Comet Holding AG (COTN) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Comet Holding AG stock CHF 38.25, price CHF 316, that is 87.9% below the price, quality 57 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range CHF 135.54 – CHF 437.00 · fair‑value band CHF 27.99 – CHF 49.73 · the CHF 315.60 price screens above the CHF 38.25 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.
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Comet Holding AG, together with its subsidiaries, provides X-ray and radio frequency (RF) power technology solutions in Europe, North America, Asia, and internationally. It operates through three divisions: Plasma Control Technologies, X-Ray Systems, and Industrial X-Ray Modules.
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The Plasma Control Technologies division develops, manufactures, and markets vacuum capacitors, RF generators, and RF impedance matching networks for the high-precision control of plasma processes required in the production of memory chips and flat panel displays.
The X-Ray Systems division develops, manufactures, and markets compact x-ray and provides related services, for non destructive examination using x-ray computed tomography.
The Industrial X-Ray Modules division develops, manufactures, and markets compact X-ray sources and portable X-ray modules for non-destructive examination, steel metrology, and security inspection. The company offers its products under the Comet and Comet Yxlon brands.
The company serves manufacturers in the semiconductor, aerospace, automotive, and security sectors. Comet Holding AG was founded in 1948 and is headquartered in Flamatt, Switzerland.
Stock analysis
Comet Holding AG (COTN) currently trades at CHF 315.60, while our model-based Fair Value estimate is CHF 38.25, 88% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of CHF 50.24 per share, and 0 of the 26 models we run sit above the CHF 315.60 price.
Bear case: the Asset-Based group reads lowest at CHF 9.40, and 26 of the 26 models stay below the price. Data coverage for this calculation is low.
Scenario range: CHF 27.99 (bear) to CHF 49.73 (bull), the price of CHF 315.60 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Comet Holding AG reported revenue of CHF 457M in FY2025 versus CHF 514M in FY2021, a compound −2.9%/yr. Reported net income was CHF 12.2M in FY2025, compounding −34.8%/yr from FY2021.
Key figures
Market cap CHF 2.5B Mid · P/E ratio 137.8 · P/S ratio 5.22 · EPS (TTM) CHF 2.29 · Dividend yield 0.2% · Net margin 3.3% · Return on equity 5.0% · Return on assets (EBIT) 9.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 28% below its 52-week high and 77% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −47% fair-value upside, at −88%, COTN screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (CHF 9.40 to CHF 212.75). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
BearCHF 27.99Fair Value CHF 38.25BullCHF 49.73
Price CHF 315.60 · Downside -87.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (CHF 1.55 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.9%
Start year 2020 (pandemic). Over 10 years: +4.9% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−14.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.1%
Dividend (yield on the price)0.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−15.1% vs −7.4%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 4%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+75.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+31.0%
Yearly sales growth analysts expect, extended to five years.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about +74.4% a year for the price and +30.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (52 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Plasma control technologies allow Comet to ride semiconductor demand growth, yet low returns on capital signal a weak moat and commoditized positioning.
Main risk: Continued exposure to semiconductor cycle shifts threatens demand stability and prevents lasting margin gains from the efficiency program.
Comet is riding accelerating semiconductor demand through its plasma control technologies, yet the recent completion of its Penang facility has led to negative free cash flow in the first half while an efficiency program targets lasting margin gains only from 2028. Execution on the ramp-up and cost initiatives will determine whether the business model delivers sustained profitability improvement or remains vulnerable to cycle shifts. Will the operational upgrades compound the current momentum or merely offset a potential downturn?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Scientific & Technical Instruments · 178 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Comet Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/COTN
Frequently asked questions
Is Comet Holding AG (COTN) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of CHF 38.25 versus a price of CHF 315.60, about 88% lower (overvalued).
What is the fair value of COTN?
Our model-based fair value for Comet Holding AG is CHF 38.25 (as of Nov 8, 2026), built from audited fundamentals. The current price: CHF 315.60.
What is the quality score of COTN?
Comet Holding AG has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Comet Holding AG (COTN)?
Our model-based price target is the fair value of CHF 38.25 (as of Nov 8, 2026) from 26 valuation models. Cautious scenario CHF 27.99, optimistic scenario CHF 49.73. It is a calculation from audited fundamentals, not an analyst target.
What is the Comet Holding AG stock forecast for 2026?
Our models put fair value at CHF 38.25, about 88% lower versus a price of CHF 315.60 (overvalued). Cautious scenario CHF 27.99, optimistic scenario CHF 49.73. The calculation is refreshed regularly with new filings.
What is the revenue of Comet Holding AG (COTN)?
Comet Holding AG reported trailing-twelve-month revenue of about CHF 470M (latest available figure, as of Nov 8, 2026).
Does Comet Holding AG pay a dividend?
Comet Holding AG currently shows a dividend yield of 0.16% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Comet Holding AG (COTN) and when is the ex-dividend date?
Comet Holding AG pays a dividend of CHF 0.5 per share a year, a dividend yield of 0.2%. The last ex-dividend date was Apr 16, 2026. A dividend has been paid every year since at least 2003. The payout ratio is 21.8% of earnings. Free cash flow covers the dividend 1.75 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Comet Holding AG (COTN)?
For today's price to be fair in a discounted-cash-flow model, Comet Holding AG would have to grow free cash flow by +75.4 % per year for five years (discount rate 11.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.9 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of COTN use?
Our models discount Comet Holding AG at 11.2 %: a base by market capitalisation (mid), damped by beta 1.72, country premium for Switzerland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Comet Holding AG that is +75.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.2 %) and the same formula as our fair value.
How much growth has Comet Holding AG (COTN) delivered so far?
Over the past 5 years revenue at Comet Holding AG grew +2.9 % a year. The price currently implies free-cash-flow growth of +75.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Comet Holding AG (COTN) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Comet Holding AG (+75.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Comet Holding AG (COTN)?
The free-cash-flow yield on the price is 0.28 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Comet Holding AG produces per unit of market value. When it exceeds the discount rate of our models (11.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Comet Holding AG (COTN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Comet Holding AG it is CHF 38.25 per share (as of Nov 8, 2026), against a price of CHF 315.60. It is the blended result of 26 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Comet Holding AG stock overvalued or undervalued in 2026?
As of Nov 8, 2026, COTN trades above its calculated fair value: price CHF 315.60, fair value CHF 38.25, a gap of about −88% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of COTN?
No. The price is what the market pays today (CHF 315.60); the fair value is what the company's own numbers justify (CHF 38.25). For Comet Holding AG the two are CHF 277.35 per share apart. That gap is exactly why we show both numbers side by side.
How much is Comet Holding AG worth?
The market values Comet Holding AG at about CHF 2.5B (market capitalisation, as of Nov 8, 2026). Per share that is CHF 315.60; our models calculate a fair value of CHF 38.25 per share.
What do the bullish and bearish scenarios say about COTN?
Our models span a range for Comet Holding AG: cautious scenario CHF 27.99, base CHF 38.25, optimistic CHF 49.73 per share (as of Nov 8, 2026, price CHF 315.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of COTN?
Comet Holding AG trades at a price-to-earnings ratio of 137.8 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 38.25 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings, FY2025 ex one-offs: 55.0. Other multiples: PEG 1.4, P/B 7.9, P/S 5.2, EV/EBITDA 49.7.
What is the PEG ratio of COTN?
The PEG ratio of Comet Holding AG is 1.45 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Comet Holding AG (COTN)?
Balance-sheet figures for Comet Holding AG (as of Nov 8, 2026): return on equity 5.0%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is COTN from its 52-week high?
Comet Holding AG trades at CHF 315.60, about 28% below its 52-week high of CHF 437.00 and 77% above the low of CHF 178.41 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 38.25 is for.
Which stocks are comparable to Comet Holding AG?
From the same area (Technology) we also value Keysight Technologies, Inc, Garmin Ltd, Coherent Corp, Teledyne Technologies Incorporated, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Comet Holding AG stock attractive at the current price?
The data as of Nov 8, 2026: price CHF 315.60, calculated fair value CHF 38.25 (−88%), Quality Score 57/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of COTN calculated?
We run Comet Holding AG through 26 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of CHF 38.25 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0% above its aggregate fair value. Comet Holding AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Comet Holding AG (COTN)?
The closing price on Nov 12, 2026 was CHF 315.60. Our model-based fair value is CHF 38.25, about 88% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Comet Holding AG right now?
The price sits above even our optimistic bull case (CHF 49.73). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Comet Holding AG (COTN) come from?
Earnings per share at Comet Holding AG grew −1.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.1 %, EBIT margin −5.4 %, tax rate −0.4 %, residual (interest, one-offs) +0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Comet Holding AG
How large is the market capitalisation of Comet Holding AG (COTN)?
The market capitalisation of Comet Holding AG is CHF 2.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Comet Holding AG (COTN)?
The price-to-sales ratio of Comet Holding AG is 5.22 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Comet Holding AG (COTN)?
Earnings per share at Comet Holding AG are CHF 2.29 (price ÷ EPS = P/E 137.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Comet Holding AG (COTN)?
The dividend yield of Comet Holding AG is 0.2% (payout 21.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Comet Holding AG (COTN)?
The net margin of Comet Holding AG is 3.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Comet Holding AG (COTN)?
The return on equity (ROE) of Comet Holding AG is 5.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Comet Holding AG (COTN)?
On an EBIT basis the return on assets of Comet Holding AG is 9.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Comet Holding AG (COTN)?
The operating margin of Comet Holding AG is 8.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Comet Holding AG (COTN)?
Revenue at Comet Holding AG is growing +5.6% versus a year earlier (3y avg −8.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Comet Holding AG (COTN)?
Earnings per share at Comet Holding AG are growing +33.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Comet Holding AG (COTN) hold?
Comet Holding AG holds more cash than debt, CHF 5.3M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Nov 8, 2026