A Business at a Glance
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MKS INC
MKSI
$22.2B
Mkt Cap
$329.18
-4.67%
MKS INC (MKSI) has a current P/E ratio of 75.3, compared to its historical median P/E of 23.0. The stock is currently considered Expensive based on its historical valuation range.
MKS INC (MKSI) has a 5-year average return on invested capital (ROIC) of 4.8%. This is below average and may indicate limited pricing power.
MKS INC (MKSI) has a market capitalization of $22.2B. It is classified as a large-cap stock.
Yes, MKS INC (MKSI) pays a dividend with a trailing twelve-month yield of 0.28%.
Based on historical P/E analysis, MKS INC (MKSI) appears expensive. The current P/E of 75.3 is 228% above its historical median of 23.0. The estimated fair value CAGR (P/E method) is -15.0%.
MKS INC (MKSI) operates in the Industrial Instruments For Measurement, Display, And Control industry, within the Technology sector.
MKS INC (MKSI) reported annual revenue of $3.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
MKS Inc. is a foundational technology provider serving semiconductor manufacturing, electronics and packaging, and specialty industrial applications through two primary product strategies: Surround the Wafer®, which encompasses instruments, subsystems, and process control solutions for semiconductor fabrication across deposition, etching, cleaning, lithography, metrology, and inspection; and Surround the Workpiece®, which includes laser-based guidance and control systems for manufacturing processes, extended by Optimize the Interconnect® for printed circuit board and package substrate manufacturing. The company operates on a solutions-based business model combining hardware, software, design services, system integration, and maintenance offerings, with unit economics characterized by high-margin recurring chemistry revenue streams paired with lumpy equipment sales that serve as leading indicators for future consumables attach. MKS distributes through direct relationships with leading semiconductor equipment manufacturers, chipmakers, and electronics manufacturers globally, leveraging deep technical expertise and long-standing collaborative customer partnerships. The company's competitive moat derives from its broad and deep portfolio of designed-in products addressing over 85% of the wafer fabrication equipment ecosystem, proprietary chemistry formulations with high switching costs, and decades of accumulated engineering capability in solving critical miniaturization and complexity challenges. Key customers include major semiconductor manufacturers, foundries, and advanced packaging companies, with geographic presence spanning North America, Europe, and Asia-Pacific, including manufacturing facilities in Malaysia and other regions supporting global demand.
【Strong demand momentum ahead】 Management expects robust growth across semiconductor and electronics and packaging markets driven by ambitious capital expenditure plans from large chip manufacturers and continued AI-related demand for advanced packaging and chemistry solutions. The company is well-positioned to outperform industry wafer fabrication equipment spending in rising environments, supported by a broad portfolio of designed-in products and global manufacturing capacity readiness. Tariff mitigation actions are expected to offset cost pressures dollar-for-dollar beginning in Q4, with management targeting a long-term gross margin objective of 47% or higher. Operating expenses are expected to grow at a rate slower than revenue throughout 2026, while the company maintains disciplined capital allocation with capex guidance of 4%-5% of revenue and a net leverage target of 2.5 times.
| Metric | Target | Period |
|---|---|---|
| Capital expenditures | 4%-5% of revenue | FY2026 |
| Tax rate | 18%-20% | FY2026 |
Capital expenditures (FY2026): “We expect capital expenditures to average in the 4%-5% of revenue through 2026.”
Tax rate (FY2026): “For the year, we expect our tax rate to be in the range of 18%-20%.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.1B | 3.9B | 3.6B | 3.6B | 3.5B | 3.0B |
| Net Income | 327M | 295M | 190M | -1.8B | 333M | 551M |
| EPS | $4.86 | $4.37 | $2.81 | $-27.54 | $5.56 | $9.90 |
| Free Cash Flow | 402M | 497M | 410M | 232M | 365M | 553M |
| ROIC | 8.3% | 7.9% | 7.4% | -21.6% | 8.3% | 22.1% |
| Gross Margin | 46.6% | 46.7% | 47.6% | 45.3% | 43.6% | 46.8% |
| Debt/Equity | 1.44 | 1.55 | 1.97 | 2.05 | 1.17 | 0.36 |
| Dividends/Share | $0.91 | $0.88 | $0.88 | $0.88 | $0.88 | $0.86 |
| Operating Income | 566M | 528M | 498M | -1.6B | 617M | 699M |
| Operating Margin | 13.9% | 13.4% | 13.9% | -42.9% | 17.4% | 23.7% |
| ROE | 11.6% | 11.7% | 7.9% | -52.9% | 9.0% | 21.0% |
| Shares Outstanding | 67M | 68M | 68M | 67M | 60M | 56M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 781M | 814M | 1.3B | 1.9B | 2.1B | 1.9B | 2.3B | 3.0B | 3.5B | 3.6B | 3.6B | 3.9B | 4.1B |
| Gross Margin | 43.3% | 44.6% | 43.7% | 46.5% | 47.2% | 43.7% | 45.0% | 46.8% | 43.6% | 45.3% | 47.6% | 46.7% | 46.6% |
| R&D | 63M | 68M | 111M | 133M | 136M | 164M | 173M | 200M | 241M | 288M | 271M | 299M | 310M |
| SG&A | 132M | 129M | 228M | 290M | 298M | 330M | 353M | 385M | 488M | 675M | 674M | 724M | 729M |
| EBIT | 135M | 157M | 157M | 407M | 494M | 220M | 454M | 699M | 617M | -1.6B | 498M | 528M | 566M |
| Op. Margin | 17.3% | 19.3% | 12.1% | 21.2% | 23.8% | 11.6% | 19.5% | 23.7% | 17.4% | -42.9% | 13.9% | 13.4% | 13.9% |
| Net Income | 116M | 122M | 105M | 339M | 393M | 140M | 350M | 551M | 333M | -1.8B | 190M | 295M | 327M |
| Net Margin | 14.8% | 15.0% | 8.1% | 17.7% | 18.9% | 7.4% | 15.0% | 18.7% | 9.4% | -50.8% | 5.3% | 7.5% | 8.0% |
| Non-Recurring | 15M | 2.1M | 5.6M | 84M | 26M | 17M | 3.8M | 27M | 17M | 1.7B | 6.0M | 37M | 24M |
| Returns on Capital | |||||||||||||
| ROIC | 21.2% | 20.9% | 13.2% | 21.3% | 27.4% | 8.8% | 15.2% | 22.1% | 8.3% | -21.6% | 7.4% | 7.9% | 8.3% |
| ROE | 11.0% | 10.9% | 8.7% | 24.0% | 22.7% | 7.2% | 16.0% | 21.0% | 9.0% | -52.9% | 7.9% | 11.7% | 11.6% |
| ROA | 9.5% | 9.8% | 6.0% | 14.7% | 15.6% | 4.7% | 9.6% | 13.1% | 4.2% | -17.9% | 2.1% | 3.4% | 3.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 102M | 138M | 180M | 355M | 414M | 245M | 513M | 640M | 529M | 319M | 528M | 645M | 557M |
| Free Cash Flow | 89M | 126M | 161M | 324M | 351M | 181M | 428M | 553M | 365M | 232M | 410M | 497M | 402M |
| Owner Earnings | 70M | 103M | 89M | 248M | 307M | 85M | 384M | 499M | 268M | -132M | 132M | 246M | -1.7B |
| CapEx | 13M | 12M | 19M | 31M | 63M | 64M | 85M | 87M | 164M | 87M | 118M | 148M | 155M |
| Maint. CapEx | 21M | 22M | 66M | 83M | 80M | 110M | 99M | 104M | 216M | 397M | 348M | 344M | 2.2B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 21M | 22M | 66M | 83M | 80M | 110M | 99M | 104M | 216M | 397M | 348M | 344M | 2.2B |
| CapEx/OCF | 12.9% | 9.0% | 10.6% | 8.8% | 15.2% | 26.1% | 16.5% | 13.6% | 31.0% | 27.3% | 22.3% | 22.9% | 27.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 35M | 36M | 36M | 38M | 42M | 44M | 44M | 47M | 52M | 59M | 59M | 59M | 61M |
| Dividend Yield | 2.3% | 2.1% | 1.7% | 0.9% | 0.9% | 0.9% | 0.7% | 0.5% | 0.8% | 1.0% | 0.8% | 0.8% | 0.3% |
| Share Buybacks | 21M | 13M | 1.5M | 0 | 75M | 0 | 0 | 0 | 0 | 0 | 0 | 45M | 0 |
| Buyback Yield | 1.2% | 0.7% | 0.1% | N/A | 2.2% | N/A | N/A | N/A | N/A | N/A | N/A | 0.4% | 0.0% |
| Stock-Based Comp | 11M | 13M | 25M | 24M | 27M | 49M | 30M | 37M | 45M | 54M | 48M | 55M | 52M |
| Debt Repayment | 0 | 0 | 153M | 228M | 50M | 106M | 59M | 15M | 962M | 403M | 2.4B | 451M | 451M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | 205M | -147M | -370M | 425M | 197M | 2.6M | 4.3B | 4.6B | 4.1B | 3.8B | 3.6B |
| Cash & Equiv. | 305M | 228M | 229M | 334M | 644M | 415M | 608M | 966M | 909M | 507M | 420M | 418M | 463M |
| Long-Term Debt | N/A | N/A | 601M | 390M | 344M | 872M | 815M | 825M | 5.1B | 5.0B | 4.5B | 4.2B | 2.6B |
| Debt/Equity | 0.13 | 0.10 | 0.50 | 0.25 | 0.19 | 0.47 | 0.44 | 0.36 | 1.17 | 2.05 | 1.97 | 1.55 | 1.44 |
| Interest Coverage | 1877.0 | 1095.2 | 5.1 | 13.1 | 29.2 | 5.0 | 15.7 | 28.0 | 3.5 | -4.4 | 1.8 | 2.5 | 2.8 |
| Equity | 1.1B | 1.2B | 1.2B | 1.6B | 1.9B | 2.0B | 2.4B | 2.9B | 4.5B | 2.5B | 2.3B | 2.7B | 2.8B |
| Total Assets | 1.2B | 1.3B | 2.2B | 2.4B | 2.6B | 3.4B | 3.9B | 4.5B | 11.5B | 9.1B | 8.6B | 8.8B | 8.7B |
| Total Liabilities | 142M | 112M | 970M | 825M | 741M | 1.4B | 1.5B | 1.7B | 7.0B | 6.6B | 6.3B | 6.1B | 5.9B |
| Intangibles | 46M | 44M | 408M | 366M | 320M | 565M | 512M | 576M | 3.2B | 2.6B | 2.3B | 2.1B | 2.1B |
| Retained Earnings | 349M | 427M | 495M | 796M | 1.1B | 1.2B | 1.5B | 2.0B | 2.3B | 373M | 503M | 711M | 778M |
| Working Capital | 792M | 849M | 761M | 946M | 1.2B | 1.1B | 1.4B | 1.7B | 1.8B | 1.8B | 1.7B | 1.6B | 254M |
| Current Assets | 895M | 940M | 999M | 1.2B | 1.5B | 1.4B | 1.8B | 2.1B | 2.8B | 2.7B | 2.5B | 2.5B | 2.5B |
| Current Liabilities | 104M | 91M | 237M | 290M | 263M | 318M | 374M | 460M | 952M | 848M | 775M | 927M | 2.3B |
| Per Share Data | |||||||||||||
| EPS | 2.16 | 2.28 | 1.94 | 6.16 | 7.14 | 2.55 | 6.33 | 9.90 | 5.56 | -27.54 | 2.81 | 4.37 | 4.86 |
| Owner EPS | 1.31 | 1.92 | 1.65 | 4.51 | 5.57 | 1.55 | 6.94 | 8.97 | 4.47 | -1.97 | 1.95 | 3.64 | -24.78 |
| Book Value | 20.18 | 21.64 | 22.99 | 28.86 | 34.04 | 36.72 | 42.68 | 51.87 | 74.85 | 36.98 | 34.34 | 40.28 | 41.77 |
| Cash Flow/Share | 1.90 | 2.58 | 3.33 | 6.45 | 7.52 | 4.44 | 9.28 | 11.50 | 8.83 | 4.77 | 7.81 | 9.55 | 37.15 |
| Dividends/Share | 0.66 | 0.68 | 0.68 | 0.71 | 0.78 | 0.80 | 0.80 | 0.86 | 0.88 | 0.88 | 0.88 | 0.88 | 0.91 |
| Shares Out. | 53.6M | 53.6M | 54.0M | 55.1M | 55.0M | 55.1M | 55.3M | 55.7M | 59.9M | 66.8M | 67.6M | 67.5M | 67.3M |
| Valuation | |||||||||||||
| P/E Ratio | 15.4 | 14.8 | 28.5 | 14.6 | 8.5 | 41.3 | 23.0 | 17.1 | 14.2 | N/A | 37.4 | 37.5 | 67.7 |
| P/FCF | 20.2 | 14.4 | 18.6 | 15.2 | 9.5 | 32.1 | 18.8 | 17.0 | 13.0 | 29.8 | 17.3 | 22.3 | 55.1 |
| EV/EBIT | N/A | N/A | 20.3 | 11.8 | 6.0 | 28.0 | 17.7 | 13.1 | 14.2 | N/A | 22.0 | 27.6 | 45.5 |
| Price/Book | 1.7 | 1.6 | 2.4 | 3.1 | 1.8 | 2.9 | 3.4 | 3.3 | 1.1 | 2.8 | 3.1 | 4.1 | 7.9 |
| Price/Sales | 14.1 | 14.8 | 13.4 | 2.2 | 2.4 | 2.4 | 2.5 | 3.0 | 1.9 | 1.6 | 2.2 | 1.9 | 5.4 |
| FCF Yield | 5.0% | 6.9% | 5.4% | 6.6% | 10.5% | 3.1% | 5.3% | 5.9% | 7.7% | 3.4% | 5.8% | 4.5% | 1.8% |
| Market Cap | 1.8B | 1.8B | 3.0B | 4.9B | 3.3B | 5.8B | 8.0B | 9.4B | 4.7B | 6.9B | 7.1B | 11.1B | 22.2B |
| Avg. Price | 28.19 | 32.13 | 40.06 | 75.19 | 90.01 | 83.49 | 107.40 | 158.43 | 111.16 | 89.28 | 115.77 | 108.48 | 329.18 |
| Year-End Price | 33.37 | 33.85 | 55.36 | 89.69 | 60.66 | 105.42 | 145.39 | 169.06 | 79.10 | 103.30 | 105.19 | 164.03 | 329.18 |
MKS INC passes 1 of 9 quality checks, indicating weak fundamentals.
MKS INC trades at 75.3x trailing earnings, compared to its 15-year median P/E of 23.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 44.5x vs a median of 18.0x. The company's 5-year average ROIC is 4.8% with a gross margin of 46.0%. Total shareholder yield (dividends) is 0.3%. At current prices, the estimated annualized return to fair value is -0.6%.
MKS INC (MKSI) has a net profit margin of 7.5%. This is a modest margin.
MKS INC (MKSI) generated $497 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MKS INC (MKSI) has a debt-to-equity ratio of 1.55. This indicates higher leverage, which may increase financial risk.
MKS INC (MKSI) reported earnings per share (EPS) of $4.37 in its most recent fiscal year.
MKS INC (MKSI) has a return on equity (ROE) of 11.7%. This indicates moderate shareholder returns.
MKS INC (MKSI) has a 5-year average gross margin of 46.0%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for MKS INC (MKSI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MKS INC (MKSI) has a book value per share of $40.28, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects robust growth across semiconductor and electronics and packaging markets driven by ambitious capital expenditure plans from large chip manufacturers and continued AI-related demand for advanced packaging and chemistry solutions. The company is well-positioned to outperform industry wafer fabrication equipment spending in rising environments, supported by a broad portfolio of designed-in products and global manufacturing capacity readiness. Tariff mitigation actions are expected to offset cost pressures dollar-for-dollar beginning in Q4, with management targeting a long-term gross margin objective of 47% or higher. Operating expenses are expected to grow at a rate slower than revenue throughout 2026, while the company maintains disciplined capital allocation with capex guidance of 4%-5% of revenue and a net leverage target of 2.5 times.
Based on recent SEC filings and earnings calls, MKS INC (MKSI) has provided the following forward guidance: Capital expenditures: 4%-5% of revenue (FY2026); Tax rate: 18%-20% (FY2026).
No recent press releases.