MeritValue

Wisekey International Holding S.A.

WKEYdata completeness 88%9 fiscal years on file
The thesis, from the filings

Wisekey International Holding S.A. earns about -485% on invested capital, but has diluted owners by 57% 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$17.6M1$23.8M2$30.9M3$11.9M3$19.3M3
Net income−$24.1M4−$27.5M5−$15.4M6−$13.4M6−$6.07M6
Operating cash flow−$21.8M7−$17.1M8−$14.2M9−$17.8M9−$32.4M9
Capital expenditure$36,00010$303,00011$3.02M12$571,00012$743,00012
Free cash flow (derived)−$21.8M7−$17.4M8−$17.2M9−$18.3M9−$33.1M9
Total debt———$1.49M13$2.37M13
Cash & equivalents$34.2M14$20.7M15$15.3M16$90.6M16$429.2M16
Diluted shares71.6M112.4M———

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

iii. Is this a good business?
Moat signal · return on invested capital
-485% avg · 5y
FY21 -1045%FY22 -183%FY23 -226%FY24 —FY25 —

It earned an average -485% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+57% shares · 5y

Share count is up 57% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 59% over the same window.

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 0001193805-24-000652 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001193805-25-000523 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-053033 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001193805-24-000652 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001193805-25-000523 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-053033 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001193805-24-000652 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001193805-25-000523 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-053033 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001193805-24-000652 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-12-31 · accession 0001193805-25-000523 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-053033 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2024-12-31 · accession 0001104659-26-053033 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2021-12-31 · accession 0001193805-24-000652 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001193805-25-000523 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F · period ending 2023-12-31 · accession 0001104659-26-053033 (CashAndCashEquivalentsAtCarryingValue)