Company Reports

VAT Group's first-half 2026 sales fell 8%, with EBITDA margin compressing to 29.0% from 29.6% a year ago. Order intake reached a record CHF 856 million (up 75% year on year), with book/bill at 1.7 times, and backlog up 121%.

VAT Group is a Swiss-based precision manufacturer of highly engineered vacuum valves and related products, holding approximately 70% global market share in its core semiconductor applications. The group supplies mission-critical flow-control components to the world's leading semiconductor capital equipment manufacturers and a range of advanced industrial end markets.

We initiate coverage of VAT Group, the dominant global manufacturer of high-precision vacuum valves for the semiconductor capital equipment industry, with approximately 70% market share in its core application.

VAT Group is a Swiss-based precision manufacturer of highly engineered vacuum valves and related products, holding approximately 70% global market share in its core semiconductor applications. The group supplies mission-critical flow-control components to the world's leading semiconductor capital equipment manufacturers and a range of advanced industrial end markets.