MeritValue

SEALSQ Corp

LAESdata completeness 100%6 fiscal years on file
The thesis, from the filings

SEALSQ Corp earns about 654% on equity, but has diluted owners by 2797% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$17M1$23.2M2$30.1M3$11M3$18.3M3
Net income−$4.83M4$5.77M5−$3.27M6−$21.2M6−$34.2M6
Operating cash flow−$3.36M7$446,0008−$2.75M9−$10.1M9−$31.3M9
Capital expenditure$36,00010$299,00011$3.02M12$571,00012$743,00012
Free cash flow (derived)−$3.4M7$147,0008−$5.77M9−$10.7M9−$32M9
Total debt————$3.36M13
Cash & equivalents$2.06M14$4.06M15$6.9M16$84.6M17$417.7M17
Diluted shares6.6M6.6M7.8M27.7M191.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$24.1
your share of equity
Profit it earned you last year
−$1.79
Free cash flow it threw off
−$1.67
Debt you’d be carrying
$0.18

10 shares is a claim on $24.1 of net worth that earned you −$1.79 and generated −$1.67 of cash last year, against $0.18 of debt.

iii. Is this a good business?
Moat signal · return on equity
654% avg · 5y
FY21 —FY22 2722%FY23 -69%FY24 -28%FY25 -7%

It earned an average 654% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2797% shares · 5y

Share count is up 2797% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001193805-24-000423 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001193805-25-000334 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-037706 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001193805-24-000423 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001193805-25-000334 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-037706 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001193805-24-000423 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001193805-25-000334 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-037706 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001193805-24-000423 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001193805-25-000334 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-037706 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2025-12-31 · accession 0001104659-26-037706 (LongTermDebtNoncurrent)
  14. 20-F/A · period ending 2021-12-31 · accession 0001193805-23-001020 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001193805-24-000423 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001193805-25-000334 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2024-12-31 · accession 0001104659-26-037706 (CashAndCashEquivalentsAtCarryingValue)