Applied Materials
AMAT · Semiconductor Materials & Equipment
$377.24
0.4%MKS Instruments
MKSI · Semiconductor Materials & Equipment
$196.55
0.2%The short version
- Applied Materials is the larger business, with $28.4B of revenue in fiscal 2025 against $3.9B for MKS Instruments, about 7.2 times as much.
- MKS Instruments grew revenue faster (9.6%, against 4.4%).
- Applied Materials kept more of each dollar of sales as operating profit (29.2% operating margin, against 13.4% operating margin).
- Applied Materials turned more of its sales into free cash flow (20.1% FCF margin, against 12.6% FCF margin).
- Applied Materials earned a higher return on the capital invested in it (35.9%, against 7.9%).
- Investors pay more for each dollar of Applied Materials’s earnings: a P/E of 32.6x against 31.3x for MKS Instruments.
| Latest fiscal year | AMAT · FY25 | MKSI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $301.8B | $14.3B |
| Revenue | $28.4B | $3.9B |
| Free cash flow | $5.7B | $497M |
| Net income | $7.0B | $295M |
| Growth | ||
| Revenue growth | 4.4% | 9.6% |
| 5-year growth | 10.5% | 11.0% |
| Share count change | −3.1% | 0.2% |
| Profitability | ||
| Gross margin | 48.7% | 46.7% |
| Operating margin | 29.2% | 13.4% |
| Net margin | 24.7% | 7.5% |
| FCF margin | 20.1% | 12.6% |
| Return on capital | 35.9% | 7.9% |
| Return on equity | 35.5% | 11.7% |
| Balance sheet | ||
| Net debt | −$2.0B | $3.9B |
| Net debt / EBITDA | −0.2x | 4.4x |
| Dividends and buybacks | $6.3B | $104M |
| Valuation & quality | ||
| P/E | 32.6x | 31.3x |
| Piotroski F-score | 7 | 6 |
FY16
AMAT $10.8B
MKSI $1.3B
FY17
AMAT $14.7B
MKSI $1.9B
FY18
AMAT $16.7B
MKSI $2.1B
FY19
AMAT $14.6B
MKSI $1.9B
FY20
AMAT $17.2B
MKSI $2.3B
FY21
AMAT $23.1B
MKSI $3.0B
FY22
AMAT $25.8B
MKSI $3.5B
FY23
AMAT $26.5B
MKSI $3.6B
FY24
AMAT $27.2B
MKSI $3.6B
FY25
AMAT $28.4B
MKSI $3.9B
AMAT
MKSI
FY16
AMAT 19.9%
MKSI 12.1%
FY17
AMAT 26.8%
MKSI 21.2%
FY18
AMAT 26.9%
MKSI 23.8%
FY19
AMAT 22.9%
MKSI 11.6%
FY20
AMAT 25.4%
MKSI 19.5%
FY21
AMAT 29.9%
MKSI 23.7%
FY22
AMAT 30.2%
MKSI 17.4%
FY23
AMAT 28.9%
MKSI −42.9%
FY24
AMAT 29.0%
MKSI 13.9%
FY25
AMAT 29.2%
MKSI 13.4%
AMAT
MKSI
FY16
AMAT $2.3B
MKSI $161M
FY17
AMAT $3.4B
MKSI $324M
FY18
AMAT $3.2B
MKSI $351M
FY19
AMAT $2.8B
MKSI $181M
FY20
AMAT $3.4B
MKSI $428M
FY21
AMAT $4.8B
MKSI $553M
FY22
AMAT $4.6B
MKSI $365M
FY23
AMAT $7.6B
MKSI $232M
FY24
AMAT $7.5B
MKSI $410M
FY25
AMAT $5.7B
MKSI $497M
AMAT
MKSI
FY16
AMAT 26.0%
MKSI —
FY17
AMAT —
MKSI 21.4%
FY18
AMAT —
MKSI 27.4%
FY19
AMAT 29.8%
MKSI 8.9%
FY20
AMAT —
MKSI 15.9%
FY21
AMAT —
MKSI 23.1%
FY22
AMAT 49.0%
MKSI 8.5%
FY23
AMAT 45.0%
MKSI −16.0%
FY24
AMAT 43.8%
MKSI 7.5%
FY25
AMAT 35.9%
MKSI 7.9%
AMAT
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.