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Swiss maker of vacuum, gas, and leak-detection instruments used in semiconductor manufacturing, HVAC, and industrial vacuum processes.
Swiss maker of vacuum, gas, and leak-detection instruments used in semiconductor manufacturing, HVAC, and industrial vacuum processes.
Sells instruments fitted into customers' production tools, so semiconductor-equipment makers' volumes drive orders, and adds recurring revenue from consumable parts, calibration and service. Most sales go to the semiconductor and vacuum-coating industries.
In one line: A Swiss, instrumentation-focused MKS Instruments.
Moat: narrow (process know-how, customer qualification, IP / patents). Instruments are qualified into semiconductor and industrial processes, creating sticky, repeat-purchase relationships.
Headquarters: Bad Ragaz, Switzerland · Founded: 1946 · Employees: 1,731
Size INFICON (IFCN.SW) is a Switzerland Information Technology company (Electronic Equipment/Instruments) with a market value of $4.51B, the 60th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 150.60 on 6 Nov 2026.
Performance Over six months the shares fell 0.1%, against -23.6% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue fell 1.6% over the last twelve months (peer median +5.2%); the operating margin is 17.4% (peer median 11.1%).
Valuation It trades at 32.8× forward earnings against a peer median of 21.6× (6th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 21.8 points above its cost of capital (7.7% WACC).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 577M | CHF 560M | CHF 591M | CHF 605M | CHF 555M |
| Revenue growth | — | -5% | -2% | +9% | — |
| Gross profit | CHF 260M | CHF 251M | CHF 279M | CHF 278M | CHF 255M |
| EBITDA | CHF 118M | CHF 110M | CHF 137M | CHF 137M | CHF 120M |
| Net income | CHF 77.6M | CHF 71.3M | CHF 99.3M | CHF 95.0M | CHF 84.5M |
| Free cash flow | CHF 77.6M | CHF 57.1M | CHF 78.3M | CHF 86.7M | CHF 12.9M |
| Capital expenditure | CHF 18.3M | CHF 18.1M | CHF 25.0M | CHF 21.1M | CHF 33.7M |
| Total debt | n/a | CHF 40.1M | CHF 40.1M | CHF 47.2M | CHF 39.1M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| INFICON IFCN.SW | $4.51B | 0% | -2% | 17% | 32.8× | 19.7% |
| MKS MKSI | $13.0B | -39% | +16% | 17% | 11.5× | 24.0% |
| Pfeiffer Vacuum Technology PFV.DE | $1.79B | -3% | 0% | 9% | 23.6× | 8.9% |
| ULVAC 6728.T | $2.01B | -34% | +7% | 7% | 15.5× | 14.1% |
| Agilent Technologies A | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% |
| Horiba 6856.T | $4.79B | -17% | +12% | 17% | 14.4× | 11.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IFCN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.3% | -9.4% | 7th lowest of 21 |
| 6-month return | -0.1% | -23.6% | 6th highest of 20 |
| Distance from 52-week high | -26.4% | -47.5% | 6th highest of 21 |
| Revenue growth (TTM) | -1.6% | +5.2% | 6th lowest of 21 |
| Operating margin | 17.4% | 11.1% | 6th highest of 21 |
| Forward P/E | 32.8× | 21.6× | 6th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 19.7% | 10.0% | 3rd most demanding of 14 |
| Growth delivered (Del g) | +8.4% | +11.6% | 4th lowest of 14 |
| Hurdle (Req g minus delivered) | +11.3 pp | -2.2 pp | 3rd most demanding of 14 |
| ROIC minus cost of capital | +21.8 pp | -1.5 pp | 2nd highest of 21 |
| EV / EBITDA | 30.7× | 15.3× | most expensive of 7 |
| Net debt / EBITDA | -0.5× | -1.1× | 4th most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| INFICON IFCN.SW | Switzerland | $4.51B | 0% | -2% | 17% | 32.8× | 19.7% | +8.4% |
| Itron ITRI | United States | $4.32B | +20% | -4% | 14% | 14.5× | 9.2% | +1.7% |
| CIQTEK 688828.SS | China | $4.17B | n/a | +33% | -5% | n/a | n/a | n/a |
| Novanta NOVT | United States | $5.11B | -2% | +8% | 12% | 33.9× | 33.5% | +10.7% |
| Shenzhen SEICHI Technologies 688627.SS | China | $3.37B | -24% | +65% | 3% | 89.1× | n/a | n/a |
| GRG Banking Equipment 002152.SZ | China | $3.26B | -25% | 0% | 9% | 23.0× | 4.0% | +13.5% |
| Wuhan Guide Infrared 002414.SZ | China | $6.46B | -32% | +89% | 29% | 37.4× | n/a | n/a |
| Syntec Technology 7750.TW | Taiwan | $3.15B | -46% | +60% | 25% | 13.2× | 17.2% | +24.3% |
| Addsino 000547.SZ | China | $3.02B | -49% | -6% | -54% | n/a | n/a | n/a |
| Shanghai Lingang 600848.SS | China | $3.00B | -9% | -26% | 15% | 19.4× | 12.9% | +15.1% |
| Ginlong Technologies 300763.SZ | China | $2.98B | -47% | +4% | 11% | 19.2× | 10.0% | +27.2% |
| GeniuS Electronic Optical 3406.TW | Taiwan | $2.81B | +59% | +16% | 20% | 20.1× | 5.9% | +9.5% |
| Kehua Data 002335.SZ | China | $2.81B | -41% | +5% | 5% | 31.4× | 16.7% | +14.4% |
| China Railway Signal & Communication 688009.SS | China | $7.39B | 0% | +1% | 12% | 14.9× | -6.3% | -2.9% |
| Oxford Nanopore Technologies ONT.L | United Kingdom | $2.71B | +75% | +15% | -55% | n/a | n/a | n/a |
| Focuslight Technologies 688167.SS | China | $2.71B | -44% | +22% | -9% | 284.8× | n/a | n/a |
| Ningbo Sanxing Medical Electric 601567.SS | China | $2.66B | -37% | -11% | 3% | 15.8× | 4.8% | +15.1% |
| Shenzhen CSL Vacuum Science & Technology 688785.SS | China | $2.62B | -21% | -2% | 18% | n/a | n/a | n/a |
| Suzhou HYC Technology 688001.SS | China | $2.59B | -31% | +19% | 6% | 61.1× | 37.6% | +5.9% |
| Dexerials 4980.T | Japan | $2.55B | -4% | +5% | 35% | 13.8× | 15.0% | +11.6% |
| Vaisala VAIAS.HE | Finland | $2.54B | +22% | +2% | 16% | 26.9× | 9.7% | +9.5% |