SEALSQ Corp

LAES

TechnologySemiconductorsNASDAQ

$2.92

Market Cap: $416.37M

SEALSQ Corp (LAES) Valuation Summary

Updated May 10, 2026 20:56

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$2.09 – $2.93	$2.35	-19.5%
Revenue DCF 10Y	$2.07 – $2.84	$2.32	-20.6%
▸ Trading Multiples
EV/Revenue	$3.23 – $3.74	$3.57	+22.4%

Valuation History

DCF Analysis

SEALSQ Corp (LAES) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.32

Market Price

$2.92

Upside / Downside

-20.6%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -218.1% to a target of 10.2% over 5 years, discounted at a WACC of 8.8%, SEALSQ Corp (LAES) has an intrinsic value of $2.32 per share (range: $2.07 – $2.84).

Key Assumptions

Current Operating Margin

-218.1%

Target Operating Margin

10.2%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.7%

Target CapEx/Rev

6.1%

D&A/Revenue

4.0%

Tax Rate

0.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	32	73.1%	-172.4%	-54	-54	1	(2)	-5	-50	-48
2027	42	32.4%	-126.8%	-53	-53	2	(2)	2	-55	-49
2028	42	-0.5%	-81.1%	-34	-34	2	(2)	-0	-34	-28
2029	41	-0.5%	-35.4%	-15	-15	2	(2)	-0	-15	-11
2030	41	-0.5%	10.2%	4	4	2	(2)	-0	4	3
2031	41	0.1%	10.2%	4	4	2	(2)	0	4	2
2032	42	0.7%	10.2%	4	4	2	(2)	0	4	2
2033	42	1.3%	10.2%	4	4	2	(2)	0	3	2
2034	43	1.9%	10.2%	4	4	2	(3)	0	3	2
2035	44	2.4%	10.2%	5	5	2	(3)	0	3	2

Enterprise Value Bridge

Sum of PV(FCFF)-124

Terminal Value (Gordon Growth at 3.0%)60

PV of Terminal Value27

Enterprise Value-97

(–) Net Debt-410

Equity Value313

(÷) Shares Outstanding135

Fair Value per Share$2.32

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.8%	$2	$2	$2	$3	$3
7.8%	$2	$2	$2	$3	$3
8.8%	$2	$2	$2	$2	$3
9.8%	$2	$2	$2	$2	$2
10.8%	$2	$2	$2	$2	$2

Current price: $2.92. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 19.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

SEALSQ Corp (LAES) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.35

Market Price

$2.92

Upside / Downside

-19.5%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-218.1%

Target Operating Margin

10.2%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.7%

Target CapEx/Rev

6.1%

D&A/Revenue

4.0%

Tax Rate

0.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	32	73.1%	-172.4%	-54	-54	1	(2)	-5	-50	-48
2027	42	32.4%	-126.8%	-53	-53	2	(2)	2	-56	-49
2028	42	-0.5%	-81.1%	-34	-34	2	(2)	-0	-34	-28
2029	41	-0.5%	-35.4%	-15	-15	2	(2)	-0	-15	-11
2030	41	-0.5%	10.2%	4	4	2	(3)	-0	3	2

Enterprise Value Bridge

Sum of PV(FCFF)-134

Terminal Value (Gordon Growth at 3.0%)60

PV of Terminal Value41

Enterprise Value-92

(–) Net Debt-410

Equity Value317

(÷) Shares Outstanding135

Fair Value per Share$2.35

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.8%	$2	$2	$3	$3	$3
7.8%	$2	$2	$2	$3	$3
8.8%	$2	$2	$2	$2	$3
9.8%	$2	$2	$2	$2	$3
10.8%	$2	$2	$2	$2	$2

Current price: $2.92. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 19.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.57

Market Price

$2.92

Upside / Downside

+22.4%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), SEALSQ Corp (LAES) has a fair value of $3.57 based on 8 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
SEALSQ CorpLAES	394	-0.8x	-0.5x
Aehr Test SystemsAEHR	3,058	51.6x	61.1x
Ichor Holdings, Ltd.ICHR	2,586	2.8x	2.8x
SkyWater Technology, Inc.SKYT	1,625	4.2x	5.4x
ADTRAN Holdings, Inc.ADTN	1,210	1.3x	1.5x
Alpha and Omega Semiconductor LimitedAOSL	1,134	1.5x	1.6x
indie Semiconductor, Inc.INDI	906	5.2x	5.2x
Corsair Gaming, Inc.CRSR	840	0.6x	0.7x
Blend Labs, Inc.BLND	350	3.8x	2.9x
Industry Median		3.3x	2.9x
(*) Revenue		18	30
= Enterprise Value		60	86
(-) Net Debt		-410	-410
Equity Value		470	495
(/) Outstanding shares		135	135
Fair Price		$3	$4

Selected Fair Value (avg of trailing + forward)

$3.57

+22.4%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$2.09 – $2.93

$2.35

-19.5%

Revenue DCF 10Y

$2.07 – $2.84

$2.32

-20.6%

▸ Trading Multiples

EV/Revenue

$3.23 – $3.74

$3.57

+22.4%

DCF Analysis

SEALSQ Corp (LAES) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$2.32

Market Price

$2.92

Upside / Downside

-20.6%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-218.1%

Target Operating Margin

10.2%

WACC

8.8%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

4.7%

Target CapEx/Rev

6.1%

D&A/Revenue

4.0%

Tax Rate

0.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	32	73.1%	-172.4%	-54	-54	1	(2)	-5	-50	-48
2027	42	32.4%	-126.8%	-53	-53	2	(2)	2	-55	-49
2028	42	-0.5%	-81.1%	-34	-34	2	(2)	-0	-34	-28
2029	41	-0.5%	-35.4%	-15	-15	2	(2)	-0	-15	-11
2030	41	-0.5%	10.2%	4	4	2	(2)	-0	4	3
2031	41	0.1%	10.2%	4	4	2	(2)	0	4	2
2032	42	0.7%	10.2%	4	4	2	(2)	0	4	2
2033	42	1.3%	10.2%	4	4	2	(2)	0	3	2
2034	43	1.9%	10.2%	4	4	2	(3)	0	3	2
2035	44	2.4%	10.2%	5	5	2	(3)	0	3	2

Enterprise Value Bridge

Sum of PV(FCFF)-124

Terminal Value (Gordon Growth at 3.0%)60

PV of Terminal Value27

Enterprise Value-97

(–) Net Debt-410

Equity Value313

(÷) Shares Outstanding135

Fair Value per Share$2.32

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.2%	7.2%	10.2%	13.2%	16.2%
6.8%	$2	$2	$2	$3	$3
7.8%	$2	$2	$2	$3	$3
8.8%	$2	$2	$2	$2	$3
9.8%	$2	$2	$2	$2	$2
10.8%	$2	$2	$2	$2	$2

Current price: $2.92. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 19.9% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.57

Market Price

$2.92

Upside / Downside

+22.4%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), SEALSQ Corp (LAES) has a fair value of $3.57 based on 8 comparable companies in the Semiconductors industry.

EV/Revenue Valuation — Semiconductors

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
SEALSQ CorpLAES	394	-0.8x	-0.5x
Aehr Test SystemsAEHR	3,058	51.6x	61.1x
Ichor Holdings, Ltd.ICHR	2,586	2.8x	2.8x
SkyWater Technology, Inc.SKYT	1,625	4.2x	5.4x
ADTRAN Holdings, Inc.ADTN	1,210	1.3x	1.5x
Alpha and Omega Semiconductor LimitedAOSL	1,134	1.5x	1.6x
indie Semiconductor, Inc.INDI	906	5.2x	5.2x
Corsair Gaming, Inc.CRSR	840	0.6x	0.7x
Blend Labs, Inc.BLND	350	3.8x	2.9x
Industry Median		3.3x	2.9x
(*) Revenue		18	30
= Enterprise Value		60	86
(-) Net Debt		-410	-410
Equity Value		470	495
(/) Outstanding shares		135	135
Fair Price		$3	$4

Selected Fair Value (avg of trailing + forward)

$3.57

+22.4%