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Comet Holding AG

Comet supplies radio-frequency power components for semiconductor manufacturing, and X-ray sources and inspection equipment for seeing inside products.

COTN · SIX Swiss Exchange

Overview

Summary

Comet’s plasma-control business began with vacuum capacitors for radio broadcasting. Its own history records a first delivery to chip-equipment maker Lam Research in 1994. The Swiss group now supplies tools for two different jobs: controlling the energy used to manufacture chips and inspecting objects with X-rays.

Plasma Control Technologies sells generators, matching networks and capacitors. Together these deliver radio-frequency power to the gas used in semiconductor etching and deposition. Industrial X-Ray Modules supplies X-ray sources to equipment manufacturers. Comet Yxlon sells complete inspection machines and software to customers in electronics, automotive manufacturing and aerospace. The group is headquartered in Flamatt and reports in Swiss francs.

Latest results

Reported in CHF

Revenue

CHF 395.5 million+20%

Jan–Sep 2026

Operating profit

CHF 20.4 million+66.5%

Jan–Jun 2026 · Margin 8.5%

Cash held

CHF 69.8 million-25%

At Jun 30, 2026

Financial debt

CHF 89.1 million-4.6%

At Jun 30, 2026

Latest financial publication

Oct 20, 2026 · Issuer publication

Q3 and nine-month 2026 sales update

Investment Thesis

Plasma-power adoption adds to the semiconductor upswing

European Tech Equities analysis · Oct 27, 2026

More demanding chip production

Comet’s investment case combines a semiconductor spending recovery with a chance to sell more of the power equipment inside each manufacturing tool. Synertia broadens its offer beyond individual capacitors and matching components. If customers adopt the combined platform across more processes, Comet can deepen those relationships. Qualification and actual production use matter more than a product launch alone.

Sources[1][2]

Commercial momentum has accelerated

Q3 2026 sales reached CHF155.6 million, up 51.9%, and orders reached CHF275.6 million. Comet attributed the acceleration mainly to Plasma Control Technologies and reported broader Synertia adoption. H1 orders for the CA20 X-ray inspection machine doubled. These indicate commercial progress, though neither a qualification nor an order guarantees the same margin or timing as an established product.

Sources[3][4]

A cycle with several applications

Logic chips, memory and advanced packaging require precise processing and inspection. Comet reported that the recovery was extending from logic and DRAM into NAND memory. That broadening matters because one fashionable application cannot support every factory indefinitely. Advanced Energy competes in RF power, while X-ray demand also depends on industrial investment outside semiconductors. Customers retain choices and bargaining power.

Sources[3][5]

Expansion uses cash before it earns a return

H1 2026 sales of CHF239.8 million produced CHF20.4 million of operating profit, against CHF12.2 million on the restated H1 2025 basis. Cash generation was less impressive: operating cash flow was CHF9.1 million, while cash investment in tangible and intangible assets was CHF29.4 million. Penang expansion and inventory build consumed funds. The balance sheet held CHF69.8 million of cash and CHF89.1 million of borrowings and leases at June-end.

Sources[4]

Separate recovery from lasting gains

The valuation question is how much of today’s acceleration can persist beyond the current equipment cycle. Higher sales can spread factory costs, but a new site, efficiency measures and X-ray losses complicate that path. Management’s planned CHF20–30 million annual EBITDA improvement from 2028 belongs in a scenario, not in current earnings. Sustained customer adoption and cash returns on new capacity would provide stronger support.

Sources[4][6]

What would weaken the case

The largest customer’s spending decisions can materially affect group revenue.
A semiconductor downturn or export restrictions could reverse the current order surge.
New-factory costs and continued X-ray Systems losses could absorb gains elsewhere.

Sources

Financials

The business in numbers

Latest

RevenueOperating profitNet profit

Income statement

For the periodCHF million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	227.15	239.83
Gross profit	89.76	99.36
Gross margin	39.5%	41.4%
EBITDA	22.98	31.37
EBITDA margin	10.1%	13.1%
Operating profit (EBIT)	12.25	20.39
Operating margin	5.4%	8.5%
Net income	10.10	13.48
Earnings per share (CHF)	1.30	1.73

Cash flow

For the periodCHF million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	11.85	9.10
Capital expenditure	12.11	29.38
Free cash flow	-0.26	-20.28

Balance sheet

At period endCHF million	FY 2025Dec 31, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	96.59	69.79
Total debt	91.30	89.10
Net debt / (net cash)	-5.29	19.31
Total assets	500.92	530.14
Total liabilities	192.15	209.82
Total equity	308.77	320.32

Sources and details

Additional figures

9M 2026 · Oct 20, 2026

Revenue: CHF 395.5m

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

H1 2025 · H1 report pp.9–11 and18 printed: income, balance sheet, cash flow and restated June2025 balance. H1 2025 restated for inventory costing and expense recognition. CHF thousands to millions. Debt=borrowings+leases; capex=PP&E+intangible cash purchases. European Tech Equities FCF differs from issuer FCF (which includes all investing cash flows).

H1 2026 · H1 report pp.9–11 and18 printed: income, balance sheet, cash flow and restated June2025 balance. H1 2025 restated for inventory costing and expense recognition. CHF thousands to millions. Debt=borrowings+leases; capex=PP&E+intangible cash purchases. European Tech Equities FCF differs from issuer FCF (which includes all investing cash flows).

FY 2025 · Annual Report 2025 pp.74–76 printed (PDF75–77): consolidated income, balance sheet and cash flow; FY2024 restated. Debt adds interest-bearing borrowings and current/non-current leases, excluding derivatives. Capex adds cash purchases of PP&E and intangibles. CHF thousands converted to millions.

Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.

IFRS consolidated figures in Swiss francs. FY2024 and H1 2025 use restated comparators. EBITDA is company-defined. Debt includes leases. Free cash flow here is operating cash flow less purchases of tangible and intangible assets; Comet’s own measure includes all investing cash flows.

Annual

RevenueOperating profitNet profit

Revenue

FY 2024445.4

FY 2025457

Operating profit

FY 202435.9

FY 202524.6

Net profit

FY 202432.8

FY 202512.2

Income statement

For the periodCHF million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	445.36	457.04
Gross profit	190.73	173.68
Gross margin	42.8%	38.0%
EBITDA	58.01	46.34
EBITDA margin	13.0%	10.1%
Operating profit (EBIT)	35.86	24.56
Operating margin	8.1%	5.4%
Net income	32.78	12.21
Earnings per share (CHF)	4.22	1.57

Cash flow

For the periodCHF million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	49.96	48.22
Capital expenditure	12.78	42.52
Free cash flow	37.18	5.70

Balance sheet

At period endCHF million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash & cash equivalents	113.74	96.59
Total debt	97.61	91.30
Net debt / (net cash)	-16.13	-5.29
Total assets	529.15	500.92
Total liabilities	206.05	192.15
Total equity	323.10	308.77

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

FY 2024 · Annual Report 2025 pp.74–76 printed (PDF75–77): consolidated income, balance sheet and cash flow; FY2024 restated. Debt adds interest-bearing borrowings and current/non-current leases, excluding derivatives. Capex adds cash purchases of PP&E and intangibles. CHF thousands converted to millions.

Half-year

RevenueOperating profitNet profit

Revenue

H1 2025227.2

H1 2026239.8

Operating profit

H1 202512.2

H1 202620.4

Net profit

H1 202510.1

H1 202613.5

Income statement

For the periodCHF million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	227.15	239.83
Gross profit	89.76	99.36
Gross margin	39.5%	41.4%
EBITDA	22.98	31.37
EBITDA margin	10.1%	13.1%
Operating profit (EBIT)	12.25	20.39
Operating margin	5.4%	8.5%
Net income	10.10	13.48
Earnings per share (CHF)	1.30	1.73

Cash flow

For the periodCHF million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Operating cash flow	11.85	9.10
Capital expenditure	12.11	29.38
Free cash flow	-0.26	-20.28

Balance sheet

At period endCHF million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	93.01	69.79
Total debt	93.36	89.10
Net debt / (net cash)	0.35	19.31
Total assets	498.41	530.14
Total liabilities	190.36	209.82
Total equity	308.05	320.32

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Quarterly

Revenue

Q3 2025102.5

Q3 2026155.6

Income statement

For the periodCHF million	Q3 2025Sep 30, 2025	Q3 2026Sep 30, 2026
Revenue	102.50	155.60

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Q3 2025 · Q3 trading update: Q3-only net sales and incoming orders. No full quarterly accounts.

Q3 2026 · Q3 trading update: Q3-only net sales and incoming orders. No full quarterly accounts.

Year to date

Revenue

9M 2025329.6

9M 2026395.5

Income statement

For the periodCHF million	9M 2025Sep 30, 2025	9M 2026Sep 30, 2026
Revenue	329.60	395.50

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

9M 2025 · Q3 trading update: cumulative nine-month net sales. No full nine-month accounts.

9M 2026 · Q3 trading update: cumulative nine-month net sales. No full nine-month accounts.

Updated Oct 27, 2026

Overview

Summary

Customer value

What sets it apart

Growth plans

Latest results

Latest financial publication

Q3 and nine-month 2026 sales update

Investment Thesis

More demanding chip production

Commercial momentum has accelerated

A cycle with several applications

Expansion uses cash before it earns a return

Separate recovery from lasting gains

What would weaken the case

Sources

Financials

The business in numbers

Latest

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Additional figures

Annual

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Half-year

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Quarterly

Revenue

Income statement

Year to date

Revenue

Income statement

Performance

Research & updates

From EPFL to semiconductor innovation in action: Naïla’s 6-month R&D internship at Comet

Q3 and nine-month 2026 sales update

Sustainability and resilience: Comet’s new solar power system in Penang

A successful first half of 2026 sets the stage for the second half

First-half 2026 results

Company publications

Comet Q3 trading update, 20 October 2026

Comet Half-Year Report 2026

Comet Annual Report 2025

Interviews

Interviews are coming soon

Sources

Sources & data dates

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