KLA vs MKS Instruments
Add, change or remove companies; up to four.
KIRA’s take AI analyst
I put KLA and MKS Instruments side by side, using each one’s latest annual report. Here is what stands out:
- KLA is the larger business, with $13.6B of revenue in fiscal 2026 against $3.9B for MKS Instruments, about 3.5 times as much.
- KLA grew revenue faster (11.7%, against 9.6%).
- KLA turned more of its sales into free cash flow (27.7% FCF margin, against 12.6%).
- KLA earned a higher return on the capital invested in it (75.3%, against 7.9%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
KLA
KLAC
10/10
Revenue growth5-year growthGross marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
MKS Instruments
MKSI
0/10
Side by side
Best in the row
| Latest fiscal year | KLAC FY26 | MKSI FY25 |
|---|---|---|
| Size | ||
| Market cap | $196.9B | $14.7B |
| Revenue | $13.6B | $3.9B |
| Free cash flow | $3.8B | $497M |
| Net income | $4.8B | $295M |
| Growth | ||
| Revenue growth | 11.7% | 9.6% |
| 5-year growth | 14.4% | 11.0% |
| Share count change | −1.3% | 0.2% |
| Profitability | ||
| Gross margin | 61.3% | 46.7% |
| Operating margin | — | 13.4% |
| Net margin | 35.6% | 7.5% |
| FCF margin | 27.7% | 12.6% |
| Return on capital | 75.3% | 7.9% |
| Return on equity | 87.5% | 11.7% |
| Balance sheet | ||
| Net debt | $1.0B | $3.9B |
| Net debt / EBITDA | 0.2x | 4.4x |
| Dividends and buybacks | $3.3B | $104M |
| Valuation & quality | ||
| P/E | — | 32.2x |
| Piotroski F-score | 8 | 6 |
Ten years
Revenue
FY17
KLAC $3.5B
MKSI $1.9B
FY18
KLAC $4.0B
MKSI $2.1B
FY19
KLAC $4.6B
MKSI $1.9B
FY20
KLAC $5.8B
MKSI $2.3B
FY21
KLAC $6.9B
MKSI $3.0B
FY22
KLAC $9.2B
MKSI $3.5B
FY23
KLAC $10.5B
MKSI $3.6B
FY24
KLAC $9.8B
MKSI $3.6B
FY25
KLAC $12.2B
MKSI $3.9B
FY26
KLAC $13.6B
MKSI —
KLAC
MKSI
Operating margin
FY17
KLAC —
MKSI 21.2%
FY18
KLAC —
MKSI 23.8%
FY19
KLAC —
MKSI 11.6%
FY20
KLAC —
MKSI 19.5%
FY21
KLAC —
MKSI 23.7%
FY22
KLAC —
MKSI 17.4%
FY23
KLAC —
MKSI −42.9%
FY24
KLAC —
MKSI 13.9%
FY25
KLAC —
MKSI 13.4%
FY26
KLAC —
MKSI —
KLAC
MKSI
Free cash flow
FY17
KLAC $1.0B
MKSI $324M
FY18
KLAC $1.2B
MKSI $351M
FY19
KLAC $1.0B
MKSI $181M
FY20
KLAC $1.6B
MKSI $428M
FY21
KLAC $2.0B
MKSI $553M
FY22
KLAC $3.0B
MKSI $365M
FY23
KLAC $3.3B
MKSI $232M
FY24
KLAC $3.0B
MKSI $410M
FY25
KLAC $3.7B
MKSI $497M
FY26
KLAC $3.8B
MKSI —
KLAC
MKSI
Return on capital
FY17
KLAC 82.0%
MKSI 21.4%
FY18
KLAC 78.0%
MKSI 27.4%
FY19
KLAC 48.2%
MKSI 8.9%
FY20
KLAC 32.0%
MKSI 15.9%
FY21
KLAC 52.2%
MKSI 23.1%
FY22
KLAC 71.8%
MKSI 8.5%
FY23
KLAC —
MKSI −16.0%
FY24
KLAC —
MKSI 7.5%
FY25
KLAC 79.6%
MKSI 7.9%
FY26
KLAC 75.3%
MKSI —
KLAC
MKSI
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.