INFICON Holding AG
INFICON makes instruments and software that measure gases, pressure and leaks, helping chipmakers and industrial manufacturers control production and find faults.
Overview
Latest results
Jul–Sep 2026 · Reported in USD
Latest financial publication
Third-quarter 2026 results and raised guidance
Investment Thesis
Measuring what happens inside chip factories
European Tech Equities analysis ·
The investment case
The case rests on supplying measurements that manufacturers need to control difficult processes. More complex chips can require tighter gas and pressure control, while factory software adds another way to serve existing customers. Revenue still depends on equipment spending and customer production plans, so technical relevance does not guarantee steady growth.
Evidence of adoption
The business already sells at industrial scale: 2025 revenue was USD673.7 million. Supplier recognition from TSMC and Lam Research supports the evidence of established semiconductor relationships. Products such as Transpector gas analysers and FabTime factory software serve different parts of the same production task; the company does not disclose profitability by individual product.
What drives demand
Q3 2026 sales rose 42.4% to USD233.3 million, with semiconductor and vacuum-coating sales up 74.7%. China represented 31.4% of group sales. Leading-edge logic and high-bandwidth memory are current drivers, but this concentration also exposes orders to chip investment cycles, export rules and customer timing.
Profit and cash generation
First-half operating profit rose to USD71.7 million from USD57.2 million, and operating cash flow reached USD70.1 million against USD12.4 million of cash investment. Q3 operating profit then reached USD59.5 million. Its 25.5% margin includes favourable one-off effects, so treating that quarter as the normal annual margin would overstate the evidence.
What the valuation assumes
On 26 October 2026, the market value was CHF4.16 billion. That valuation depends on sustained earnings beyond the current semiconductor upswing. The group reports in USD while its shares trade in CHF, and the April 2025 ten-for-one split means older per-share data must be adjusted before comparison.
What would weaken the case
- Chipmakers can defer equipment orders even when long-term technical needs increase.
- China exposure, tariffs and supply disruptions can affect sales, costs and delivery times.
- Q3 margins benefited from one-off effects; capacity expansion and higher material costs can absorb part of the gains.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Q3 results include favourable one-off effects. The September update reports USD220.5 million of cash and short-term investments together; June remains the latest separately reported cash balance and complete balance sheet.
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.
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.
Consolidated Swiss GAAP FER figures in USD millions; EPS in USD per share. Historical EPS reflects the April 2025 ten-for-one split. Debt is reported financial borrowings; cash investment is purchases of tangible and intangible assets. Annual statements are audited and interim statements unaudited.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Q3 results include favourable one-off effects. The September update reports USD220.5 million of cash and short-term investments together; June remains the latest separately reported cash balance and complete balance sheet.
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.
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.
Consolidated Swiss GAAP FER figures in USD millions; EPS in USD per share. Historical EPS reflects the April 2025 ten-for-one split. Debt is reported financial borrowings; cash investment is purchases of tangible and intangible assets. Annual statements are audited and interim statements unaudited.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Q3 results include favourable one-off effects. The September update reports USD220.5 million of cash and short-term investments together; June remains the latest separately reported cash balance and complete balance sheet.
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.
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.
Consolidated Swiss GAAP FER figures in USD millions; EPS in USD per share. Historical EPS reflects the April 2025 ten-for-one split. Debt is reported financial borrowings; cash investment is purchases of tangible and intangible assets. Annual statements are audited and interim statements unaudited.
Quarterly
Income statement
Cash flow
Balance sheet
Sources and details
Q3 results include favourable one-off effects. The September update reports USD220.5 million of cash and short-term investments together; June remains the latest separately reported cash balance and complete balance sheet.
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.
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.
Consolidated Swiss GAAP FER figures in USD millions; EPS in USD per share. Historical EPS reflects the April 2025 ten-for-one split. Debt is reported financial borrowings; cash investment is purchases of tangible and intangible assets. Annual statements are audited and interim statements unaudited.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
Interviews are coming soon
No interviews with INFICON Holding AG have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
Q3 2026 · Published Oct 27, 2026 · Checked Oct 28, 2026
H1 2025 · Published Jul 30, 2026 · Checked Oct 28, 2026
H1 2026 · Published Jul 30, 2026 · Checked Oct 28, 2026
FY 2024 · Published Mar 24, 2026 · Checked Oct 28, 2026
FY 2025 · Published Mar 24, 2026 · Checked Oct 28, 2026
Q3 2025 · Published Oct 23, 2025 · Checked Oct 28, 2026
Checked 2026-10-28
Checked 2026-10-28
Checked 2026-10-28
Checked 2026-10-28
Checked 2026-10-28
Checked 2026-10-28