MKS Instruments vs Qnity Electronics
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KIRAβs take AI analyst
I put MKS Instruments and Qnity Electronics side by side, using each oneβs latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
MKS Instruments
MKSI
4/8
Gross marginReturn on capitalReturn on equityShare count change
Qnity Electronics
Q
4/8
Revenue growthNet marginFCF marginNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | MKSI FY25 | Q FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.7B | $24.0B |
| 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% | β |
| Share count change | 0.2% | 0.2% |
| Profitability | ||
| Gross margin | 46.7% | 46.2% |
| Operating margin | 13.4% | β |
| 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 | 32.2x | β |
| Piotroski F-score | 6 | β |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.