MKS Instruments vs Teradyne
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The short version
- MKS Instruments is the larger business, with $3.9B of revenue in fiscal 2025 against $3.2B for Teradyne.
- Teradyne grew revenue faster (13.1%, against 9.6%).
- Teradyne kept more of each dollar of sales as operating profit (20.4% operating margin, against 13.4%).
- Teradyne turned more of its sales into free cash flow (14.1% FCF margin, against 12.6%).
- Teradyne earned a higher return on the capital invested in it (23.0%, against 7.9%).
| Latest fiscal year | MKSI · FY25 | TER · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.3B | $49.3B |
| Revenue | $3.9B | $3.2B |
| Free cash flow | $497M | $450M |
| Net income | $295M | $554M |
| Growth | ||
| Revenue growth | 9.6% | 13.1% |
| 5-year growth | 11.0% | 0.4% |
| Share count change | 0.2% | −2.2% |
| Profitability | ||
| Gross margin | 46.7% | 58.2% |
| Operating margin | 13.4% | 20.4% |
| Net margin | 7.5% | 17.4% |
| FCF margin | 12.6% | 14.1% |
| Return on capital | 7.9% | 23.0% |
| Return on equity | 11.7% | 19.7% |
| Balance sheet | ||
| Net debt | $3.9B | −$93.8M |
| Net debt / EBITDA | 4.4x | −0.1x |
| Dividends and buybacks | $104M | $778M |
| Valuation & quality | ||
| P/E | 31.3x | — |
| Piotroski F-score | 6 | 5 |
Revenue
FY16
MKSI $1.3B
TER $1.8B
FY17
MKSI $1.9B
TER $2.1B
FY18
MKSI $2.1B
TER $2.1B
FY19
MKSI $1.9B
TER $2.3B
FY20
MKSI $2.3B
TER $3.1B
FY21
MKSI $3.0B
TER $3.7B
FY22
MKSI $3.5B
TER $3.2B
FY23
MKSI $3.6B
TER $2.7B
FY24
MKSI $3.6B
TER $2.8B
FY25
MKSI $3.9B
TER $3.2B
MKSI
TER
Operating margin
FY16
MKSI 12.1%
TER −3.6%
FY17
MKSI 21.2%
TER 24.6%
FY18
MKSI 23.8%
TER 22.6%
FY19
MKSI 11.6%
TER 24.1%
FY20
MKSI 19.5%
TER 29.7%
FY21
MKSI 23.7%
TER 32.4%
FY22
MKSI 17.4%
TER 26.4%
FY23
MKSI −42.9%
TER 18.7%
FY24
MKSI 13.9%
TER 21.1%
FY25
MKSI 13.4%
TER 20.4%
MKSI
TER
Free cash flow
FY16
MKSI $161M
TER $370M
FY17
MKSI $324M
TER $521M
FY18
MKSI $351M
TER $363M
FY19
MKSI $181M
TER $444M
FY20
MKSI $428M
TER $684M
FY21
MKSI $553M
TER $966M
FY22
MKSI $365M
TER $415M
FY23
MKSI $232M
TER $426M
FY24
MKSI $410M
TER $474M
FY25
MKSI $497M
TER $450M
MKSI
TER
Return on capital
FY16
MKSI —
TER −2.8%
FY17
MKSI 21.4%
TER 14.0%
FY18
MKSI 27.4%
TER 31.9%
FY19
MKSI 8.9%
TER 47.4%
FY20
MKSI 15.9%
TER 57.6%
FY21
MKSI 23.1%
TER 64.5%
FY22
MKSI 8.5%
TER 44.3%
FY23
MKSI −16.0%
TER 25.1%
FY24
MKSI 7.5%
TER 26.6%
FY25
MKSI 7.9%
TER 23.0%
MKSI
TER
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.