VAT Group
ConvictionContext
Spec-win driven component supplier: co-develops vacuum valves/modules with WFE OEMs (spec-win process runs 18-24 months; wins typically convert to business 3-5 years out), plus a high-margin Global Service segment (spares, repairs, upgrades) tied to installed-base fab utilization
Revenue
CHF 1,073.5M~$1.3B) FY2025Rev growth
+13.9% FY2025+20.3% at constant currency); Q1 2026 sales -19.7% YoY on temporary supply disruptionGross margin
64% FY2025down from 66% FY2024 on inventory unwind + FXOp margin
25.4% EBIT margin FY2025EBIT CHF 272.8M; EBITDA margin 30.0%Capex intensity
~6.4% of sales FY2025CHF 68.3M, +22.6% on Malaysia/Romania capacityMarket cap
~$25BCHF 20.6B, SIX: VACN, early Jul 2026The 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.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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