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VAT Group AG
(VACN)
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Rating:63Neutral
Price Target:
CHF645.00
▲(5.74% Upside)
Action:Downgraded
Date:10/23/26
The score is anchored by strong underlying financial quality (high margins/ROE, conservative leverage, positive free cash flow) and a very upbeat earnings outlook driven by record orders and an accelerating output ramp. Offsetting these strengths are weak near-term technicals (below key moving averages with negative MACD) and a stretched valuation (P/E ~87) with only modest yield support.
Positive Factors
High profitability and returns
Sustained high margins and returns indicate VAT has meaningful pricing, technology, or scale advantages within its specialized vacuum markets. This profitability provides internal funding for capacity, research, and product development while supporting resilience through industry cycles.
Negative Factors
Cyclical revenue volatility
VAT’s exposure to semiconductor equipment investment makes revenue timing dependent on industry and customer capital-spending cycles. The prior sharp decline and subsequent recovery show that earnings can fluctuate materially, reducing predictability even when the longer-term market expands.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and returns
Sustained high margins and returns indicate VAT has meaningful pricing, technology, or scale advantages within its specialized vacuum markets. This profitability provides internal funding for capacity, research, and product development while supporting resilience through industry cycles.
Read all positive factors
VAT Group AG (VACN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF18.01B
Dividend Yield1.16%
Average Volume (3M)75.64K
Price to Earnings (P/E)87.4
Beta (1Y)0.86
Revenue Growth-2.20%
EPS Growth-7.05%
CountryCH
Employees3,959
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)6.93
Shares Outstanding30,000,000
10 Day Avg. Volume79,977
30 Day Avg. Volume75,645
Financial Highlights & Ratios
PEG Ratio42.34
Price to Book (P/B)14.58
Price to Sales (P/S)10.77
P/FCF Ratio48.87
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF779.33Price Target Upside27.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)10.77
Revenue Forecast (FY)CHF1.34B
VAT Group AG Business Overview & Revenue Model
Company Description
VAT Group AG, together with its subsidiaries, engages in the development, manufacture, and sale of vacuum and gas inlet valves, multi-valve modules, motion components, and edge-welded metal bellows. It operates in two segments, Valves and Global S...
How the Company Makes Money
VAT Group makes money mainly by selling high-performance vacuum valves and vacuum sub-systems used in vacuum tool platforms, especially those deployed in semiconductor fabrication. Its core revenue stream is product sales (e.g., gate valves and ot...
VAT Group AG Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 02, 2027
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and market momentum: record orders, rapid factory output ramp (32% Q/Q) and a healthy order book (book-to-bill 1.7x) underpin near-term growth and confidence in achieving a >CHF 450m quarterly run rate by year-end. Innovation metrics (60 specification wins, 7% R&D spend) and the strategic acquisition of Atonarp support a longer-term technology expansion beyond core valves. Offsetting risks include front-loaded ramp costs weighing on H1 EBITDA (29.0% vs 29.6%), supply-chain and component constraints, FX/commodity headwinds, and limited near-term financial visibility for the Atonarp asset. Management expects operational leverage in H2 and a record 2026 for orders, sales and free cash flow, but acknowledged uncertainty in 2027 visibility.Positive Updates
Record Order Intake in Q2
Q2 order intake reached a record CHF 500 million; Q2 orders were up 40% sequentially and up ~102% year-over-year. The order book increased ~50% since last reporting and >120% versus last year, with a book-to-bill ratio of 1.7x.
Negative Updates
Gross Profit and Sales Declines in H1
Reported H1 gross profit declined 7% year-on-year and H1 sales declined ~8% year-on-year (per management commentary), reflecting timing and conversion dynamics despite margin improvement.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Order Intake in Q2
Q2 order intake reached a record CHF 500 million; Q2 orders were up 40% sequentially and up ~102% year-over-year. The order book increased ~50% since last reporting and >120% versus last year, with a book-to-bill ratio of 1.7x.
Read all positive updates
Company Guidance
Management guided Q3 sales of CHF 355–385 million and reiterated it is on track to reach a quarterly factory output run‑rate of >CHF 450 million by year‑end (annualized ≈CHF 1.8bn), with current market consensus around CHF 1.3bn and an expected >50% increase in sales into H2; they said 2026 should be a record year for orders, sales and free cash flow. Guidance was backed by a strong order picture (Q2 record orders >CHF 500m; Q2 orders +40% q‑q, +102% y‑y; order book +50% since last report and +120% y‑y; book‑to‑bill 1.7x; ~2/3 of the order book set to convert to sales in 3–4 months). On profitability they reported H1 EBITDA of 29% (H1 gross margin 66.6%) and expect full‑year EBITDA to finish in the “upper half of the lower half” of their guidance band while anticipating second‑semester EBITDA to be in the “upper half of the upper half” as operating leverage materializes.VAT Group AG Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.03B | 1.07B | 942.20M | 885.32M | 1.15B | 901.16M |
| Gross Profit | 190.75M | 380.70M | 634.15M | 299.64M | 469.65M | 336.00M |
| EBITDA | 300.84M | 313.56M | 303.15M | 254.72M | 402.28M | 306.86M |
| Net Income | 207.53M | 214.30M | 211.80M | 190.31M | 306.78M | 217.44M |
Balance Sheet | ||||||
| Total Assets | 1.37B | 1.27B | 1.29B | 1.17B | 1.28B | 1.07B |
| Cash, Cash Equivalents and Short-Term Investments | 115.34M | 140.98M | 158.15M | 144.15M | 174.40M | 127.19M |
| Total Debt | 396.90M | 248.28M | 241.79M | 207.31M | 214.33M | 206.94M |
| Total Liabilities | 686.46M | 480.20M | 540.87M | 411.30M | 496.58M | 435.13M |
| Stockholders Equity | 684.96M | 793.17M | 753.88M | 757.16M | 780.32M | 634.37M |
Cash Flow | ||||||
| Free Cash Flow | 233.86M | 236.68M | 184.97M | 187.17M | 223.50M | 192.00M |
| Operating Cash Flow | 266.14M | 294.88M | 240.64M | 256.41M | 289.74M | 234.97M |
| Investing Cash Flow | -49.92M | -69.63M | -57.39M | -67.65M | -66.22M | -44.23M |
| Financing Cash Flow | -246.47M | -226.76M | -172.50M | -205.58M | -172.58M | -201.76M |
VAT Group AG Technical Analysis
Negative
610.00
Price Trends
630.56
Negative
643.47
Negative
587.06
Positive
Market Momentum
-6.84
Positive
38.70
Neutral
24.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:VACN, the sentiment is Negative. The current price of 610 is below the 20-day moving average (MA) of 656.75, below the 50-day MA of 630.56, and above the 200-day MA of 587.06, indicating a neutral trend. The MACD of -6.84 indicates Positive momentum. The RSI at 38.70 is Neutral, neither overbought nor oversold. The STOCH value of 24.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:VACN.
VAT Group AG Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | CHF248.90M | 9.05 | 11.74% | 3.95% | -1.24% | -11.13% | |
69 Neutral | CHF190.26M | 13.55 | ― | 2.79% | -2.82% | ― | |
67 Neutral | CHF5.83B | 19.61 | 23.26% | 2.70% | -2.55% | 11.09% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | CHF18.01B | 87.45 | 28.08% | 1.16% | -2.20% | -7.05% | |
57 Neutral | CHF1.86B | 5.63 | ― | 14.89% | -21.08% | ― | |
54 Neutral | CHF4.77B | -35.58 | ― | 2.31% | -20.47% | -148.37% |
* Industrials Sector Average
CH:VACN
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570.00
238.75
72.08%
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VAT Group AG Corporate Events
VAT Group rides AI‑driven chip boom to record orders and ramps up capacity
Oct 15, 2026
VAT Group AG reported a record third quarter, with order intake reaching CHF 697 million and sales climbing to CHF 376 million, driven by exceptionally strong demand for equipment used in manufacturing state‑of‑the‑art semiconduc...
VAT Group AG Sets Investor Call to Present Q3 2026 Results
Oct 7, 2026
VAT Group AG has scheduled a conference call on 15 October 2026 to discuss its third-quarter results and provide an update on business conditions and expectations for the remainder of the year. Chief Executive Officer Urs Gantner and Chief Financi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.