← KZIA Manual LANV → ← KOPN Semiconductors LASR →
LAES, SEALSQ Corp
Revenue is Semiconductors (80%) and ASIC (20%).
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$18M
+66.2% YoY · 5% 5-yr CAGR
Vital signs · TTM
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- A semiconductor business, riding a brutal capacity cycle on the edge of Moore's Law.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
- What moves the needle
- Operating margin has reached 11% at its best but run negative through the cycle (median −60%) on a 43% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. The cash cycle has run negative through the cycle (a median of −118 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on process leadership and the capex cycle. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 20-F →Semiconductors is 80% of revenue, with ASIC the other meaningful segment at 20%.
Revenue by reportable segment, FY2025
- Semiconductors80%$15M
- ASIC20%$4M
By geographyNorth America57%EMEA24%Asia Pacific18%Latin America1%
From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2020–2025
realized figures from each filing · older years to the left| 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| $14M | $17M | $23M | $30M | $11M | $18M | $18M | RevenueRevenue |
| 43% | 44% | 43% | 47% | 34% | 47% | 47% | Gross marginGross mgn |
| ($9M) | ($5M) | $3M | ($4M) | ($17M) | ($40M) | ($40M) | Operating incomeOp. inc. |
| −60.0% | −29.7% | 11.1% | −13.8% | −156.6% | −218.1% | −218.1% | Operating marginOp. mgn |
| ($9M) | ($5M) | $6M | ($3M) | ($21M) | ($34M) | ($34M) | Net incomeNet inc. |
| Cash flow & returns | |||||||
| ($3M) | ($3M) | $446K | ($3M) | ($10M) | ($31M) | ($31M) | Operating cash flowOp. cash |
| $2M | $2M | $404K | $569K | $630K | $703K | $703K | DepreciationDeprec. |
| $4M | ($69K) | ($6M) | ($46K) | $10M | $2M | $2M | Working capital & otherWC & other |
| $52K | $36K | $299K | $3M | $571K | $743K | $743K | CapexCapex |
| 0.4% | 0.2% | 1.3% | 10.1% | 5.2% | 4.1% | 4.1% | Capex / revenueCapex/rev |
| ($3M) | ($3M) | $147K | ($6M) | ($11M) | ($32M) | ($32M) | Owner earningsOwner earn. |
| −21.5% | −20.0% | 0.6% | −19.2% | −97.4% | −175.3% | −175.3% | Owner earnings marginOE mgn |
| ($3M) | ($3M) | $147K | ($6M) | ($11M) | ($32M) | ($32M) | Free cash flowFCF |
| −21.5% | −20.0% | 0.6% | −19.2% | −97.4% | −175.3% | −175.3% | Free cash flow marginFCF mgn |
| — | — | 2722% | -69% | -28% | -7% | -7% | Return on equityROE |
| — | — | n/m | −69% | −28% | −7% | −7% | Retained to equityRetained/eq |
| Balance sheet | |||||||
| — | $2M | $4M | $7M | $85M | $428M | $428M | Cash & investmentsCash+inv |
| — | $3M | $2M | $5M | $4M | $13M | $13M | ReceivablesReceiv. |
| — | $3M | $8M | $5M | $1M | $2M | $2M | InventoryInvent. |
| — | $7M | $7M | $7M | $10M | $17M | $17M | Accounts payablePayables |
| — | ($2M) | $3M | $3M | ($5M) | ($2M) | ($2M) | Operating working capitalOper. WC |
| — | $8M | $16M | $20M | $93M | $450M | $450M | Current assetsCur. assets |
| — | $8M | $11M | $9M | $17M | $28M | $28M | Current liabilitiesCur. liab. |
| — | 1.1× | 1.5× | 2.3× | 5.5× | 15.9× | 15.9× | Current ratioCurr. ratio |
| — | $12M | $22M | $28M | $98M | $504M | $504M | Total assetsAssets |
| — | — | 10.3× | -847.9× | -1180.5× | -593.8× | -593.8× | Interest coverageInt. cov. |
| — | ($14M) | $212K | $5M | $76M | $462M | $462M | Shareholders’ equityEquity |
| Per share | |||||||
| 6.5M | 6.6M | 6.6M | 7.8M | 27.7M | 124M | 124M | Shares out (diluted)Shares |
| $2.21 | $2.57 | $3.51 | $3.85 | $0.40 | $0.15 | $0.15 | Revenue / shareRev/sh |
| $-1.42 | $-0.73 | $0.87 | $-0.42 | $-0.76 | $-0.28 | $-0.28 | EPS (diluted)EPS |
| $-0.47 | $-0.51 | $0.02 | $-0.74 | $-0.39 | $-0.26 | $-0.26 | Owner earnings / shareOE/sh |
| $-0.47 | $-0.51 | $0.02 | $-0.74 | $-0.39 | $-0.26 | $-0.26 | Free cash flow / shareFCF/sh |
| $0.01 | $0.01 | $0.05 | $0.39 | $0.02 | $0.01 | $0.01 | Cap. spending / shareCapex/sh |
| — | $-2.05 | $0.03 | $0.61 | $2.76 | $3.73 | $3.73 | Book value / shareBVPS |
Share counts before 2021 are restated ×5 for a stock split, so per-share figures sit on one basis.
The diluted share count moved ×3.56 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×4.46 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 5-yr | 5-yr | |
|---|---|---|
| Revenue / share | −41.8%/yr | −41.8%/yr |
| Capital spending / share | −5.6%/yr | −5.6%/yr |
The record, charted
FY2020–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
Gross margin
47%low FY2024
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
($32M)owner earningsvs.($34M)net incomelow FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned a $34M loss into ($32M) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | ($34M) | ($21M) | ($3M) | $6M | ($5M) |
| Depreciation & amortizationnon-cash charge added back | +$703K | +$630K | +$569K | +$404K | +$2M |
| Working capital & othertiming of cash in and out, other non-cash items | +$2M | +$10M | −$46K | −$6M | −$69K |
| Cash from operations | ($31M) | ($10M) | ($3M) | $446K | ($3M) |
| Capital expenditurecash put back in to keep running and to grow | −$743K | −$571K | −$3M | −$299K | −$36K |
| Owner earnings | ($32M) | ($11M) | ($6M) | $147K | ($3M) |
| Owner-earnings marginowner earnings ÷ revenue | -175% | -97% | -19% | 1% | -20% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -593.8×Does not cover its interestOperating income ($40M) ÷ interest expense $67K
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net cashCash $418M + ST investments $10M − debt $2M
What this means
Cash and short-term investments exceed every dollar of debt by $426M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Negative, funded by othersDSO 259 + DIO 76 − DPO 638 days
What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.
Is it a good business?
- Below averageNOPAT ($31M) ÷ invested capital $46M (debt + equity − cash)Industry peers: median -23%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Consumes cash through the cycle6-yr median margin, range -175%–1%; latest ($32M) = operating cash ($31M) − maintenance capex $743KIndustry peers: median -16%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -175% of revenue this year, a -21% median across 6 years.
- Are earnings backed by cash? ($31M)Loss, and burning cashNet income ($34M) · cash from operations ($31M)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 1.06×MaintainingCapex $743K ÷ depreciation $703K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 2 of 5 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $18M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 15.92×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · $2M vs $421M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability MissA profit every year (6-yr record) · 5 loss years
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · none paid
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth —Earnings +33% over the record · —
What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.10/share (latest year $-0.18), the averaged base the calculator's gate runs on, and book value is $2.41/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2020–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 1 of 6
What this means
Lost money in 5 year(s), look at what happened there before trusting the average.
- Operating margin −26% → −129% (3-yr avg ends)
What this means
Through the cycle the operating margin slipped — about −26% early to −129% lately, median −60% — competition or costs are biting in.
- Reinvestment, incremental ROIC returns capital
What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
- Worst year 2025 · −218.1% op. margin
What this means
Operations went underwater in 2025, understand why before trusting the good years.
- How management talks about it Promotional
What this means
The returns have faded, yet the filing reaches for a promoter’s vocabulary — world-class, best-in-class, disruptive — more than an owner’s. When the words sell harder than the results deliver, the gap is the thing to weigh.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$450M
- Cash & short-term investments$428M
- Receivables$13M
- Inventory$2M
- Other current assets$7M
Current liabilities$28M
- Debt due within a year$689K
- Accounts payable$17M
- Other current liabilities$11M
Current ratio15.92×all current assets ÷ what's due · Graham looked for 2×
Quick ratio15.85×stricter: inventory excluded
Cash ratio15.14×strictest: cash alone against what's due
Working capital$421Mthe cushion left after near-term bills
Debt due this year vs. cash$689K due · $428M cash
covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet
Cash runway13.4 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book value$435Mequity stripped of goodwill & intangibles
Net current asset value$407MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$2M$668K of it operating leases
Deferred revenue$2Mcustomer cash collected before delivery; operating float
From the company's latest filing.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈$11M · 63% of revenue on the largest customers (TTM)
“In 2025, SEALSQ's ten largest customers accounted for 63% of its revenue, subjecting SEALSQ to significant customer concentration risk.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Semiconductors
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| AXTIAXT Inc | $88M | 32% | 6.0% | 4% | -16% |
| AIPArteris Inc. | $71M | 90% | -56.0% | — | -3% |
| NVTSNavitas Semiconductor Corporation | $46M | 33% | -196.7% | -41% | -108% |
| KOPNKopin Corporation | $39M | 35% | -65.8% | -70% | -40% |
| LPTHLightPath Technologies Inc. | $37M | 35% | -4.8% | -5% | -0% |
| NVECNVE Corporation | $26M | 79% | 61.3% | 21% | 52% |
| LAESSEALSQ Corp | $18M | 43% | -44.8% | -69% | -21% |
| ALMUAeluma Inc. | $5M | 43% | -496.5% | -88% | -411% |
| Group median | — | 39% | -50.4% | -41% | -19% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the home-market price, not the US ADR quote. SEALSQ Corp reports in USD, and every figure here (owner earnings, book value, the share count) is on that ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share. A US ADR price in dollars bundles the ADR-to-ordinary ratio, so it will not reconcile with these figures and would throw the multiple off.
SEALSQ Corp is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
$
The assumptions
Revenue, delivered0%/yr’20→’25
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−175%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "SEALSQ Corp (LAES), the owner's record," https://ownerscorecard.com/c/LAES, data as of 2026-07-09.
Manual order: ← KZIA its page in the Manual LANV →
Industry order: ← KOPN the Semiconductors chapter LASR →