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Sealsq

LAES on Nasdaq. Semiconductors & related devices. Market value $528m.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
-6.9%low

For every $100 of what the whole company costs, it produced $-6.90 of spare cash last year. A savings account pays about $4.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 35 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$2.42 a share, 22% above its 1-year low

Over the past year the price has ranged from $1.99 to $8.71.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
-0.0
-0.0
-0.0
2022202320242025
Revenue
$23m$30m$11m$18m
Operating margin
11.1%-13.8%-156.6%-218.1%
Debt to equity
n/an/an/a0.00
Shares outstanding
0.00bn0.02bn0.10bn0.19bn

Health checks

  • Free cash flow positive1 of 4 years
  • Accounting checksSkipped: company is not yet profitable
  • Debt0.00× equity
  • Revenue growth, five yearsShrinking, 7.7% a year
  • Buying back its own sharesNo, 191525029% more shares since 2022

Dates

Next results (estimated)
n/a
Last annual report (10-K)
31 March 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

None of the long-term investors we follow own it. 109 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • CVI Investments, Inc.
    Passive investor
    at least 9.9%0.0 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • Susquehanna Securities, LLC
    Passive investor
    5.4%+0.1 pts
    Since 31 March 2026
  • at least 4.9%−0.7 pts
    (filed with 5 related holders)
    Since 30 June 2026
  • WISeKey International Holding AG
    Passive investor
    Sold down below 5%
    Since 30 June 2025
  • L1 Capital Global Opportunities Master Fund, Ltd.
    Passive investor
    Sold down below 5%
    Since 31 December 2024

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 6 sold $1m, $1m of it under preset trading plans.

  • Enguent Jean-Pierre
    Vice President, R&DSS
    Sold
    under a preset trading plan
    Date
    3 September 2026
    Shares
    15,000
    Price
    $2.40
    Value
    $36,030
  • Enguent Jean-Pierre
    Vice President, R&DSS
    Sold
    under a preset trading plan
    Date
    5 August 2026
    Shares
    15,000
    Price
    $2.46
    Value
    $36,857
  • Enguent Jean-Pierre
    Vice President, R&DSS
    Sold
    under a preset trading plan
    Date
    8 July 2026
    Shares
    15,000
    Price
    $2.82
    Value
    $42,267
  • O'Hara John Charles
    Chief Financial Officer, Director
    Sold
    under a preset trading plan
    Date
    5 June 2026
    Shares
    143
    Price
    $3.51
    Value
    $502
  • Moreira Carlos
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    5 June 2026
    Shares
    300
    Price
    $3.51
    Value
    $1,053
  • Enguent Jean-Pierre
    Vice President, R&DSS
    Sold
    under a preset trading plan
    Date
    3 June 2026
    Shares
    15,000
    Price
    $3.51
    Value
    $52,650
  • O'Hara John Charles
    Chief Financial Officer, Director
    Sold
    under a preset trading plan
    Date
    3 June 2026
    Shares
    5,582
    Price
    $3.53
    Value
    $19,704
  • Moreira Carlos
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    3 June 2026
    Shares
    7,005
    Price
    $3.53
    Value
    $24,728
  • O'Hara John Charles
    Chief Financial Officer, Director
    Sold
    under a preset trading plan
    Date
    2 June 2026
    Shares
    10,000
    Price
    $3.69
    Value
    $36,900
  • Moreira Carlos
    Chief Executive Officer, Director
    Sold
    under a preset trading plan
    Date
    2 June 2026
    Shares
    10,000
    Price
    $3.69
    Value
    $36,900

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Sealsq doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • Sales have shrunk: 7.7% a year.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.