6 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $18M | -$34M | 47.3% | -218.1% | -$32M | $2M | $418M |
| 2024 | $11M | -$21M | 33.9% | -156.6% | -$11M | — | $85M |
| 2023 | $30M | -$3M | 46.7% | -13.8% | -$6M | — | $7M |
| 2022 | — | $6M | — | — | $147000 | — | $4M |
| 2021 | — | -$5M | — | — | -$3M | — | $2M |
| 2020 | — | -$9M | — | — | -$3M | — | — |
How the market has priced LAES against its own fundamentals since 2023-05 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, SEALSQ's revenue has declined 22.1% per year. These are computed facts, not advice.
As of FY2025, SEALSQ reported $2M of total debt against $418M of cash; operating income covered interest expense -593.8×.
In FY2025, gross margin was 47.3%, operating margin -218.1%, and net margin -187.3%.
As of Jun '26, SEALSQ traded at a price-to-earnings ratio of about 6.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.