WISeKey International Holding AG (WQEY) AI Stock Analysis
WQEY AI stock analysis summary
AI ResearchWISeKey International Holding AG (WQEY) is a cybersecurity and secure semiconductor solutions company with a market capitalization of $52.4M. In FY2025, revenue grew 62.4% to $19.3M, although operating margin remained deeply negative at -247.3%. As of December 31, 2025, the balance sheet held $429.2M in cash and short-term investments against $2.4M in total debt.
- Market cap
- $52.4M
- Revenue (TTM)
- $25.4M
- P/E
- —
- 1Y return
- -47.8% S&P 500 16.8%
- Avg. target
- $15.00 63.9% vs last close
Bull case
- Net cash reached $426.9M as of December 31, 2025, significantly exceeding total debt of $2.4M.
- Quarterly revenue growth YoY reached 116.0% for the period ended December 31, 2025.
- Analyst projections for the next fiscal year call for positive EPS of $1.95 on $38.6M in revenue.
Bear case
- Free cash flow dropped to -$33.1M in FY2025, worsening from -$17.4M in FY2022.
- Operating margin remained deeply negative at -247.3% in FY2025 and -357.4% on a trailing-twelve-month basis.
- The stock is down 47.8% over the past year, lagging the S&P 500 return of 16.8%.
What WISeKey International does
WISeKey International Holding AG provides integrated cybersecurity solutions across North America, Europe, the Middle East, Africa, Asia Pacific, and Latin America. The company designs, manufactures, and sells Common Criteria EAL5+ and FIPS 140-3-certified secure microprocessors, alongside digital certificates and software as a service offerings for certificate life-cycle management, signing, and authentication through its INeS platform. It also delivers infrastructure integration services, IoT digital identity solutions, and secure semiconductor chips. Additionally, the company maintains a strategic partnership with the Swiss Space Command to develop secure space communication systems.
Growth and profitability
Revenue dropped from $23.8M in FY2022 to $11.9M in FY2024 before rising 62.4% to $19.3M in FY2025, reflecting a 3-year revenue CAGR of -6.8%. Gross margin was 47.9% in FY2025, up from 36.2% in FY2024, but operating margin stood at -247.3% as R&D expenses increased to $14.9M. Net income was -$6.1M in FY2025 compared to -$27.5M in FY2022. For the trailing twelve months ended December 31, 2025, revenue was $25.4M, with quarterly revenue growth YoY of 116.0% and an operating margin of -357.4%.
Balance sheet and cash flow
As of December 31, 2025, the company held $429.2M in cash and short-term investments and $2.4M in total debt, resulting in net cash of $426.9M. Total assets stood at $514.6M against shareholders' equity of $45.9M. The current ratio was 12.92 and the debt-to-equity ratio was 0.05. In FY2025, operating cash flow was -$32.4M and capital expenditures were $743,000, bringing free cash flow to -$33.1M.
Valuation and performance
WQEY trades at a price-to-sales multiple of 2.1x and an EV-to-revenue multiple of 0.9x, compared to a median price-to-sales ratio of 2.8x for its US-listed Technology peers. Its enterprise value is -$355.7M and price-to-book is 1.6x. The stock closed at $9.15 on October 16, 2026, representing a 1-year decline of 47.8% while the S&P 500 (SPY) returned 16.8%. Over a 5-year period, the stock fell 77.3% versus an 83.0% gain for the S&P 500.
What analysts expect
One analyst covers WQEY with a Buy rating and none recommend Hold or Sell. The mean price target is $15.00, which is 63.9% above the last close of $9.15. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $25.2M and an EPS of -$2.08. For the next fiscal year, estimates anticipate revenue of $38.6M and an EPS of $1.95.
Key risks and what to watch
- Cash burn remains elevated, with FY2025 operating cash flow of -$32.4M.
- Revenue has been volatile, declining 61.6% in FY2024 before increasing 62.4% in FY2025.
- Trading momentum is weak, with the share price standing 35.6% below its 200-day average.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this WQEY AI stock analysis
This page is an AI-written research summary of WISeKey International Holding AG (WQEY). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 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.
Related: WQEY income statement, WQEY balance sheet, WQEY key metrics, WQEY analyst forecast, WQEY chart. See the WQEY stock overview for the latest quote and news.
WQEY AI stock analysis FAQ
What is WQEY's cash and debt position?
As of December 31, 2025, WQEY held $429.2M in cash and short-term investments and $2.4M in total debt, giving it net cash of $426.9M.
What do analysts forecast for WQEY's earnings?
For the fiscal year ending December 31, 2026, analysts estimate an EPS of -$2.08 and revenue of $25.2M. For the following fiscal year, estimates forecast an EPS of $1.95 on revenue of $38.6M.
Does WQEY pay a dividend?
No, WQEY does not pay a dividend.
How has WQEY stock performed over the last year?
Over the past year, WQEY shares fell 47.8%, while the S&P 500 (SPY) returned 16.8%.