Quick verdict: ADTN vs LAES in 2026

SEALSQ Corp (LAES) currently holds the overall edge in this ADTN vs LAES stock comparison, leading on seven out of eleven comparable metrics. LAES emerges as the clear growth leader with significantly higher revenue growth and also appears to offer more compelling value on several metrics, while ADTRAN Holdings, Inc. (ADTN) demonstrates superior profitability with considerably better margins. Analysts overwhelmingly favor LAES, assigning it a unanimous Buy rating and projecting substantially higher upside compared to ADTN. Not investment advice.

ADTN vs LAES: key metrics side by side

Full side-by-side comparison of ADTN and LAES across valuation, profitability, growth and analyst sentiment. Data updated 2026-05-12.

ADTN vs LAES valuation comparison

When evaluating ADTN vs LAES valuation in 2026, a look at their P/E ratios reveals both companies are currently unprofitable, reflected in their negative P/E multiples. ADTRAN Holdings (ADTN) reports a P/E of -35.27x, while SEALSQ Corp (LAES) shows a P/E of -12.08x. While both indicate losses, LAES’s P/E is significantly less negative, suggesting that its losses are smaller relative to its share price, which could be interpreted as a relatively “cheaper” valuation for its current earnings output.

Delving deeper into valuation, the P/B ratio offers a clearer distinction. ADTN trades at a P/B of 9.16x, indicating a substantial premium over its book value. In contrast, LAES has a P/B of a mere 0.9x, trading below its book value. This metric strongly suggests that LAES is the more undervalued stock on a book value basis. Furthermore, their Discounted Cash Flow (DCF) models paint a challenging picture for both, with ADTN showing a DCF upside of -559.4% and LAES at -122.2%. Although both indicate significant fundamental overvaluation or serious headwinds according to this model, LAES’s figure is considerably less negative, positioning it as less “overvalued” by DCF compared to ADTN. Based on these metrics, LAES generally appears to be the cheaper stock from a valuation perspective in this ADTN vs LAES comparison.

ADTN vs LAES growth comparison

In the ADTN vs LAES growth comparison, SEALSQ Corp (LAES) clearly demonstrates stronger revenue momentum. LAES reported an impressive year-over-year revenue growth of +46.4%, significantly outpacing ADTRAN Holdings (ADTN), which posted a revenue growth of +17.5%. This stark difference indicates that LAES is currently expanding its top line at a much faster rate, signaling a more dynamic growth trajectory for investors focused on rapidly increasing sales volumes in 2026.

Despite LAES’s superior revenue growth, a closer look at profitability margins within this growth context provides important nuance. While LAES is growing rapidly, its gross margin stands at 47.28%, which is higher than ADTN’s 38.57%. However, LAES’s robust top-line growth comes at a severe cost, as evidenced by its net margin of -187.34% and EBITDA margin of -185.15%. ADTN, despite its slower revenue expansion, maintains a healthier (though still negative) net margin of -3.18% and a positive EBITDA margin of 7.28%. This suggests that while LAES has stronger *revenue* momentum, ADTN exhibits a more sustainable operational structure. Investors considering should i buy ADTN or LAES stock in 2026 for growth must weigh LAES’s aggressive expansion against its profound unprofitability.

ADTN vs LAES profitability

When examining ADTN vs LAES profitability, ADTRAN Holdings, Inc. (ADTN) stands out as significantly more robust, despite both companies currently operating at a loss on a net basis. ADTN reports a net margin of -3.18%, which, while negative, is far superior to SEALSQ Corp’s (LAES) deeply concerning net margin of -187.34%. Similarly, ADTN’s EBITDA margin is a healthy 7.28%, demonstrating its ability to generate operating earnings before non-operating expenses, unlike LAES, which posted an alarming EBITDA margin of -185.15%. Both companies report N/A% for Return on Equity (ROE), indicating current challenges in this area.

Looking at Free Cash Flow (FCF) yield, which provides insight into a company’s ability to generate cash, ADTN delivers a positive FCF yield of 4.59%. This indicates that ADTRAN is generating cash from its operations. In contrast, LAES has a negative FCF yield of -9.17%, signifying that it is currently consuming cash rather than generating it. This stark difference highlights that ADTN generates more cash and is considerably more profitable than LAES, even with its own challenges, making it the clear leader in this aspect of the ADTN vs LAES fundamentals and valuation analysis for 2026.

Analyst ratings: ADTN vs LAES

The analyst community presents a divided but clear preference when comparing ADTN vs LAES stock in 2026. ADTRAN Holdings, Inc. (ADTN) is covered by 25 analysts, with 44.0% of them assigning a “Buy” rating. Their consensus price target for ADTN is $18, representing an implied upside of +14.8% from its current price. This indicates a moderately positive outlook, albeit with a significant portion of analysts holding a neutral or sell rating.

In contrast, SEALSQ Corp (LAES) receives a unanimous “Buy” rating from the 2 analysts covering the stock, reflecting a highly optimistic sentiment within its smaller analyst pool. The consensus price target for LAES is $7.5, which suggests a substantial implied upside of +145.1%. While ADTN benefits from broader coverage, the concentrated and highly bullish consensus for LAES, coupled with its much higher projected upside, signals that analysts currently prefer LAES for its greater growth potential and price appreciation in the ADTN vs LAES stock comparison for 2026.

Should I buy ADTN or LAES stock in 2026?

For growth-oriented investors considering should I buy ADTN or LAES stock in 2026, LAES presents a compelling, albeit higher-risk, proposition. With a revenue growth rate of +46.4% year-over-year, LAES significantly outpaces ADTN’s +17.5%. Furthermore, analysts project a substantial upside of +145.1% for LAES compared to ADTN’s more modest +14.8%. This indicates that LAES holds stronger momentum and greater potential for rapid capital appreciation, although its deep unprofitability must be carefully weighed against this growth.

Value investors scrutinizing the ADTN vs LAES fundamentals and valuation will find LAES to be relatively cheaper on several key metrics. LAES trades at a P/B ratio of 0.9x, well below ADTN’s 9.16x, suggesting it is priced more attractively relative to its assets. While both companies have negative P/E ratios, LAES’s -12.08x is less negative than ADTN’s -35.27x, implying a smaller cost per unit of negative earnings. Additionally, LAES’s DCF downside of -122.2% is less severe than ADTN’s -559.4%, indicating less fundamental overvaluation according to this model. However, ADTN’s superior profitability metrics offer a more stable financial foundation.

For income-focused investors, neither ADTN nor LAES are suitable choices in 2026, as both companies currently have a dividend yield of 0%. Neither stock provides regular income to shareholders, making them purely capital appreciation plays. Ultimately, the decision of should you buy ADTN or LAES depends on your risk tolerance and investment strategy, balancing LAES’s high growth potential and relative value with ADTN’s greater operational stability. This is not investment advice.

More ADTN and LAES comparisons

ADTN full stock analysis · LAES full stock analysis · All stock comparisons

FAQ: ADTN vs LAES