WISeKey International Holding AG (WKEY) AI Stock Analysis

Founded in 1999 and headquartered in Zug, Switzerland, WISeKey International Holding AG provides integrated cybersecurity and security solutions for internet of things (IoT) and digital identity environments worldwide. The company operates through three segments: IoT, Artificial Intelligence (AI), and Managed Public Key Infrastructure (mPKI). WISeKey supplies secure microcontrollers that provide identities to connected devices, protecting against cyber threats. Its mPKI offerings include digital identity management, certificate issuance, and cloud-based authentication services. In addition, the company runs the ISTANA platform to manage vehicle components using PKI technology, while delivering post-contract customer support, infrastructure hosting, and monitoring services.

WISeKey generated a 5-year revenue CAGR of 5.5% between FY2020 and FY2025. Annual performance has varied significantly; revenue fell 61.6% to $11.9M in FY2024 before rising 62.4% to $19.3M in FY2025. Gross margin improved from 36.2% in FY2024 to 47.9% in FY2025, and net income rose from -$13.4M to -$6.1M. Operating margin stood at -247.3% in FY2025 as research and development expense reached $14.9M. In the trailing twelve months ended September 30, 2026, revenue totaled $25.4M with diluted EPS of -$0.84 and an operating margin of -357.5%, supported by quarterly year-over-year revenue growth of 116.0%.

As of September 30, 2026, WISeKey held $486.1M in cash and short-term investments and $7.1M in total debt, resulting in net cash of $479.0M. Total assets were $614.6M and shareholders' equity was $554.7M. Liquidity metrics showed a current ratio of 14.43 and a debt-to-equity ratio of 0.01. Operating cash flow in FY2025 was -$32.4M and free cash flow was -$33.1M, with capital expenditures of $743,000. Over the past five years, the company's share count increased by 272.0%.

At its last close of $6.09, WISeKey traded at a market capitalization of $69.7M and an enterprise value of -$355.7M. The stock has a price-to-sales multiple of 2.7x, below the 2.8x median of its US-listed Technology peers, along with an EV-to-revenue multiple of 0.5x and a price-to-book ratio of 1.5x. Over the past year, WISeKey shares declined 35.8%, underperforming the 17.5% return of the S&P 500 (SPY). The stock is down 22.4% year-to-date and sits 16.2% below its 200-day average.

Wall Street analysts have a mean price target of $14.92 for WISeKey, which is 144.9% above its last close of $6.09. For the current fiscal year ending December 31, 2026, consensus estimates project revenue of $24.8M and an EPS of -$4.80, an estimated EPS decline of 323.3%. For the next fiscal year, 1 analyst estimates revenue of $37.9M, representing 52.8% growth, and an EPS of -$3.17. Over the last four quarters, WISeKey surpassed EPS estimates in 3 quarters.

This page is an AI-written research summary of WISeKey International Holding AG (WKEY). The text was generated on October 30, 2026 from Quotelinks data as of October 14, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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