Latest Ratios: P/E Ratio -12.5x · EV/EBITDA N/A · ROE -12.7%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $428M | $510M | $217M | $20M | — | — | — |
| Enterprise Value | $18M | $101M | $141M | $28M | — | — | — |
| P/E Ratio → | -12.50 | — | — | — | — | — | — |
| P/S Ratio | 23.44 | 27.96 | 17.39 | 0.59 | — | — | — |
| P/B Ratio | 0.88 | 1.11 | 2.78 | 3.89 | — | — | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.52 | 11.31 | 0.84 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 47.3% | 47.3% | 33.9% | 46.7% | 42.2% | 35.0% | 28.2% |
| Operating Margin | -218.1% | -218.1% | -159.8% | -6.6% | 2.5% | -29.7% | -60.0% |
| Net Profit Margin | -187.3% | -187.3% | -193.1% | -10.9% | 24.9% | -28.4% | -64.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -12.7% | -12.7% | -58.1% | -138.7% | 2849.8% | — | — |
| ROA | -11.4% | -11.4% | -38.4% | -14.7% | 36.1% | -41.8% | -73.0% |
| ROIC | -110.6% | -110.6% | -191.3% | -14.0% | 7.3% | -141.1% | -184.7% |
| ROCE | -14.3% | -14.3% | -39.4% | -14.7% | 8.0% | -113.9% | -163.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.11 | 3.06 | 66.61 | — | — |
| Debt / EBITDA | — | — | — | — | 13.71 | — | — |
| Net Debt / Equity | — | -0.89 | -0.97 | 1.69 | 47.47 | — | — |
| Net Debt / EBITDA | — | — | — | — | 9.77 | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -152.40 | -152.40 | -8.90 | -2.43 | 5.37 | -30.39 | -1016.27 |
Net cash position: cash ($418M) exceeds total debt ($8M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 15.92 | 15.92 | 6.00 | 2.32 | 1.45 | 1.06 | 0.96 |
| Quick Ratio | 15.85 | 15.85 | 5.91 | 1.72 | 0.75 | 0.71 | 0.65 |
| Cash Ratio | 15.14 | 15.14 | 5.45 | 0.79 | 0.38 | 0.27 | 0.23 |
| Asset Turnover | — | 0.04 | 0.13 | 1.20 | 1.12 | 1.57 | 1.14 |
| Inventory Turnover | 4.78 | 4.78 | 5.81 | 3.41 | 1.87 | 4.46 | 4.43 |
| Days Sales Outstanding | — | 282.53 | 126.63 | 59.67 | 36.71 | 54.86 | 75.28 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $135M | $35M | $15M | $15M | $15M | $15M |
Unsustainable operating cash burn
Based on reported figures, SEALSQ trades at a P/S ratio of 24.38, which appears to price in significant future growth expectations that are currently disconnected from the company's negative earnings profile and the broader semiconductor sector's more conservative valuation multiples.
The elevated P/S ratio suggests that investors are valuing the company as a high-growth software-like entity rather than a hardware manufacturer. This valuation warrants caution, as it implies a rapid transition to profitability that remains unproven given the current operating losses.
As reported in financial statements, the company's ROIC has fluctuated significantly, reaching -35.9% in 2025Q4, which indicates that the firm is currently destroying shareholder value rather than compounding it through its heavy investment in R&D and secure identity infrastructure.
The persistent negative returns on capital suggest that the company's current scale is insufficient to generate a return above its cost of capital. Investors should monitor whether future design wins can drive the necessary volume to turn these returns positive.
According to recent quarterly data, the company's cash conversion cycle reached 45 days in 2025Q4, reflecting ongoing volatility in inventory management and receivables collection that complicates the firm's ability to optimize its working capital efficiency as it scales.
The fluctuation in DSO and DIO suggests that the company lacks the bargaining power of larger semiconductor peers, leading to inconsistent cash flow generation. This inefficiency is a primary contributor to the firm's reliance on external capital to fund operations.
Based on the latest balance sheet, the current ratio of 15.92 indicates a massive cash buffer of $417.6M, which provides significant protection against insolvency but also highlights a potential inefficiency in capital deployment for a company with such high operating losses.
While this liquidity position is a fortress, it appears to be the result of financing events rather than operational success. The company's ability to sustain its current burn rate is high, but the lack of organic cash generation remains a critical concern.
The P/S ratio is frequently misapplied to SEALSQ, as it obscures the company's high fixed-cost structure and the significant disparity between its hardware-driven revenue and the potential for higher-margin software services that are not yet fully reflected in the income statement.
Analysts should instead focus on the 'provisioning backlog' and 'design win' metrics to assess the true trajectory of the business. Relying on P/S multiples may lead to an overestimation of the company's current earning power and a misunderstanding of its underlying business model.
Includes 30+ ratios · 6 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying LAES stock.
SEALSQ Corp's current P/E ratio is -12.5x. This places it at the 50th percentile of its historical range.
SEALSQ Corp's return on equity (ROE) is -12.7%. The historical average is -69.8%.
Based on historical data, SEALSQ Corp is trading at a P/E of -12.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
SEALSQ Corp has 47.3% gross margin and -218.1% operating margin.