Sealsq Corp key statistics and ratios

In fiscal 2025, Sealsq Corp had return on equity of -12.7%, an operating margin of -218.1%, debt equal to 0.5% of equity and a current ratio of 15.92. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Sealsq Corp: financial ratios, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	38.0%	42.1%	42.2%	46.7%	33.9%	47.3%
Operating margin	−60.0%	−29.7%	11.1%	−13.8%	−156.6%	−218.1%
Net margin	−64.3%	−28.4%	24.9%	−10.9%	−193.1%	−187.3%
Free-cash-flow margin	−21.5%	−20.0%	0.6%	−19.2%	−97.4%	−175.3%
Return on equity	—	—	—	−132.1%	−52.2%	−12.7%
Return on assets	—	−40.8%	34.4%	−13.2%	−33.8%	−11.4%
Asset turnover	—	1.43	1.38	1.21	0.17	0.06
Current ratio	—	1.06	1.52	2.33	5.51	15.92
Debt to equity	—	—	702.4%	61.9%	—	0.5%
Interest cover (operating income ÷ interest)	n/m	n/m	7.3x	n/m	n/m	n/m
R&D as % of revenue	28.8%	17.9%	9.9%	13.1%	45.4%	68.4%
Capital spending as % of revenue	0.4%	0.2%	1.3%	10.1%	5.2%	4.1%
Free cash flow ÷ net income	—	—	2.5%	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · December 31, 2025

What it owns · $504m

Short-term assets $450mLonger-term assets $55m

What it owes, and who funded it · $504m

Short-term liabilities $28mLonger-term liabilities $14mShareholders' equity $462m

Short-term assets cover short-term liabilities $450m of assets due within a year against $28m of liabilities due within a year.
Short-term assets cover long-term liabilities $450m short-term assets against $14m of longer-dated liabilities.
More cash than debt $418m of cash against $2m of debt.
Debt below 40% of shareholders' equity Debt is 0% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt −$31m of operating cash flow against $2m of debt.
Operating profit covers interest at least five times over Operating income of −$40m against $67,028 of interest.

From Sealsq Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Sealsq Corp's SEC filings (10-K and 10-Q). How we read and check them: methodology and data sources. Not investment advice. Back to Sealsq Corp.