LAES (SEALSQ) Beneish M-Score : -2.79 (As of Jun. 26, 2025)

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What is SEALSQ Beneish M-Score?

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.

Good Sign:

Beneish M-Score -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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: -2.79 Med: -2.08 Max: -0.66
Current: -2.79

During the past 5 years, the highest Beneish M-Score of SEALSQ was -0.66. The lowest was -2.79. And the median was -2.08.

SEALSQ Beneish M-Score Historical Data

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.

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SEALSQ Beneish M-Score Chart

SEALSQ Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

-0.66

-2.08

-2.79

SEALSQ Semi-Annual Data
	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial				-0.66	-	-2.08	-	-2.79

Competitive Comparison of SEALSQ's Beneish M-Score

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's Beneish M-Score Distribution in the 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.

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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:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 2.1656

0.528 * 1.3767

0.404 * 0.0246

0.892 * 0.3653

0.115 * 0.8663

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 3.1205

4.679 * -0.104514

0.327 * 0.245

-2.79

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

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 $15.52 Mil.
Long-Term Debt & Capital Lease Obligation was $3.72 Mil.
Net Income was $-21.20 Mil.
Gross Profit was $0.20 Mil.
Cash Flow from Operations was $-11.21 Mil.

Total Receivables was $5.47 Mil.
Revenue was $30.06 Mil.
Gross Profit was $14.05 Mil.
Total Current Assets was $20.27 Mil.
Total Assets was $27.94 Mil.
Property, Plant and Equipment(Net PPE) was $4.51 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.57 Mil.
Selling, General, & Admin. Expense(SGA) was $14.29 Mil.
Total Current Liabilities was $8.72 Mil.
Long-Term Debt & Capital Lease Obligation was $13.76 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)
	=	(4.326 / 10.981)	/	(5.468 / 30.058)
	=	0.393953	/	0.181915
	=	2.1656

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)
	=	(14.049 / 30.058)	/	(3.728 / 10.981)
	=	0.467396	/	0.339495
	=	1.3767

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 - (93.062 + 4.232) / 97.566)	/	(1 - (20.267 + 4.508) / 27.935)
	=	0.002788	/	0.11312
	=	0.0246

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
	=	10.981	/	30.058
	=	0.3653

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))
	=	(0.57 / (0.57 + 4.508))	/	(0.63 / (0.63 + 4.232))
	=	0.112249	/	0.129576
	=	0.8663

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)
	=	(16.293 / 10.981)	/	(14.292 / 30.058)
	=	1.483745	/	0.475481
	=	3.1205

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)
	=	((3.721 + 15.517) / 97.566)	/	((13.761 + 8.717) / 27.935)
	=	0.197179	/	0.804654
	=	0.245

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
	=	(-21.201 - 0.201	-	-11.205)	/	97.566
	=	-0.104514

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 -2.79 suggests that the company is unlikely to be a manipulator.

SEALSQ Beneish M-Score Related Terms

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SEALSQ Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » SEALSQ Corp (NAS:LAES) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

8OE:Germany

Address

Avenue Louis-Casai 58, Cointrin, CHE, 1216

Website

https://www.sealsq.com

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.