# Inficon Holding (IFCN.SW)

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

Analysis as of: 2026-10-16T07:37:24.471Z. Financial observations: FY2005–FY2025.

Listing currency: CHF. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CHF 178.80 per share; close as of 2026-10-15.

Estimated value: low CHF 57.63 per share, central CHF 82.24 per share, high CHF 95.96 per share. Buy at or below the central value CHF 82.24 per share. Valuation as of 2026-10-16T07:37:24.471Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.20×

- FY2018: 0.20×

- FY2019: 0.17×

- FY2020: 0.16×

- FY2021: 0.19×

- FY2022: 0.19×

- FY2023: 0.20×

- FY2024: 0.20×

- FY2025: 0.17×

### moat: pass

- ROIC, median of available years: 37.1%

- ROIC, second-lowest year: 28.0%

- Typical minus recent gross margin: 2.7 pp

- Typical gross margin (annual median): 47.6%

- Recent gross margin (lower of latest and 3-year median): 44.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.2%

- ROIC including acquisitions, ten-year median: 33.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 39.2%

- FY2017: 49.6%

- FY2018: 45.5%

- FY2019: 34.5%

- FY2020: 28.0%

- FY2021: 41.1%

- FY2022: 33.6%

- FY2023: 37.6%

- FY2024: 36.6%

- FY2025: 27.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $459M

- Net income, five-year total: $477M

- Return on incremental invested capital: 26.1%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 8.0 pp

- Working capital / revenue, final three-year average: 32.8%

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

- FY2021: 1.00×

- FY2022: 0.90×

- FY2023: 1.00×

- FY2024: 0.92×

- FY2025: 1.00×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 45.5% vs 36.6%

- Per-share earnings: 1.69 to 4.32 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.3%

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

- Market cap gain: $1.9B

- Cumulative retained earnings: $252M

- Diluted shares, 10-year annual growth: 0.3%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.5%

- Per-share value change: $2.64

- Per-share value, starting three-year median: $1.69

- Per-share value, ending three-year median: $4.32

- Buybacks concentrated in cheaper years (correlation): 0.54

- Average buyback yield: 0.0%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: $11M

- Cumulative net income, 10 years: $743M

- ROIC, first three-year median: 45.5%

- ROIC, last three-year median: 36.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.69

- FY2017: $2.45

- FY2018: $2.64

- FY2019: $2.16

- FY2020: $2.02

- FY2021: $3.29

- FY2022: $3.62

- FY2023: $4.32

- FY2024: $4.61

- FY2025: $3.68

### accounting: pass

- Sloan accruals: -0.7%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.04×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.1%

- FY2017: -0.7%

- FY2018: 4.4%

- FY2019: -0.2%

- FY2020: -0.4%

- FY2021: -1.3%

- FY2022: 9.8%

- FY2023: -2.4%

- FY2024: -0.7%

- FY2025: -0.7%

## Holders

## Price story

Price needs cash profits to grow 17.6% a year for ten years · sales +5.2%

Story as of 2026-10-16T10:00:09.053Z; price observation 2026-10-15.

Price needs cash profits to grow 17.6% a year for ten years

### Sales · FY2024–2025

sales +5.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: $310M 

- FY2017: $374M 

- FY2018: $410M 

- FY2019: $382M 

- FY2020: $398M 

- FY2021: $516M 

- FY2022: $581M 

- FY2023: $674M 

- FY2024: $671M 

- FY2025: $706M 

### Gross margin · FY2025

gross margin 44.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 50.4% 

- FY2017: 50.5% 

- FY2018: 49.9% 

- FY2019: 49.3% 

- FY2020: 47.3% 

- FY2021: 47.9% 

- FY2022: 45.9% 

- FY2023: 46.0% 

- FY2024: 47.1% 

- FY2025: 44.9% 

## Owner memo

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

### How it makes money

Operates in scientific & technical instruments; annual sales are USD 705.8 million.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2025-12-31 (filed 2026-10-16T07:37:24.471Z); FY2025: revenue 705767222; grossProfit 316850685; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IFCN.SW: INFICON Holding AG develops instruments for gas analysis, measurement, and control in Switzerland and internationally. The company offers industrial gas analyzers, mass spectrometers, and process control sensors; vacuum gauges, controllers, components, and feedthroughs; leak detectors; thin film controllers; application-based software solutions; quartz crystal, RF sensing, and xParts coating technologies; chemical detectors and monitors; micro gas chromatography; and service tools. It also provides toxic chemical analysis products for emergency response, security, and environmental monitoring, as well as instruments for energy and petrochemical applications. The company's analysis, measurement, and control products are used for gas leak detection in air conditioning, refrigeration, and automotive manufacturing; and for equipment manufacturers and end-users in the fabrication of semiconductors and thin film coatings for optics, flat panel displays, solar cells, LED lighting, and industrial vacuum coating applications. Its products are also used in the life sciences, research, aerospace, packaging, heat treatment, laser cutting, and other industrial sectors. The company was founded in 2000 and is based in Bad Ragaz, Switzerland.

### Why customers stay

Margins ranged from 44.9% to 47.1% during 2023–25; it earns 37.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2023-12-31 (filed 2026-10-16T07:37:24.471Z); FY2023: grossProfit / revenue = 46%.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2024-12-31 (filed 2026-10-16T07:37:24.471Z); FY2024: grossProfit / revenue = 47.1%.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2025-12-31 (filed 2026-10-16T07:37:24.471Z); FY2025: grossProfit / revenue = 44.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.471Z); 10-year return on capital observations [[2016,0.3921299979603216],[2017,0.4960862909805301],[2018,0.4548600609575675],[2019,0.34483350335568586],[2020,0.28002051265503963],[2021,0.4113642970012899],[2022,0.33594994047285637],[2023,0.3755827329439502],[2024,0.3663378707388586],[2025,0.27361438371780594]]; median 0.3709603018414044. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 0.2% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2016-12-31 (filed 2026-10-16T07:37:24.471Z); FY2016: growth capex 0; upkeep 6009000; owner earnings 42407000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2017-12-31 (filed 2026-10-16T07:37:24.471Z); FY2017: growth capex 5686000; upkeep 9537000; owner earnings 59486000. Growth capex / owner earnings = 0.0955855159197122.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2018-12-31 (filed 2026-10-16T07:37:24.471Z); FY2018: growth capex 5643275.033512628; upkeep 15080724.966487372; owner earnings 59287275.03351263. Growth capex / owner earnings = 0.09518526581501206.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2019-12-31 (filed 2026-10-16T07:37:24.471Z); FY2019: growth capex 0; upkeep 19316000; owner earnings 44187000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2020-12-31 (filed 2026-10-16T07:37:24.471Z); FY2020: growth capex 2734960.204556763; upkeep 12865039.795443237; owner earnings 49009960.20455676. Growth capex / owner earnings = 0.05580417109382751.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2021-12-31 (filed 2026-10-16T07:37:24.471Z); FY2021: growth capex 11255000; upkeep 12410000; owner earnings 80311000. Growth capex / owner earnings = 0.1401426952721296.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2022-12-31 (filed 2026-10-16T07:37:24.471Z); FY2022: growth capex 11976654.853724949; upkeep 23331345.14627505; cash acquisitions 5643000; owner earnings 79724654.85372496. Growth capex plus acquisitions / owner earnings = 0.22100634848846523.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2023-12-31 (filed 2026-10-16T07:37:24.471Z); FY2023: growth capex 8030000; upkeep 15403000; cash acquisitions 0; owner earnings 105676000. Growth capex plus acquisitions / owner earnings = 0.07598697906809493.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2024-12-31 (filed 2026-10-16T07:37:24.471Z); FY2024: growth capex 0; upkeep 28361000; cash acquisitions 2250000; owner earnings 103739000. Growth capex plus acquisitions / owner earnings = 0.021689046549513685.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2025-12-31 (filed 2026-10-16T07:37:24.471Z); FY2025: growth capex 158181; upkeep 21692141; cash acquisitions 0; owner earnings 89898725. Growth capex plus acquisitions / owner earnings = 0.001759546645405705.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.471Z); Dividend observations: [[2016,32217000],[2017,38448000],[2018,49922000],[2019,53560000],[2020,45163000],[2021,42259000],[2022,54520000],[2023,47819000],[2024,55004000],[2025,60943742]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/IFCN.SW.json#2025-12-31 (filed 2026-10-16T07:37:24.471Z); FY2025: cash repurchases 1419463 USD.

### Are managers owners

Insiders own 30.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IFCN.SW SharesStats.PercentInsiders = 30.593999999999998 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.6% yearly over ten years; actual growth was 20.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:24.471Z); Ten-year compound average after fade. Initial solved rate 0.3302293528368444. Price 178.8; FX 0.8276775368316505; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5861869079000258 → FY2025 3.6775819036513875. Closing-price date 2026-10-15.

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

- 2016-10: CHF 35.55 per share

- 2016-11: CHF 36.68 per share

- 2016-12: CHF 36.70 per share

- 2017-01: CHF 41.68 per share

- 2017-02: CHF 43.88 per share

- 2017-03: CHF 49.70 per share

- 2017-04: CHF 52.25 per share

- 2017-05: CHF 50.70 per share

- 2017-06: CHF 47.25 per share

- 2017-07: CHF 53.05 per share

- 2017-08: CHF 54.60 per share

- 2017-09: CHF 62.95 per share

- 2017-10: CHF 61.95 per share

- 2017-11: CHF 58.50 per share

- 2017-12: CHF 60.85 per share

- 2018-01: CHF 58.25 per share

- 2018-02: CHF 56.15 per share

- 2018-03: CHF 58.75 per share

- 2018-04: CHF 59.60 per share

- 2018-05: CHF 55.45 per share

- 2018-06: CHF 50.55 per share

- 2018-07: CHF 46.44 per share

- 2018-08: CHF 49.38 per share

- 2018-09: CHF 50.15 per share

- 2018-10: CHF 48.32 per share

- 2018-11: CHF 47.28 per share

- 2018-12: CHF 49.76 per share

- 2019-01: CHF 52.80 per share

- 2019-02: CHF 51.65 per share

- 2019-03: CHF 55.45 per share

- 2019-04: CHF 57.25 per share

- 2019-05: CHF 56.70 per share

- 2019-06: CHF 59.55 per share

- 2019-07: CHF 62.25 per share

- 2019-08: CHF 62.10 per share

- 2019-09: CHF 64.70 per share

- 2019-10: CHF 70.70 per share

- 2019-11: CHF 72.45 per share

- 2019-12: CHF 76.85 per share

- 2020-01: CHF 74.30 per share

- 2020-02: CHF 67.35 per share

- 2020-03: CHF 63.00 per share

- 2020-04: CHF 65.10 per share

- 2020-05: CHF 71.30 per share

- 2020-06: CHF 73.50 per share

- 2020-07: CHF 74.30 per share

- 2020-08: CHF 77.20 per share

- 2020-09: CHF 76.00 per share

- 2020-10: CHF 67.20 per share

- 2020-11: CHF 76.90 per share

- 2020-12: CHF 80.80 per share

- 2021-01: CHF 96.80 per share

- 2021-02: CHF 100.00 per share

- 2021-03: CHF 99.30 per share

- 2021-04: CHF 97.70 per share

- 2021-05: CHF 104.60 per share

- 2021-06: CHF 107.00 per share

- 2021-07: CHF 109.00 per share

- 2021-08: CHF 115.00 per share

- 2021-09: CHF 109.60 per share

- 2021-10: CHF 117.20 per share

- 2021-11: CHF 118.20 per share

- 2021-12: CHF 133.80 per share

- 2022-01: CHF 112.00 per share

- 2022-02: CHF 108.20 per share

- 2022-03: CHF 106.40 per share

- 2022-04: CHF 89.50 per share

- 2022-05: CHF 84.20 per share

- 2022-06: CHF 75.20 per share

- 2022-07: CHF 79.10 per share

- 2022-08: CHF 68.30 per share

- 2022-09: CHF 66.70 per share

- 2022-10: CHF 79.60 per share

- 2022-11: CHF 81.50 per share

- 2022-12: CHF 80.90 per share

- 2023-01: CHF 95.50 per share

- 2023-02: CHF 97.40 per share

- 2023-03: CHF 98.70 per share

- 2023-04: CHF 96.80 per share

- 2023-05: CHF 101.00 per share

- 2023-06: CHF 108.00 per share

- 2023-07: CHF 111.60 per share

- 2023-08: CHF 112.80 per share

- 2023-09: CHF 111.80 per share

- 2023-10: CHF 98.50 per share

- 2023-11: CHF 117.60 per share

- 2023-12: CHF 120.60 per share

- 2024-01: CHF 131.40 per share

- 2024-02: CHF 137.00 per share

- 2024-03: CHF 131.80 per share

- 2024-04: CHF 128.60 per share

- 2024-05: CHF 143.20 per share

- 2024-06: CHF 136.60 per share

- 2024-07: CHF 131.00 per share

- 2024-08: CHF 121.40 per share

- 2024-09: CHF 122.00 per share

- 2024-10: CHF 103.60 per share

- 2024-11: CHF 102.40 per share

- 2024-12: CHF 103.60 per share

- 2025-01: CHF 118.00 per share

- 2025-02: CHF 115.60 per share

- 2025-03: CHF 92.20 per share

- 2025-04: CHF 87.20 per share

- 2025-05: CHF 96.50 per share

- 2025-06: CHF 106.40 per share

- 2025-07: CHF 98.40 per share

- 2025-08: CHF 95.00 per share

- 2025-09: CHF 93.80 per share

- 2025-10: CHF 96.40 per share

- 2025-11: CHF 100.40 per share

- 2025-12: CHF 98.80 per share

- 2026-01: CHF 122.00 per share

- 2026-02: CHF 119.40 per share

- 2026-03: CHF 99.40 per share

- 2026-04: CHF 144.40 per share

- 2026-05: CHF 163.00 per share

- 2026-06: CHF 182.20 per share

- 2026-07: CHF 162.60 per share

- 2026-08: CHF 166.40 per share

- 2026-09: CHF 191.40 per share

- 2026-10: CHF 193.00 per share

## Annual estimated value (CHF per share)

- FY2016: low CHF 20.03 per share, central CHF 26.63 per share, high CHF 30.88 per share

- FY2017: low CHF 24.80 per share, central CHF 33.98 per share, high CHF 39.44 per share

- FY2018: low CHF 26.88 per share, central CHF 34.73 per share, high CHF 40.33 per share

- FY2019: low CHF 27.43 per share, central CHF 39.24 per share, high CHF 45.82 per share

- FY2020: low CHF 24.03 per share, central CHF 28.68 per share, high CHF 33.16 per share

- FY2021: low CHF 34.15 per share, central CHF 43.30 per share, high CHF 50.32 per share

- FY2022: low CHF 35.73 per share, central CHF 47.58 per share, high CHF 55.53 per share

- FY2023: low CHF 45.48 per share, central CHF 63.63 per share, high CHF 74.22 per share

- FY2024: low CHF 50.65 per share, central CHF 69.81 per share, high CHF 81.33 per share

- FY2025: low CHF 57.63 per share, central CHF 82.25 per share, high CHF 95.97 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.