MKS (MKSI)
Market Price (11/9/2026): $193.0 | Market Cap: $13.1 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
MKS (MKSI)
Market Price (11/9/2026): $193.0Market Cap: $13.1 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -61% Megatrend and thematic driversMegatrends include Automation & Robotics, Advanced Materials, and Artificial Intelligence. Themes include Factory Automation, Show more. | Key risksMKSI key risks include [1] substantial indebtedness and asset impairments from challenges integrating major acquisitions, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -61% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Advanced Materials, and Artificial Intelligence. Themes include Factory Automation, Show more. |
| Key risksMKSI key risks include [1] substantial indebtedness and asset impairments from challenges integrating major acquisitions, Show more. |
Qualitative Assessment
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Updated on 11/6/2026
MKS (MKSI) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Broader Semiconductor Industry Weakness and Market Uncertainty.
Despite MKS Instruments' strong individual performance, the stock's decline was significantly influenced by a broader downturn and uncertainty within the semiconductor equipment industry. The company's stock fell roughly 30% from recent highs amid "broader weakness in chip-equipment names". This indicates that even with MKS's reported success, concerns about the sustained "durability of the current upcycle" in the overall semiconductor market led to investor apprehension.
2. Significant Analyst Price Target Reductions.
During the period, several investment firms revised their price targets for MKS Instruments downwards, reflecting a more cautious outlook that likely contributed to selling pressure. Notable reductions include Mizuho lowering its price target from $360.00 to $330.00 in August 2026, Morgan Stanley reducing its objective from $345.00 to $330.00 in October 2026, and substantial cuts in November 2026 by Citigroup from $430.00 to $350.00, and by Wells Fargo & Company from $285.00 to $195.00. Needham & Company LLC also decreased its price objective from $390.00 to $300.00.
Show more
MKS (MKSI) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Broader Semiconductor Industry Weakness and Market Uncertainty.
Despite MKS Instruments' strong individual performance, the stock's decline was significantly influenced by a broader downturn and uncertainty within the semiconductor equipment industry. The company's stock fell roughly 30% from recent highs amid "broader weakness in chip-equipment names". This indicates that even with MKS's reported success, concerns about the sustained "durability of the current upcycle" in the overall semiconductor market led to investor apprehension.
2. Significant Analyst Price Target Reductions.
During the period, several investment firms revised their price targets for MKS Instruments downwards, reflecting a more cautious outlook that likely contributed to selling pressure. Notable reductions include Mizuho lowering its price target from $360.00 to $330.00 in August 2026, Morgan Stanley reducing its objective from $345.00 to $330.00 in October 2026, and substantial cuts in November 2026 by Citigroup from $430.00 to $350.00, and by Wells Fargo & Company from $285.00 to $195.00. Needham & Company LLC also decreased its price objective from $390.00 to $300.00.
Show more
Updated on 11/6/2026
MKS (MKSI) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Broader Semiconductor Industry Weakness and Market Uncertainty.
Despite MKS Instruments' strong individual performance, the stock's decline was significantly influenced by a broader downturn and uncertainty within the semiconductor equipment industry. The company's stock fell roughly 30% from recent highs amid "broader weakness in chip-equipment names". This indicates that even with MKS's reported success, concerns about the sustained "durability of the current upcycle" in the overall semiconductor market led to investor apprehension.
2. Significant Analyst Price Target Reductions.
During the period, several investment firms revised their price targets for MKS Instruments downwards, reflecting a more cautious outlook that likely contributed to selling pressure. Notable reductions include Mizuho lowering its price target from $360.00 to $330.00 in August 2026, Morgan Stanley reducing its objective from $345.00 to $330.00 in October 2026, and substantial cuts in November 2026 by Citigroup from $430.00 to $350.00, and by Wells Fargo & Company from $285.00 to $195.00. Needham & Company LLC also decreased its price objective from $390.00 to $300.00.
3. Gross Margin Headwinds and Capacity Expansion Costs.
While MKS Instruments reported an expansion in operating margin by approximately 700 basis points year-over-year to 27.8% in fiscal Q3 2026, and gross margin improved to 47.7%, management acknowledged that lower-margin chemistry equipment sales and manufacturing expansion costs were weighing on gross margin. These headwinds are expected to continue into fiscal 2027, with the $25 million expansion of the Guangzhou facility targeted for completion in fiscal Q3 2027 to double capacity. This forward-looking concern about sustained margin pressure likely tempered investor enthusiasm despite strong current performance.
4. Market Reaction to Strong Fiscal Q3 2026 Earnings.
Despite MKS Instruments reporting record fiscal Q3 2026 revenue of $1.41 billion, which surpassed analyst estimates of $1.36 billion, and adjusted EPS of $4.18, beating the consensus estimate of $3.63, the stock experienced a significant negative market reaction. Following the earnings release on November 4, 2026, the stock reportedly fell 8.2%. This indicates that even a substantial beat on earnings and robust guidance for fiscal Q4 2026, which projected revenue of $1.49 billion and diluted EPS of $5.00, was not enough to counteract the prevailing negative sentiment or a perceived overvaluation prior to the announcement.
Show less
MKS (MKSI) stock has lost about 35% since 7/31/2026 because of the following key factors:
1. Broader Semiconductor Industry Weakness and Market Uncertainty.
Despite MKS Instruments' strong individual performance, the stock's decline was significantly influenced by a broader downturn and uncertainty within the semiconductor equipment industry. The company's stock fell roughly 30% from recent highs amid "broader weakness in chip-equipment names". This indicates that even with MKS's reported success, concerns about the sustained "durability of the current upcycle" in the overall semiconductor market led to investor apprehension.
2. Significant Analyst Price Target Reductions.
During the period, several investment firms revised their price targets for MKS Instruments downwards, reflecting a more cautious outlook that likely contributed to selling pressure. Notable reductions include Mizuho lowering its price target from $360.00 to $330.00 in August 2026, Morgan Stanley reducing its objective from $345.00 to $330.00 in October 2026, and substantial cuts in November 2026 by Citigroup from $430.00 to $350.00, and by Wells Fargo & Company from $285.00 to $195.00. Needham & Company LLC also decreased its price objective from $390.00 to $300.00.
3. Gross Margin Headwinds and Capacity Expansion Costs.
While MKS Instruments reported an expansion in operating margin by approximately 700 basis points year-over-year to 27.8% in fiscal Q3 2026, and gross margin improved to 47.7%, management acknowledged that lower-margin chemistry equipment sales and manufacturing expansion costs were weighing on gross margin. These headwinds are expected to continue into fiscal 2027, with the $25 million expansion of the Guangzhou facility targeted for completion in fiscal Q3 2027 to double capacity. This forward-looking concern about sustained margin pressure likely tempered investor enthusiasm despite strong current performance.
4. Market Reaction to Strong Fiscal Q3 2026 Earnings.
Despite MKS Instruments reporting record fiscal Q3 2026 revenue of $1.41 billion, which surpassed analyst estimates of $1.36 billion, and adjusted EPS of $4.18, beating the consensus estimate of $3.63, the stock experienced a significant negative market reaction. Following the earnings release on November 4, 2026, the stock reportedly fell 8.2%. This indicates that even a substantial beat on earnings and robust guidance for fiscal Q4 2026, which projected revenue of $1.49 billion and diluted EPS of $5.00, was not enough to counteract the prevailing negative sentiment or a perceived overvaluation prior to the announcement.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -35.3% change in MKSI stock from 7/31/2026 to 11/8/2026 was primarily driven by a -64.7% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 297.17 | 192.27 | -35.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,072 | 4,772 | 17.2% |
| Net Income Margin (%) | 8.0% | 12.6% | 57.1% |
| P/E Multiple | 61.3 | 21.6 | -64.7% |
| Shares Outstanding (Mil) | 67 | 68 | -0.4% |
| Cumulative Contribution | -35.3% |
Market Drivers
7/31/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| MKSI | -35.3% | |
| Market (SPY) | -1.6% | 51.9% |
| Sector (XLK) | -6.1% | 75.8% |
Fundamental Drivers
The -32.1% change in MKSI stock from 4/30/2026 to 11/8/2026 was primarily driven by a -66.5% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 283.27 | 192.27 | -32.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,930 | 4,772 | 21.4% |
| Net Income Margin (%) | 7.5% | 12.6% | 68.1% |
| P/E Multiple | 64.6 | 21.6 | -66.5% |
| Shares Outstanding (Mil) | 67 | 68 | -0.6% |
| Cumulative Contribution | -32.1% |
Market Drivers
4/30/2026 to 11/8/2026| Return | Correlation | |
|---|---|---|
| MKSI | -32.1% | |
| Market (SPY) | 2.6% | 58.2% |
| Sector (XLK) | 3.4% | 79.2% |
Fundamental Drivers
The 34.4% change in MKSI stock from 10/31/2025 to 11/8/2026 was primarily driven by a 76.7% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 143.11 | 192.27 | 34.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,739 | 4,772 | 27.6% |
| Net Income Margin (%) | 7.1% | 12.6% | 76.7% |
| P/E Multiple | 36.0 | 21.6 | -40.0% |
| Shares Outstanding (Mil) | 67 | 68 | -0.7% |
| Cumulative Contribution | 34.4% |
Market Drivers
10/31/2025 to 11/8/2026| Return | Correlation | |
|---|---|---|
| MKSI | 34.4% | |
| Market (SPY) | 8.7% | 58.2% |
| Sector (XLK) | 10.0% | 72.4% |
Fundamental Drivers
The 199.1% change in MKSI stock from 10/31/2023 to 11/8/2026 was primarily driven by a 143.7% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11082026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.29 | 192.27 | 199.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,837 | 4,772 | 24.4% |
| P/S Multiple | 1.1 | 2.7 | 143.7% |
| Shares Outstanding (Mil) | 67 | 68 | -1.3% |
| Cumulative Contribution | 199.1% |
Market Drivers
10/31/2023 to 11/8/2026| Return | Correlation | |
|---|---|---|
| MKSI | 199.1% | |
| Market (SPY) | 81.9% | 68.7% |
| Sector (XLK) | 104.5% | 75.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MKSI Return | 16% | -51% | 23% | 2% | 54% | 21% | 33% |
| Peers Return | 36% | -32% | 39% | 24% | 45% | 26% | 192% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| MKSI Win Rate | 58% | 33% | 50% | 50% | 67% | 55% | |
| Peers Win Rate | 67% | 38% | 55% | 53% | 57% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| MKSI Max Drawdown | -29% | -64% | -42% | -32% | -52% | -60% | |
| Peers Max Drawdown | -31% | -48% | -32% | -32% | -43% | -57% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | MKSI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -44.9% | -18.8% |
| % Gain to Breakeven | 81.3% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.3% | -7.8% |
| % Gain to Breakeven | 37.5% | 8.5% |
| Time to Breakeven | 439 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -36.6% | -9.5% |
| % Gain to Breakeven | 57.8% | 10.5% |
| Time to Breakeven | 57 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -19.7% | -6.7% |
| % Gain to Breakeven | 24.5% | 7.1% |
| Time to Breakeven | 31 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.7% | -24.5% |
| % Gain to Breakeven | 136.5% | 32.4% |
| Time to Breakeven | 1179 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.4% | -33.7% |
| % Gain to Breakeven | 65.0% | 50.9% |
| Time to Breakeven | 123 days | 140 days |
In The Past
MKS's stock fell -44.9% during the 2025 US Tariff Shock. Such a loss loss requires a 81.3% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | MKSI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -44.9% | -18.8% |
| % Gain to Breakeven | 81.3% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.3% | -7.8% |
| % Gain to Breakeven | 37.5% | 8.5% |
| Time to Breakeven | 439 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -36.6% | -9.5% |
| % Gain to Breakeven | 57.8% | 10.5% |
| Time to Breakeven | 57 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.7% | -24.5% |
| % Gain to Breakeven | 136.5% | 32.4% |
| Time to Breakeven | 1179 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.4% | -33.7% |
| % Gain to Breakeven | 65.0% | 50.9% |
| Time to Breakeven | 123 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -29.8% | -19.2% |
| % Gain to Breakeven | 42.4% | 23.8% |
| Time to Breakeven | 37 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -23.9% | -17.9% |
| % Gain to Breakeven | 31.5% | 21.8% |
| Time to Breakeven | 24 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -25.4% | -15.4% |
| % Gain to Breakeven | 34.0% | 18.2% |
| Time to Breakeven | 164 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -42.0% | -53.4% |
| % Gain to Breakeven | 72.5% | 114.4% |
| Time to Breakeven | 136 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -26.6% | -8.6% |
| % Gain to Breakeven | 36.2% | 9.5% |
| Time to Breakeven | 1215 days | 47 days |
In The Past
MKS's stock fell -44.9% during the 2025 US Tariff Shock. Such a loss loss requires a 81.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About MKS (MKSI)
MKS Instruments, Inc. (MKSI) is a global technology company that provides critical instruments, systems, and process control solutions for advanced manufacturing processes. The company specializes in technologies that measure, monitor, deliver, analyze, power, and precisely control key parameters during production. This enables manufacturers worldwide to achieve the high precision and performance required for their sophisticated products.
MKS offers a diverse portfolio across three main segments. Its Vacuum & Analysis segment delivers solutions for precise pressure and vacuum control, materials delivery, and advanced power systems used in processes such as etching and deposition. The Light & Motion segment focuses on cutting-edge laser products and a wide array of photonics components, including motion control systems, optics, and precise laser measurement tools. Furthermore, the Equipment & Solutions segment provides specialized laser-based systems for high-density printed circuit board (PCB) manufacturing and multi-layer ceramic capacitor testing.
These essential technologies primarily serve industries demanding high precision and reliability. MKS's primary customers operate in the semiconductor sector, various industrial technologies, life and health sciences, research, and defense markets, where the company's solutions are integral to their advanced manufacturing and scientific endeavors.
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Here are 1-3 brief analogies for MKS Instruments (MKSI):
The 'Intel Inside' for advanced manufacturing equipment, providing the crucial precision components and controls.
The Applied Materials for precision components and control systems in high-tech manufacturing processes.
The ASML of specialized instruments and subsystems, powering a wide range of precision manufacturing, from microchips to medical devices.
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- Pressure and Vacuum Control Solutions: Instruments and systems designed to measure, monitor, and control critical parameters like pressure, vacuum, and material flow in manufacturing processes.
- Power Solutions: Advanced power delivery systems, including microwave and radio frequency generators, used to provide energy for etching, stripping, and deposition processes.
- Plasma and Reactive Gas Products: Technologies and systems for generating and managing plasma and reactive gases in industrial applications.
- Laser Products: A range of laser technologies, including continuous wave, pulsed nanosecond, diode, and fiber lasers, for various applications.
- Photonics Products: Components and systems encompassing motion control, optical tables, photonic instruments, optics, and laser/LED measurement devices.
- Laser-based Systems for PCB Manufacturing: Specialized equipment utilizing lasers for processing printed circuit boards, including flexible and high-density interconnect solutions.
- Multi-layer Ceramic Capacitor Test Systems: Dedicated systems for testing the quality and performance of multi-layer ceramic capacitors.
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MKS Instruments, Inc. (MKSI) sells primarily to other companies and organizations rather than individuals. Based on the provided information, the major customer categories (industries/markets) that MKS serves are:
- Semiconductor companies
- Industrial technologies companies
- Life and health sciences organizations
- Research institutions
- Defense organizations
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John T.C. Lee, President & Chief Executive Officer
Dr. John T.C. Lee has served as President and Chief Executive Officer of MKS Instruments since January 2020, having joined the company in 2007 and held various senior leadership positions. Before MKS, he 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. Prior to that, Dr. Lee was Research Director of the Silicon Fabrication Research Department at Lucent Technologies, Inc. from 1997 to 2002 and a Member of the Technical Staff in the Plasma Processing Research Group within Bell Labs from 1991 to 1997. He led MKS's 2022 acquisition of Atotech. Dr. Lee holds a B.S. from Princeton University and an M.S. CEP and PhD from the Massachusetts Institute of Technology, all in Chemical Engineering.
Ramakumar Mayampurath, Executive Vice President, Chief Financial Officer and Treasurer
Mr. Ramakumar Mayampurath was appointed Executive Vice President, Chief Financial Officer and Treasurer of MKS Instruments, effective October 14, 2024. He brings over 25 years of financial strategy and leadership experience. Prior to joining MKS, Mr. Mayampurath served as Senior Vice President, Chief Financial Officer and Treasurer at Rogers Corporation. He also held various senior roles at Rogers with responsibilities for financial operations, financial planning and analysis, business transformation, and treasury. From 2005 to 2014, Mr. Mayampurath held divisional financial leadership roles at Royal Philips Electronics. He is a chartered accountant and holds an MBA from Southern Illinois University and a Master's degree in Global Management from Thunderbird School of Global Management.
James A. Schreiner, Executive Vice President and Chief Operating Officer
Mr. James A. Schreiner serves as Executive Vice President and Chief Operating Officer of MKS Instruments. He joined MKS in September 2019 as Senior Vice President and Chief Operating Officer. Previously, he served as Executive Vice President and Chief Operating Officer, Materials Solutions Division, during which time he resided in Berlin, Germany. Mr. Schreiner successfully guided the Materials Solutions Division after the acquisition of Atotech in August 2022. Prior to MKS, Mr. Schreiner held senior management roles at Emerson Electric Co. from 2004 to 2019, including Senior Vice President of Global Operations. He also served in leadership roles at Plexus Corp., ILX Lightwave Corporation, Tetra Pak, and 3M Company. Mr. Schreiner holds a B.S. in Electrical Engineering from Montana State University and an Executive M.B.A. from the University of Colorado, Denver.
Sally Ann Bouley, Executive Vice President and Chief Human Resources Officer
Ms. Sally Ann Bouley serves as Executive Vice President and Chief Human Resources Officer (CHRO) of MKS Instruments. She joined MKS in 2013 and has held positions of increasing responsibility, including Vice President, Talent & Organizational Development and Interim CHRO. Prior to MKS, Ms. Bouley held numerous Human Resource leadership positions within the semiconductor, luxury goods, automotive, and laboratory equipment industries at organizations such as Brooks Automation, Timex Group, and SPX Corporation / Kendro Laboratory Products. She holds a B.A. in Business Administration from Saint Michael's College and an M.B.A. in Human Resource Management from Clarkson University.
David P. Henry, Executive Vice President, Global Strategic Marketing, and General Manager, Materials Solutions Division
Mr. David P. Henry serves as Executive Vice President, Global Strategic Marketing, and General Manager, Materials Solutions Division of MKS Instruments. He joined MKS in December 2014 and has held various leadership positions, including Executive Vice President, Operations and Corporate Marketing, and Senior Vice President of Corporate Marketing and Project Management Office. Mr. Henry assumed the General Manager role of the Materials Solutions Division on August 1, 2025. Before joining MKS, he held various supply chain and marketing positions at 3M Company. Mr. Henry holds a B.S. in Industrial Engineering from Worcester Polytechnic Institute and an M.B.A. from Bentley College.
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Key Risks to MKS Instruments, Inc. (MKSI)
- Substantial Indebtedness from Acquisitions: MKS Instruments, Inc. faces significant financial risks due to the substantial debt incurred from strategic acquisitions, most notably the Atotech acquisition. This high level of indebtedness can limit the company's financial flexibility, increase interest expenses, and potentially deter future strategic actions.
- Cyclicality of the Semiconductor Industry: A predominant portion of MKS Instruments' revenue is derived from the semiconductor and electronics manufacturing industries. These industries are inherently cyclical, characterized by periodic fluctuations in capital spending, which can lead to significant volatility in MKS's revenue, operating margins, and overall financial performance.
- Acquisition Integration Risks: The company faces ongoing risks associated with integrating acquired businesses, particularly the large-scale Atotech acquisition. These risks include challenges in successfully integrating operations, realizing anticipated synergies and cost savings, entering new markets (such as specialty chemistry), and the potential for goodwill and intangible asset impairments if the acquired businesses do not perform as expected.
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MKS Instruments, Inc. (symbol: MKSI) operates in several key addressable markets related to its instruments, systems, subsystems, and process control solutions. These markets primarily span the semiconductor, industrial technologies, life and health sciences, research, and defense sectors.
Overall Technology and Semiconductor Markets
- The broader Technology sector, in which MKS Inc. operates, is projected to reach a global market size of $5.0 trillion by 2027.
- The global semiconductor market was valued at approximately $526.8 billion in 2024.
- The global semiconductor manufacturing equipment market size was estimated at USD 110.1 billion in 2024 and is projected to grow to USD 264.25 billion by 2035, exhibiting a CAGR of 8.28%.
- MKS addresses approximately 85% of the Wafer Fab Equipment (WFE) market, which is projected to reach $115.7 billion in 2025. The long-term WFE market has a potential of $150 billion.
Vacuum & Analysis Segment
- The global Vacuum Applied Equipment Market was estimated at USD 3.2 billion in 2025 and is projected to reach USD 5.8 billion by 2035, growing at a CAGR of 6.2%. North America held the largest share, accounting for 35.4% of the global market in 2024, while Europe is projected to be the fastest-growing region with an 8.0% CAGR.
- The global Vacuum Equipment Market size was valued at US$ 7.17 billion in 2025 and is poised to grow to US$ 10.22 billion by 2033, demonstrating a CAGR of 5.5% from 2026 to 2033.
- The industrial vacuum pumps segment held approximately 45% of the global vacuum applied equipment market share in 2025, with the global industrial vacuum pump market expected to reach USD 2.5 billion by 2026.
- The Global Cold Plasma Market is projected to grow from USD 3.9 billion in 2024 to USD 7.1 billion by 2030, at a CAGR of 10.2%. The electronics & semiconductors sector accounted for 25% of the global market in 2024, approximately USD 0.98 billion.
Light & Motion Segment
- The global photonics market was estimated at USD 979.90 billion in 2024 and is projected to reach USD 1301.49 billion by 2030, with a CAGR of 4.8% from 2025 to 2030. North America dominated this market with a revenue share of 35.5% in 2024. Another estimate places the global photonics market size at USD 1,049.50 billion in 2025, projected to reach USD 1,870.10 billion by 2034 with a CAGR of 6.7% from 2026-2034, with Asia Pacific dominating at 64.00% share in 2025.
- The global photonics market comprised a volume of USD 769 billion in 2024.
- The global laser processing market size is valued at USD 8.82 billion in 2026 and is projected to climb to USD 12.83 billion by 2031, with a CAGR of 7.79%. Asia Pacific contributed 36.92% of the laser processing market revenue in 2025.
- The laser processing market size is estimated to reach over USD 53,532.30 million by 2032, from a value of USD 25,414.10 million in 2024, growing at a CAGR of 9.8% from 2025 to 2032.
Equipment & Solutions Segment
- The global PCB Laser Machine Market was estimated at USD 2.449 billion in 2024 and is projected to grow from USD 2.577 billion in 2025 to USD 4.3 billion by 2035, exhibiting a CAGR of 5.25%. North America held the largest share at USD 0.94 billion in 2023, expected to grow to USD 1.48 billion by 2032. The Asia-Pacific region is currently the fastest-growing market.
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MKS Instruments, Inc. (MKSI) is anticipated to drive future revenue growth over the next 2-3 years through several key factors:
- Robust Demand in Semiconductor and AI-Related Technologies: The company expects continued strong growth in the semiconductor sector, fueled by advancements in artificial intelligence (AI) and increasing demand for advanced packaging solutions. MKS Instruments is strategically positioned to capitalize on this secular growth trend, particularly in next-generation semiconductor manufacturing and advanced logic and high-bandwidth memory applications. Analysts project the global semiconductor market to experience significant growth, with MKS's solutions being critical for etching, stripping, and deposition processes in chip manufacturing.
- Expansion in the Electronics & Packaging Market: Growth in the electronics and packaging segment is expected, driven by increased flexible printed circuit board (PCB) drilling and chemistry equipment sales. The acquisition of Atotech has uniquely positioned MKS Instruments to optimize interconnects for increasingly complex and miniaturized electronic devices, especially those related to AI applications which demand higher layer counts in PCBs.
- Strategic Investments and Manufacturing Footprint Expansion: MKS is making significant strategic investments, including expanding its manufacturing facilities, such as a new semiconductor factory in Malaysia. This expansion aims to enhance capacity and resilience to meet anticipated demand.
- Continuous Innovation in Enabling Technologies: The company's ongoing innovation in manufacturing technology, particularly in photonics, vacuum, and laser technologies, underpins its ability to offer advanced process control solutions. MKS's broad portfolio of proprietary solutions positions it to capture opportunities as end-market conditions improve and as technology applications evolve.
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Share Repurchases
- MKS Instruments repurchased approximately 546,000 shares of its common stock for about $45 million during the first quarter of 2025.
- As of December 2025, the company's 1-Year Share Buyback Ratio was 0.30%, indicating ongoing share repurchase activity.
Share Issuance
- As part of the acquisition of Atotech, completed in August 2022, MKS Instruments issued common stock in addition to cash.
Outbound Investments
- MKS Instruments completed the acquisition of Atotech for approximately $4.4 billion in cash and MKS common stock in August 2022.
- This strategic acquisition aimed to accelerate roadmaps for advanced electronics devices, integrating capabilities in process chemistry and surface finishing, and diversifying MKS's offerings into new markets.
Capital Expenditures
- In 2025, MKS Instruments reported capital expenditures of $18 million in Q1, $50 million in Q3, and $51 million in Q4.
- For the foreseeable future, MKS anticipates capital expenditures to average 4% to 5% of its revenue through 2026.
- A primary focus of capital expenditures includes the expansion and modernization of manufacturing facilities, specifically mentioning new plants in Malaysia and Thailand.
Peer Outperformance in Semiconductor Materials & Equipment
MKSI has trailed 56% of its 27 Semiconductor Materials & Equipment peers over 5Y. Among the peers that beat it are AXTI and AMAT. Semiconductor Materials & Equipment ranks 3rd of 12 industries in Information Technology by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Semiconductor Materials & Equipment constituents that MKSI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
41%
of 29 industry peers · 24.7% return
3Y
93%
of 28 industry peers · 190.1% return
5Y
44%
of 27 industry peers · 25.7% return
Semiconductor Materials & Equipment peers with revenue growth within 4pp of MKSI's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MKSI | MKS | 8.5% | 21.6x | 24.7% | 190.1% | 25.7% | — |
| AXTI | AXT | 10.5% | 587.2x | 311.0% | 1778.3% | 317.2% | +292pp |
| AMAT | Applied Materials | 5.2% | 28.5x | 45.4% | 137.9% | 126.7% | +101pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Semiconductor Materials & Equipment is MKSI's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 5.5% | 95.7% | 165.0% | FLEX 430% · TTMI 366% · JBL 278% |
| Technology Distributors | 9 | 43.9% | 54.8% | 55.2% | AVT 128% · SNX 108% · PLUS 55% |
| Semiconductor Materials & Equipment ← | 28 | 26.7% | 42.8% | 31.2% | AXTI 317% · KLAC 252% · LRCX 246% |
| Communications Equipment | 36 | 1.6% | 72.1% | 27.1% | AAOI 757% · LITE 491% · ANET 419% |
| Electronic Components | 24 | 13.8% | 63.4% | 21.0% | CLS 1764% · BELFA 944% · APH 282% |
| Electronic Equipment & Instruments | 27 | -6.4% | 29.5% | 0.8% | PI 125% · OSIS 106% · MIR 61% |
| Semiconductors | 55 | 6.4% | 41.4% | -12.3% | MU 848% · NVDA 509% · AVGO 474% |
| Technology Hardware, Storage & Peripherals | 21 | 12.4% | 54.0% | -18.1% | DELL 552% · SMCI 539% · WDC 536% |
| Internet Services & Infrastructure | 6 | -7.1% | 42.9% | -29.6% | GDDY 60% · VRSN 35% · AKAM -24% |
| IT Consulting & Other Services | 30 | -17.8% | -7.3% | -29.9% | APLD 264% · IBM 138% · GIB -7% |
| Systems Software | 70 | -10.7% | 15.8% | -54.2% | CRWD 207% · ZETA 202% · CVLT 136% |
| Application Software | 125 | -12.3% | -10.8% | -54.7% | PLTR 500% · FROG 167% · AGYS 138% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| MKS Instruments (-8.9%): Risk-Off Macro Shock Hits Semi Sector | 03/07/2026 | |
| MKS Stock (+7.9%): Analyst AI Thesis Upgrade Ignites an Institutional Chase | 01/16/2026 | |
| MKS Earnings Notes | 12/29/2026 | |
| MKSI Stock Surges 10% With A 6-day Winning Spree On Mizuho Upgrade To $195 | 12/27/2025 | |
| Is MKS Stock Built to Withstand a Pullback? | 10/17/2025 | |
| MKS vs ACM Research: Which Is A Better Investment? | 08/18/2025 | |
| How Does MKS Stock Stack Up Against Its Peers? | 08/13/2025 | |
| ARTICLES | ||
| Mid Cap Stocks Trading At 52-Week High | 05/09/2026 | |
| Why MKSI Could Outperform Applied Materials Stock | 05/08/2026 | |
| Small Cap Stocks Trading At 52-Week High | 11/04/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 166.14 |
| Mkt Cap | 16.4 |
| Rev LTM | 4,148 |
| Op Inc LTM | 1,010 |
| FCF LTM | 311 |
| FCF 3Y Avg | 253 |
| CFO LTM | 477 |
| CFO 3Y Avg | 485 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.2% |
| Rev Chg 3Y Avg | 10.4% |
| Rev Chg Q | 45.9% |
| QoQ Delta Rev Chg LTM | 10.4% |
| Op Inc Chg LTM | 81.7% |
| Op Inc Chg 3Y Avg | 35.1% |
| Op Mgn LTM | 17.8% |
| Op Mgn 3Y Avg | 12.8% |
| QoQ Delta Op Mgn LTM | 1.5% |
| CFO/Rev LTM | 12.6% |
| CFO/Rev 3Y Avg | 13.4% |
| FCF/Rev LTM | 7.3% |
| FCF/Rev 3Y Avg | 8.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 16.4 |
| P/S | 4.2 |
| P/Op Inc | 19.6 |
| P/EBIT | 25.3 |
| P/E | 37.1 |
| P/CFO | 21.3 |
| Total Yield | 3.0% |
| Dividend Yield | 0.3% |
| FCF Yield 3Y Avg | 1.9% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -30.1% |
| 3M Rtn | -37.9% |
| 6M Rtn | -40.1% |
| 12M Rtn | 25.6% |
| 3Y Rtn | 157.9% |
| 1M Excs Rtn | -24.7% |
| 3M Excs Rtn | -30.6% |
| 6M Excs Rtn | -39.8% |
| 12M Excs Rtn | 33.0% |
| 3Y Excs Rtn | 93.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Vacuum Solutions Division (VSD) | 1,579 | 1,384 | 1,440 | 2,037 | 1,862 |
| Materials Solutions Division (MSD) | 1,323 | 1,181 | 1,206 | 517 | 0 |
| Photonics Solutions Division (PSD) | 1,029 | 1,021 | 976 | 993 | 1,088 |
| Total | 3,931 | 3,586 | 3,622 | 3,547 | 2,950 |
| $ Mil | 2015 |
|---|---|
| Advanced Manufacturing Capital Equipment | 286 |
| Global Service | 40 |
| Asia Region Sales | 27 |
| Other | 24 |
| Corporate, Eliminations and Other | -220 |
| Total | 157 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Goodwill and intangible assets, net | 4,714 | 4,751 | 5,173 | 1,804 | |
| Property, plant and equipment, net | 810 | 771 | 784 | 325 | |
| Cash and cash equivalents | 675 | 714 | 875 | 1,043 | |
| Vacuum Solutions Division (VSD) | 665 | 688 | 720 | 778 | 624 |
| Other assets | 492 | 356 | 240 | 79 | |
| Materials Solutions Division (MSD) | 474 | 392 | 406 | 446 | 98 |
| Photonics Solutions Division (PSD) | 433 | 428 | 468 | 473 | 324 |
| Right-of-use assets | 270 | 238 | 225 | 184 | |
| Other current assets | 263 | 252 | 227 | 85 | |
| Corporate, Eliminations & Other | -26 | ||||
| Total | 8,796 | 8,590 | 9,118 | 1,697 | 4,540 |
Price Behavior
Price Behavior
| Market Price | $192.27 | |
| Market Cap ($ Bil) | 13.0 | |
| First Trading Date | 03/30/1999 | |
| Distance from 52W High | -56.7% | |
| 50 Days | 200 Days | |
| DMA Price | $240.14 | $277.34 |
| DMA Trend | down | up |
| Distance from DMA | -19.9% | -30.7% |
| 3M | 1YR | |
| Volatility | 60.5% | 63.1% |
| Downside Capture | 350.12 | 251.02 |
| Upside Capture | 205.64 | 267.29 |
| Correlation (S&P 500) | 50.9% | 57.4% |
MKSI Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.33 | 3.01 | 2.85 | 3.39 | 2.85 | 2.60 |
| Up Beta | 4.85 | 0.94 | 2.04 | 4.47 | 3.43 | 2.64 |
| Down Beta | 3.26 | 4.72 | 3.54 | 2.61 | 2.28 | 2.45 |
| Up Capture | 283% | 227% | 207% | 415% | 788% | 7808% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 11 | 24 | 35 | 66 | 137 | 403 |
| Down Capture | 532% | 315% | 336% | 256% | 169% | 113% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 19 | 29 | 60 | 114 | 349 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MKSI | |
|---|---|---|---|---|
| MKSI | 38.2% | 63.1% | 0.76 | - |
| Sector ETF (XLK) | 12.1% | 28.4% | 0.39 | 72.1% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 57.8% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 26.6% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -10.1% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | -0.7% |
| Bitcoin (BTCUSD) | -27.2% | 43.6% | -0.61 | 21.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MKSI | |
|---|---|---|---|---|
| MKSI | 5.9% | 54.0% | 0.30 | - |
| Sector ETF (XLK) | 16.2% | 26.4% | 0.55 | 76.1% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 69.2% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 16.0% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 10.6% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 38.8% |
| Bitcoin (BTCUSD) | 4.0% | 51.6% | 0.26 | 29.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MKSI | |
|---|---|---|---|---|
| MKSI | 15.3% | 49.1% | 0.48 | - |
| Sector ETF (XLK) | 22.6% | 25.3% | 0.82 | 73.9% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 67.7% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 11.8% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 17.2% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 41.1% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 19.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -9.3% | ||
| 8/5/2026 | -7.0% | -2.0% | -20.2% |
| 5/6/2026 | 2.4% | 8.0% | 2.8% |
| 2/17/2026 | -4.8% | -4.3% | -11.2% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 13 |
| # Negative | 10 | 9 | 10 |
| Median Positive | 4.5% | 8.2% | 11.2% |
| Median Negative | -5.7% | -3.0% | -6.9% |
| Max Positive | 12.0% | 26.4% | 28.3% |
| Max Negative | -13.5% | -18.6% | -22.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | -9.3% | ||
| 8/5/2026 | -7.0% | -2.0% | -20.2% |
| 5/6/2026 | 2.4% | 8.0% | 2.8% |
| 2/17/2026 | -4.8% | -4.3% | -11.2% |
| 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% |
| 5/3/2023 | 1.9% | 2.5% | 17.3% |
| 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% |
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 13 |
| # Negative | 10 | 9 | 10 |
| Median Positive | 4.5% | 8.2% | 11.2% |
| Median Negative | -5.7% | -3.0% | -6.9% |
| Max Positive | 12.0% | 26.4% | 28.3% |
| Max Negative | -13.5% | -18.6% | -22.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/14/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/02/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/23/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/28/2020 | 10-K |
Recent Forward Guidance
Updated 11/5/2026Latest: Q3 2026 Earnings Reported 11/4/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Non-GAAP net earnings | Reported | 325.00 Mil | 352.00 Mil | 379.00 Mil | 37.0% | Higher New | Guidance: 257.00 Mil for Q3 2026 | |
| Q4 2026 Non-GAAP net earnings per diluted share | Reported | 4.62 | 5 | 5.38 | 39.7% | Higher New | Guidance: 3.58 for Q3 2026 | |
| Q4 2026 Revenue | Reported | 1.45 Bil | 1.49 Bil | 1.53 Bil | 10.4% | Higher New | Guidance: 1.35 Bil for Q3 2026 | |
| Q4 2026 Gross Margin | Reported | 46.5% | 47.5% | 48.5% | 0.5% | Higher New | Guidance: 47.0% for Q3 2026 | |
| Q4 2026 GAAP operating expenses | Reported | 350.00 Mil | 355.00 Mil | 360.00 Mil | 2.6% | Higher New | Guidance: 346.00 Mil for Q3 2026 | |
| Q4 2026 Non-GAAP operating expenses | Reported | 283.00 Mil | 288.00 Mil | 293.00 Mil | 2.9% | Higher New | Guidance: 280.00 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA | Reported | 432.00 Mil | 461.00 Mil | 490.00 Mil | 16.7% | Higher New | Guidance: 395.00 Mil for Q3 2026 | |
| Q4 2026 GAAP net income | Reported | 266.00 Mil | 294.00 Mil | 322.00 Mil | 46.3% | Higher New | Guidance: 201.00 Mil for Q3 2026 | |
| Q4 2026 GAAP net income per diluted share | Reported | 3.66 | 4.04 | 4.42 | 48.0% | Higher New | Guidance: 2.73 for Q3 2026 | |
Prior: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Non-GAAP Net Earnings | Reported | 235.00 Mil | 257.00 Mil | 279.00 Mil | 27.2% | Higher New | Guidance: 202.00 Mil for Q2 2026 | |
| Q3 2026 Non-GAAP Net Earnings Per Diluted Share | Reported | 3.27 | 3.58 | 3.89 | 23.4% | Higher New | Guidance: 2.9 for Q2 2026 | |
| Q3 2026 Revenue | Reported | 1.31 Bil | 1.35 Bil | 1.39 Bil | 12.5% | Higher New | Guidance: 1.20 Bil for Q2 2026 | |
| Q3 2026 Gross Profit | Calculated | 602.60 Mil | 634.50 Mil | 667.20 Mil | Rev x Gross Margin | |||
| Q3 2026 Gross Margin | Reported | 46.0% | 47.0% | 48.0% | 0.0% | Same New | Guidance: 47.0% for Q2 2026 | |
| Q3 2026 GAAP Operating Expenses | Reported | 341.00 Mil | 346.00 Mil | 351.00 Mil | 2.7% | Higher New | Guidance: 337.00 Mil for Q2 2026 | |
| Q3 2026 Non-GAAP Operating Expenses | Reported | 275.00 Mil | 280.00 Mil | 285.00 Mil | 1.8% | Higher New | Guidance: 275.00 Mil for Q2 2026 | |
| Q3 2026 Adjusted EBITDA | Reported | 367.00 Mil | 395.00 Mil | 423.00 Mil | 20.4% | Higher New | Guidance: 328.00 Mil for Q2 2026 | |
| Q3 2026 GAAP Net Income | Reported | 178.00 Mil | 201.00 Mil | 224.00 Mil | 33.1% | Higher New | Guidance: 151.00 Mil for Q2 2026 | |
| Q3 2026 GAAP Net Income Per Diluted Share | Reported | 2.42 | 2.73 | 3.04 | 30.6% | Higher New | Guidance: 2.09 for Q2 2026 | |
Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Non-GAAP Net Earnings | Reported | 181.00 Mil | 202.00 Mil | 223.00 Mil | 48.5% | Raised | Guidance: 136.00 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP Net Earnings Per Diluted Share | Reported | 2.6 | 2.9 | 3.2 | 45.0% | Raised | Guidance: 2 for Q1 2026 | |
| Q2 2026 Revenue | Reported | 1.16 Bil | 1.20 Bil | 1.24 Bil | 15.4% | Raised | Guidance: 1.04 Bil for Q1 2026 | |
| Q2 2026 Gross Profit | Calculated | 533.60 Mil | 564.00 Mil | 595.20 Mil | Rev x Gross Margin | |||
| Q2 2026 Gross Margin | Reported | 46.0% | 47.0% | 48.0% | 1.0% | Raised | Guidance: 46.0% for Q1 2026 | |
| Q2 2026 Non-GAAP Operating Expenses | Reported | 270.00 Mil | 275.00 Mil | 280.00 Mil | 1.9% | Raised | Guidance: 270.00 Mil for Q1 2026 | |
| Q2 2026 GAAP Operating Expenses | Reported | 332.00 Mil | 337.00 Mil | 342.00 Mil | ||||
| Q2 2026 Adjusted EBITDA | Reported | 302.00 Mil | 328.00 Mil | 354.00 Mil | 30.7% | Raised | Guidance: 251.00 Mil for Q1 2026 | |
| Q2 2026 GAAP Net Income | Reported | 130.00 Mil | 151.00 Mil | 172.00 Mil | ||||
| Q2 2026 GAAP Net Income Per Diluted Share | Reported | 1.8 | 2.09 | 2.38 | ||||
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Non-GAAP net earnings | Reported | 117.00 Mil | 136.00 Mil | 155.00 Mil | -11.7% | Lower New | Actual: 154.00 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP net earnings per diluted share | Reported | 1.72 | 2 | 2.28 | -11.9% | Lower New | Actual: 2.27 for Q4 2025 | |
| Q1 2026 Revenue | Reported | 1.00 Bil | 1.04 Bil | 1.08 Bil | 5.1% | Higher New | Actual: 990.00 Mil for Q4 2025 | |
| Q1 2026 Gross Profit | Calculated | 450.00 Mil | 478.40 Mil | 507.60 Mil | Rev x Gross Margin | |||
| Q1 2026 Gross Margin | Reported | 45.0% | 46.0% | 47.0% | 0.0% | Same New | Actual: 46.0% for Q4 2025 | |
| Q1 2026 Non-GAAP operating expenses | Reported | 265.00 Mil | 270.00 Mil | 275.00 Mil | 5.9% | Higher New | Actual: 255.00 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA | Reported | 227.00 Mil | 251.00 Mil | 275.00 Mil | 6.8% | Higher New | Actual: 235.00 Mil for Q4 2025 | |
Insider Activity
Updated 9/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mora, Elizabeth | Direct | Sell | 9022026 | 250.96 | 300 | 75,288 | 4,729,430 | Form | |
| 2 | Lee, John Tseng-Chung | President & CEO | Direct | Sell | 8172026 | 302.01 | 10,000 | 3,020,100 | 40,703,780 | Form |
| 3 | Williams, John Edward | EVP & GM, PSD | Direct | Sell | 8042026 | 288.31 | 457 | 131,758 | 1,181,449 | Form |
| 4 | Schreiner, James Alan | EVP & COO | Direct | Sell | 6162026 | 345.82 | 3,500 | 1,210,370 | 6,640,132 | Form |
| 5 | Schreiner, James Alan | EVP & COO | Direct | Sell | 6112026 | 317.42 | 781 | 247,905 | 7,205,790 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mora, Elizabeth | Direct | Sell | 9022026 | 250.96 | 300 | 75,288 | 4,729,430 | Form | |
| 2 | Lee, John Tseng-Chung | President & CEO | Direct | Sell | 8172026 | 302.01 | 10,000 | 3,020,100 | 40,703,780 | Form |
| 3 | Williams, John Edward | EVP & GM, PSD | Direct | Sell | 8042026 | 288.31 | 457 | 131,758 | 1,181,449 | Form |
| 4 | Schreiner, James Alan | EVP & COO | Direct | Sell | 6162026 | 345.82 | 3,500 | 1,210,370 | 6,640,132 | Form |
| 5 | Schreiner, James Alan | EVP & COO | Direct | Sell | 6112026 | 317.42 | 781 | 247,905 | 7,205,790 | Form |
| 6 | McCarthy, Michelle M | SVP & Chief Accounting Officer | Direct | Sell | 6082026 | 315.23 | 2,434 | 767,270 | 488 | Form |
| 7 | Henry, David Philip | EVP, Global Str Mktg & GM, MSD | Direct | Sell | 6022026 | 314.43 | 6,000 | 1,886,583 | 3,276,846 | Form |
| 8 | Mora, Elizabeth | Direct | Sell | 6022026 | 318.02 | 300 | 95,406 | 6,088,605 | Form | |
| 9 | Donahue, Joseph B | Direct | Sell | 5282026 | 327.95 | 2,100 | 688,703 | 3,290,265 | Form | |
| 10 | Colella, Gerald G | The Gerald G. Colella 2019 Trust | Sell | 5282026 | 333.40 | 20,000 | 6,668,075 | 6,673,743 | Form | |
| 11 | Mayampurath, Ramakumar | EVP & CFO | Direct | Sell | 5262026 | 315.48 | 8,810 | 2,779,379 | 359 | Form |
| 12 | Lee, John Tseng-Chung | President & CEO | Direct | Sell | 5262026 | 315.48 | 10,000 | 3,154,800 | 45,648,728 | Form |
| 13 | Cannone, Peter Iii | Direct | Sell | 5192026 | 303.40 | 1,350 | 409,590 | 2,364,712 | Form | |
| 14 | Moloney, Jacqueline F | Direct | Sell | 5142026 | 318.99 | 1,400 | 446,586 | 3,118,177 | Form | |
| 15 | Taranto, Eric Robert | EVP & GM, VSD | Direct | Sell | 5122026 | 319.93 | 2,849 | 911,328 | 4,029,915 | Form |
| 16 | Burke, Kathleen Flaherty | EVP, GC & Secretary | Direct | Sell | 5122026 | 319.94 | 4,355 | 1,393,317 | 15,817,422 | Form |
| 17 | Moloney, Jacqueline F | Direct | Sell | 3132026 | 213.77 | 340 | 72,705 | 2,221,771 | Form | |
| 18 | Taranto, Eric Robert | EVP & GM, VSD | Direct | Sell | 3092026 | 220.52 | 4,568 | 1,007,318 | 3,405,910 | Form |
| 19 | Mora, Elizabeth | Direct | Sell | 3032026 | 239.44 | 300 | 71,832 | 4,468,763 | Form | |
| 20 | Schreiner, James Alan | EVP & COO | Direct | Sell | 2252026 | 255.00 | 4,100 | 1,045,500 | 5,967,500 | Form |
| 21 | Colella, Gerald G | The Gerald G. Colella 2019 Trust | Sell | 2242026 | 253.97 | 10,000 | 2,539,675 | 10,163,017 | Form | |
| 22 | Colella, Gerald G | The Gerald G. Colella 2019 Trust | Sell | 2242026 | 252.90 | 10,000 | 2,528,999 | 12,649,294 | Form | |
| 23 | Cannone, Peter Iii | Direct | Sell | 2232026 | 258.06 | 1,250 | 322,574 | 2,157,915 | Form | |
| 24 | Taranto, Eric Robert | EVP & GM, VSD | Direct | Sell | 2232026 | 247.55 | 1,453 | 359,623 | 4,954,129 | Form |
| 25 | Henry, David Philip | EVP, Global Str Mktg & GM, MSD | Direct | Sell | 2232026 | 261.56 | 2,000 | 523,120 | 4,928,150 | Form |
| 26 | McCarthy, Michelle M | VP & Chief Accounting Officer | Direct | Sell | 2232026 | 250.00 | 1,466 | Form | ||
| 27 | Moloney, Jacqueline F | Direct | Sell | 2232026 | 247.55 | 829 | 205,219 | 2,657,029 | Form | |
| 28 | Williams, John Edward | EVP & GM, PSD | Direct | Sell | 2232026 | 256.41 | 2,043 | 523,744 | 933,349 | Form |
| 29 | Burke, Kathleen Flaherty | EVP, GC & Secretary | Direct | Sell | 2232026 | 250.00 | 4,254 | 1,063,500 | 13,448,621 | Form |
| 30 | Lee, John Tseng-Chung | President & CEO | Direct | Sell | 2232026 | 256.77 | 30,000 | 7,703,242 | 39,722,052 | Form |
| 31 | Mora, Elizabeth | Direct | Sell | 12032025 | 158.81 | 300 | 47,643 | 3,011,577 | Form | |
| 32 | Schreiner, James Alan | EVP & COO | Direct | Sell | 10232025 | 138.68 | 711 | 98,601 | 3,125,111 | Form |
| 33 | Moloney, Jacqueline F | Direct | Sell | 10022025 | 122.14 | 300 | 36,642 | 1,412,220 | Form | |
| 34 | Schreiner, James Alan | EVP & COO | Direct | Sell | 9192025 | 124.00 | 838 | 103,912 | 2,882,466 | Form |
| 35 | Henry, David Philip | EVP, Global Str Mktg & GM, MSD | Direct | Sell | 9192025 | 130.00 | 5,000 | 650,000 | 2,024,253 | Form |
| 36 | Mora, Elizabeth | Direct | Sell | 9032025 | 99.85 | 300 | 29,955 | 1,923,450 | Form |
Investor Activity (13F)
Updated Nov 9, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| FengHe Fund Management Pte. Ltd. | $104.9 Mil | 14.5% | 31 | New | 13F |
| Blue Grotto Capital, LLC | $86.2 Mil | 9.9% | 21 | TRIM -9.7% | 13F |
| Light Street Capital Management, LLC | $28.1 Mil | 5.6% | 23 | ADD +524.4% | 13F |
| Park West Asset Management LLC | $57.3 Mil | 5.1% | 48 | TRIM -10.5% | 13F |
| Divisar Capital Management LLC | $19.6 Mil | 5.0% | 26 | ADD +10.3% | 13F |
| Harvey Partners, LLC | $55.9 Mil | 4.5% | 45 | TRIM -15.8% | 13F |
| Talos Eurisko Asset Management LP | $26.2 Mil | 4.5% | 23 | New | 13F |
| Rivermont Capital Management LP | $20.1 Mil | 4.2% | 20 | New | 13F |
| Whale Rock Capital Management LLC | $300.3 Mil | 3.9% | 35 | New | 13F |
| Dendur Capital LP | $49.3 Mil | 3.6% | 21 | New | 13F |
| Thames Capital Management LLC | $15.6 Mil | 2.8% | 43 | New | 13F |
| Ovata Capital Management Ltd | $16.6 Mil | 2.3% | 38 | New | 13F |
| Tyro Capital Management LLC | $8.5 Mil | 2.1% | 23 | New | 13F |
| Tairen Capital Ltd | $15.7 Mil | 1.7% | 44 | New | 13F |
| KR Capital LP | $8.5 Mil | 1.7% | 49 | New | 13F |
| Bowie Capital Management, LLC | $14.8 Mil | 0.7% | 29 | New | 13F |
| Shapiro Capital Management LLC | $9.5 Mil | 0.6% | 50 | TRIM -53.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Whale Rock Capital Management LLC | $300.3 Mil | 3.9% | 35 | New | 13F |
| FengHe Fund Management Pte. Ltd. | $104.9 Mil | 14.5% | 31 | New | 13F |
| Dendur Capital LP | $49.3 Mil | 3.6% | 21 | New | 13F |
| Talos Eurisko Asset Management LP | $26.2 Mil | 4.5% | 23 | New | 13F |
| Rivermont Capital Management LP | $20.1 Mil | 4.2% | 20 | New | 13F |
| Ovata Capital Management Ltd | $16.6 Mil | 2.3% | 38 | New | 13F |
| Tairen Capital Ltd | $15.7 Mil | 1.7% | 44 | New | 13F |
| Thames Capital Management LLC | $15.6 Mil | 2.8% | 43 | New | 13F |
| Bowie Capital Management, LLC | $14.8 Mil | 0.7% | 29 | New | 13F |
| Tyro Capital Management LLC | $8.5 Mil | 2.1% | 23 | New | 13F |
| KR Capital LP | $8.5 Mil | 1.7% | 49 | New | 13F |
| Light Street Capital Management, LLC | $28.1 Mil | 5.6% | 23 | ADD +524.4% | 13F |
| Divisar Capital Management LLC | $19.6 Mil | 5.0% | 26 | ADD +10.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Southpoint Capital Advisors LP | $95.9 Mil | 2.2% | 38 | Exited | Dec 31, 2025 | 13F |
| Shapiro Capital Management LLC | $9.5 Mil | 0.6% | 50 | TRIM -53.8% | Mar 31, 2026 | 13F |
| Harvey Partners, LLC | $55.9 Mil | 4.5% | 45 | TRIM -15.8% | Mar 31, 2026 | 13F |
| Park West Asset Management LLC | $57.3 Mil | 5.1% | 48 | TRIM -10.5% | Mar 31, 2026 | 13F |
| Blue Grotto Capital, LLC | $86.2 Mil | 9.9% | 21 | TRIM -9.7% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Whale Rock Capital Management LLC | $300.3 Mil | 3.9% | 35 | New | 13F |
| FengHe Fund Management Pte. Ltd. | $104.9 Mil | 14.5% | 31 | New | 13F |
| Blue Grotto Capital, LLC | $86.2 Mil | 9.9% | 21 | TRIM -9.7% | 13F |
| Park West Asset Management LLC | $57.3 Mil | 5.1% | 48 | TRIM -10.5% | 13F |
| Harvey Partners, LLC | $55.9 Mil | 4.5% | 45 | TRIM -15.8% | 13F |
| Dendur Capital LP | $49.3 Mil | 3.6% | 21 | New | 13F |
| Light Street Capital Management, LLC | $28.1 Mil | 5.6% | 23 | ADD +524.4% | 13F |
| Talos Eurisko Asset Management LP | $26.2 Mil | 4.5% | 23 | New | 13F |
| Rivermont Capital Management LP | $20.1 Mil | 4.2% | 20 | New | 13F |
| Divisar Capital Management LLC | $19.6 Mil | 5.0% | 26 | ADD +10.3% | 13F |
| Ovata Capital Management Ltd | $16.6 Mil | 2.3% | 38 | New | 13F |
| Tairen Capital Ltd | $15.7 Mil | 1.7% | 44 | New | 13F |
| Thames Capital Management LLC | $15.6 Mil | 2.8% | 43 | New | 13F |
| Bowie Capital Management, LLC | $14.8 Mil | 0.7% | 29 | New | 13F |
| Shapiro Capital Management LLC | $9.5 Mil | 0.6% | 50 | TRIM -53.8% | 13F |
| Tyro Capital Management LLC | $8.5 Mil | 2.1% | 23 | New | 13F |
| KR Capital LP | $8.5 Mil | 1.7% | 49 | New | 13F |
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Core Cache Last Updated: 11/8/2026