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VAT Group AG
(VACN)
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Rating:73Outperform
Price Target:
CHF781.00
▲(20.04% Upside)
Action:Reiterated
Date:07/22/26
The score is driven primarily by solid underlying financial quality (strong margins/ROE and positive free cash flow) and a constructive technical uptrend. The latest earnings call adds support through strong order momentum and confident H2 ramp guidance. These positives are tempered by an expensive valuation (P/E 93.23, ~1.0% yield) and the company’s historical volatility in revenue, margins, and cash conversion.
Positive Factors
High profitability & returns
VAT exhibits persistently strong margins and returns for an industrial equipment maker. Net margins near 20–27% and ROE in the mid‑20s to high‑30s indicate durable pricing power, efficient operations and the ability to generate shareholder returns across cycles, supporting reinvestment and dividend capacity.
Negative Factors
Revenue and margin cyclicality
VAT's top‑line and margins swing materially with semiconductor capex and product mix shifts, making multi‑period forecasting and margin predictability difficult. This cyclicality can amplify operational gearing, cause working‑capital volatility, and increase downside risk if end‑market investment stalls.
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Positive Factors
Negative Factors
High profitability & returns
VAT exhibits persistently strong margins and returns for an industrial equipment maker. Net margins near 20–27% and ROE in the mid‑20s to high‑30s indicate durable pricing power, efficient operations and the ability to generate shareholder returns across cycles, supporting reinvestment and dividend capacity.
Read all positive factors
VAT Group AG (VACN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF18.05B
Dividend Yield1.16%
Average Volume (3M)128.94K
Price to Earnings (P/E)86.9
Beta (1Y)1.22
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. 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
CHF702.89Price Target Upside8.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)10.72
Revenue Forecast (FY)CHF1.33B
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 sub-systems that are integrated into customers’ vacuum processing tools and production lines—most notably semiconductor wafer-fabrication equipment. Revenue is typically generated...
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.
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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 | 255.99M | 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 Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | CHF18.05B | 86.87 | 28.08% | 1.08% | -2.20% | -7.05% | |
71 Outperform | CHF1.12B | 21.40 | ― | 2.46% | 1.72% | -9.57% | |
70 Outperform | CHF3.10B | 17.42 | ― | 2.04% | -4.06% | -17.81% | |
67 Neutral | CHF4.95B | 16.32 | 24.15% | 3.36% | -2.55% | 11.09% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | CHF1.54B | -45.98 | ― | 17.71% | -33.90% | -128.93% | |
52 Neutral | CHF4.24B | -31.55 | ― | 2.58% | -20.47% | -148.37% |
* Industrials Sector Average
CH:VACN
VAT Group AG
633.20
352.53
125.61%
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2.52
105.49%
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1,430.00
-861.25
-37.59%
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Bucher Industries AG
314.50
-64.32
-16.98%
CH:GF
Georg Fischer AG
52.90
-9.98
-15.88%
CH:SUN
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151.40
-1.76
-1.15%
VAT Group AG Corporate Events
VAT Group Rides AI-Driven Chip Boom to Record Orders and Accelerates Capacity Expansion
Jul 22, 2026
VAT Group AG reported record second-quarter order intake of CHF 500 million, driven by strong demand for vacuum valves and adjacencies used in advanced semiconductor fabs, especially logic and DRAM chips powering AI data centers. Revenue rose 32% ...
VAT Group to Acquire Atonarp in Push for Real-Time Semiconductor Process Control
Jul 22, 2026
VAT Group AG has agreed to acquire 100% of Japan-based Atonarp Inc. for around CHF 110 million in cash, funded through a committed bilateral loan, with closing expected in the third quarter of 2026 subject to customary regulatory approvals. Atonar...
VAT Group Sets July 22 Call to Present 2026 Half-Year Results
Jul 13, 2026
VAT Group AG has scheduled a media and analyst conference call and webcast on July 22, 2026, to present its half-year financial results and business developments. CEO Urs Gantner and CFO Fabian Chiozza will outline performance for the first six mo...
VAT Group Deepens Sponsorship with Hockey Club Davos, Secures Naming Rights to VAT Arena
Jul 3, 2026
VAT Group AG has deepened its partnership with Hockey Club Davos, expanding from co-sponsor to become naming partner of the club’s Eisstadion, which will be branded as the VAT Arena. The agreement builds on VAT’s existing jersey sponso...
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...
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.