LAESSEALSQ Corp
Is the business good?
How good a business is LAES?
SEALSQ Corp earns −87% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 96 points below what the capital costs: growth destroys value
- Operating margin
- −218%
Operating margin · Semiconductors median 7.5% · fiscal year to FY2025
- R&D as % of revenue
- 68%
R&D as % of revenue
- Gross margin
- 47%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | −60% |
| FY2021 | −30% |
| FY2022 | 11% |
| FY2023 | −14% |
| FY2024 | −157% |
| FY2025 | −218% |
Details›
- Gross marginfiscal year to FY2025
- 47%
- Operating marginfiscal year to FY2025
- −218%
- Net marginfiscal year to FY2025
- −187%
- Free cash flow margin
- −175%
- R&D as % of revenue
- 68%
- Revenue, trailing twelve months
- $18M
- Free cash flow, trailing twelve months
- −$32M
- Net income, trailing twelve months
- −$34M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −87%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from LAES and who it buys from, as the companies report it.
- International distributor of semiconductors, electronics13%
Share of revenue · FY2025 20-F
- International computer and hardware manufacturer12%
Share of revenue · FY2025 20-F
- Ten largest customers63%
Combined share of revenue · FY2025 20-F
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; LAES’s own figures are from its FY2025 20-F. Smaller customers and suppliers go unreported.
Semiconductors
The closest names by size in the same industry