Forensic Analysis · Technology / Software · as of Jun 27, 2026
SEALSQ Corp (LAES)
A forensic read on SEALSQ Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
15.8
Altman Z-score
Watch
Earnings quality
5
Forensic signals
-18.7%
ROE
$695M
Market cap
SEALSQ Corp earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 15.8, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+287.0%Accruals ratio.Net operating assets grew +287.0% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -16% of net operating assets.
259d DSOReceivables vs revenue.Days sales outstanding moved from 127 to 259 days FY2024→FY2025 (receivables +238% vs revenue +66%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-53%Return on invested capital.Return on invested capital is -53% and rising from -197% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+106.6%/yrShare-count dilution.Diluted share count changed +320% over the last 3 years to FY2024 (+106.6%/yr). The count is GROWING — existing holders are being diluted. That's ~106.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2021 has been diluted ~320%.
62% of revStock-based comp load.Stock-based compensation ran 62% of revenue in FY2025. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-187.3%
Debt / Equity0.00x
Free Cash Flow$-32.0M
Latest Revenue$18.3M
Return on Equity-7.4%
Revenue Growth YoY+66.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on SEALSQ Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about LAES's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown