Comet Holding
ConvictionContext
Designs and manufactures RF power generators, matchboxes and vacuum capacitors that semiconductor-equipment OEMs embed into etch/deposition tools (designed-in, per-tool content), plus industrial X-ray modules and computed-tomography systems (Yxlon brand) and e-beam sterilization; mix of OEM component supply, capital systems, and aftermarket/service.
Revenue
CHF 457.0M FY2025~$570M); Q1-2026 CHF 106.3MRev growth
+2.6% FY2025 reported+7.3% constant currency); Q1-2026 -4.5% reported but +5.8% constant currency (strong CHF is a reported-growth dragGross margin
38.0% FY2025down from 42.8% in FY2024 on mix/FXOp margin
EBIT ~5.4% FY2025op. income ~CHF 24.6M); EBITDA margin 10.1% (down from 13.0%), incl. ~3pp of one-offs (Penang start-up + efficiency programCapex intensity
Elevated vs. history — building a new PenangMalaysia) manufacturing site to add capacity/localization ahead of the semiconductor upcycleMarket cap
~$3.8BCHF ~3.05B; SIX Swiss Exchange: COTN, ~7.77M shares, as of 2026-07-07The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence