LAES (SEALSQ) Beneish M-Score: 12.05 (As of Jun. 24, 2026)


LAES SEALSQ Corp LAES
40 GF Score
Price $3.23
GF Value $0.33
Valuation Significantly Overvalued
! 6 Warning Signs
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What is SEALSQ Beneish M-Score?

SEALSQ LAES -2.85% 40 Beneish M-Score is 12.05 as of Jun. 24, 2026. GuruFocus rates LAES with a GF Score™ of 40/100 and a GF Value™ of $0.33 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 987 Semiconductors companies, SEALSQ ranks worse than 99.39% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Warning Sign:

Beneish M-Score 12.05 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for SEALSQ's Beneish M-Score or its related term are showing as below:

LAES' s Beneish M-Score Range Over the Past 10 Years
Min: -2.85   Med: -1.4   Max: 12.05
Current: 12.05

During the past 6 years, the highest Beneish M-Score of SEALSQ was 12.05. The lowest was -2.85. And the median was -1.40.

SEALSQ Beneish M-Score Historical Data

* Premium members only.

The historical data trend for SEALSQ's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

SEALSQ Beneish M-Score Chart

SEALSQ Annual Data
Trend Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial 0.00 -0.66 -2.13 -2.85 12.05

SEALSQ Semi-Annual Data
Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only -2.13 0.00 -2.85 0.00 12.05

LAES vs MRAM, INDI, NVEC: Beneish M-Score Comparison

For the Semiconductors subindustry, SEALSQ's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

SEALSQ Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, SEALSQ's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SEALSQ's Beneish M-Score falls into.


LAES
40GF Score
SEALSQ Corp LAES
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

SEALSQ Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of SEALSQ for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.9648+0.528 * 0.718+0.404 * 31.6808+0.892 * 1.6621+0.115 * 6.9199
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.424+4.679 * -0.005819-0.327 * 0.327
=12.05

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was $14.13 Mil.
Revenue was $18.25 Mil.
Gross Profit was $8.63 Mil.
Total Current Assets was $449.64 Mil.
Total Assets was $504.18 Mil.
Property, Plant and Equipment(Net PPE) was $10.01 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.19 Mil.
Selling, General, & Admin. Expense(SGA) was $38.56 Mil.
Total Current Liabilities was $28.25 Mil.
Long-Term Debt & Capital Lease Obligation was $6.58 Mil.
Net Income was $-34.19 Mil.
Gross Profit was $-0.00 Mil.
Cash Flow from Operations was $-31.26 Mil.
 Total Receivables was $4.33 Mil.
Revenue was $10.98 Mil.
Gross Profit was $3.73 Mil.
Total Current Assets was $93.06 Mil.
Total Assets was $97.57 Mil.
Property, Plant and Equipment(Net PPE) was $4.23 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.63 Mil.
Selling, General, & Admin. Expense(SGA) was $16.29 Mil.
Total Current Liabilities was $16.89 Mil.
Long-Term Debt & Capital Lease Obligation was $3.72 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(14.128 / 18.252) / (4.326 / 10.981)
=0.774052 / 0.393953
=1.9648

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(3.728 / 10.981) / (8.63 / 18.252)
=0.339495 / 0.472825
=0.718

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (449.638 + 10.009) / 504.179) / (1 - (93.062 + 4.232) / 97.566)
=0.088326 / 0.002788
=31.6808

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=18.252 / 10.981
=1.6621

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(0.63 / (0.63 + 4.232)) / (0.191 / (0.191 + 10.009))
=0.129576 / 0.018725
=6.9199

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(38.564 / 18.252) / (16.293 / 10.981)
=2.112864 / 1.483745
=1.424

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((6.584 + 28.248) / 504.179) / ((3.721 + 16.893) / 97.566)
=0.069087 / 0.211283
=0.327

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-34.194 - -0.003 - -31.257) / 504.179
=-0.005819

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

SEALSQ has a M-score of 12.05 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 12.05 mean?
SEALSQ (LAES) has a Beneish M-Score of 12.05 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SEALSQ and its competitors. According to the industry distribution chart, SEALSQ ranks #981 out of 987 companies in the Semiconductors industry, placing it in the top 99.4%.
Is SEALSQ's Beneish M-Score too high?
SEALSQ's current Beneish M-Score is 12.05. Based on the distribution chart, SEALSQ ranks #981 out of 987 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, SEALSQ has a GF Score™ of 40/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does SEALSQ's Beneish M-Score compare to MRAM and INDI?
According to the Semiconductors industry distribution chart, SEALSQ ranks #981 out of 987 companies for Beneish M-Score. This places SEALSQ in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Semiconductors company?
A good Beneish M-Score depends on the Semiconductors industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SEALSQ and its competitors. SEALSQ's current Beneish M-Score is 12.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SEALSQ stock overvalued right now?
Based on GuruFocus' analysis, SEALSQ (LAES) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.33, compared to a current price of $3.23 — trading 878.8% above its estimated fair value. The current Beneish M-Score is 12.05. SEALSQ's overall GF Score™ is 40/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For SEALSQ (LAES), the current Beneish M-Score is 12.05 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is SEALSQ (LAES) Overvalued in 2026?

Based on GuruFocus' analysis, SEALSQ stock appears to be overvalued. The current stock price of $3.23 is trading 878.8% above its estimated GF Value™ of $0.33. GuruFocus considers SEALSQ to be Significantly Overvalued.

Key valuation signals for LAES:

  • Beneish M-Score: 12.05
  • GF Value™: $0.33 vs. price of $3.23 (878.8% above fair value)
  • GF Score™: 40/100 with 6 warning signs

No single metric tells the full story. See the LAES stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SEALSQ Business Description

Other Exchanges 8OE:Germany
Address Avenue Louis-Casai 58, Cointrin, CHE, 1216
SEALSQ Corp develops certified secure microcontrollers and implements post-quantum cryptography. The company develops solutions including post-quantum microchips and devices that can be used in a variety of applications, from multi-factor authentication, home automation, and IT network infrastructure to automotive, industrial automation, and control systems. The company's vaultIC range offers a set of ready-to-use secure elements designed to implement embedded security for any kind of device with fast time-to-market and high flexibility. The company's products include VaultIC155, VaultIV18x, VaultIC292, and VaultIC40x. The company generates a majority of its revenue from North America, while it also has its presence in Europe, Middle East & Africa, Asia Pacific, and Latin America.
40GF Score

Get the complete analysis for LAES

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$3.23
Price
$0.33
GF Value