VAT Group AG (CH:VACN)
:VACN
Want to see CH:VACN full AI Analyst Report?
Top Page
VAT Group AG
(VACN)
Select Model
Select Model
Rating:71Outperform
Price Target:
CHF646.00
▲(9.12% Upside)
Action:UpgradedDate:03/26/26
The score is driven primarily by strong underlying financial quality (high profitability/returns, moderate leverage, positive free cash flow) and a constructive earnings outlook with strong order signals and ramp readiness. Offsetting these are elevated valuation (high P/E with modest yield) and some earnings/cash-flow volatility, while technicals show an uptrend but currently neutral momentum.
Positive Factors
Market leadership in vacuum valves
Sustained dominant share across core valve segments creates structural advantages: strong OEM preference, embedded specification status, and aftermarket economics. This scale supports pricing power, high content-per-tool and recurring spare/service revenue that persist across cyclical cycles.
Negative Factors
Revenue and margin cyclicality
The business is closely tied to semiconductor capex cycles and product-mix shifts, producing volatile revenue and margins over time. This cyclicality reduces predictability for earnings, capital allocation and investment planning and can amplify the impact of downturns on returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Market leadership in vacuum valves
Sustained dominant share across core valve segments creates structural advantages: strong OEM preference, embedded specification status, and aftermarket economics. This scale supports pricing power, high content-per-tool and recurring spare/service revenue that persist across cyclical cycles.
Read all positive factors
VAT Group AG (VACN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF17.55B
Dividend Yield1.63%
Average Volume (3M)128.94K
Price to Earnings (P/E)54.0
Beta (1Y)1.16
Revenue Growth13.94%
EPS Growth1.18%
CountryCH
Employees3,202
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)3.62
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
CHF566.88Price Target Upside-4.24% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)10.18
Revenue Forecast (FY)CHF1.28B
VAT Group AG Business Overview & Revenue Model
Company Description
VAT Group AG, together with its subsidiaries, develops, manufactures, and supplies vacuum valves in Switzerland, rest of Europe, the United States, Japan, Korea, Singapore, China, rest of Asia, and internationally. The company operates through two...
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 30, 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
518.79
Positive
470.45
Positive
393.59
Positive
Market Momentum
15.39
Negative
70.39
Negative
94.51
Negative
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 above the 20-day moving average (MA) of 520.75, above the 50-day MA of 518.79, and above the 200-day MA of 393.59, indicating a bullish trend. The MACD of 15.39 indicates Negative momentum. The RSI at 70.39 is Negative, neither overbought nor oversold. The STOCH value of 94.51 is Negative, 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 | CHF3.34B | 15.87 | ― | 2.99% | -7.64% | 4.78% | |
71 Outperform | CHF17.55B | 53.97 | 32.09% | 1.63% | 13.94% | 1.18% | |
65 Neutral | CHF4.88B | 16.99 | 24.15% | 2.90% | 0.70% | 12.20% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | CHF1.37B | 33.61 | ― | 1.46% | -2.46% | -11.13% | |
54 Neutral | CHF1.05B | -55.43 | ― | 6.26% | -33.90% | -128.93% | |
49 Neutral | CHF3.46B | 42.66 | ― | 2.53% | -22.94% | -51.88% |
* Industrials Sector Average
CH:VACN
VAT Group AG
567.80
279.95
97.25%
CH:OERL
OC Oerlikon Corporation AG
3.25
0.57
21.26%
CH:INRN
Interroll Holding AG
1,668.00
-67.58
-3.89%
CH:BUCN
Bucher Industries AG
329.50
-17.83
-5.13%
CH:GF
Georg Fischer AG
42.50
-14.86
-25.90%
CH:SUN
Sulzer AG
148.40
13.13
9.70%
VAT Group AG Corporate Events
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...
VAT Group lifts dividend after record cash flow and AI-fueled semiconductor demand
Mar 3, 2026
VAT Group AG reported strong 2025 results, with net sales rising 13.9% to CHF 1.07 billion, supported by robust demand in semiconductor manufacturing and a recovery in AI‑driven investments. The company maintained an EBITDA margin of 30%, ge...
VAT Group AG Sets March 2026 Date for 2025 Results Conference
Feb 23, 2026
VAT Group AG has scheduled its 2025 full-year results media and investor conference for 3 March 2026 in Zurich, offering participation on site, via webcast, or by conference call, with CEO Urs Gantner and CFO Fabian Chiozza presenting the annual f...
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.