Advanced Energy
AEIS · Semiconductor Materials & Equipment
$216.63
0.0%MKS Instruments
MKSI · Semiconductor Materials & Equipment
$196.55
0.2%The short version
- MKS Instruments is the larger business, with $3.9B of revenue in fiscal 2025 against $1.8B for Advanced Energy, about 2.2 times as much.
- Advanced Energy grew revenue faster (21.4%, against 9.6%).
- MKS Instruments kept more of each dollar of sales as operating profit (13.4% operating margin, against 9.3% operating margin).
- MKS Instruments turned more of its sales into free cash flow (12.6% FCF margin, against 7.0% FCF margin).
- Advanced Energy earned a higher return on the capital invested in it (13.6%, against 7.9%).
- Investors pay more for each dollar of Advanced Energy’s earnings: a P/E of 40.3x against 31.3x for MKS Instruments.
| Latest fiscal year | AEIS · FY25 | MKSI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.2B | $14.3B |
| Revenue | $1.8B | $3.9B |
| Free cash flow | $126M | $497M |
| Net income | $148M | $295M |
| Growth | ||
| Revenue growth | 21.4% | 9.6% |
| 5-year growth | 4.9% | 11.0% |
| Share count change | 2.1% | 0.2% |
| Profitability | ||
| Gross margin | 37.7% | 46.7% |
| Operating margin | 9.3% | 13.4% |
| Net margin | 8.3% | 7.5% |
| FCF margin | 7.0% | 12.6% |
| Return on capital | 13.6% | 7.9% |
| Return on equity | 11.6% | 11.7% |
| Balance sheet | ||
| Net debt | −$224M | $3.9B |
| Net debt / EBITDA | −1.0x | 4.4x |
| Dividends and buybacks | $45.8M | $104M |
| Valuation & quality | ||
| P/E | 40.3x | 31.3x |
| Piotroski F-score | 6 | 6 |
FY16
AEIS $327M
MKSI $1.3B
FY17
AEIS $453M
MKSI $1.9B
FY18
AEIS $719M
MKSI $2.1B
FY19
AEIS $789M
MKSI $1.9B
FY20
AEIS $1.4B
MKSI $2.3B
FY21
AEIS $1.5B
MKSI $3.0B
FY22
AEIS $1.8B
MKSI $3.5B
FY23
AEIS $1.7B
MKSI $3.6B
FY24
AEIS $1.5B
MKSI $3.6B
FY25
AEIS $1.8B
MKSI $3.9B
AEIS
MKSI
FY16
AEIS 38.8%
MKSI 12.1%
FY17
AEIS 44.3%
MKSI 21.2%
FY18
AEIS 23.9%
MKSI 23.8%
FY19
AEIS 6.9%
MKSI 11.6%
FY20
AEIS 12.4%
MKSI 19.5%
FY21
AEIS 10.4%
MKSI 23.7%
FY22
AEIS 12.6%
MKSI 17.4%
FY23
AEIS 6.9%
MKSI −42.9%
FY24
AEIS 2.5%
MKSI 13.9%
FY25
AEIS 9.3%
MKSI 13.4%
AEIS
MKSI
FY16
AEIS $112M
MKSI $161M
FY17
AEIS $174M
MKSI $324M
FY18
AEIS $131M
MKSI $351M
FY19
AEIS $23.2M
MKSI $181M
FY20
AEIS $165M
MKSI $428M
FY21
AEIS $111M
MKSI $553M
FY22
AEIS $125M
MKSI $365M
FY23
AEIS $148M
MKSI $232M
FY24
AEIS $74.0M
MKSI $410M
FY25
AEIS $126M
MKSI $497M
AEIS
MKSI
FY16
AEIS —
MKSI —
FY17
AEIS —
MKSI 21.4%
FY18
AEIS —
MKSI 27.4%
FY19
AEIS —
MKSI 8.9%
FY20
AEIS 22.8%
MKSI 15.9%
FY21
AEIS 20.0%
MKSI 23.1%
FY22
AEIS 22.9%
MKSI 8.5%
FY23
AEIS 11.4%
MKSI −16.0%
FY24
AEIS 3.6%
MKSI 7.5%
FY25
AEIS 13.6%
MKSI 7.9%
AEIS
MKSI
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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.