MKS Instruments vs Qnity Electronics
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The short version
- Qnity Electronics is the larger business, with $4.8B of revenue in fiscal 2025 against $3.9B for MKS Instruments.
- Qnity Electronics turned more of its sales into free cash flow (20.8% FCF margin, against 12.6%).
- MKS Instruments earned a higher return on the capital invested in it (7.9%, against 7.3%).
| Latest fiscal year | MKSI · FY25 | Q · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.3B | $23.1B |
| Revenue | $3.9B | $4.8B |
| Free cash flow | $497M | $988M |
| Net income | $295M | $729M |
| Growth | ||
| Revenue growth | 9.6% | 9.7% |
| 5-year growth | 11.0% | — |
| Share count change | 0.2% | 0.2% |
| Profitability | ||
| Gross margin | 46.7% | 46.2% |
| Operating margin | 13.4% | — |
| Net margin | 7.5% | 15.3% |
| FCF margin | 12.6% | 20.8% |
| Return on capital | 7.9% | 7.3% |
| Return on equity | 11.7% | 8.2% |
| Balance sheet | ||
| Net debt | $3.9B | $3.2B |
| Net debt / EBITDA | 4.4x | 2.3x |
| Dividends and buybacks | $104M | $13.0M |
| Valuation & quality | ||
| P/E | 31.3x | — |
| Piotroski F-score | 6 | — |
Revenue
FY16
MKSI $1.3B
Q —
FY17
MKSI $1.9B
Q —
FY18
MKSI $2.1B
Q —
FY19
MKSI $1.9B
Q —
FY20
MKSI $2.3B
Q —
FY21
MKSI $3.0B
Q —
FY22
MKSI $3.5B
Q —
FY23
MKSI $3.6B
Q $4.0B
FY24
MKSI $3.6B
Q $4.3B
FY25
MKSI $3.9B
Q $4.8B
MKSI
Q
Operating margin
FY16
MKSI 12.1%
Q —
FY17
MKSI 21.2%
Q —
FY18
MKSI 23.8%
Q —
FY19
MKSI 11.6%
Q —
FY20
MKSI 19.5%
Q —
FY21
MKSI 23.7%
Q —
FY22
MKSI 17.4%
Q —
FY23
MKSI −42.9%
Q —
FY24
MKSI 13.9%
Q —
FY25
MKSI 13.4%
Q —
MKSI
Q
Free cash flow
FY16
MKSI $161M
Q —
FY17
MKSI $324M
Q —
FY18
MKSI $351M
Q —
FY19
MKSI $181M
Q —
FY20
MKSI $428M
Q —
FY21
MKSI $553M
Q —
FY22
MKSI $365M
Q —
FY23
MKSI $232M
Q $651M
FY24
MKSI $410M
Q $861M
FY25
MKSI $497M
Q $988M
MKSI
Q
Return on capital
FY16
MKSI —
Q —
FY17
MKSI 21.4%
Q —
FY18
MKSI 27.4%
Q —
FY19
MKSI 8.9%
Q —
FY20
MKSI 15.9%
Q —
FY21
MKSI 23.1%
Q —
FY22
MKSI 8.5%
Q —
FY23
MKSI −16.0%
Q —
FY24
MKSI 7.5%
Q —
FY25
MKSI 7.9%
Q 7.3%
MKSI
Q
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.