Latest Ratios: P/E Ratio -13.2x · EV/EBITDA N/A · ROE -2.2%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $45M | $88M | $89M | $16M | $19M | $82M | $121M | $176M | — | — | — |
| Enterprise Value | $-374900726 | $-331122159 | $8M | $10M | $29M | $70M | $119M | $175M | — | — | — |
| P/E Ratio → | -13.24 | — | — | — | 3.20 | — | — | — | — | — | — |
| P/S Ratio | 2.31 | 4.58 | 7.51 | 0.51 | 0.80 | 3.68 | 8.21 | 7.77 | — | — | — |
| P/B Ratio | 0.17 | 0.19 | 1.02 | 0.74 | — | 1.98 | 8.41 | 8.61 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -17.17 | 0.64 | 0.33 | 1.23 | 3.13 | 8.03 | 7.73 | — | — | — |
| EV / EBITDA | — | — | — | — | 8.99 | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.9% | 47.9% | 36.2% | 47.7% | 42.2% | 40.8% | 37.0% | 41.7% | 46.6% | 48.0% | 40.4% |
| Operating Margin | -247.3% | -247.3% | -230.9% | -43.0% | 11.1% | -119.9% | -125.4% | -90.5% | -26.4% | -31.4% | -330.1% |
| Net Profit Margin | -31.5% | -31.5% | -113.2% | -49.7% | 24.9% | -108.2% | -195.6% | -101.7% | -47.5% | -56.3% | -327.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.2% | -2.2% | -24.9% | -161.2% | 29.3% | -86.4% | -165.8% | -188.6% | -185.2% | -312.8% | -1879.0% |
| ROA | -1.9% | -1.9% | -16.6% | -44.2% | 10.4% | -34.0% | -56.2% | -35.9% | -22.4% | -48.2% | -208.5% |
| ROIC | -151.7% | -151.7% | -195.8% | -84.6% | 10.4% | -97.8% | -88.7% | -66.7% | -27.5% | -70.9% | -483.9% |
| ROCE | -16.7% | -16.7% | -44.9% | -66.6% | 6.9% | -58.0% | -64.3% | -55.9% | -20.8% | -52.5% | -2587.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.10 | 0.46 | — | 0.53 | 1.18 | 0.55 | 7.97 | 1.59 | 4.66 |
| Debt / EBITDA | — | — | — | — | 4.43 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.91 | -0.94 | -0.26 | — | -0.29 | -0.19 | -0.04 | 5.67 | 0.69 | 1.93 |
| Net Debt / EBITDA | — | — | — | — | 3.16 | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -169.58 | -169.58 | -12.18 | -10.48 | -15.60 | -10.20 | -22.26 | -12.53 | -24.01 | -5.72 | -23.36 |
Net cash position: cash ($429M) exceeds total debt ($10M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.92 | 12.92 | 4.71 | 1.59 | 1.45 | 1.72 | 1.55 | 1.17 | 0.92 | 1.10 | 0.68 |
| Quick Ratio | 12.87 | 12.87 | 4.65 | 1.31 | 0.75 | 1.61 | 1.45 | 1.03 | 0.80 | 0.95 | 0.56 |
| Cash Ratio | 12.46 | 12.46 | 4.25 | 0.81 | 0.38 | 1.38 | 1.15 | 0.60 | 0.26 | 0.52 | 0.20 |
| Asset Turnover | — | 0.04 | 0.10 | 0.65 | 1.07 | 0.25 | 0.28 | 0.45 | 0.44 | 0.64 | 0.33 |
| Inventory Turnover | 5.00 | 5.00 | 5.35 | 3.09 | 1.78 | 4.86 | 3.76 | 4.73 | 4.38 | 6.46 | 2.19 |
| Days Sales Outstanding | — | 134.58 | 146.92 | 73.09 | 37.75 | 45.13 | 63.37 | 84.34 | 80.95 | 32.82 | 231.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 31.2% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | 0.9% | 0.6% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | 0.9% | 0.6% | — | — | — |
| Shares Outstanding | — | $11M | $10M | $9M | $4M | $4M | $3M | $3M | $3M | $2M | $2M |
Persistent Operating Cash Burn
Based on reported figures, WISeKey trades at a price-to-book ratio of 0.18, which suggests that the market significantly discounts the company's book value, likely reflecting investor skepticism regarding the long-term earning power of its diversified semiconductor and AI-focused business model compared to established industry peers.
The negative P/E of -13.30 confirms that the company is currently valued as a venture-stage entity rather than a mature industrial firm. Investors should monitor whether the current valuation reflects a genuine complexity discount or a rational assessment of the persistent operating deficits that continue to erode shareholder equity.
According to recent financial statements, WISeKey's ROIC has remained deeply negative, reaching -63.2% in 2025Q4, which indicates that the company is currently destroying shareholder value rather than compounding it through its aggressive R&D and capital allocation strategies across the IoT and AI segments.
The persistent decay in returns on invested capital suggests that the company's high fixed-cost base is not yet supported by sufficient revenue scale. This trend warrants further investigation into whether the current R&D spend is creating proprietary intellectual property that will eventually drive margin expansion or if it represents a permanent drag on capital efficiency.
As reported in recent filings, the company's cash conversion cycle has fluctuated significantly, ranging from -59 days to 114 days over the last ten quarters, which highlights the operational challenges of managing a hybrid hardware-software business model with lumpy, project-based revenue recognition cycles.
The volatility in DSO and DIO metrics suggests that the company lacks consistent leverage over its supply chain and customer base. Investors should monitor these efficiency ratios to determine if the company can stabilize its working capital requirements as it attempts to scale its higher-margin mPKI and SaaS offerings.
Based on reported figures, WISeKey maintains a current ratio of 12.92 as of 2025Q4, providing a substantial liquidity cushion that effectively insulates the company from immediate insolvency risks despite the ongoing and significant cash burn associated with its current R&D and operational footprint.
This high liquidity position appears to be a strategic choice to fund long-term growth initiatives without immediate reliance on external debt markets. However, the reliance on cash reserves to sustain operations suggests that the company remains vulnerable to a prolonged period of market volatility if it fails to achieve self-sustaining cash flow.
The price-to-earnings ratio is the most commonly misapplied metric for WISeKey, as it fails to account for the company's role as a venture-stage holding entity where non-operating income and valuation adjustments frequently distort the true underlying profitability of its core cybersecurity and semiconductor operations.
Investors should instead focus on cash-based metrics and the growth of recurring SaaS revenue to assess the company's progress. Relying on P/E multiples in this context may lead to erroneous conclusions about the company's valuation, as the metric is fundamentally ill-suited for a business currently prioritizing aggressive R&D over near-term earnings.
Includes 30+ ratios · 11 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying WKEY stock.
WISeKey International Holding AG's current P/E ratio is -13.2x. The historical average is 3.2x.
WISeKey International Holding AG's return on equity (ROE) is -2.2%. The historical average is -122.0%.
Based on historical data, WISeKey International Holding AG is trading at a P/E of -13.2x. Compare with industry peers and growth rates for a complete picture.
WISeKey International Holding AG has 47.9% gross margin and -247.3% operating margin.