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Swiss maker of high-precision vacuum valves used in semiconductor and display manufacturing equipment.
Swiss maker of high-precision vacuum valves used in semiconductor and display manufacturing equipment.
Its valves are designed into the vacuum chambers of chipmaking tools built by a handful of equipment makers, so sales follow those makers' orders and factory-building cycles. Service and replacement of valves already installed in fabs add a steadier layer.
In one line: A Swiss niche semiconductor component supplier, no direct large US peer.
Moat: wide (IP / patents, customer qualification, installed base). Dominant, qualified supplier of ultra-high-vacuum valves deeply embedded in chipmaking tool designs.
Headquarters: Haag, Switzerland · Founded: 1965 · Employees: 3,250
Size VAT (VACN.SW) is a Switzerland Industrials company (Industrial Machinery) with a market value of $19.0B, the 28th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 516.60 on 6 Nov 2026.
Performance Over six months the shares fell 11.2%, against -4.8% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 2.2% over the last twelve months (peer median +7.5%); the operating margin is 24.6% (peer median 17.8%).
Valuation It trades at 48.2× forward earnings against a peer median of 22.9× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +17 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 14.6 points above its cost of capital (6.4% WACC).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 1.03B | CHF 1.07B | CHF 942M | CHF 885M | CHF 1.15B |
| Revenue growth | — | +14% | +6% | -23% | — |
| Gross profit | CHF 343M | CHF 381M | CHF 346M | CHF 300M | CHF 470M |
| EBITDA | CHF 305M | CHF 314M | CHF 298M | CHF 258M | CHF 411M |
| Net income | CHF 207M | CHF 214M | CHF 212M | CHF 190M | CHF 307M |
| Free cash flow | CHF 234M | CHF 237M | CHF 190M | CHF 188M | CHF 231M |
| Capital expenditure | CHF 46.6M | CHF 68.3M | CHF 55.7M | CHF 69.2M | CHF 66.2M |
| Total debt | n/a | CHF 248M | CHF 242M | CHF 207M | CHF 211M |
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 |
|---|---|---|---|---|---|---|
| VAT VACN.SW | $19.0B | -11% | -2% | 25% | 48.2× | 25.8% |
| MKS MKSI | $13.0B | -39% | +16% | 17% | 11.5× | 24.0% |
| Ichor ICHR | $1.16B | -58% | +15% | 3% | 9.9× | n/a |
| ULVAC 6728.T | $2.01B | -34% | +7% | 7% | 15.5× | 14.1% |
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 | VACN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.4% | -4.0% | 3rd lowest of 21 |
| 6-month return | -11.2% | -4.8% | 10th lowest of 21 |
| Distance from 52-week high | -29.0% | -26.4% | 11th highest of 21 |
| Revenue growth (TTM) | -2.2% | +7.5% | 2nd lowest of 21 |
| Operating margin | 24.6% | 17.8% | 2nd highest of 21 |
| Forward P/E | 48.2× | 22.9× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 25.8% | 15.0% | 2nd most demanding of 19 |
| Growth delivered (Del g) | +9.2% | +8.5% | 9th highest of 19 |
| Hurdle (Req g minus delivered) | +16.7 pp | +4.1 pp | most demanding of 19 |
| ROIC minus cost of capital | +14.6 pp | +4.3 pp | 4th highest of 20 |
| EV / EBITDA | 51.8× | 16.5× | most expensive of 17 |
| Net debt / EBITDA | 0.9× | 1.0× | 9th least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| VAT VACN.SW | Switzerland | $19.0B | -11% | -2% | 25% | 48.2× | 25.8% | +9.2% |
| Woodward WWD | United States | $18.7B | -14% | +22% | 16% | 31.0× | 18.9% | +7.4% |
| Nordson NDSN | United States | $17.3B | +10% | +7% | 27% | 24.5× | 15.4% | +5.6% |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | China | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% | +20.8% |
| IDEX IEX | United States | $16.7B | +5% | +7% | 21% | 23.7× | 14.7% | +8.0% |
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| SYM SYM | United States | $22.3B | -30% | +20% | 1% | 101.9× | n/a | n/a |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| Ihi 7013.T | Japan | $15.4B | -20% | +8% | 10% | 12.7× | 16.7% | +8.1% |
| Lincoln Electric LECO | United States | $14.9B | +2% | +11% | 18% | 22.0× | 13.3% | +9.7% |
| ACM Research (Shanghai) 688082.SS | China | $14.6B | +30% | +9% | 15% | 54.1× | n/a | n/a |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Lifco LIFCO-B.ST | Sweden | $13.1B | +1% | +7% | 19% | 29.3× | 15.2% | +15.4% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| GEA Group Aktiengesellschaft G1A.DE | Germany | $12.6B | +25% | +4% | 12% | 21.0× | 5.8% | +3.5% |
| Lennox International LII | United States | $11.7B | -34% | +2% | 19% | 15.3× | 5.0% | +7.4% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Madison Air Solutions MAIR | United States | $11.6B | -45% | +27% | 17% | 20.6× | 31.9% | +27.3% |
| Watts Water Technologies WTS | United States | $11.6B | +17% | +17% | 19% | 24.6× | 15.8% | +10.1% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |