Skip to content
stoqly

MKS Instruments

MKSI Nasdaq Semiconductor Materials & Equipment Financials FY2016–FY2025

MKS Instruments' revenue rose 9.6% to $3.9 billion in fiscal 2025. Its operating margin was 13.4%, down from 13.9% a year earlier. Free cash flow was $497 million, up 21.2%. It paid out $104 million in dividends and buybacks, 21% of free cash flow. The diluted share count rose 0.1%.

Last close · Oct 23, 2026

$196.55

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$3.9B
9.6% vs prior year
Operating margin Operating income as a share of revenue.
13.4%
0.5 pts
Net income Profit after all expenses, interest and tax.
$295M
55.3%
Free cash flow Cash from operations minus capital spending.
$497M
21.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.9%
0.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$14.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
31.3x
On $6.28 EPS (TTM)

What MKS Instruments does

No business description yet.

Legal name
MKS INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-066820
0001049502

Revenue and margins

MKS Instruments had $3.9B of revenue in fiscal 2025, up 9.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 9.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $497M in fiscal 2025, 12.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

MKS Instruments returned $104M to shareholders in fiscal 2025, 21% of free cash flow. The diluted share count rose 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value MKS Instruments yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.9B and divides by 67.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 31.3x · peers 53.8x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably MKS Instruments can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.0B$910M$507M$420M$418M
Debt incl. finance leases $817M$5.0B$4.8B$4.6B$4.3B
Net debt / EBITDA −0.3x4.9x—4.9x4.4x
Debt / equity 0.3x1.1x2.0x2.0x1.6x
Interest coverage 28.0x3.5x−4.4x1.8x2.5x
Current ratio 4.7x2.9x3.2x3.2x2.7x
Quick ratio 3.4x1.9x2.0x2.0x1.7x
Total assets $4.5B$11.5B$9.1B$8.6B$8.8B
Total liabilities $1.7B$7.0B$6.6B$6.3B$6.1B
Shareholders' equity $2.9B$4.5B$2.5B$2.3B$2.7B
Net debt (− = net cash) −$225M$4.1B$4.3B$4.1B$3.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$18.8M

8 insiders

Of sales under plans

80%

$15.0M

DateInsiderTradeSharesPriceValueFiling
Sep 1, 2026 Elizabeth MoraDirector Sold plan 300 $250.96 $0.1M Form 4
Aug 14, 2026 John Tseng-Chung LeePresident & CEO, Director Sold plan 10,000 $302.01 $3.0M Form 4
Aug 3, 2026 John Edward WilliamsEVP & Gm, Psd Sold plan 457 $288.31 $0.1M Form 4
Jun 12, 2026 James Alan SchreinerEVP & COO Sold 3,500 $345.82 $1.2M Form 4
Jun 10, 2026 James Alan SchreinerEVP & COO Sold plan 781 $317.42 $0.2M Form 4
Jun 5, 2026 Michelle M McCarthySVP & Chief Accounting Officer Sold plan 2,434 $315.23 $0.8M Form 4
Jun 1, 2026 David Philip HenryEVP, Global Str Mktg & GM, Msd Sold 6,000 $314.43 $1.9M Form 4
Jun 1, 2026 Elizabeth MoraDirector Sold plan 300 $318.02 $0.1M Form 4
May 27, 2026 Gerald G ColellaDirector Sold plan 20,000 $333.40 $6.7M Form 4
May 27, 2026 Joseph B DonahueDirector Sold 2,100 $327.95 $0.7M Form 4
May 26, 2026 David Philip HenryEVP, Global Str Mktg & GM, Msd Sold plan 2,500 $330.50 $0.8M Form 4
May 22, 2026 John Tseng-Chung LeePresident & CEO, Director Sold plan 10,000 $315.48 $3.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 97 / 96 / 9
Accruals ratio −21.0%−3.8%−4.0%
Altman Z'' 0.712.272.32

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
MKS Instruments MKSI $14.3B 9.6% 13.4% 12.6% 7.9% 31.3x 6
Qnity Electronics Q $23.1B 9.7% — 20.8% 7.3% 33.3x — Compare →
Entegris ENTG $20.7B −1.4% 14.3% 12.4% 5.8% 67.3x 6 Compare →
Teradyne TER $49.3B 13.1% 20.4% 14.1% 23.0% 89.0x 5 Compare →
Advanced Energy AEIS $9.2B 21.4% 9.3% 7.0% 13.6% 40.3x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.3B $1.9B $2.1B $1.9B $2.3B $3.0B $3.5B $3.6B $3.6B $3.9B
Gross profit $566M $892M $980M $830M $1.0B $1.4B $1.5B $1.6B $1.7B $1.8B
Research and development $111M $133M $136M $164M $173M $200M $241M $288M $271M $299M
Operating income $157M $407M $494M $220M $454M $699M $617M −$1.6B $498M $528M
Interest expense $30.6M $31.0M $16.9M $44.1M $29.0M $25.0M $177M $356M $284M $212M
Pretax income $128M $448M $481M $178M $423M $665M $433M −$1.9B $180M $304M
Income tax $23.2M $109M $88.1M $37.4M $73.0M $114M $100M −$87.0M −$10.0M $9.0M
Net income $105M $339M $393M $140M $350M $551M $333M −$1.8B $190M $295M
Diluted EPS $1.94 $6.16 $7.14 $2.55 $6.33 $9.90 $5.56 −$27.54 $2.81 $4.37
Diluted shares 0.05B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.07B 0.07B 0.07B
Cash flow
Cash from operations $180M $355M $414M $245M $513M $640M $529M $319M $528M $645M
Capital expenditure $19.1M $31.3M $62.9M $63.9M $85.0M $87.0M $164M $87.0M $118M $148M
Free cash flow $161M $324M $351M $181M $428M $553M $365M $232M $410M $497M
Depreciation and amortization $65.9M $82.6M $79.8M $110M $99.0M $104M $216M $397M $348M $344M
Stock-based compensation $25.2M $24.4M $27.3M $49.2M $30.0M $37.0M $45.0M $54.0M $48.0M $55.0M
Acquisitions $940M $0.0M $0.0M $989M $0.0M $268M $4.5B $0.0M $0.0M $0.0M
Share buybacks $1.5M $0.0M $75.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $45.0M
Dividends paid $36.4M $38.2M $42.4M $43.5M $44.0M $47.0M $52.0M $59.0M $59.0M $59.0M
Dividends and buybacks $37.9M $38.2M $117M $43.5M $44.0M $47.0M $52.0M $59.0M $59.0M $104M
Balance sheet
Cash and short-term investments $418M $543M $718M $524M $836M $1.0B $910M $507M $420M $418M
Total debt $612M $393M $348M $884M $830M $817M $4.9B $4.8B $4.5B $4.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $37.0M $34.0M $29.0M $75.0M
Current assets $999M $1.2B $1.5B $1.4B $1.8B $2.1B $2.8B $2.7B $2.5B $2.5B
Current liabilities $237M $290M $263M $318M $374M $460M $952M $848M $775M $927M
Inventory $276M $339M $385M $462M $501M $577M $977M $991M $893M $921M
Property and equipment, net $175M $172M $194M $242M $284M $326M $800M $784M $771M $810M
Total assets $2.2B $2.4B $2.6B $3.4B $3.9B $4.5B $11.5B $9.1B $8.6B $8.8B
Total liabilities $970M $825M $741M $1.4B $1.5B $1.7B $7.0B $6.6B $6.3B $6.1B
Shareholders' equity $1.2B $1.6B $1.9B $2.0B $2.4B $2.9B $4.5B $2.5B $2.3B $2.7B
Margins
Gross margin 43.7% 46.5% 47.2% 43.7% 45.0% 46.8% 43.6% 45.3% 47.6% 46.7%
Operating margin 12.1% 21.2% 23.8% 11.6% 19.5% 23.7% 17.4% −42.9% 13.9% 13.4%
EBITDA margin 17.2% 25.5% 27.7% 17.4% 23.7% 27.2% 23.5% −31.9% 23.6% 22.2%
Net margin 8.1% 17.7% 18.9% 7.4% 15.0% 18.7% 9.4% −50.8% 5.3% 7.5%
FCF margin 12.4% 16.9% 16.9% 9.5% 18.4% 18.8% 10.3% 6.4% 11.4% 12.6%
Returns
Return on capital — 21.4% 27.4% 8.9% 15.9% 23.1% 8.5% −16.0% 7.5% 7.9%
Return on capital employed 10.0% 19.8% 22.1% 8.1% 13.7% 18.4% 8.4% −16.5% 6.2% 6.7%
Return on equity 8.7% 24.0% 22.7% 7.2% 16.0% 21.0% 9.0% −52.9% 7.9% 11.7%
Return on assets 6.0% 14.7% 15.6% 4.7% 9.6% 13.1% 4.2% −17.9% 2.2% 3.4%
Growth
Revenue growth 59.2% 47.9% 8.3% −8.5% 22.6% 26.6% 20.2% 2.1% −1.0% 9.6%
Net income growth −14.3% 223.6% 15.9% −64.3% 149.3% 57.4% −39.6% −652.9% — 55.3%
EPS growth −14.9% 217.5% 15.9% −64.3% 148.2% 56.4% −43.8% −595.3% — 55.5%
FCF growth 27.9% 101.2% 8.3% −48.5% 137.0% 29.2% −34.0% −36.4% 76.7% 21.2%
Share count change 0.9% 1.9% −0.1% 0.2% 0.4% 0.7% 7.5% 11.5% 1.2% 0.2%
Financial health
Net debt / EBITDA 0.9x −0.3x −0.7x 1.1x −0.0x −0.3x 4.9x — 4.9x 4.4x
Debt / equity 0.5x 0.3x 0.2x 0.4x 0.4x 0.3x 1.1x 2.0x 2.0x 1.6x
Interest coverage 5.1x 13.1x 29.2x 5.0x 15.7x 28.0x 3.5x −4.4x 1.8x 2.5x
Current ratio 4.2x 4.3x 5.6x 4.5x 4.8x 4.7x 2.9x 3.2x 3.2x 2.7x
Quick ratio 3.1x 3.1x 4.1x 3.1x 3.5x 3.4x 1.9x 2.0x 2.0x 1.7x
Capital allocation
Capex / revenue 1.5% 1.6% 3.0% 3.4% 3.7% 3.0% 4.6% 2.4% 3.3% 3.8%
Stock comp / revenue 2.0% 1.3% 1.3% 2.6% 1.3% 1.3% 1.3% 1.5% 1.3% 1.4%
Payouts / FCF 23.6% 11.8% 33.5% 24.1% 10.3% 8.5% 14.3% 25.4% 14.4% 20.9%
Quality scores
Piotroski F-score — 7.0 8.0 3.0 7.0 7.0 4.0 5.0 7.0 6.0
Altman Z'' 4.8 6.8 8.3 5.2 6.0 6.7 2.7 0.7 2.3 2.3
Accruals ratio −4.3% −0.7% −0.8% −3.5% −4.5% −2.1% −2.4% −21.0% −3.8% −4.0%

Source: SEC EDGAR XBRL filings (CIK 0001049502). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open