SEALSQ Corp

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

SEALSQ Corp trades at $2.5, building a base and 26 weeks into that stage. That is −32.6% against its own 200-day average. It sits at 8% of a 52-week range of $2 to $7. On relative strength it is currently behind the S&P 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is building a base — week 26 of stage 1. At $2.5 it trades −32.6% versus its 200-day average and sits at 8% of its 52-week range ($2–$7).

Against the market, two honest reads. Cumulative: over the last 3.2 years the stock moved −83% while the S&P 500 moved +84% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.

P/E does not price SEALSQ Corp — earnings are negative, so there is no multiple to rank against its own history. The revenue and margin lines below are where a turn, when it comes, would show first. On sales the market values SEALSQ Corp at 50.0× its FY25 revenue of $0.0 B.

With earnings negative, P/E does not price — there is no multiple to rank against its own history. The revenue and margin lines below are where the turn, when it comes, will show first.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

SEALSQ Corp reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

No sector-relative score — SEALSQ Corp is not among the largest members shown in this industry comparison for Semiconductors.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

SEALSQ Corp reported $0.0 B of revenue in the Dec 25 quarter, +0.0% year on year. Over 2 years it has compounded at −18.4% a year. The last full year, FY25, came in at $0.0 B. The last four reported quarters add to $0.0 B.

FY25 revenue came in at $0.0 B (+100.0% on the year), capping 2 years at −18.4% compound. The latest quarter (Dec 25) printed $0.0 B, +0.0% year on year.

Pace check: the last four quarters averaged +0.0% growth against the decade's −18.4% — the current year is running faster than its own long-run rate.

Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

SEALSQ Corp's operating margin is −200.0% in the Dec 25 quarter, −100.0 percentage points against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged −200.0% to 0.0%. The current quarter sits inside that band.

The latest quarter's operating margin is −200.0%, −100.0 pp against the same quarter a year ago. Across 3 fiscal years the operating margin has ranged −200.0%–0.0%.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

SEALSQ Corp posted a net loss of $0.01 B in the Dec 25 quarter. The full FY25 year was a loss of $0.03 B. That loss is 100.0% of the quarter's revenue.

Dec 25 profit was $−0.0 B, null year on year. On the full year, FY25 printed $−0.0 B (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

SEALSQ Corp's cash-flow history is too thin to judge how much reported profit converts into cash. In FY25 that was $−0.0 B of operating cash against $−0.0 B of profit. After null of capital spending, $−0.0 B was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY25: operating cash of $−0.0 B against reported profit of $−0.0 B, leaving free cash of $−0.0 B after null of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

SEALSQ Corp does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Nothing is estimated in place of the missing day-counts, so no cash-cycle chart is drawn.

Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.

SEALSQ Corp earns a ROE of −7% in FY25. Return on invested capital clears the cost of that capital by +27.7 percentage points, so growth here adds value rather than only size. The wiring behind it is −150.0% net margin on 0.04× asset turns.

FY25 ROE is −7%.

Why the return is what it is — the wiring (FY25): −150.0% net margin × 0.04× asset turns × 1.09× balance-sheet leverage ≈ −6.5% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: −9.0% − −36.7% = a +27.7 pp spread. The −36.7% is an estimate of this company's own cost of capital — read the sign and the size of the spread, not the decimals. A spread this wide means every dollar reinvested creates more than a dollar of value — the engine compounds.

Dividend

SEALSQ Corp pays no dividend. Across the last 4 reported quarters it has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings rather than distribute them, which makes the cash-flow and reinvestment sections the place that cash shows up.

SEALSQ Corp does not currently pay a dividend. Across the last 4 reported quarters the company has declared no dividend per share, so there is no payout history to chart and no yield to quote. Companies at this stage typically reinvest earnings instead of distributing them.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Debt-to-equity is 0.02 at the latest reading — effectively unlevered; a full borrowings history is not in our numbers.

We hold only the latest reading here: a debt-to-equity of 0.02 — the balance sheet is effectively unlevered, so the returns above are earned, not borrowed. A year-by-year borrowings ladder is not in our numbers for this stock, so we say that rather than draw a chart we cannot support.

Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.

8.7% of SEALSQ Corp's tradable float is currently sold short — some money is positioned against it. At typical trading volumes those positions would take about 0.8 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.

The latest reading: 8.7% of the float is sold short, and at typical trading volumes it would take about 0.8 days to buy those positions back. Some money is positioned against it. This is a single point-in-time reading — we do not yet hold its history, so we show no trend chart.

Why it sits there: who is doing the shorting, and why, does not travel with the number — the level is shown without inventing its story.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

SEALSQ Corp: the Z-score reads 8.16. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 8.16 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 8.16.

Frequently asked questions