# VAT Group AG (VACN.SW)

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

Analysis as of: 2026-10-16T07:34:39.106Z. Financial observations: FY2015–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 623.60 per share; close as of 2026-10-15.

Estimated value: low CHF 91.15 per share, central CHF 103.29 per share, high CHF 119.44 per share. Buy at or below the central value CHF 103.29 per share. Valuation as of 2026-10-16T07:34:39.106Z; scenarios are not confidence intervals.

Expected annual return: 4.1% at the stated quote. About 4.1% 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: 0.14×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.24×

- FY2017: 0.26×

- FY2018: 0.25×

- FY2019: 0.19×

- FY2020: 0.24×

- FY2021: 0.30×

- FY2022: 0.32×

- FY2023: 0.24×

- FY2024: 0.27×

- FY2025: 0.25×

### moat: fail

- Recent gross margin fell 14.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 30.2%

- ROIC, second-lowest year: 20.1%

- Typical minus recent gross margin: 14.0 pp

- Typical gross margin (annual median): 49.4%

- Recent gross margin (lower of latest and 3-year median): 35.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.6%

- ROIC including acquisitions, ten-year median: 20.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.1%

- FY2017: 29.6%

- FY2018: 26.5%

- FY2019: 16.6%

- FY2020: 28.7%

- FY2021: 42.5%

- FY2022: 50.0%

- FY2023: 31.1%

- FY2024: 32.4%

- FY2025: 30.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CHF 1.1B

- Net income, five-year total: CHF 1.1B

- Return on incremental invested capital: 76.4%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 6.3 pp

- Working capital / revenue, final three-year average: 28.7%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.86×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- 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: 26.5% vs 31.1%

- Per-share earnings: 2.42 to 7.06 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.7%

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

- Market cap gain: CHF 9.2B

- Cumulative retained earnings: CHF 734M

- Diluted shares, 10-year annual growth: 3.7%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.3%

- Per-share value change: CHF 4.64

- Per-share value, starting three-year median: CHF 2.42

- Per-share value, ending three-year median: CHF 7.06

- Buybacks concentrated in cheaper years (correlation): 0.64

- Average buyback yield: 0.1%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: CHF 191M

- Cumulative net income, 10 years: CHF 1.7B

- ROIC, first three-year median: 26.5%

- ROIC, last three-year median: 31.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CHF 2.42

- FY2017: CHF 3.85

- FY2018: CHF 4.52

- FY2019: CHF 2.49

- FY2020: CHF 4.26

- FY2021: CHF 7.24

- FY2022: CHF 10.21

- FY2023: CHF 6.34

- FY2024: CHF 7.06

- FY2025: CHF 7.15

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.38×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.55×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.0%

- FY2017: -4.0%

- FY2018: -3.7%

- FY2019: -8.5%

- FY2020: -4.5%

- FY2021: -2.1%

- FY2022: 1.0%

- FY2023: -5.7%

- FY2024: -2.2%

- FY2025: -6.3%

## Holders

## Price story

Price needs cash profits to grow 24.4% a year for ten years · sales +13.9%

Story as of 2026-10-16T10:00:01.734Z; price observation 2026-10-15.

Price needs cash profits to grow 24.4% a year for ten years

- 2026-03-31: Chip Industry Supplier VAT Group Warns of Weaker Sales Due to Iran War Disruption ([finance.yahoo.com](https://finance.yahoo.com/m/d4438d72-0f22-3d6f-85f0-06c8342f4bfd/chip-industry-supplier-vat.html))

### Sales · FY2024–2025

sales +13.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CHF 508M 

- FY2017: CHF 692M 

- FY2018: CHF 698M 

- FY2019: CHF 570M 

- FY2020: CHF 692M 

- FY2021: CHF 901M 

- FY2022: CHF 1.1B 

- FY2023: CHF 885M 

- FY2024: CHF 942M 

- FY2025: CHF 1.1B 

### Gross margin · FY2025

gross margin 35.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 60.5% 

- FY2017: 59.8% 

- FY2018: 57.8% 

- FY2019: 58.3% 

- FY2020: 32.4% 

- FY2021: 37.3% 

- FY2022: 41.0% 

- FY2023: 33.8% 

- FY2024: 67.3% 

- FY2025: 35.5% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are CHF 1.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2025: revenue 1073500000; grossProfit 380697000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VACN.SW: VAT Group AG, together with its subsidiaries, engages in the development, manufacture, and sale of vacuum and gas inlet valves, multi-valve modules, motion components, and edge-welded metal bellows. It operates in two segments, Valves and Global Service. The Valves segment offers vacuum valves for the semiconductor, displays, photovoltaics, and vacuum coating industries, as well as for the industrial and research sectors. The Global Service segment provides spare parts, repairs, and upgrades, as well as support services. The company offers vacuum isolation, gate, angle, inline, check, cylinder, and all-metal valves; vacuum pendulum and butterfly valves; 3 position, multi-value, and vacuum control valves; vacuum transfer valves and doors; pressure relief/venting, gas dosing, and fast closing/beam stopper valves; and flange connections, bellows, and vacuum modules. It has operations in Switzerland, rest of Europe, the United States, Japan, Korea, Singapore, China, rest of Asia, and internationally. VAT Group AG was founded in 1965 and is headquartered in Solothurn, Switzerland.

### Why customers stay

Margins ranged from 33.8% to 67.3% during 2023–25; it earns 30.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2023: grossProfit / revenue = 33.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2024: grossProfit / revenue = 67.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2025: grossProfit / revenue = 35.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); 10-year return on capital observations [[2016,0.20054073417331253],[2017,0.29561616286976655],[2018,0.2648107126591521],[2019,0.16570382563506295],[2020,0.28734606001563945],[2021,0.4252656007341205],[2022,0.5000173149011915],[2023,0.31142616161333503],[2024,0.3235628884602516],[2025,0.30774037903719614]]; median 0.3016782709534813. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 4.4% of cash earnings on expansion; earns 76.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2016: growth capex 0; upkeep 15852000; owner earnings 82668000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2017: growth capex 12172000; upkeep 31602000; owner earnings 115677000. Growth capex / owner earnings = 0.10522402897723834.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2018: growth capex 1381796.4026750177; upkeep 40571203.59732498; owner earnings 130673796.40267502. Growth capex / owner earnings = 0.010574395484898693.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2019: growth capex 0; upkeep 18142000; owner earnings 102955000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2020: growth capex 0; upkeep 25943000; owner earnings 142699000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2021: growth capex 0; upkeep 42967000; owner earnings 217531000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2022: growth capex 25270000; upkeep 40969000; owner earnings 306779000. Growth capex / owner earnings = 0.08237200069105122.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2023: growth capex 0; upkeep 69236000; owner earnings 163401000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2024: growth capex 12181000; upkeep 43487000; owner earnings 211799000. Growth capex / owner earnings = 0.05751207512783346.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2025: growth capex 9439000; upkeep 48768000; owner earnings 214300000. Growth capex / owner earnings = 0.04404573028464769.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); Incremental return on capital 0.7635542186784475, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); Dividend observations: [[2016,119923000],[2017,119923000],[2018,119932000],[2019,119941000],[2020,119961000],[2021,134982000],[2022,164957000],[2023,187436000],[2024,187415000],[2025,187364000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); FY2025: cash repurchases 5421000 CHF.

### Are managers owners

Insiders own 10.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); VACN.SW SharesStats.PercentInsiders = 10.088999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 24.4% yearly over ten years; actual growth was 18.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.106Z); Ten-year compound average after fade. Initial solved rate 0.3428862100153658. Price 623.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.2643260134084306 → FY2025 7.154303265006343. Closing-price date 2026-10-15.

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

- 2016-10: CHF 80.60 per share

- 2016-11: CHF 79.50 per share

- 2016-12: CHF 84.85 per share

- 2017-01: CHF 94.50 per share

- 2017-02: CHF 97.50 per share

- 2017-03: CHF 109.10 per share

- 2017-04: CHF 127.80 per share

- 2017-05: CHF 119.90 per share

- 2017-06: CHF 119.20 per share

- 2017-07: CHF 127.20 per share

- 2017-08: CHF 122.70 per share

- 2017-09: CHF 134.00 per share

- 2017-10: CHF 129.90 per share

- 2017-11: CHF 132.80 per share

- 2017-12: CHF 144.40 per share

- 2018-01: CHF 148.80 per share

- 2018-02: CHF 152.00 per share

- 2018-03: CHF 160.40 per share

- 2018-04: CHF 147.40 per share

- 2018-05: CHF 141.20 per share

- 2018-06: CHF 132.60 per share

- 2018-07: CHF 130.30 per share

- 2018-08: CHF 125.30 per share

- 2018-09: CHF 110.10 per share

- 2018-10: CHF 101.20 per share

- 2018-11: CHF 103.60 per share

- 2018-12: CHF 86.30 per share

- 2019-01: CHF 102.70 per share

- 2019-02: CHF 103.80 per share

- 2019-03: CHF 104.70 per share

- 2019-04: CHF 126.50 per share

- 2019-05: CHF 108.15 per share

- 2019-06: CHF 120.25 per share

- 2019-07: CHF 124.90 per share

- 2019-08: CHF 119.00 per share

- 2019-09: CHF 125.85 per share

- 2019-10: CHF 144.65 per share

- 2019-11: CHF 144.70 per share

- 2019-12: CHF 163.55 per share

- 2020-01: CHF 146.05 per share

- 2020-02: CHF 129.85 per share

- 2020-03: CHF 134.00 per share

- 2020-04: CHF 159.20 per share

- 2020-05: CHF 173.20 per share

- 2020-06: CHF 173.00 per share

- 2020-07: CHF 173.40 per share

- 2020-08: CHF 176.00 per share

- 2020-09: CHF 176.10 per share

- 2020-10: CHF 171.80 per share

- 2020-11: CHF 190.80 per share

- 2020-12: CHF 220.80 per share

- 2021-01: CHF 248.20 per share

- 2021-02: CHF 252.80 per share

- 2021-03: CHF 264.80 per share

- 2021-04: CHF 260.80 per share

- 2021-05: CHF 276.00 per share

- 2021-06: CHF 307.60 per share

- 2021-07: CHF 355.60 per share

- 2021-08: CHF 383.60 per share

- 2021-09: CHF 370.20 per share

- 2021-10: CHF 437.20 per share

- 2021-11: CHF 443.00 per share

- 2021-12: CHF 454.40 per share

- 2022-01: CHF 372.20 per share

- 2022-02: CHF 348.40 per share

- 2022-03: CHF 354.40 per share

- 2022-04: CHF 307.00 per share

- 2022-05: CHF 284.20 per share

- 2022-06: CHF 227.60 per share

- 2022-07: CHF 274.80 per share

- 2022-08: CHF 234.60 per share

- 2022-09: CHF 203.80 per share

- 2022-10: CHF 228.80 per share

- 2022-11: CHF 258.80 per share

- 2022-12: CHF 252.80 per share

- 2023-01: CHF 283.00 per share

- 2023-02: CHF 284.40 per share

- 2023-03: CHF 328.20 per share

- 2023-04: CHF 313.30 per share

- 2023-05: CHF 375.30 per share

- 2023-06: CHF 370.00 per share

- 2023-07: CHF 370.10 per share

- 2023-08: CHF 354.40 per share

- 2023-09: CHF 329.00 per share

- 2023-10: CHF 320.70 per share

- 2023-11: CHF 406.50 per share

- 2023-12: CHF 421.50 per share

- 2024-01: CHF 406.70 per share

- 2024-02: CHF 442.80 per share

- 2024-03: CHF 467.30 per share

- 2024-04: CHF 462.70 per share

- 2024-05: CHF 486.60 per share

- 2024-06: CHF 509.40 per share

- 2024-07: CHF 440.30 per share

- 2024-08: CHF 437.20 per share

- 2024-09: CHF 430.80 per share

- 2024-10: CHF 359.50 per share

- 2024-11: CHF 351.40 per share

- 2024-12: CHF 342.80 per share

- 2025-01: CHF 353.40 per share

- 2025-02: CHF 336.40 per share

- 2025-03: CHF 314.80 per share

- 2025-04: CHF 294.30 per share

- 2025-05: CHF 312.70 per share

- 2025-06: CHF 334.70 per share

- 2025-07: CHF 287.50 per share

- 2025-08: CHF 261.40 per share

- 2025-09: CHF 314.40 per share

- 2025-10: CHF 350.30 per share

- 2025-11: CHF 353.40 per share

- 2025-12: CHF 385.90 per share

- 2026-01: CHF 501.20 per share

- 2026-02: CHF 544.20 per share

- 2026-03: CHF 483.80 per share

- 2026-04: CHF 583.00 per share

- 2026-05: CHF 610.80 per share

- 2026-06: CHF 706.20 per share

- 2026-07: CHF 602.00 per share

- 2026-08: CHF 599.40 per share

- 2026-09: CHF 680.80 per share

- 2026-10: CHF 646.20 per share

## Annual estimated value (CHF per share)

- FY2019: low CHF 37.99 per share, central CHF 42.78 per share, high CHF 49.15 per share

- FY2020: low CHF 49.64 per share, central CHF 55.92 per share, high CHF 64.27 per share

- FY2021: low CHF 64.99 per share, central CHF 73.46 per share, high CHF 84.72 per share

- FY2022: low CHF 90.96 per share, central CHF 102.81 per share, high CHF 118.57 per share

- FY2023: low CHF 70.64 per share, central CHF 79.80 per share, high CHF 91.99 per share

- FY2024: low CHF 81.78 per share, central CHF 92.42 per share, high CHF 106.58 per share

- FY2025: low CHF 92.05 per share, central CHF 104.19 per share, high CHF 120.35 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

Prior published observations retained from 2026-10-15T06:40:21.902Z where newer inputs omit a numeric field or fiscal period.

## 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.