VAT Group AG VACNY

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsSwitzerland

Last close 69.00 USD on Nov 1, 2026, +43.8% year to date

Quant rating

Quant rating B Rank 160 of 418 in Industrials

Growth D 311 of 418
Valuation C 289 of 418
Quality C 188 of 418
Revisions A 10 of 418
Momentum C 185 of 418

Wall Street consensus Buy (2.21)Average target 925.81 USD +1,241.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 20.7B
Enterprise value: 21.0B
52-week range: 38.62 – 88.91
3-year range: 30.40 – 88.91
Dividend yield: 1.30%
Beta (5 years): 1.71
Shares outstanding: 30.0M
Next earnings: Mar 2, 2027

About the company

VAT Group AG is a Switzerland-based company engaged in the manufacture of industrial valves. The Company focuses on designing and producing vacuum valves for semiconductor, display and solar panel manufacturing, as well as for a range of industry and research applications. Its activities are divided into three business areas: Valves, Global Services and Industry. The Valves division provides isolation, control and transfer valves used in vacuum-based manufacturing processes. The Global Services area offers advisory and after sales services, such as trainings, equipment repair and overhaul, valve upgrade and spare parts sale. The Industry segment manufactures and markets welded bellows, machine parts, mechanical components and assemblies. The Company operates worldwide.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,355	1,039	1,052	1,239	988	–
Revenue growth	30.5%	−1.3%	−15.1%	25.4%	26.3%	11.6%
EPS (basic, normalized)	8.89	7.94	7.18	10.85	7.92	–
EPS growth	12.0%	10.6%	−33.8%	37.0%	–	–
Gross margin	64.4%	67.3%	61.7%	64.1%	63.3%	64.2%
Net margin	20.0%	22.5%	21.5%	26.8%	24.1%	23.0%
ROE	27.7%	28.0%	24.8%	43.4%	36.9%	32.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,355	+30.5%	15.5x	400	+23.2%	52.5x	8.89	+12.0%	7.8x
2026	1,615	+19.2%	13.0x	538	+34.3%	39.1x	13.00	+46.2%	5.3x
2027	2,441	+51.1%	8.6x	902	+67.8%	23.3x	22.69	+74.5%	3.0x
2028	2,869	+17.5%	7.3x	1,078	+19.5%	19.5x	27.31	+20.4%	2.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,615	+0.1%	+0.1%	+3.9%	13.00	−0.1%	−0.1%	+5.3%
2027	2,441	+7.7%	+9.8%	+24.8%	22.69	+10.4%	+12.0%	+32.2%
2028	2,869	+8.3%	+12.1%	+29.9%	27.31	+10.4%	+14.6%	+37.1%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	254	209	283	275	283	258	258	–	–	376
Sales mean (mil)	247	–	289	322	281	–	234	–	–	381
Surprise	+2.8%	–	−1.9%	−14.5%	+0.7%	–	+10.1%	–	–	−1.3%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	3.03	4.62	3.73	4.03	4.77	–	3.06	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
VACNY VAT Group AG	20.7B	–	20.0%	24.88x	5.3x	3.0x	39.1x	23.3x
HUBB Hubbell Inc	22.3B	3.38x	15.2%	5.44x	20.5x	18.3x	16.0x	14.0x
XYL Xylem Inc	21.2B	1.21x	10.6%	2.07x	17.0x	15.8x	11.5x	10.8x
NVT nVent Electric PLC	20.4B	1.07x	11.0%	5.12x	27.0x	21.1x	17.2x	13.6x
ZSICY Zhejiang Sanhua Intelligent Controls Co Ltd	19.9B	−1.73x	13.1%	4.27x	71.9x	59.8x	19.0x	16.3x
FTV Fortive Corporation	19.4B	2.55x	12.8%	3.27x	21.0x	19.7x	16.8x	16.0x
Mean		1.30x	13.8%	7.51x	27.1x	23.0x	20.0x	15.7x
Median		1.21x	13.0%	4.69x	20.8x	19.0x	17.0x	15.0x

Technical analysis

1M−12.8%
3M−7.2%
1Y+64.0%
3Y+103.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, VAT Group AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,355	1,039	1,052	1,239	988	782
Cost of revenue	482	340	402	445	363	296
Gross profit	873	699	650	794	625	486
Selling, general & administrative expenses	453	358	339	335	282	216
Research & development	10.6	1.6	1.0	1.1	1.5	2.2
Depreciation/amortization	61.1	47.9	–	–	47.2	46.0
Interest expense (income), operating	−12.8	5.3	−14.1	10.1	−0.2	−2.4
Unusual expense (income)	0.4	0	0.9	0.8	−0.1	0
Other operating expenses	16.9	10.3	51.4	57.8	4.3	32.5
Operating income	344	276	272	389	290	192
Net interest income (expense)	−18.8	2.9	−25.6	−3.8	−5.1	−15.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.7	−0.2	0	0.5	−2.7	−2.2
Net income before taxes	325	278	246	386	283	174
Provision for taxes	54.3	45.0	19.9	53.7	44.2	29.7
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	270	233	226	332	238	145
Extraordinary items	–	–	–	–	–	–
Net income	270	233	226	332	238	145
EBIT, normalized	332	281	258	400	293	190
EBITDA, normalized	393	329	308	443	337	235
Basic EPS, normalized	8.89	7.94	7.18	10.85	7.92	–

Balance sheet in millions of USD, fiscal years

Balance sheet, VAT Group AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	178	174	171	189	139	156
Receivables	162	158	132	179	137	107
Total inventory	240	273	224	248	167	118
Prepaid expenses	7.5	6.2	5.2	10.4	4.4	2.2
Other current assets	12.8	3.3	21.5	11.7	5.1	7.8
Total current assets	600	614	553	638	454	391
Property, plant & equipment	423	301	279	221	174	165
Goodwill	232	203	219	199	202	208
Intangibles	320	291	327	310	328	341
Long-term investments	8.6	6.1	3.0	2.8	2.8	3.0
Note receivable	1.5	1.2	1.2	1.3	2.2	2.1
Other long-term assets	8.9	10.2	5.9	6.9	5.9	6.8
Total assets	1,594	1,427	1,389	1,379	1,167	1,117
Liabilities
Accounts payable	40.4	79.8	60.0	90.9	55.1	36.6
Payable/accrued	0	–	–	–	–	0
Accrued expenses	69.4	83.7	56.4	55.2	52.9	42.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	257	2.7	2.5	220	2.3	69.5
Other current liabilities	90.2	83.5	52.3	102	64.4	41.4
Total current liabilities	457	250	171	467	175	190
Long-term debt	56.4	264	244	8.9	225	231
Minority interest	–	–	–	–	–	–
Other liabilities	79.6	82.6	73.6	58.7	72.6	80.9
Total liabilities	593	596	489	535	472	502
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3.8	3.3	3.6	3.2	3.3	3.4
Additional paid-in capital	0.4	0.4	0.4	0.4	7.1	83.6
Retained earnings (accumulated deficit)	1,027	856	913	845	685	521
Treasury stock	−16.0	−10.9	−8.1	−5.8	−4.9	−0.5
Other equity	−14.2	−18.1	−9.0	1.3	5.0	7.5
Total equity	1,001	831	900	844	695	615
Total liabilities & shareholders' equity	1,594	1,427	1,389	1,379	1,167	1,117

Cash flow statement in millions of USD, fiscal years

Cash flow statement, VAT Group AG, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	270	233	226	332	238	145
Depreciation, depletion & amortization	61.6	47.9	50.3	44.3	47.2	46.0
Deferred taxes	–	–	–	–	–	–
Non-cash items	84.3	52.7	54.4	66.2	54.8	50.5
Changes in working capital	−38.7	−68.8	−26.1	−124	−77.5	−53.3
Cash from operations	378	265	305	318	263	188
Investing activities
Capital expenditures	−86.2	−61.4	−82.3	−71.7	−47.1	−21.8
Other investing cash flows	−0.6	−1.9	1.9	0.5	−1.2	0.2
Cash from investing	−86.8	−63.3	−80.4	−71.2	−48.3	−21.6
Financing activities
Financing cash flow items	−6.5	−5.9	−11.0	−5.0	−5.4	−5.9
Cash dividends paid	−236	−207	−223	−178	−148	−136
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−49.7	22.3	−10.6	−8.2	−73.2	9.3
Cash from financing	−293	−190	−244	−192	−227	−132
Foreign exchange effects	−19.8	3.6	−16.0	−4.0	0.3	−2.3
Net change in cash	−21.7	15.4	−36.0	51.1	−11.8	31.7
Free cash flow	291	204	222	246	216	166

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.