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VAT Group AG
(VACN)
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Rating:70Outperform
Price Target:
CHF730.00
▲(23.31% Upside)
Action:Reiterated
Date:06/13/26
The score is driven by strong underlying financial quality (high profitability, solid balance sheet, positive free cash flow) and a constructive technical uptrend. This is tempered by a very expensive valuation (high P/E with only a modest yield) and business volatility, while the latest earnings call supports the outlook but flags FX, margin, and conversion-timing risks.
Positive Factors
Dominant market share in vacuum valves
VAT's extremely high share in semiconductor valves creates durable competitive advantage: entrenched OEM relationships, strong specification presence, and substantial aftermarket revenue. This market leadership supports pricing power, barriers to entry and recurring replacement demand across cycles.
Negative Factors
Revenue, margin and cash conversion volatility
Significant history of volatile revenue and fluctuating margins reduces earnings predictability and raises execution risk. For a capital‑equipment supplier, this cyclicality complicates capacity planning, working-capital management and long-term margin sustainability.
Read all positive and negative factors
Positive Factors
Negative Factors
Dominant market share in vacuum valves
VAT's extremely high share in semiconductor valves creates durable competitive advantage: entrenched OEM relationships, strong specification presence, and substantial aftermarket revenue. This market leadership supports pricing power, barriers to entry and recurring replacement demand across cycles.
Read all positive factors
VAT Group AG (VACN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF20.68B
Dividend Yield1.63%
Average Volume (3M)128.94K
Price to Earnings (P/E)96.4
Beta (1Y)1.22
Revenue Growth13.94%
EPS Growth1.18%
CountryCH
Employees3,250
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)7.15
Shares Outstanding30,000,000
10 Day Avg. Volume110,134
30 Day Avg. Volume128,937
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
CHF637.25Price Target Upside7.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)10.31
Revenue Forecast (FY)CHF1.29B
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 primarily by selling vacuum valves and vacuum-related components and subassemblies that are integrated into customers’ vacuum systems—most notably semiconductor capital equipment (e.g., wafer fabrication equipment) and, to a ...
VAT Group AG Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call conveyed a distinctly positive operational and strategic outlook: VAT delivered record free cash flow, strong R&D investment and specification wins, improved order momentum into Q4 and clear ramp readiness supported by completed infrastructure projects. These strengths were tempered by near-term headwinds—principally FX volatility, working-capital effects that pressured gross profit, some margin compression versus prior year and uncertainties around timing of spec-win conversion and China/localization trends. On balance, the positive growth signals, cash generation and market leadership outweighed the challenges.Positive Updates
Record Free Cash Flow and Strong Cash Conversion
Free cash flow reached a record CHF 230 million, up 26% year-over-year; FCF as a percentage of sales rose to 22% and cash conversion climbed to 72%.
Negative Updates
FX Headwinds and Negative Net Finance Effects
Strengthening Swiss franc and FX movements negatively impacted gross profit and produced revaluation losses on bank balances/intercompany financing; FX remains a key ongoing risk to P&L.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Free Cash Flow and Strong Cash Conversion
Free cash flow reached a record CHF 230 million, up 26% year-over-year; FCF as a percentage of sales rose to 22% and cash conversion climbed to 72%.
Read all positive updates
Company Guidance
VAT guided Q1 sales of CHF 240–260 million with a book‑to‑bill “substantially above 1” (Q4 book‑to‑bill was 1.2; Q4 orders +28% QoQ, order book +18% QoQ), and said 2026 will mark the start of the ramp with new records targeted in orders, sales and free cash flow (2025 FCF was CHF 230m, FCF/sales 22%, conversion 72%). Management expects improved EBITDA, EBITDA margin and net income versus 2025 and indicated EBITDA should sit toward the upper end of the first half of its 30–37% corridor (i.e., toward ~33.5%), while maintaining CHF 70–80m of CapEx and continued high R&D spend (2025 R&D CHF 75m); factory ramp capacity (30% QoQ capability) and strengthened liquidity (early term‑loan repayment, incremental RCF) support the plan.VAT Group AG Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.07B | 942.20M | 885.32M | 1.15B | 901.16M |
| Gross Profit | 380.70M | 634.15M | 299.64M | 469.65M | 336.00M |
| EBITDA | 313.56M | 303.15M | 255.99M | 402.28M | 306.86M |
| Net Income | 214.30M | 211.80M | 190.31M | 306.78M | 217.44M |
Balance Sheet | |||||
| Total Assets | 1.27B | 1.29B | 1.17B | 1.28B | 1.07B |
| Cash, Cash Equivalents and Short-Term Investments | 140.98M | 158.15M | 144.15M | 174.40M | 127.19M |
| Total Debt | 248.28M | 241.79M | 207.31M | 214.33M | 206.94M |
| Total Liabilities | 480.20M | 540.87M | 411.30M | 496.58M | 435.13M |
| Stockholders Equity | 793.17M | 753.88M | 757.16M | 780.32M | 634.37M |
Cash Flow | |||||
| Free Cash Flow | 236.68M | 184.97M | 187.17M | 223.50M | 192.00M |
| Operating Cash Flow | 294.88M | 240.64M | 256.41M | 289.74M | 234.97M |
| Investing Cash Flow | -69.63M | -57.39M | -67.65M | -66.22M | -44.23M |
| Financing Cash Flow | -226.76M | -172.50M | -205.58M | -172.58M | -201.76M |
VAT Group AG Technical Analysis
Positive
592.00
Price Trends
621.68
Positive
567.10
Positive
470.79
Positive
Market Momentum
23.67
Negative
65.89
Neutral
76.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:VACN, the sentiment is Positive. The current price of 592 is below the 20-day moving average (MA) of 664.02, below the 50-day MA of 621.68, and above the 200-day MA of 470.79, indicating a bullish trend. The MACD of 23.67 indicates Negative momentum. The RSI at 65.89 is Neutral, neither overbought nor oversold. The STOCH value of 76.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | CHF3.10B | 19.47 | ― | 2.99% | -7.64% | 4.78% | |
70 Outperform | CHF20.68B | 96.45 | 32.09% | 1.63% | 13.94% | 1.18% | |
65 Neutral | CHF4.57B | 15.61 | 24.15% | 2.90% | 0.70% | 12.20% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | CHF1.08B | 20.04 | ― | 1.46% | -2.46% | -11.13% | |
54 Neutral | CHF1.31B | -39.00 | ― | 6.26% | -33.90% | -128.93% | |
49 Neutral | CHF3.56B | 34.77 | ― | 2.53% | -22.94% | -51.88% |
* Industrials Sector Average
CH:VACN
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VAT Group AG Corporate Events
VAT Group COO Thomas Berden to Depart After Overhauling Operations
May 5, 2026
VAT Group AG announced that Chief Operating Officer and Executive Committee member Thomas Berden will leave the company to pursue a new opportunity outside the group, remaining in his role until the beginning of the fourth quarter of 2026 while th...
VAT Group shareholders back higher dividend and all AGM proposals
Apr 28, 2026
Shareholders of VAT Group AG approved all proposals from the Board of Directors at the 2026 Annual General Meeting, including a 12% increase in the dividend to CHF 7.00 per share, with roughly 53.7% of share capital represented. The meeting confir...
VAT Group rides AI-driven chip boom with record orders despite Q1 revenue delay
Apr 16, 2026
VAT Group AG reported one of its strongest quarters for new business in Q1 2026, with order intake surging 47% year on year to CHF 356 million and a book-to-bill ratio of 1.6, driven by exceptional demand for semiconductor manufacturing equipment....
VAT Group Sets April 16 Call on Q1 2026 Trading Update
Apr 9, 2026
VAT Group AG has scheduled a conference call for April 16, 2026, to discuss its first-quarter 2026 trading update. The call will feature CEO Urs Gantner and CFO Fabian Chiozza, who will outline market conditions in the early part of the year and p...
VAT Group Hit by Q1 Supply Disruptions but Reaffirms Strong 2026 Outlook
Mar 31, 2026
VAT Group AG reported that strong demand from the semiconductor industry drove a very robust order intake in the first quarter of 2026, pushing its book-to-bill ratio to about 1.6 times. However, the company’s revenue for the period is now e...
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.