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.**

• 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.

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.

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.

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%.

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:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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.