Tearsheet

MKS (MKSI)

Market Price (12/26/2025): $163.46 | Market Cap: $11.0 Bil
Sector: Information Technology | Industry: Semiconductor Materials & Equipment

MKS (MKSI)

Market Price (12/26/2025): $163.46
Market Cap: $11.0 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%	Trading close to highs Dist 52W High is -2.7%, Dist 3Y High is -2.7%	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61%
1	Megatrend and thematic drivers Megatrends include Automation & Robotics, Advanced Materials, and Artificial Intelligence. Themes include Factory Automation, Show more.		Key risks MKSI key risks include [1] substantial indebtedness and asset impairments from challenges integrating major acquisitions, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
1	Megatrend and thematic drivers Megatrends include Automation & Robotics, Advanced Materials, and Artificial Intelligence. Themes include Factory Automation, Show more.
2	Trading close to highs Dist 52W High is -2.7%, Dist 3Y High is -2.7%
3	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 61%
4	Key risks MKSI key risks include [1] substantial indebtedness and asset impairments from challenges integrating major acquisitions, Show more.

Valuation, Metrics & Events

	12/26/25	2024	2023	2022	2021
Share Price CYE	$163.46	$103.52	$101.28	$82.59	$168.45
Market Cap CYE ($ Bil)	11.0	7.0	6.8	5.5	9.3
Total Debt ($ Bil)	4.6	4.8	5.0	5.2	1.0
Total Cash ($ Bil)	0.7	0.7	0.9	0.9	1.0
Enterprise Value ($ Bil)	14.9	11.8	11.8	10.7	10.3
Valuation Ratios
P/S TTM	2.9	2.0	1.9	1.4	3.3
P/EBIT TTM	20.5	13.5	-4.6	8.2	14.0
P/E TTM	39.4	37.0	-3.7	15.2	17.5
P/FCF TTM	20.8	17.1	29.6	13.9	17.4
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6	4.6
P/EBIT TTM (Sector)	3.0	2.3	-0.2	-0.7	-0.0
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8	-0.0
P/FCF TTM (Sector)	12.3	13.7	12.2	6.9	13.8

	12/26/25	2024	2023
Share Price CYE	$163.46	$103.52	$101.28
Market Cap CYE ($ Bil)	11.0	7.0	6.8
Total Debt ($ Bil)	4.6	4.8	5.0
Total Cash ($ Bil)	0.7	0.7	0.9
Enterprise Value ($ Bil)	14.9	11.8	11.8
Valuation Ratios
P/S TTM	2.9	2.0	1.9
P/EBIT TTM	20.5	13.5	-4.6
P/E TTM	39.4	37.0	-3.7
P/FCF TTM	20.8	17.1	29.6
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.0	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.3	13.7	12.2

	MKSI	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	3.8
Rev Chg Q	10.3%	7.3%
Rev Chg LTM	8.1%	6.1%
Rev Chg 3Y Avg	6.4%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.6
CFO LTM ($ Bil)	0.7
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	14.4%	18.8%
CFO/Rev LTM	17.7%	20.4%
Net Inc Mgn	7.3%	13.1%
VALUATION	MODERATE
P/S	2.9	3.3
P/CFO	16.2	15.8
P/FCF	20.8	20.7
P/E	39.4	23.5
STABILITY	GOOD
Debt/Equity	0.42	0.21
Cash/Assets	0.08	0.07

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Metric	Value	Date	Source
Net Revenues- Semiconductor	415 million	9302025	Link
Net Revenues- Electronics and Packaging	289 million	9302025	Link
Net Revenues- Specialty Industrial	284 million	9302025	Link
Net Revenues- Products	860 million	9302025	Link
Net Revenues- Services	128 million	9302025	Link

Upcoming
2/11/2026	Earnings Release	Rev: - EPS: -

MKSI Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. MKS Instruments reported strong second-quarter 2025 financial results on August 7, 2025, surpassing analyst expectations for both EPS and revenue, which led to a notable stock increase on the announcement day. The company reported $1.77 EPS against a forecast of $1.62 and revenue of $973 million, exceeding the anticipated $931.11 million. This strong performance was primarily attributed to robust demand in the Semiconductor and Electronics & Packaging end markets, particularly driven by AI applications and NAND upgrade activity. MKS also provided optimistic guidance for the third quarter of 2025.

2. The company made significant voluntary principal prepayments on its debt. MKS Instruments made a $100 million voluntary principal prepayment on its USD term loan B in August 2025, followed by another $100 million prepayment in October 2025. These actions demonstrated the company's commitment to deleveraging its balance sheet and improving its financial position, reducing its net leverage ratio to 3.9x by the end of Q3 2025.

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1. MKS Instruments reported strong second-quarter 2025 financial results on August 7, 2025, surpassing analyst expectations for both EPS and revenue, which led to a notable stock increase on the announcement day. The company reported $1.77 EPS against a forecast of $1.62 and revenue of $973 million, exceeding the anticipated $931.11 million. This strong performance was primarily attributed to robust demand in the Semiconductor and Electronics & Packaging end markets, particularly driven by AI applications and NAND upgrade activity. MKS also provided optimistic guidance for the third quarter of 2025.

2. The company made significant voluntary principal prepayments on its debt. MKS Instruments made a $100 million voluntary principal prepayment on its USD term loan B in August 2025, followed by another $100 million prepayment in October 2025. These actions demonstrated the company's commitment to deleveraging its balance sheet and improving its financial position, reducing its net leverage ratio to 3.9x by the end of Q3 2025.

3. MKS announced a strategic decision to divest its specialty chemicals division to sharpen its focus on the core semiconductor business. In October 2025, MKS indicated it was in advanced stages of selling its $1 billion specialty chemicals division, which was part of the 2021 Atotech acquisition. This move was aimed at doubling down on supplying chipmakers, aligning with the surge in demand for AI infrastructure and enabling MKS to concentrate on its high-growth semiconductor and circuit board manufacturing equipment segments.

4. MKS Instruments delivered strong third-quarter 2025 financial results, once again beating analyst estimates and providing positive guidance for the upcoming quarter. On November 5, 2025, the company reported Q3 2025 revenue of $988 million, representing a 10% year-over-year increase, and diluted EPS of $1.93, exceeding analyst consensus estimates of $1.80 EPS and $963.87 million in revenue. The company highlighted robust demand in its semiconductor and electronics and packaging end markets, driven by technologies essential for the AI era. MKS also provided a positive outlook and guidance for Q4 2025.

5. Analysts maintained overwhelmingly positive ratings and significantly raised price targets for MKS Instruments. Throughout the period, multiple analyst firms issued favorable reports. For instance, in November, Wells Fargo & Company increased its price target from $135.00 to $150.00, Deutsche Bank Aktiengesellschaft set a target of $175.00, and KeyCorp raised its target from $160.00 to $180.00. Needham also upped its target to $170.00. The consensus recommendation for MKSI among brokerages remained a "Moderate Buy," with an average 12-month price target of $171.10, reflecting strong confidence in the company's future performance. Show less

Stock Movement Drivers

Fundamental Drivers

The 33.9% change in MKSI stock from 9/25/2025 to 12/25/2025 was primarily driven by a 28.3% change in the company's P/E Multiple.

	9252025	12252025	Change
Stock Price ($)	122.06	163.40	33.87%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3739.00	3831.00	2.46%
Net Income Margin (%)	7.14%	7.28%	1.98%
P/E Multiple	30.72	39.42	28.30%
Shares Outstanding (Mil)	67.20	67.30	-0.15%
Cumulative Contribution			33.86%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
MKSI	33.9%
Market (SPY)	4.9%	62.6%
Sector (XLK)	5.3%	64.7%

Fundamental Drivers

The 63.6% change in MKSI stock from 6/26/2025 to 12/25/2025 was primarily driven by a 33.5% change in the company's P/E Multiple.

	6262025	12252025	Change
Stock Price ($)	99.91	163.40	63.55%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3653.00	3831.00	4.87%
Net Income Margin (%)	6.24%	7.28%	16.68%
P/E Multiple	29.53	39.42	33.46%
Shares Outstanding (Mil)	67.40	67.30	0.15%
Cumulative Contribution			63.55%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
MKSI	63.6%
Market (SPY)	13.1%	54.0%
Sector (XLK)	16.7%	58.6%

Fundamental Drivers

The 53.2% change in MKSI stock from 12/25/2024 to 12/25/2025 was primarily driven by a 732.3% change in the company's Net Income Margin (%).

	12252024	12252025	Change
Stock Price ($)	106.63	163.40	53.24%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3543.00	3831.00	8.13%
Net Income Margin (%)	0.87%	7.28%	732.34%
P/E Multiple	231.84	39.42	-83.00%
Shares Outstanding (Mil)	67.40	67.30	0.15%
Cumulative Contribution			53.24%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
MKSI	53.2%
Market (SPY)	15.8%	76.1%
Sector (XLK)	22.2%	78.7%

Fundamental Drivers

The 100.3% change in MKSI stock from 12/26/2022 to 12/25/2025 was primarily driven by a 239.8% change in the company's P/E Multiple.

	12262022	12252025	Change
Stock Price ($)	81.58	163.40	100.29%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3225.00	3831.00	18.79%
Net Income Margin (%)	13.30%	7.28%	-45.25%
P/E Multiple	11.60	39.42	239.78%
Shares Outstanding (Mil)	61.00	67.30	-10.33%
Cumulative Contribution			98.16%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
MKSI	59.6%
Market (SPY)	48.3%	74.4%
Sector (XLK)	53.5%	78.1%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MKSI Return	38%	16%	-51%	23%	2%	57%	55%
Peers Return	67%	36%	-32%	39%	24%	51%	302%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
MKSI Win Rate	50%	58%	33%	50%	50%	67%
Peers Win Rate	60%	67%	38%	55%	53%	60%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
MKSI Max Drawdown	-35%	-6%	-62%	-22%	-5%	-44%
Peers Max Drawdown	-38%	-9%	-46%	-12%	-11%	-35%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: COHR, AEIS, ENTG, UCTT, KLAC. See MKSI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	MKSI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-66.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	202.4%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-41.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	70.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	128 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-54.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	120.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	584 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-59.2%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	145.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	688 days	1,480 days

Compare to AEIS, MASI, NOVT, VIAV, UCTT

In The Past

MKS's stock fell -66.9% during the 2022 Inflation Shock from a high on 4/5/2021. A -66.9% loss requires a 202.4% gain to breakeven.

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About MKS (MKSI)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

MKS Instruments, Inc. provides instruments, systems, subsystems, and process control solutions that measure, monitor, deliver, analyze, power, and control critical parameters of manufacturing processes worldwide. Its Vacuum & Analysis segment offers pressure and vacuum control solutions, including direct and indirect pressure measurement; materials delivery solutions comprising flow and valve technologies, as well as integrated pressure measurement and control subsystems, which provide customers with precise control capabilities; power solutions products, such as microwave, power delivery systems, radio frequency matching networks, and metrology products used in providing energy to etching, stripping, and deposition processes; and plasma and reactive gas products. Its Light & Motion segment offers laser products, such as continuous wave and pulsed nanosecond, diode and diode-pumped solid-state, and fiber laser technologies; and photonics products comprising motion control, optical tables and vibration isolation systems, photonic instruments, optics and optical assemblies, opto-mechanical components, temperature sensing products for wafer fabrication systems, and laser and LED measurement products, including laser power and energy meters, laser beam profilers, and optical and photonic subsystems. Its Equipment & Solutions segment provides laser-based systems for printed circuit board (PCB) manufacturing, including flexible interconnect PCB processing systems and high-density interconnect solutions for rigid PCB manufacturing and substrate processing, and multi-layer ceramic capacitor test systems. It serves semiconductor, industrial technologies, life and health sciences, research, and defense markets. It sells its products and services through its direct sales organization, independent distributors, and sales representatives, as well as through its websites and product catalogs. The company was incorporated in 1961 and is headquartered in Andover, Massachusetts.

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Here are 1-3 brief analogies for MKS Instruments (MKSI):

MKS Instruments is like **Applied Materials (AMAT) for the fundamental building blocks of advanced manufacturing.**
MKS Instruments is like **Keysight Technologies (KEYS) for actively controlling high-tech manufacturing processes.**
MKS Instruments is like **Thermo Fisher Scientific (TMO) for industrial process control and advanced materials manufacturing.**

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Vacuum & Pressure Measurement Instruments: Devices for highly accurate measurement and control of vacuum pressure in various industrial and scientific applications.
Mass Flow Controllers & Gas Delivery Systems: Equipment that precisely regulates and monitors the flow of gases in complex manufacturing processes, especially in semiconductor fabrication.
RF & DC Power Supplies and Plasma Generators: Advanced power delivery systems and plasma sources crucial for plasma-based processes in manufacturing.
Lasers & Photonics Components: A broad range of lasers, optical components, and subsystems used for precision manufacturing, inspection, and scientific research.
Motion Control & Vibration Isolation Systems: Precision motion stages, actuators, and vibration isolation solutions critical for nanoscale positioning and stability in advanced applications.

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MKS Instruments (MKSI) - Major Customers

MKS Instruments (MKSI) primarily sells its products, systems, and solutions to other companies (Business-to-Business or B2B) rather than directly to individuals. Their major customers are typically Original Equipment Manufacturers (OEMs) and industrial users across various advanced technology sectors.

Due to the diversified nature of their customer base and the fact that no single customer accounted for 10% or more of their net revenues in recent fiscal years (as stated in their latest 10-K filings with the SEC), MKS Instruments does not publicly disclose the names of its specific major customers.

However, their customer base can be broadly categorized by the industries they serve:

Semiconductor Equipment Manufacturers (OEMs): These companies design and produce the complex machinery and tools used in the fabrication of integrated circuits and semiconductor devices. MKS provides critical subsystems, components, and process control solutions essential for these advanced manufacturing processes.

Examples of companies that operate in this sector (though not explicitly confirmed as MKS's direct major customers) include:
- Applied Materials (NASDAQ: AMAT)
- Lam Research Corporation (NASDAQ: LRCX)
- ASML Holding N.V. (NASDAQ: ASML)
- KLA Corporation (NASDAQ: KLAC)
Advanced Market OEMs and Industrial Users: This broad category encompasses a diverse range of companies and institutions across various high-technology sectors:
- Industrial Technologies: Manufacturers and industrial users in fields such as advanced manufacturing, automotive, energy, general vacuum applications, and surface treatment.
- Life and Health Sciences: Companies involved in medical device manufacturing, pharmaceuticals, biotechnology, and producers of analytical and diagnostic instruments.
- Research and Defense: Academic and government research institutions, as well as defense contractors, that require high-precision instruments and vacuum solutions for scientific research, development, and specialized applications.

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John T.C. Lee, President and Chief Executive Officer

Dr. John T.C. Lee has served as President and Chief Executive Officer of MKS Instruments, Inc. since January 2020. He joined MKS in 2007, holding various senior leadership positions, including President and Chief Operating Officer, Senior Vice President and Chief Operating Officer, and leadership roles managing various business units. Before joining MKS, Dr. Lee held senior management roles at Applied Materials, Inc. from 2002 to 2007, including Managing Director of Factory Technology and Projects within the Solar Business Group and General Manager of the Cleans Product Group. From 1997 to 2002, he was the Research Director of the Silicon Fabrication Research Department at Lucent Technologies, Inc., and from 1991 to 1997, he was a Member of the Technical Staff at Bell Labs. Dr. Lee has served on the MKS Board of Directors since 2020 and on the board of directors of Cognex Corporation since 2022. He led MKS during its acquisition of Atotech in 2022, which expanded MKS's offerings in advanced electronics.

Ram Mayampurath, Executive Vice President, Chief Financial Officer and Treasurer

Mr. Ram Mayampurath has been the Executive Vice President, Chief Financial Officer and Treasurer of MKS Instruments since October 2024. Prior to this role, he served as the Senior Vice President, Chief Financial Officer and Treasurer of Rogers Corporation. Earlier in his career, Mr. Mayampurath held divisional financial leadership roles at Royal Philips Electronics.

James A. Schreiner, Executive Vice President & Chief Operating Officer

Mr. James A. Schreiner transitioned back to his role as Executive Vice President & Chief Operating Officer on August 1, 2025. In this position, he is responsible for overseeing operations, supply chain, and workplace operations for the Vacuum Solutions Division and the Photonics Solutions Division. Previously, he led the Materials Solutions Division (MSD), where he guided it successfully after the acquisition of Atotech in August 2022.

David P. Henry, Executive Vice President, Global Strategic Marketing, and General Manager, Materials Solutions Division

Mr. David P. Henry assumed the role of Executive Vice President, Global Strategic Marketing, and General Manager, Materials Solutions Division on August 1, 2025. He also continues to maintain responsibility for strategic and corporate marketing for the company. Prior to this, Mr. Henry served as Executive Vice President, Operations and Corporate Marketing.

Gerald G. Colella, Chairman

Mr. Gerald G. Colella has served as the Chairman of MKS Instruments since 2020. He has a long history with the company, having served as Chief Executive Officer from 2014 to 2020, President from 2013 to 2018, Chief Operating Officer from 2010 to 2013, and Vice President and Chief Business Officer from 2005 to 2010. Mr. Colella joined MKS Instruments in 1983. He also served as a Director of GCP Applied Technologies Inc from 2017 to 2020.

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Here are the key risks to MKS Instruments' business: 1. Acquisition Risks and Substantial Indebtedness
MKS Instruments faces significant risks related to its acquisitions, particularly the integration of Atotech Limited. This acquisition has substantially increased the company's indebtedness, which could reduce business flexibility and lead to higher interest expenses. The company has also recorded impairments of goodwill and intangible assets related to the Atotech and Electro Scientific Industries (ESI) acquisitions, indicating challenges in realizing the anticipated benefits. 2. Cyclicality of Semiconductor and Electronics Industries
MKS Instruments' performance is highly leveraged to the cyclical nature of the semiconductor and electronics manufacturing industries. This can lead to significant fluctuations in earnings, with semiconductor-related revenue experiencing a 28% drop in 2023. 3. Supply Chain Disruptions and Dependence on Sole/Limited Source Suppliers
The company faces operational risks from supply chain disruptions, which have resulted in increased costs and inventory challenges. MKS Instruments' reliance on sole and limited source suppliers for critical components further exacerbates these risks, potentially impacting its manufacturing capabilities and ability to deliver products.

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MKS Instruments (MKSI) operates in three primary addressable markets: Semiconductor, Electronics & Packaging, and Specialty Industrial. The global market sizes for these areas are as follows:

Semiconductor Market

The global semiconductor assembly and packaging equipment market was estimated at approximately USD 5.25 billion in 2025 and is projected to grow to USD 11.22 billion by 2034. Another estimate for the global semiconductor assembly and packaging equipment market size is USD 9.85 billion in 2025, forecasted to reach USD 20.96 billion by 2034. Asia Pacific is a dominant region in this market.
The global semiconductor process control equipment market, which includes metrology and inspection systems, is projected to be USD 13.03 billion in 2025 and is expected to reach USD 16.95 billion by 2030. Asia-Pacific held a significant share of this market, at 65.4% in 2024.
The overall global advanced semiconductor equipment market is projected to reach USD 117.4 billion by 2028.

Electronics & Packaging Market

The global electronic packaging market size was estimated at USD 62.51 billion in 2024 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.2% from 2025 to 2030.
The global industrial electronics packaging market is valued at USD 4.215 billion in 2025 and is projected to reach USD 7.892 billion by 2035, growing at a CAGR of 6.4%.

Specialty Industrial Market

The global industrial manufacturing services market was valued at USD 580.52 million in 2025.
The global industrial services market was valued at USD 41.78 billion in 2024 and is projected to reach USD 64.61 billion by 2032, with a CAGR of 5.60%.

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MKS Instruments (NASDAQ: MKSI) is anticipated to drive future revenue growth over the next two to three years through several key areas, primarily fueled by advancements in artificial intelligence (AI) and strategic positioning in critical technology markets.

Here are the expected drivers of future revenue growth:

Strong Demand in Semiconductor and AI-Related Technologies: MKS Instruments expects continued growth in the semiconductor sector, driven by AI advancements and increasing demand for advanced packaging solutions. The company is strategically positioned at the forefront of accelerating innovation, providing enabling technologies for high-growth emerging AI applications. While some segments, like NAND upgrade activity, may see cyclical fluctuations, the overall fundamentals of the semiconductor business remain strong, with an anticipated pickup in wafer fab equipment (WFE) in the second half of 2026. MKS's diverse technology solutions for advanced logic and memory nodes are crucial for tackling complex challenges in electronic device manufacturing, particularly in the AI era.
Growth in Electronics & Packaging, driven by Proprietary Chemistry and Equipment Sales: The Electronics & Packaging segment has demonstrated robust year-over-year revenue growth, largely propelled by strong demand for MKS's chemistry solutions and equipment, including flexible PCB drilling equipment. This performance is significantly linked to emerging AI-driven demand, which necessitates increasingly thick, multi-layer high-density interconnect (HDI) boards. The company's proprietary chemistry is expected to be a key, long-tail, and steady consumable revenue generator for years to come.
Leveraging the Atotech Acquisition for Cross-Selling and Expanded Offerings: The integration of Atotech's proprietary chemistries into MKS's technology portfolio uniquely positions the company to provide both tools and consumables required for the shift to multilayer, high-density AI-related applications. This strategic acquisition enables cross-selling opportunities, contributing to superior revenue growth and improvements in gross and operating margins.
Expansion and Optimization in Specialty Industrial Markets: MKS is actively leveraging its research and development investments from the semiconductor and electronics sectors to unlock new opportunities within its specialty industrial markets. Although this segment has shown more stable growth compared to the electronics and packaging markets, there has been sequential improvement in the industrial market. This strategy aims to generate attractive incremental margins and cash flow from its broad domain expertise across vacuum, photonics, and chemistry.
Continuous Investment in and Expansion of Differentiated Product Offerings: MKS Instruments continues to invest in expanding its product offerings, which has already begun to yield significant benefits. The company's unique portfolio of differentiated products and technologies across vacuum, photonics, chemistry, and laser solutions enables it to gain market share in AI-related applications and address the industry's increasingly challenging technology roadmaps.

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Share Repurchases

MKS Instruments repurchased approximately 546,000 shares of its common stock for about $45 million in the first quarter of 2025.
The company did not repurchase common stock during 2019 and 2020.
Management evaluates opportunistic share buybacks when accretive, especially considering stock volatility.

Share Issuance

In 2024, MKS completed an upsized $1.4 billion convertible note offering, primarily used to pay down higher-interest debt.

Outbound Investments

In July 2021, MKS Instruments acquired Atotech for an equity value of $5.1 billion and an enterprise value of approximately $6.5 billion, aiming to drive innovations in advanced electronics and PCB interconnects.
MKS announced an agreement in May 2021 to acquire Photon Control Inc. for approximately CAD$387 million in an all-cash transaction, to expand its optical sensor technology for temperature control in semiconductor wafer fabrication.

Capital Expenditures

Capital expenditures for MKS Instruments averaged $108.2 million annually from fiscal years 2020 to 2024, with a peak of $164 million in 2022 and $118 million in 2024.
The company invested $50 million in capital expenditures in Q3 2025, representing a 127% year-over-year increase which constrained free cash flow.
MKS anticipates its annual capital expenditures for 2025 to be at the low end of its guidance of 4% to 5% of revenue, with a focus on strategic investments in a new semiconductor factory in Malaysia and a future chemistry facility in Thailand to enhance manufacturing capacity and resilience, particularly for AI-related advanced electronics applications.

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ONTO (16.8%)

Onto Innovation

Higher CFO/Rev LTM (Value for MKSI: 17.7%)

KLAC (33.9%)

KLA

LRCX (32.6%)

Lam Research

AMAT (28.1%)

Applied Materials

TER (23.6%)

Teradyne

ENTG (21.1%)

Entegris

Higher FCF/Rev LTM (Value for MKSI: 13.8%)

KLAC (30.9%)

KLA

LRCX (28.3%)

Lam Research

ONTO (26.1%)

Onto Innovation

AMAT (20.1%)

Applied Materials

TER (16.0%)

Teradyne

Higher Total Yield (Value for MKSI: 3.1%)

ACLS (5.2%)

Axcelis Technologies

ENPH (4.6%)

Enphase Energy

AMAT (4.0%)

Applied Materials

LRCX (3.1%)

Lam Research

KLAC (3.1%)

KLA

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for MKSI: 6.4% | 2.9x)

FISV (6.8% | 1.7x)

Fiserv

HPE (6.5% | 0.9x)

Hewlett Packard Enterprise

GIB (7.4% | 1.3x)

CGI

SMCI (63.1% | 0.9x)

Super Micro Computer

OTEX (15.8% | 1.6x)

Open Text

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MKSI: 6.4% | 19.9x)

ADBE (10.5% | 17.8x)

Adobe

FISV (6.8% | 6.0x)

Fiserv

HPE (6.5% | 19.8x)

Hewlett Packard Enterprise

GIB (7.4% | 7.9x)

CGI

IT (7.0% | 16.2x)

Gartner

Higher Rev Chg LTM (Value for MKSI: 8.1%)

NVDA (65.2%)

NVIDIA

PLTR (47.2%)

Palantir Technologies

AVGO (23.9%)

Broadcom

MSFT (15.6%)

Microsoft

ORCL (11.1%)

Oracle

Higher Rev Chg 3Y Avg (Value for MKSI: 6.4%)

NVDA (91.6%)

NVIDIA

PLTR (29.3%)

Palantir Technologies

AVGO (25.2%)

Broadcom

MSFT (13.2%)

Microsoft

ORCL (9.8%)

Oracle

Higher Op Mgn LTM (Value for MKSI: 14.4%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

AVGO (40.8%)

Broadcom

ORCL (31.9%)

Oracle

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for MKSI: 17.7%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

ORCL (36.5%)

Oracle

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for MKSI: 13.8%)

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

Higher Total Yield (Value for MKSI: 3.1%)

CSCO (5.4%)

Cisco Systems

IBM (5.0%)

International Business Machines

MU (3.9%)

Micron Technology

ORCL (3.7%)

Oracle

MSFT (3.6%)

Microsoft

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MKSI: 6.4% | 2.9x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

COST (6.7% | 1.4x)

Costco Wholesale

UNH (11.4% | 0.7x)

UnitedHealth

BA (10.1% | 2.1x)

Boeing

TD (10.4% | 2.6x)

Toronto-Dominion Bank

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MKSI: 6.4% | 19.9x)

V (10.9% | 17.3x)

Visa

UNH (11.4% | 11.3x)

UnitedHealth

PM (8.0% | 17.1x)

Philip Morris International

BKNG (17.8% | 19.6x)

Booking

SCCO (7.1% | 19.7x)

Southern Copper

Higher Rev Chg LTM (Value for MKSI: 8.1%)

LLY (36.8%)

Eli Lilly

META (21.3%)

Meta Platforms

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

JPM (8.6%)

JPMorgan Chase

Higher Rev Chg 3Y Avg (Value for MKSI: 6.4%)

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

TSLA (9.3%)

Tesla

Higher Op Mgn LTM (Value for MKSI: 14.4%)

MA (58.3%)

Mastercard

META (43.2%)

Meta Platforms

LLY (43.0%)

Eli Lilly

GOOGL (32.2%)

Alphabet

JNJ (26.2%)

Johnson & Johnson

Higher CFO/Rev LTM (Value for MKSI: 17.7%)

META (56.8%)

Meta Platforms

MA (56.1%)

Mastercard

GOOGL (39.3%)

Alphabet

LLY (20.5%)

Eli Lilly

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for MKSI: 13.8%)

V (53.9%)

Visa

MA (52.5%)

Mastercard

META (23.7%)

Meta Platforms

JNJ (20.3%)

Johnson & Johnson

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for MKSI: 3.1%)

JPM (6.4%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

GOOGL (3.5%)

Alphabet

WMT (3.4%)

Walmart

		Best Bets In Information Technology Sector
	MKSI	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	39.4	28.3	17.1	46.3	44.4	29.9	16.4	14.6	19.2	24.1	21.0
P/EBIT	20.5	20.4	13.8	39.4	37.9	10.6	23.9	11.9	20.9	66.0	24.0
What You Get
Rev Chg Q	10.3%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	8.1%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	6.4%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	10.5%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	MKS Earnings Notes
2	MKS Earnings Notes
3	Is MKS Stock Built to Withstand a Pullback?	Return
4	MKS vs ACM Research: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	How Does MKS Stock Stack Up Against Its Peers?	Peer Comparison
6	Better Bet Than MKSI Stock: Pay Less Than MKS To Get More From FI, D
7	Better Bet Than MKSI Stock: Pay Less Than MKS To Get More From GEN
8	MKSI Dip Buy Analysis
9	MKS Total Shareholder Return (TSR): 2.8% in 2024 and -14.0% 3-yr compounded annual returns (below peer average)
10	MKS (MKSI) Operating Cash Flow Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to MKSI. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	13.9%	13.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	12.0%	12.0%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	17.0%	17.0%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.9%	11.9%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.1%	4.1%	0.0%
MKSI_7312025_Dip_Buyer_FCFYield	07312025	MKSI	MKS	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	72.3%	72.3%	-5.8%
MKSI_10312024_Dip_Buyer_FCFYield	10312024	MKSI	MKS	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-27.6%	46.0%	-40.6%
MKSI_2282023_Dip_Buyer_FCFYield	02282023	MKSI	MKS	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.4%	24.4%	-32.3%
MKSI_6302022_Dip_Buyer_FCFYield	06302022	MKSI	MKS	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-16.7%	6.3%	-36.5%
MKSI_9302018_Dip_Buyer_FCFYield	09302018	MKSI	MKS	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.7%	16.3%	-28.7%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for MKS

Peers to compare with:

Financials

	MKSI	COHR	AEIS	ENTG	UCTT	KLAC	Median
Name	MKS	Coherent	Advanced.	Entegris	Ultra Cl.	KLA
Mkt Price	163.40	191.37	217.23	85.49	26.18	1,276.99	177.38
Mkt Cap	11.0	29.9	8.2	13.0	1.2	168.3	12.0
Rev LTM	3,831	6,043	1,725	3,223	2,111	12,524	3,527
Op Inc LTM	553	608	155	412	59	5,231	483
FCF LTM	530	74	153	331	17	3,873	242
FCF 3Y Avg	392	197	119	220	3	3,413	209
CFO LTM	679	527	235	680	75	4,248	603
CFO 3Y Avg	511	593	188	607	73	3,737	552

Growth & Margins

	MKSI	COHR	AEIS	ENTG	UCTT	KLAC	Median
Name	MKS	Coherent	Advanced.	Entegris	Ultra Cl.	KLA
Rev Chg LTM	8.1%	20.8%	17.2%	0.6%	6.7%	22.1%	12.7%
Rev Chg 3Y Avg	6.4%	16.5%	0.4%	3.8%	-3.4%	8.7%	5.1%
Rev Chg Q	10.3%	17.3%	23.8%	-0.1%	-5.6%	13.0%	11.6%
QoQ Delta Rev Chg LTM	2.5%	4.0%	5.4%	-0.0%	-1.4%	3.0%	2.7%
Op Mgn LTM	14.4%	10.1%	9.0%	12.8%	2.8%	41.8%	11.4%
Op Mgn 3Y Avg	13.3%	5.1%	7.7%	13.6%	3.4%	38.9%	10.5%
QoQ Delta Op Mgn LTM	-0.1%	0.8%	1.5%	-0.4%	-0.6%	0.5%	0.2%
CFO/Rev LTM	17.7%	8.7%	13.6%	21.1%	3.5%	33.9%	15.7%
CFO/Rev 3Y Avg	13.7%	11.4%	11.3%	18.2%	3.7%	34.0%	12.6%
FCF/Rev LTM	13.8%	1.2%	8.9%	10.3%	0.8%	30.9%	9.6%
FCF/Rev 3Y Avg	10.5%	3.9%	7.1%	6.8%	0.1%	31.1%	6.9%

Valuation

	MKSI	COHR	AEIS	ENTG	UCTT	KLAC	Median
Name	MKS	Coherent	Advanced.	Entegris	Ultra Cl.	KLA
Mkt Cap	11.0	29.9	8.2	13.0	1.2	168.3	12.0
P/S	2.9	4.9	4.7	4.0	0.6	13.4	4.4
P/EBIT	20.5	56.7	48.2	25.2	-14.4	32.6	28.9
P/E	39.4	119.6	56.3	45.0	-7.4	39.7	42.3
P/CFO	16.2	56.8	34.7	19.1	15.9	39.6	26.9
Total Yield	3.1%	0.8%	2.0%	2.5%	-13.6%	3.1%	2.2%
Dividend Yield	0.5%	0.0%	0.2%	0.2%	0.0%	0.6%	0.2%
FCF Yield 3Y Avg	5.3%	3.1%	2.5%	1.5%	0.1%	3.6%	2.8%
D/E	0.4	0.1	0.1	0.3	0.5	0.0	0.2
Net D/E	0.4	0.1	-0.0	0.3	0.3	0.0	0.2

Returns

	MKSI	COHR	AEIS	ENTG	UCTT	KLAC	Median
Name	MKS	Coherent	Advanced.	Entegris	Ultra Cl.	KLA
1M Rtn	9.7%	28.6%	5.5%	16.0%	5.1%	11.4%	10.6%
3M Rtn	33.9%	79.6%	29.9%	-6.9%	-2.9%	20.8%	25.3%
6M Rtn	63.6%	112.9%	62.5%	2.4%	15.7%	42.0%	52.2%
12M Rtn	53.2%	91.8%	87.6%	-16.5%	-28.3%	98.0%	70.4%
3Y Rtn	100.3%	478.3%	162.2%	32.2%	-21.4%	248.5%	131.3%
1M Excs Rtn	5.6%	22.7%	2.0%	12.2%	10.2%	9.0%	9.6%
3M Excs Rtn	28.9%	74.6%	24.9%	-11.9%	-7.9%	15.8%	20.4%
6M Excs Rtn	50.7%	100.0%	49.6%	-10.5%	2.9%	29.1%	39.4%
12M Excs Rtn	42.3%	79.1%	75.9%	-30.5%	-42.1%	87.8%	59.1%
3Y Excs Rtn	26.1%	387.5%	77.2%	-47.2%	-103.9%	161.2%	51.7%

Comparison Analyses

	Title
0	How Does MKS Stock Stack Up Against Its Peers?
1	MKSI Looks Stronger Than VIAV With 10% Return Potential
2	ALLE Looks Stronger Than MKSI With 20% Return Potential
3	With 16% Gains On The Table, MKSI May Outshine NOVT
4	MKS Instruments vs. Cadence Design Systems: With Return Forecast Of 16%, MKS Instruments Is A Better Bet
5	MKS Instruments vs. Transdigm Group: With Return Forecast Of 50%, Transdigm Group Is A Better Bet
6	MKS Instruments vs. Copart: With Return Forecast Of 45%, Copart Is A Better Bet
7	MKS Instruments vs. Arista Networks: Both Seem Similar Bets
8	MKS Instruments vs. Verisk Analytics: With Return Forecast Of 15%, Verisk Analytics Is A Better Bet
9	MKS Instruments vs. Advanced Energy Industries: Industry Peers, But Advanced Energy Industries Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	2/25/2025	2/27/2024	3/14/2023	2/28/2022	2/23/2021	2/28/2020
Key Financials
Total Revenue	3,831	3,586	3,622	3,547	2,950	2,330	1,900
EBITDA	881	870	-1,109	832	794	551	332
Operating Income	553	518	384	672	740	468	269
Net Income	279	190	-1,841	333	551	350	140
EPS	4.13	2.82	-27.54	5.57	9.95	6.36	2.57
Growth Rates
Total Revenue Growth	8.1%	-1.0%	2.1%	20.2%	26.6%	22.6%	-8.4%
EBITDA Growth	15.8%	178.4%	-233.3%	4.8%	44.1%	66.0%	-42.5%
Operating Income Growth	14.5%	34.9%	-42.9%	-9.2%	58.1%	74.2%	-46.5%
Net Income Growth	800.0%	110.3%	-652.9%	-39.6%	57.4%	149.3%	-64.3%
Margins
EBITDA Margin	23.0%	24.3%	-30.6%	23.5%	26.9%	23.6%	17.5%
Operating Income Margin	14.4%	14.4%	10.6%	18.9%	25.1%	20.1%	14.1%
Net Income Margin	7.3%	5.3%	-50.8%	9.4%	18.7%	15.0%	7.4%
Cash & Debt
Total Cash	697	714	875	910	1,042	836	524
Total Debt	4,585	4,780	5,024	5,168	1,028	1,033	949
Net Debt / (Cash)	3,888	4,066	4,149	4,258	-14	197	425
Cash Flows
Net Cash from Operations	679	528	319	529	640	513	244
Free Cash from Operations	530	410	232	365	553	428	181
Returns to Shareholders
Dividends	59	59	59	52	47	44	44
Share Repurchases	45	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/7/2025	5/8/2025	2/25/2025	11/7/2024	8/8/2024	5/9/2024	2/27/2024	11/8/2023	8/4/2023	5/5/2023	3/14/2023
Key Financials Quarterly
Total Revenue	988	973	936	934	896	887	868	892	932	1,003	794	1,086
Ebitda	226	217	203	235	225	201	210	125	225	-1,586	113	252
Operating Income	142	140	127	144	132	131	110	110	120	147	8	174
Net Income	74	62	52	91	62	23	15	-69	39	-1,769	-42	54
EPS	1.10	0.92	0.77	1.34	0.92	0.34	0.22	-1.02	0.59	-26.47	-0.64	0.81
Key Financials TTM
Total Revenue TTM	3,831	3,739	3,653	3,585	3,543	3,579	3,695	3,621	3,815	3,837	3,599	3,547
Ebitda TTM	881	880	864	871	761	761	-1,026	-1,123	-996	-1,037	740	832
Operating Income TTM	553	543	534	517	483	471	487	385	449	483	505	672
Net Income TTM	279	267	228	191	31	8	-1,784	-1,841	-1,718	-1,751	148	333
Growth Rates Quarterly
Total Revenue Growth	10.3%	9.7%	7.8%	4.7%	-3.9%	-11.6%	9.3%	-17.9%	-2.3%	31.1%	7.0%	42.1%
EBITDA Growth	0.4%	8.0%	-3.3%	88.0%	0.0%	112.7%	85.8%	-50.4%	22.3%	-930.4%	-44.9%	18.9%
Operating Income Growth	7.6%	6.9%	15.5%	30.9%	10.0%	-10.9%	1275.0%	-36.8%	-22.1%	-13.0%	-95.4%	-9.4%
Net Income Growth	19.4%	169.6%	246.7%	231.9%	59.0%	101.3%	135.7%	-227.8%	550.0%	-1460.8%	-129.4%	-64.0%
Margins Quarterly
EBITDA Margin	22.9%	22.3%	21.7%	25.2%	25.1%	22.7%	24.2%	14.0%	24.1%	-158.1%	14.2%	23.2%
Operating Income Margin	14.4%	14.4%	13.6%	15.4%	14.7%	14.8%	12.7%	12.3%	12.9%	14.7%	1.0%	16.0%
Net Income Margin	7.5%	6.4%	5.6%	9.7%	6.9%	2.6%	1.7%	-7.7%	4.2%	-176.4%	-5.3%	5.0%
Cash & Debt
Total Cash	697	674	655	714	861	851	846	875	860	758	881	910
Total Debt	4,585	4,697	4,701	4,780	5,059	5,121	4,981	5,024	5,110	5,152	5,172	5,168
Net Debt / (Cash)	3,888	4,023	4,046	4,066	4,198	4,270	4,135	4,149	4,250	4,394	4,291	4,258
Cash Flows Quarterly
FCF from Operations	197	165	141	176	163	122	67	181	160	-59	37	184
Cash Flows TTM
FCF from Operations TTM	679	645	602	528	533	530	349	319	322	361	525	529
Returns to Shareholders Quarterly
Dividends	14	15	15	15	14	15	15	15	15	14	15	15
Share Repurchases	-0	-0	45	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	8.5%	8.0%	7.6%	9.8%	8.6%	8.6%	5.6%	6.1%	7.7%	9.0%	0.3%	8.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	8.9%	8.9%	9.1%	8.8%	7.8%	7.7%	7.7%	5.9%	6.9%	7.4%	6.3%	8.0%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Goodwill and intangible assets, net	5,173	7,481	1,804	1,579	1,623
Cash and cash equivalents	875	910	1,042	836	524
Property, plant and equipment, net	784	800	326	284	242
Vacuum Solutions Division (VSD)	734	798	624	502	411
Photonics Solutions Division (PSD)	454	506	323	289	311
Materials Solutions Division (MSD)	406	488	98	115	114
Other assets	240	186	79	52	53
Other current assets	227	187	85	74	106
Right-of-use assets	225	234	184	184	64
Corporate, Eliminations & Other		-95	-25	-12	-32
Total	9,118	11,495	4,540	3,904	3,416

Price Behavior

Price Behavior

Market Price	$163.40
Market Cap ($ Bil)	11.0
First Trading Date	03/30/1999
Distance from 52W High	-2.7%
	50 Days	200 Days
DMA Price	$150.23	$109.29
DMA Trend	up	up
Distance from DMA	8.8%	49.5%
	3M	1YR
Volatility	57.1%	63.1%
Downside Capture	242.47	217.34
Upside Capture	327.49	229.92
Correlation (SPY)	63.0%	76.1%

MKSI Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.77	2.70	2.66	2.51	2.41	2.35
Up Beta	2.16	2.77	2.80	2.73	2.49	2.42
Down Beta	2.74	2.60	2.68	2.99	2.60	2.28
Up Capture	266%	417%	447%	399%	488%	3263%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	25	37	70	128	386
Down Capture	107%	211%	184%	161%	146%	111%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	17	26	56	121	364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of MKSI With Other Asset Classes (Last 1Y)
	MKSI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	60.7%	26.7%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	62.6%	27.6%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	1.00	0.84	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		78.7%	76.0%	1.4%	34.2%	42.6%	41.0%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of MKSI With Other Asset Classes (Last 5Y)
	MKSI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	2.5%	19.0%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	49.9%	24.7%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.23	0.69	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		75.0%	71.0%	11.5%	17.6%	45.7%	28.5%

Based On 10-Year Data

		Comparison of MKSI With Other Asset Classes (Last 10Y)
	MKSI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	17.2%	22.3%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	46.0%	24.2%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.52	0.84	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		73.8%	69.5%	5.6%	21.8%	45.4%	20.6%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	2,813,958
Short Interest: % Change Since 11302025	-3.1%
Average Daily Volume	918,300
Days-to-Cover Short Interest	3.06
Basic Shares Quantity	67,300,000
Short % of Basic Shares	4.2%

Returns Analyses

	Title
0	Is MKS Stock Built to Withstand a Pullback?
1	MKS Stock Return Comparison
2	MKS Instruments (MKSI) Stock Return: AI Predicts MKSI Average and Excess Return After a Fall or Rise

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/5/2025	11.0%	9.5%	17.7%
8/6/2025	10.2%	16.4%	16.8%
5/7/2025	4.0%	26.4%	19.6%
2/12/2025	-6.6%	-3.0%	-22.2%
11/6/2024	12.0%	8.4%	11.2%
8/7/2024	6.2%	10.0%	1.1%
5/8/2024	3.4%	4.4%	4.1%
2/7/2024	5.6%	13.1%	18.8%
...
SUMMARY STATS
# Positive	14	15	13
# Negative	9	8	10
Median Positive	5.0%	7.9%	11.2%
Median Negative	-3.3%	-2.8%	-4.5%
Max Positive	12.0%	26.4%	28.3%
Max Negative	-13.5%	-18.6%	-22.2%

	Forward Returns
11/5/2025	11.0%	9.5%	17.7%
8/6/2025	10.2%	16.4%	16.8%
5/7/2025	4.0%	26.4%	19.6%
2/12/2025	-6.6%	-3.0%	-22.2%
11/6/2024	12.0%	8.4%	11.2%
8/7/2024	6.2%	10.0%	1.1%
5/8/2024	3.4%	4.4%	4.1%
2/7/2024	5.6%	13.1%	18.8%
11/1/2023	0.5%	5.0%	28.3%
8/2/2023	-1.1%	-5.5%	-2.1%
2/27/2023	5.2%	1.0%	-9.8%
11/2/2022	-13.5%	-18.6%	5.2%
7/27/2022	4.9%	8.5%	-2.2%
4/26/2022	-3.7%	3.0%	0.5%
1/26/2022	-7.9%	-1.1%	-4.0%
10/27/2021	2.0%	7.9%	8.6%
7/28/2021	-3.3%	-2.6%	-9.9%
4/26/2021	-1.7%	-6.6%	-2.2%
1/27/2021	0.9%	-2.5%	-0.3%
10/27/2020	-0.5%	4.8%	24.3%
7/29/2020	1.3%	2.8%	-4.9%
4/28/2020	10.4%	-2.6%	5.8%
1/28/2020	-2.8%	0.3%	-13.6%
SUMMARY STATS
# Positive	14	15	13
# Negative	9	8	10
Median Positive	5.0%	7.9%	11.2%
Median Negative	-3.3%	-2.8%	-4.5%
Max Positive	12.0%	26.4%	28.3%
Max Negative	-13.5%	-18.6%	-22.2%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2252025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	2272024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	3142023	10-K 12/31/2022
9302022	11072022	10-Q 9/30/2022
6302022	8032022	10-Q 6/30/2022
3312022	5022022	10-Q 3/31/2022
12312021	2282022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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MKS (MKSI)

Market Price (12/26/2025): $163.46 | Market Cap: $11.0 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment

MKS (MKSI)

Market Price (12/26/2025): $163.46Market Cap: $11.0 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

MKSI Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About MKS (MKSI)

MKS Instruments (MKSI) - Major Customers

Semiconductor Market

Electronics & Packaging Market

Specialty Industrial Market

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than MKS (MKSI)

INDUSTRY: Semiconductor Materials & Equipment

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MKSI: 6.4% | 19.9x)

Higher Rev Chg LTM (Value for MKSI: 8.1%)

Higher Rev Chg 3Y Avg (Value for MKSI: 6.4%)

Higher Op Mgn LTM (Value for MKSI: 14.4%)

Higher CFO/Rev LTM (Value for MKSI: 17.7%)

Higher FCF/Rev LTM (Value for MKSI: 13.8%)

Higher Total Yield (Value for MKSI: 3.1%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for MKSI: 6.4% | 2.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MKSI: 6.4% | 19.9x)

Higher Rev Chg LTM (Value for MKSI: 8.1%)

Higher Rev Chg 3Y Avg (Value for MKSI: 6.4%)

Higher Op Mgn LTM (Value for MKSI: 14.4%)

Higher CFO/Rev LTM (Value for MKSI: 17.7%)

Higher FCF/Rev LTM (Value for MKSI: 13.8%)

Higher Total Yield (Value for MKSI: 3.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MKSI: 6.4% | 2.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MKSI: 6.4% | 19.9x)

Higher Rev Chg LTM (Value for MKSI: 8.1%)

Higher Rev Chg 3Y Avg (Value for MKSI: 6.4%)

Higher Op Mgn LTM (Value for MKSI: 14.4%)

Higher CFO/Rev LTM (Value for MKSI: 17.7%)

Higher FCF/Rev LTM (Value for MKSI: 13.8%)

Higher Total Yield (Value for MKSI: 3.1%)

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Market Price (12/26/2025): $163.46 | Market Cap: $11.0 Bil
Sector: Information Technology | Industry: Semiconductor Materials & Equipment

Market Price (12/26/2025): $163.46
Market Cap: $11.0 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment