The company maintains a conservative capital structure with a debt-to-equity ratio of 0.02 as of 2025Q4, supported by a substantial liquidity buffer that yields a current ratio of 12.92.
| Total Current Assets | 455.78M | 100.5M | 30.09M | 15.43M | 42.51M | 38.66M | 23.58M | 32.12M | 26.07M | 17.34M | 736.44K |
| Cash & Short-Term Investments | 439.28M | 90.6M | 15.32M | 4.06M | 34.25M | 28.84M | 12.12M | 9.15M | 12.21M | 5.22M | 261.75K |
| Cash Only | 429.24M | 90.6M | 15.31M | 4.06M | 34.25M | 19.65M | 12.12M | 9.15M | 12.21M | 5.22M | 261.75K |
| Short-Term Investments | 10.03M | 0 | 5K | 0 | 0 | 9.19M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 7.11M | 4.78M | 6.19M | 2.4M | 2.75M | 2.57M | 5.23M | 7.6M | 3.87M | 6.95M | 426.68K |
| Days Sales Outstanding | 134.58 | 146.92 | 73.09 | 37.75 | 45.13 | 63.37 | 84.34 | 80.95 | 32.82 | 231.4 | 68.09 |
| Inventory | 2.01M | 1.42M | 5.23M | 7.51M | 2.71M | 2.47M | 2.79M | 4.19M | 3.46M | 2.98M | 3.2K |
| Days Inventory Outstanding | 73.07 | 68.26 | 118.03 | 204.58 | 75.11 | 96.95 | 77.09 | 83.4 | 56.46 | 166.59 | 1.42 |
| Other Current Assets | 4.63M | 2.27M | 2.64M | 2.42M | 1.65M | 4.13M | 2.74M | 10.66M | 8.38M | 1.65M | 21.66K |
| Total Non-Current Assets | 58.81M | 14.19M | 17.71M | 6.23M | 46.3M | 14.22M | 26.32M | 46.34M | 41.09M | 16.3M | 95.69K |
| Property, Plant & Equipment | 10.3M | 4.78M | 5.44M | 2.16M | 4.46M | 3.75M | 4.87M | 2.37M | 3.97M | 3.41M | 16.57K |
| Fixed Asset Turnover | 1.87x | 2.49x | 5.68x | 10.73x | 4.99x | 3.94x | 4.65x | 14.46x | 10.86x | 3.21x | 138.05x |
| Goodwill | 13.97M | 8.32M | 8.32M | 8.32B | 30.84M | 8.32M | 8.32M | 8.32M | 16.5M | 8.32M | 0 |
| Intangible Assets | 21.07M | 96K | 96K | 98M | 9.19M | 9K | 600K | 1.13M | 15.1M | 2.12M | 21.97K |
| Long-Term Investments | 9.5M | 455K | 486K | 472M | 502K | 301K | 7.76M | 7.86M | 592K | 0 | 0 |
| Other Non-Current Assets | 1.6M | 293K | 276.05K | -471.92M | 448K | 528K | 2.28M | 24.11M | 154K | 2.44M | 57.15K |
| Total Assets | 514.59M | 114.69M | 47.8M | 21.66M | 88.81M | 52.88M | 49.9M | 78.45M | 67.16M | 33.63M | 832.13K |
| Asset Turnover | 0.04x | 0.10x | 0.65x | 1.07x | 0.25x | 0.28x | 0.45x | 0.44x | 0.64x | 0.33x | 2.75x |
| Asset Growth % | 348.68% | 139.93% | 120.7% | -75.61% | 67.93% | 5.97% | -36.39% | 16.82% | 99.68% | 3941.66% | - |
| Total Current Liabilities | 35.27M | 21.32M | 18.91M | 10.63M | 24.75M | 24.98M | 20.15M | 34.88M | 23.72M | 25.58M | 6.09M |
| Accounts Payable | 4.99M | 3.69M | 7.73M | 5.21M | 5.84M | 4.61M | 5.48M | 7M | 7.02M | 6.31M | 958K |
| Days Payables Outstanding | 181.36 | 177.69 | 174.51 | 141.84 | 161.91 | 180.58 | 151.63 | 139.37 | 114.41 | 352.56 | 426.34 |
| Short-Term Debt | 842K | 5.99M | 4.35M | 4.79B | 4.23M | 9.93M | 8.22M | 7.73M | 1.16M | 8.92M | 0 |
| Deferred Revenue (Current) | 1.87M | 485K | 569.81K | 174M | 615K | 669K | 344K | 233K | 5.71M | 1.16M | 431.86K |
| Other Current Liabilities | 5.08M | 160K | 5.61M | -4.79B | 7.85M | 289K | 322K | 14.41M | 11.2M | 7.21M | 4.62M |
| Current Ratio | 12.92x | 4.71x | 1.59x | 1.45x | 1.72x | 1.55x | 1.17x | 0.92x | 1.10x | 0.68x | 0.12x |
| Quick Ratio | 12.87x | 4.65x | 1.31x | 0.75x | 1.61x | 1.45x | 1.03x | 0.80x | 0.95x | 0.56x | 0.12x |
| Cash Conversion Cycle | 26.29 | 37.5 | 16.6 | 100.48 | -41.67 | -20.25 | 9.79 | 24.99 | -25.12 | 45.43 | -356.82 |
| Total Non-Current Liabilities | 18.17M | 6.24M | 7.81M | 10.82M | 22.67M | 13.48M | 9.31M | 39.6M | 29.83M | 6.14M | 2.96M |
| Long-Term Debt | 2.37M | 1.49M | 3.34M | 3.58B | 9.51M | 4.36M | 0 | 23.94M | 20.43M | 0 | 0 |
| Capital Lease Obligations | 5.61M | 853K | 1.44M | 1.73M | 2.47M | 1.97M | 2.39M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 4.37M | 0 | 0 | 8M | 2.97M | 38K | 25K | 4K | 1.48M | 0 | 0 |
| Other Non-Current Liabilities | 5.81M | 3.88M | 3M | -3.57B | 10.54M | 7.1M | 6.88M | 15.65M | 6.69M | 6.14M | 2.96M |
| Total Liabilities | 53.44M | 27.56M | 26.72M | 21.45M | 47.43M | 38.45M | 29.46M | 74.48M | 53.55M | 31.72M | 9.05M |
| Total Debt | 9.81M | 8.94M | 9.77M | 14.12M | 22.06M | 16.97M | 11.27M | 31.67M | 21.59M | 8.92M | 0 |
| Net Debt | -419.43M | -81.66M | -5.54M | 10.06M | -12.19M | -2.68M | -852K | 22.52M | 9.38M | 3.7M | -261.75K |
| Debt / Equity | 0.02x | 0.10x | 0.46x | - | 0.53x | 1.18x | 0.55x | 7.97x | 1.59x | 4.66x | - |
| Debt / EBITDA | - | - | - | 4.43x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | 3.16x | - | - | - | - | - | - | - |
| Interest Coverage | -169.58x | -12.18x | -10.48x | -15.60x | -10.20x | -22.26x | -12.53x | -24.01x | -5.72x | -23.36x | -262.14x |
| Total Equity | 461.15M | 87.12M | 21.08M | -2.02M | 41.38M | 14.43M | 20.44M | 3.98M | 13.61M | 1.91M | -8.21M |
| Equity Growth % | 429.3% | 313.22% | 1142.21% | -104.89% | 186.84% | -29.44% | 414.31% | -70.78% | 611.63% | 123.28% | - |
| Book Value per Share | 40.99 | 8.85 | 2.35 | -0.48 | 9.92 | 4.21 | 6.82 | 1.47 | 5.76 | 1.04 | -1.08 |
| Total Shareholders' Equity | 45.92M | 25.05M | 26.68M | 212K | 35.9M | 16.27M | 22.02M | 4.86M | 14.49M | 3M | -8.11M |
| Common Stock | 456K | 375K | 8.57M | 1.96M | 5.08M | 2.89M | 1.88M | 1.87M | 1.66M | 1.16M | 794K |
| Retained Earnings | -300.48M | -294.41M | -280.96M | -17.44M | -238.16M | -217.82M | -189.16M | -197.35M | -180.55M | -155.69M | -119.77M |
| Treasury Stock | -502K | -502K | -691K | -371K | -636K | -505K | -1.29M | -1.14M | 0 | 0 | -2.11M |
| Accumulated OCI | 3.43M | 3.15M | 4.04M | 775K | 1.41M | 6.94M | -1.45M | 100K | -650K | -1.9M | 70.05K |
| Minority Interest | 415.23M | 62.08M | -5.59M | -2.23M | 5.48M | -1.84M | -1.57M | -883K | -883K | -1.08M | -107.2K |
Persistent Operating Cash Burn
According to recent financial filings, WISeKey's cash and equivalents surged to $429.2 million by 2025Q4, providing a massive liquidity cushion that significantly bolsters the current ratio to 12.92, effectively decoupling the company's immediate survival from its ongoing operational deficits and high R&D expenditure requirements.
The dramatic expansion in cash reserves appears to be a result of capital market activities rather than organic operational success. While this liquidity provides a substantial runway, investors should monitor how effectively this capital is deployed, as the company's history of deep operating losses suggests that cash burn remains a structural challenge.
Based on reported figures, WISeKey maintains a conservative debt-to-equity ratio of 0.02 as of 2025Q4, indicating that the company has successfully minimized its reliance on external credit markets to fund its operations, opting instead for equity-based financing to support its ambitious R&D and expansion initiatives.
The low leverage profile suggests that the company is not currently constrained by interest obligations, which is a positive factor given the volatility of its revenue streams. However, the lack of debt may also reflect limited access to traditional credit markets for a firm with such persistent operating deficits.
As reported in financial statements, the company's retained earnings have deteriorated to a deficit of $300.5 million by 2025Q4, highlighting that years of aggressive investment and operational losses have significantly eroded the book value of equity despite periodic capital raises and subsidiary spin-offs.
The persistent accumulation of negative retained earnings suggests that the business model has yet to achieve a sustainable path to profitability. Investors should consider that the current equity base is heavily influenced by non-cash adjustments and capital injections rather than value created through core operational performance.
Analysis of the balance sheet reveals that the reported $514.6 million in total assets is heavily skewed by cash holdings, which may obscure the underlying weakness in tangible asset productivity and the potential for future goodwill impairment related to the company's various technology acquisitions.
The reliance on cash to inflate the asset base warrants further investigation into the quality of the remaining assets, particularly the $14.0 million in goodwill. If the company's pivot to AI and other frontier technologies fails to generate returns, these intangible assets could become a source of significant balance sheet volatility.
Quick answers to the most common questions about buying WKEY stock.
As of 2025, WISeKey International Holding AG (WKEY) had total assets of $514.6M including $455.8M in current assets.
WISeKey International Holding AG (WKEY) carries total debt of $9.8M, offset by $439.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
WISeKey International Holding AG (WKEY) has total shareholders' equity (book value) of $45.9M ($40.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
WISeKey International Holding AG (WKEY) reported a current ratio of 12.92x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.