# Comet Holding AG (COTN.SW)

Canonical: https://gigainvestors.com/s/COTN.SW

Analysis as of: 2026-10-16T07:39:13.052Z. Financial observations: FY2002–FY2025.

Listing currency: CHF. Reporting currency: CHF.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CHF 318.00 per share; close as of 2026-10-15.

Estimated value: low CHF 61.07 per share, central CHF 68.41 per share, high CHF 78.19 per share. Buy at or below the central value CHF 68.41 per share. Valuation as of 2026-10-16T07:39:13.052Z; scenarios are not confidence intervals.

Expected annual return: 4.3% at the stated quote. About 4.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CH 10-year bond 0.5% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.42×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.11×

- FY2018: 0.07×

- FY2019: 0.05×

- FY2020: 0.08×

- FY2021: 0.16×

- FY2022: 0.16×

- FY2023: 0.06×

- FY2024: 0.09×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.5%

- ROIC, second-lowest year: 7.3%

- Typical minus recent gross margin: 2.7 pp

- Typical gross margin (annual median): 40.7%

- Recent gross margin (lower of latest and 3-year median): 38.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.1%

- ROIC including acquisitions, ten-year median: 12.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.8%

- FY2017: 19.7%

- FY2018: 12.1%

- FY2019: 8.0%

- FY2020: 13.0%

- FY2021: 31.5%

- FY2022: 28.0%

- FY2023: 7.3%

- FY2024: 11.9%

- FY2025: 4.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.81×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 169M

- Net income, five-year total: CHF 208M

- Return on incremental invested capital: -10.5%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 2.6 pp

- Working capital / revenue, final three-year average: 33.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.05×

- FY2022: 0.90×

- FY2023: 0.12×

- FY2024: 1.05×

- FY2025: -0.91×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 18.8% vs 7.3%

- Per-share earnings: 3.53 to 1.98 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: CHF 969M

- Cumulative retained earnings: CHF 201M

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.0%

- Per-share value change: CHF -1.55

- Per-share value, starting three-year median: CHF 3.53

- Per-share value, ending three-year median: CHF 1.98

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.1%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 38M

- Cumulative net income, 10 years: CHF 323M

- ROIC, first three-year median: 18.8%

- ROIC, last three-year median: 7.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 3.53

- FY2017: CHF 4.57

- FY2018: CHF 1.58

- FY2019: CHF 1.55

- FY2020: CHF 3.56

- FY2021: CHF 8.68

- FY2022: CHF 10.05

- FY2023: CHF 1.98

- FY2024: CHF 4.52

- FY2025: CHF 1.57

### accounting: pass

- Sloan accruals: -7.1%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.95×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.7%

- FY2017: -0.7%

- FY2018: -4.1%

- FY2019: -9.4%

- FY2020: -6.7%

- FY2021: -0.6%

- FY2022: 2.4%

- FY2023: -1.5%

- FY2024: -2.8%

- FY2025: -7.1%

## Holders

## Price story

Down 22% since Jun 2026 · sales +2.6%

Story as of 2026-10-16T10:00:10.639Z; price observation 2026-10-15.

Price needs cash profits to grow 21.8% a year for ten years

### Sales · FY2024–2025

sales +2.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 332M 

- FY2017: CHF 443M 

- FY2018: CHF 436M 

- FY2019: CHF 372M 

- FY2020: CHF 396M 

- FY2021: CHF 514M 

- FY2022: CHF 586M 

- FY2023: CHF 397M 

- FY2024: CHF 445M 

- FY2025: CHF 457M 

### Gross margin · FY2025

gross margin 38%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 40.6% 

- FY2017: 40.8% 

- FY2018: 39.7% 

- FY2019: 38.4% 

- FY2020: 39.8% 

- FY2021: 43.4% 

- FY2022: 44.6% 

- FY2023: 41.0% 

- FY2024: 43.4% 

- FY2025: 38.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in scientific & technical instruments; annual sales are CHF 457 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2025: revenue 457044000; grossProfit 173677000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COTN.SW: Comet Holding AG, together with its subsidiaries, provides X-ray and radio frequency (RF) power technology solutions in Europe, North America, Asia, and internationally. It operates through three divisions: Plasma Control Technologies, X-Ray Systems, and Industrial X-Ray Modules. The Plasma Control Technologies division develops, manufactures, and markets vacuum capacitors, RF generators, and RF impedance matching networks for the high-precision control of plasma processes required in the production of memory chips and flat panel displays. The X-Ray Systems division develops, manufactures, and markets compact x-ray and provides related services, for non destructive examination using x-ray computed tomography. The Industrial X-Ray Modules division develops, manufactures, and markets compact X-ray sources and portable X-ray modules for non-destructive examination, steel metrology, and security inspection. The company offers its products under the Comet and Comet Yxlon brands. The company serves manufacturers in the semiconductor, aerospace, automotive, and security sectors. Comet Holding AG was founded in 1948 and is headquartered in Flamatt, Switzerland.

### Why customers stay

Margins ranged from 38% to 43.4% during 2023–25; it earns 12.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2023: grossProfit / revenue = 41%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2024: grossProfit / revenue = 43.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2025: grossProfit / revenue = 38%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); 10-year return on capital observations [[2016,0.1883054169691114],[2017,0.1974898903905443],[2018,0.12067475675698677],[2019,0.07983135020085592],[2020,0.13006900495005827],[2021,0.31500171679844],[2022,0.2801990525629114],[2023,0.07284356023761966],[2024,0.11909681368277969],[2025,0.042442364674423645]]; median 0.12537188085352252. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CHF 439000 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2016: growth capex 5769000; upkeep 11226000; owner earnings 27336000. Growth capex / owner earnings = 0.21104038630377525.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2017: growth capex 22931157.405390974; upkeep 14622842.594609026; owner earnings 33302157.405390974. Growth capex / owner earnings = 0.6885787345920977.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2018: growth capex 0; upkeep 26020000; owner earnings 4388000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2019: growth capex 0; upkeep 18621000; owner earnings 10300200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2020: growth capex 0; upkeep 13566000; owner earnings 29013600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2021: growth capex 0; upkeep 11467000; owner earnings 70665000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2022: growth capex 3275000; upkeep 19478000; owner earnings 70469600. Growth capex / owner earnings = 0.04647394053606094.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2023: growth capex 0; upkeep 26413000; owner earnings 1843600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2024: growth capex 0; upkeep 12779000; owner earnings 36895200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); Dividend observations: [[2016,8512000],[2017,9295000],[2018,11630000],[2019,9312000],[2020,7764000],[2021,10098000],[2022,27193000],[2023,28764000],[2024,7772000],[2025,11654000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); FY2025: cash repurchases 439000 CHF.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); COTN.SW SharesStats.PercentInsiders = 0.22599999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 21.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:13.052Z); Ten-year compound average after fade. Initial solved rate 0.30462178713095767. Price 318; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.9730941704035874 → FY2025 -1.4312730273521899. Closing-price date 2026-10-15.

## Monthly share-price history (CHF per share)

- 2016-10: CHF 85.70 per share

- 2016-11: CHF 95.40 per share

- 2016-12: CHF 100.50 per share

- 2017-01: CHF 97.80 per share

- 2017-02: CHF 111.00 per share

- 2017-03: CHF 122.20 per share

- 2017-04: CHF 132.90 per share

- 2017-05: CHF 121.50 per share

- 2017-06: CHF 119.70 per share

- 2017-07: CHF 138.00 per share

- 2017-08: CHF 136.20 per share

- 2017-09: CHF 143.40 per share

- 2017-10: CHF 156.80 per share

- 2017-11: CHF 156.20 per share

- 2017-12: CHF 153.40 per share

- 2018-01: CHF 162.50 per share

- 2018-02: CHF 139.50 per share

- 2018-03: CHF 132.20 per share

- 2018-04: CHF 130.40 per share

- 2018-05: CHF 130.10 per share

- 2018-06: CHF 107.00 per share

- 2018-07: CHF 97.80 per share

- 2018-08: CHF 96.15 per share

- 2018-09: CHF 99.20 per share

- 2018-10: CHF 101.80 per share

- 2018-11: CHF 86.00 per share

- 2018-12: CHF 79.75 per share

- 2019-01: CHF 88.45 per share

- 2019-02: CHF 97.45 per share

- 2019-03: CHF 85.00 per share

- 2019-04: CHF 101.00 per share

- 2019-05: CHF 95.05 per share

- 2019-06: CHF 94.60 per share

- 2019-07: CHF 91.95 per share

- 2019-08: CHF 80.90 per share

- 2019-09: CHF 86.00 per share

- 2019-10: CHF 98.60 per share

- 2019-11: CHF 117.20 per share

- 2019-12: CHF 122.60 per share

- 2020-01: CHF 123.40 per share

- 2020-02: CHF 118.00 per share

- 2020-03: CHF 99.85 per share

- 2020-04: CHF 129.20 per share

- 2020-05: CHF 117.60 per share

- 2020-06: CHF 135.60 per share

- 2020-07: CHF 140.60 per share

- 2020-08: CHF 141.80 per share

- 2020-09: CHF 141.40 per share

- 2020-10: CHF 128.80 per share

- 2020-11: CHF 169.40 per share

- 2020-12: CHF 198.20 per share

- 2021-01: CHF 204.00 per share

- 2021-02: CHF 213.00 per share

- 2021-03: CHF 217.00 per share

- 2021-04: CHF 234.00 per share

- 2021-05: CHF 241.00 per share

- 2021-06: CHF 254.50 per share

- 2021-07: CHF 297.00 per share

- 2021-08: CHF 347.50 per share

- 2021-09: CHF 324.00 per share

- 2021-10: CHF 340.00 per share

- 2021-11: CHF 346.50 per share

- 2021-12: CHF 336.50 per share

- 2022-01: CHF 292.50 per share

- 2022-02: CHF 279.00 per share

- 2022-03: CHF 268.50 per share

- 2022-04: CHF 213.50 per share

- 2022-05: CHF 187.80 per share

- 2022-06: CHF 150.40 per share

- 2022-07: CHF 174.40 per share

- 2022-08: CHF 170.40 per share

- 2022-09: CHF 144.80 per share

- 2022-10: CHF 159.80 per share

- 2022-11: CHF 192.40 per share

- 2022-12: CHF 195.80 per share

- 2023-01: CHF 210.00 per share

- 2023-02: CHF 208.00 per share

- 2023-03: CHF 253.00 per share

- 2023-04: CHF 215.00 per share

- 2023-05: CHF 247.40 per share

- 2023-06: CHF 228.40 per share

- 2023-07: CHF 229.00 per share

- 2023-08: CHF 227.20 per share

- 2023-09: CHF 204.40 per share

- 2023-10: CHF 178.10 per share

- 2023-11: CHF 240.20 per share

- 2023-12: CHF 265.20 per share

- 2024-01: CHF 286.80 per share

- 2024-02: CHF 313.00 per share

- 2024-03: CHF 314.20 per share

- 2024-04: CHF 293.00 per share

- 2024-05: CHF 333.50 per share

- 2024-06: CHF 362.00 per share

- 2024-07: CHF 352.50 per share

- 2024-08: CHF 346.50 per share

- 2024-09: CHF 333.50 per share

- 2024-10: CHF 286.50 per share

- 2024-11: CHF 279.50 per share

- 2024-12: CHF 248.50 per share

- 2025-01: CHF 275.50 per share

- 2025-02: CHF 262.00 per share

- 2025-03: CHF 219.50 per share

- 2025-04: CHF 212.20 per share

- 2025-05: CHF 219.80 per share

- 2025-06: CHF 249.20 per share

- 2025-07: CHF 207.20 per share

- 2025-08: CHF 171.10 per share

- 2025-09: CHF 192.40 per share

- 2025-10: CHF 196.10 per share

- 2025-11: CHF 192.20 per share

- 2025-12: CHF 225.00 per share

- 2026-01: CHF 299.40 per share

- 2026-02: CHF 297.60 per share

- 2026-03: CHF 247.20 per share

- 2026-04: CHF 307.00 per share

- 2026-05: CHF 371.20 per share

- 2026-06: CHF 409.00 per share

- 2026-07: CHF 326.40 per share

- 2026-08: CHF 332.00 per share

- 2026-09: CHF 371.40 per share

- 2026-10: CHF 347.00 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 55.96 per share, central CHF 75.07 per share, high CHF 86.59 per share

- FY2017: low CHF 70.50 per share, central CHF 97.87 per share, high CHF 113.80 per share

- FY2018: low CHF 50.47 per share, central CHF 56.82 per share, high CHF 65.28 per share

- FY2019: low CHF 41.99 per share, central CHF 57.07 per share, high CHF 65.85 per share

- FY2020: low CHF 49.42 per share, central CHF 55.05 per share, high CHF 62.54 per share

- FY2021: low CHF 78.62 per share, central CHF 105.33 per share, high CHF 121.30 per share

- FY2022: low CHF 89.87 per share, central CHF 122.09 per share, high CHF 140.84 per share

- FY2023: low CHF 51.11 per share, central CHF 56.76 per share, high CHF 64.28 per share

- FY2024: low CHF 65.40 per share, central CHF 72.56 per share, high CHF 82.08 per share

- FY2025: low CHF 64.52 per share, central CHF 71.86 per share, high CHF 81.64 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.