At the beginning of our visit, management provided direct insights into the company’s development as well as two new applications that had already been presented at the Capital Market Day. One example is an application in the field of capnography (measurement and graphical representation of the carbon dioxide (CO₂) content in exhaled air, e.g. during ventilation or resuscitation). This addresses an estimated market of CHF 200 million, with commercialization expected in 2028. The solution is designed to be integrated into ventilators. In the medical field, the sensor offers key advantages: it helps medical professionals continuously monitor respiratory function and detect critical situations at an early stage.

Finally, the financial figures since the IPO in 2018 were reviewed:

• Compound annual growth rate (CAGR) of 18% to 25% at constant exchange rates
• Average EBITDA margin of 17% (adjusted: 18% to 25%)
• Return on capital (ROIC) of 17%, significantly exceeding the cost of capital
  

Source: Sensirion Investor Day, April 14, 2026

The production tour showed a highly integrated semiconductor manufacturing setup with a strong focus on automation and process control across the entire value chain.

In the cleanroom, under strictly controlled conditions, the micro- and nanoscale structuring of sensor elements takes place on so-called wafers – thin slices of ultra-pure silicon on which many chips are produced simultaneously. Afterwards, various inspection and testing steps ensure early quality control and functionality of the chips. After the individual chips are separated (dicing), they are further processed in downstream assembly processes, including packaging and molding, before final testing and calibration. High automation ensures efficiency, reproducibility, and scalability.

Sensirion also has a strong degree of vertical integration – from wafer processing and assembly through to logistics. Due to high capacity utilization, Sensirion is currently investing in expanding its production infrastructure. A new production building is already under construction and is expected to be operational in around two years. This will provide the company with a foundation for further growth and strengthen its long-term technological leadership in high-precision sensor solutions.

Assessment and outlook

Earnings volatility, particularly at the profitability level (2020–2022: EBITDA margin >25% vs. 2023–2024: <10%), can be explained by pandemic-driven cycles: following excess demand for ventilator-related solutions and the subsequent market saturation, management decided from a long-term growth perspective not to reduce its cost base (personnel, production, etc.) while simultaneously increasing capital expenditures. This was also possible due to a solid balance sheet with net cash of over CHF 100 million as of end-2022.

Sensirion confirms its mid-term guidance of low to mid double-digit revenue growth as well as an EBITDA margin in the mid to high double-digit range.

For fiscal year 2026, analyst consensus expects the following figures:

• Revenue: CHF 335–360 million
• EBITDA margin: 18.2%
• Net profit: CHF 23.3 million

Source: Bloomberg