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MKS Inc (MKSI) stock

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NASDAQ: MKSI Nasdaq Semiconductor Materials & Equipment Next results ~November 4, 2026

C Fundamentals grade

MKS Inc is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$280

Cash-flow model

Base case. Range ~$200–$380 across our lower- and higher-growth cases (5.3%–15.3% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 41% above it.

Price used: $196.54, November 2, 2026

MKS Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 13 selling0 purchases and 45 sales by directors and officers, last 12 monthsInsider trades
  • Funds447 adding, 303 cuttingOf 93 active managers that changed their stake, 39 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter MKS files

Where MKS stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.35bn, up 16.3% on a year earlier, faster than 11.5% a quarter earlier. Free-cash-flow margin fell to 10.5% from 14.0% a year earlier. Operating margin widened to 15.7% from 13.6%. The diluted share count is up 3.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 7 financial-health checks. Our cash-flow model value is $142 a share, against a share price of $213. At that price, our model says the market is pricing in about 16.4% a year of cash-flow growth for five years, faster than the 8.1% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

MKS Inc's trailing-twelve-month revenue grew 16.3% year on year, with a free-cash-flow margin of 10.5%. Where it stands out: stock pay as % of revenue of 1.3% ranks 3 of 20 semiconductor materials & equipment companies we cover.

Our discounted-cash-flow model values the business at ~$280 per share in the base case (~$200–$380 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 13.3% while net income grew 64.8%: a 78pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $196.54 is 41% below our value per share of $280.
  • Fast growth. Revenue grew 16.3% over the last 12 months, against a median of 15.8% for semiconductor materials & equipment companies we cover.
  • Growth speeding up. The growth rate is 4.8 points higher than a quarter earlier.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 14.7% over 90 days.

Things to watch

  • Share dilution. Diluted shares rose 3.3% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 62% and a beta of 2.9 against the S&P 500.
  • Insiders selling. 13 insiders sold $43M of stock over the past 365 days and none bought (41% under pre-set trading plans).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$3.30 against an average estimate of $2.96: beat by 11.4%
Revenue
$1.25bn, up 28.3% on a year earlier
Share reaction
-9.2% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
revenue $1,350m (Third Quarter 2026); gross margin 47% (Third Quarter 2026)
Next report
November 4, 2026; average EPS estimate $3.63

MKS's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.7%
  • 1 week-2.8%
  • 1 month-29.6%
  • This year+23.3%
  • 1 year+37.3%
  • 5 years+32.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.3B
Operating margin
15.7%
Net margin
10.1%
EPS (TTM, diluted)
$6.30

Growth

Revenue growth
+16.3%
Change in growth rate
+4.8 pts
Share count change
+3.3%

Cash

Free cash flow (TTM)
$455M
FCF margin
10.5%
Stock pay % of revenue
1.3%

Earnings

Last results
August 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Insider trade
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

MKS Inc valuation models and calculator

What the price is pricing in

The share price implies about 9.6% a year of cash-flow growth for five years.That is close to the 8.1% a year revenue growth MKS has delivered.

  • Priced in9.6%
  • Last 12 months16.3%
  • 3 years a year4.2%
  • 5 years a year8.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($209.83, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$280
Price used
$209.83close November 3, 2026
Implied change
▲ +32%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of MKS Inc's free cash flow after stock-based pay with after-tax interest added back ($691M, FY2026 Q2 TTM), growing 25.7% and 13.8% in the next two years (forecasts, guidance and its record), then back to 10.3% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$200–~$380 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of MKS Inc's free cash flow after stock-based pay ( $691M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value MKS Inc as an operating company, with every model that fits that kind of business. Cost of equity 13.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.86 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$280 ~$200–$380 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$290 ~$280–$380 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$3.9 ~$1.4–$7.1 Left out: out of range vs price (0.02x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$280 ~$280–$290 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare MKS Inc with Semiconductor Materials & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▼ −23%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $96$149$218$311$431$586
8.5% $61$99$150$216$301$411
10% $40$70$109$159$224$308

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$32.88$55.12$88.46$60.99$104.84$144.36$168.01$82.38$101.01$103.24$159.38$196.54
Market value$1.8bn$3.0bn$4.9bn$3.4bn$5.8bn$8.0bn$9.4bn$4.9bn$6.7bn$7.0bn$10.8bn$13.7bn
+ Net debt (− = net cash)−$228m$384m$59m−$297m$469m$221m−$132m$4.3bn$4.5bn$4.1bn$3.8bn$3.5bn
Enterprise value$1.5bn$3.4bn$4.9bn$3.1bn$6.2bn$8.2bn$9.2bn$9.2bn$11.3bn$11.1bn$14.6bn$17.2bn
Multiples
Price / sales 2.2x2.3x2.5x1.6x3.0x3.4x3.2x1.4x1.9x1.9x2.7x3.2x
Price / earnings 14.4x28.4x14.4x8.5x41.1x22.8x17.0x14.8x—36.7x36.6x31.2x
Price / free cash flow 14.0x18.5x15.0x9.6x32.0x18.7x16.9x13.5x29.1x17.0x21.7x30.2x
EV / EBITDA 8.6x15.1x10.1x5.3x18.9x14.8x11.5x11.1x—13.1x16.7x16.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

66 /100

Moderate moat

How hard MKS's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Cash operating profit has been a median 14.3% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 45.8%, moving by 1.1 percentage points (standard deviation) across 10 years.

  • Durability 4 / 20

    Operating margin has been a median 15.8%; its worst year was -36.9%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 14.0% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 25.9% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $1.4bn and EPS of $3.63 (range $3.55 to $3.85) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $13.15 +67% $5.1bn +29%
Next $17.62 +34% $6.1bn +21%

Next year's EPS estimate has moved +14.7% in 90 days, across 13 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +11.9% on 90 days ago. In the last 30 days, 1 analyst raised MKS Inc's forecast and 0 cut it.

Consensus EPS forecast MKS Inc, last 90 days
$10.00 $12.00 $14.00 $16.00 $18.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.76 Current fiscal year, 60 days ago: $13.13 Current fiscal year, 30 days ago: $13.15 Current fiscal year, 7 days ago: $13.15 Current fiscal year, Now: $13.15 $13.15 Next fiscal year, 90 days ago: $15.36 Next fiscal year, 60 days ago: $17.50 Next fiscal year, 30 days ago: $17.55 Next fiscal year, 7 days ago: $17.58 Next fiscal year, Now: $17.62 $17.62

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.76$15.36
60 days ago $13.13$17.50
30 days ago $13.15$17.55
7 days ago $13.15$17.58
Now $13.15$17.62

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.96 $3.30 +11.4%
Mar 2026 $2.05 $2.30 +12.0%
Dec 2025 $2.46 $2.47 +0.3%
Sept 2025 $1.85 $1.93 +4.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Revenue Third Quarter 2026 about $1,350m
    “Revenue of $1,350 million, plus or minus $40 million” source
  • GAAP net income per diluted share Third Quarter 2026 about $2.73 GAAP
    “GAAP net income per diluted share of $2.73, plus or minus $0.31 and Non-GAAP net earnings per diluted share of $3.58, plus or minus $0.31” source
  • Non-GAAP net earnings per diluted share Third Quarter 2026 about $3.58 Non-GAAP
    “GAAP net income per diluted share of $2.73, plus or minus $0.31 and Non-GAAP net earnings per diluted share of $3.58, plus or minus $0.31” source
  • Gross margin Third Quarter 2026 about 47%
    “Gross margin of 47.0%, plus or minus 1.0%” source
  • GAAP operating expenses Third Quarter 2026 about $346m GAAP
    “GAAP operating expenses of $346 million, plus or minus $5 million and Non-GAAP operating expenses of $280 million, plus or minus $5 million” source
  • Non-GAAP operating expenses Third Quarter 2026 about $280m Non-GAAP
    “GAAP operating expenses of $346 million, plus or minus $5 million and Non-GAAP operating expenses of $280 million, plus or minus $5 million” source
Show 3 more items
  • GAAP net income Third Quarter 2026 about $201m GAAP
    “GAAP net income of $201 million, plus or minus $23 million and Non-GAAP net earnings of $257 million, plus or minus $22 million” source
  • Non-GAAP net earnings Third Quarter 2026 about $257m Non-GAAP
    “GAAP net income of $201 million, plus or minus $23 million and Non-GAAP net earnings of $257 million, plus or minus $22 million” source
  • Adjusted EBITDA Third Quarter 2026 about $395m Non-GAAP
    “Adjusted EBITDA of $395 million, plus or minus $28 million” source

How earlier guidance turned out

  • GAAP net income per diluted share, Second Quarter 2026 guided about $2.09 Above range: $2.41
  • GAAP net income, Second Quarter 2026 guided about $151m Above range: $175m
  • Gross margin, Second Quarter 2026 guided about 47% Above range: 47.676282%
  • Revenue, Second Quarter 2026 guided about $1,200m Above range: $1,248m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows MKS Inc's revenue by +25.7% next year and +13.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+29.0%, weight 55%) , management guidance (+36.6%, weight 19%) and the company's own record (+10.3%, weight 26%) . How the weights are set.

Analyst recommendations

14 analysts, Oct 2026
Buy1286%
Hold17%
Sell17%

Monthly trend

  1. Oct 2026391114
  2. Sep 2026391114
  3. Aug 2026391114
  4. Jul 2026381113

Counts of recommendations published by analysts covering MKS Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.3%
of tradable shares
Days to cover
3.74
at average volume
Short interest, 1 month
−19%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.5%
of shares
Employees
10,200
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +37.3%

$143.11 on October 31, 2025 to $196.54

ThenNowEffect
Revenue (last 12 months) $3.7bn $4.3bn +16.3%
Net margin 7.1% 10.1% +41.7%
P/E multiple 36.3x 31.2x −13.9%
Share count 68m 70m −3.2%

Biggest factor: net margin.

Last 3 years +193.2%

$67.04 on November 3, 2023 to $196.54

ThenNowEffect
Revenue (last 12 months) $3.8bn $4.3bn +13.3%
P/S multiple 1.1x 3.2x +176.6%
Share count 65m 70m −6.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MKSI+16%−51%+23%+2%+54%+23%
Industry peers (median)+67%−36%+44%−4%+27%+28%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MKSI58%33%50%50%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MKSI−29%−64%−42%−32%−52%−56%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 69% from April 5, 2021 to April 8, 2025. Getting back needed a 225% gain, reached on January 13, 2026, 280 days after the low.

Price behaviour

52-week range
$136.63 – $444.39
From 52-week high
−55.8%
vs 50-day average
−20.2%
vs 200-day average
−29.2%
Volatility (1 year)
62%
Beta vs S&P 500
2.86

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±7.0%
After a week
9 up, 3 down
typical move ±10.2%
After a month
8 up, 4 down
typical move ±14.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −9.2% −0.4% −4.3% −22.1%
May 6, 2026 +4.6% +1.1% +10.3% +4.9%
February 17, 2026 −4.0% +0.7% −3.5% −10.4%
January 21, 2026 +5.9% +1.7% +12.1% +23.1%
November 5, 2025 +13.2% −0.7% +11.6% +18.9%
August 6, 2025 +7.3% +0.7% +13.4% +13.8%
May 7, 2025 +6.4% +1.1% +29.3% +22.3%
February 12, 2025 −6.1% +0.7% −2.5% −21.8%
November 6, 2024 +14.6% +3.3% +10.9% +13.8%
August 7, 2024 +3.3% +1.6% +7.0% −1.7%
May 8, 2024 +3.5% +0.6% +4.4% +4.1%
February 7, 2024 +5.8% +0.9% +13.2% +18.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How MKS Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.17× the last 60 days’ realised volatility , richer than 47% of the 229 stocks we screen today.
  • Calls are priced 4 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

MKS Inc in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) MKS Inc
$3.5B $4B $4.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $3.8B Revenue (TTM), FY23 Q4: $3.6B Revenue (TTM), FY24 Q1: $3.7B Revenue (TTM), FY24 Q2: $3.6B Revenue (TTM), FY24 Q3: $3.5B Revenue (TTM), FY24 Q4: $3.6B Revenue (TTM), FY25 Q1: $3.7B Revenue (TTM), FY25 Q2: $3.7B Revenue (TTM), FY25 Q3: $3.8B Revenue (TTM), FY25 Q4: $3.9B Revenue (TTM), FY26 Q1: $4.1B Revenue (TTM), FY26 Q2: $4.3B $4.3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $3.8B
FY23 Q4 $3.6B
FY24 Q1 $3.7B
FY24 Q2 $3.6B
FY24 Q3 $3.5B
FY24 Q4 $3.6B
FY25 Q1 $3.7B
FY25 Q2 $3.7B
FY25 Q3 $3.8B
FY25 Q4 $3.9B
FY26 Q1 $4.1B
FY26 Q2 $4.3B
Revenue growth, TTM YoY MKS Inc
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 18.3% Revenue growth, TTM YoY, FY23 Q4: 2.1% Revenue growth, TTM YoY, FY24 Q1: 2.7% Revenue growth, TTM YoY, FY24 Q2: -6.7% Revenue growth, TTM YoY, FY24 Q3: -7.1% Revenue growth, TTM YoY, FY24 Q4: -1.0% Revenue growth, TTM YoY, FY25 Q1: -1.1% Revenue growth, TTM YoY, FY25 Q2: 4.5% Revenue growth, TTM YoY, FY25 Q3: 8.1% Revenue growth, TTM YoY, FY25 Q4: 9.6% Revenue growth, TTM YoY, FY26 Q1: 11.5% Revenue growth, TTM YoY, FY26 Q2: 16.3% 16.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 18.3%
FY23 Q4 2.1%
FY24 Q1 2.7%
FY24 Q2 -6.7%
FY24 Q3 -7.1%
FY24 Q4 -1.0%
FY25 Q1 -1.1%
FY25 Q2 4.5%
FY25 Q3 8.1%
FY25 Q4 9.6%
FY26 Q1 11.5%
FY26 Q2 16.3%
Operating margin (TTM) MKS Inc
-60% -40% -20% 0% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -37.1% Operating margin (TTM), FY23 Q4: -42.9% Operating margin (TTM), FY24 Q1: -39.2% Operating margin (TTM), FY24 Q2: 10.5% Operating margin (TTM), FY24 Q3: 10.9% Operating margin (TTM), FY24 Q4: 13.9% Operating margin (TTM), FY25 Q1: 13.7% Operating margin (TTM), FY25 Q2: 13.6% Operating margin (TTM), FY25 Q3: 13.6% Operating margin (TTM), FY25 Q4: 13.4% Operating margin (TTM), FY26 Q1: 13.9% Operating margin (TTM), FY26 Q2: 15.7% 15.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -37.1%
FY23 Q4 -42.9%
FY24 Q1 -39.2%
FY24 Q2 10.5%
FY24 Q3 10.9%
FY24 Q4 13.9%
FY25 Q1 13.7%
FY25 Q2 13.6%
FY25 Q3 13.6%
FY25 Q4 13.4%
FY26 Q1 13.9%
FY26 Q2 15.7%
FCF margin (TTM) MKS Inc
5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 5.6% FCF margin (TTM), FY23 Q4: 6.4% FCF margin (TTM), FY24 Q1: 7.1% FCF margin (TTM), FY24 Q2: 12.1% FCF margin (TTM), FY24 Q3: 12.2% FCF margin (TTM), FY24 Q4: 11.4% FCF margin (TTM), FY25 Q1: 13.2% FCF margin (TTM), FY25 Q2: 14.0% FCF margin (TTM), FY25 Q3: 13.8% FCF margin (TTM), FY25 Q4: 12.6% FCF margin (TTM), FY26 Q1: 9.9% FCF margin (TTM), FY26 Q2: 10.5% 10.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 5.6%
FY23 Q4 6.4%
FY24 Q1 7.1%
FY24 Q2 12.1%
FY24 Q3 12.2%
FY24 Q4 11.4%
FY25 Q1 13.2%
FY25 Q2 14.0%
FY25 Q3 13.8%
FY25 Q4 12.6%
FY26 Q1 9.9%
FY26 Q2 10.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar MKS took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $3.9B
  2. Cost of revenue $2.1B · 53.3%
  3. Gross profit $1.8B · 46.7%
  4. Research and development $299M · 7.6%
  5. Selling, general and admin $724M · 18.4%
  6. Other operating costs $286M · 7.3%
  7. Operating income $528M · 13.4%
  8. Interest and other $224M · 5.7%
  9. Net income $295M · 7.5%

Shares of revenue. Source: MKS's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 393 853 823 644 669 781 814 1,295 1,916 2,075 1,900 2,330 2,950 3,547 3,622 3,586 3,931 4,347
Gross profit 130 379 375 269 267 338 363 566 891 980 830 1,049 1,380 1,547 1,642 1,708 1,837 2,042
EBITDA −153 209 198 89 75 156 179 223 489 574 330 553 803 833 −1,157 846 872 1,022
Operating income −172 196 185 74 58 135 157 157 407 494 220 454 699 617 −1,554 498 528 681
Net income −213 143 130 48 36 116 122 105 339 393 140 350 551 333 −1,841 190 295 440
Diluted EPS −$4.31 $2.80 $2.45 $0.90 $0.67 $2.16 $2.28 $1.94 $6.16 $7.14 $2.55 $6.33 $9.90 $5.56 −$27.54 $2.81 $4.37 $6.30
Growth (year on year)
Revenue −36.8% +117.2% −3.6% −21.8% +4.0% +16.6% +4.2% +59.2% +47.9% +8.3% −8.4% +22.6% +26.6% +20.2% +2.1% −1.0% +9.6% +16.3%
EBITDA −305.5% — −5.5% −55.2% −14.9% +106.2% +14.8% +24.9% +119.2% +17.3% −42.5% +67.7% +45.2% +3.7% −238.9% — +3.1% +19.5%
Operating income −437.4% — −5.4% −59.9% −21.3% +131.5% +15.9% +0.4% +158.6% +21.5% −55.5% +106.6% +54.0% −11.7% −351.9% — +6.0% +33.5%
Net income −806.1% — −9.0% −63.0% −25.5% +223.6% +5.6% −14.3% +223.6% +15.9% −64.3% +149.3% +57.4% −39.6% −652.9% — +55.3% +64.8%
Diluted EPS −830.5% — −12.5% −63.3% −25.6% +222.4% +5.6% −14.9% +217.5% +15.9% −64.3% +148.2% +56.4% −43.8% −595.3% — +55.5% +59.5%
Margins
Gross margin 33.2% 44.4% 45.6% 41.9% 39.8% 43.3% 44.6% 43.7% 46.5% 47.2% 43.7% 45.0% 46.8% 43.6% 45.3% 47.6% 46.7% 47.0%
EBITDA margin −38.9% 24.5% 24.1% 13.8% 11.3% 19.9% 22.0% 17.2% 25.5% 27.7% 17.4% 23.7% 27.2% 23.5% −31.9% 23.6% 22.2% 23.5%
Operating margin −43.7% 22.9% 22.5% 11.5% 8.7% 17.3% 19.3% 12.1% 21.2% 23.8% 11.6% 19.5% 23.7% 17.4% −42.9% 13.9% 13.4% 15.7%
Net margin −54.2% 16.7% 15.8% 7.5% 5.3% 14.8% 15.0% 8.1% 17.7% 18.9% 7.4% 15.0% 18.7% 9.4% −50.8% 5.3% 7.5% 10.1%
Free-cash-flow margin 0.2% 17.3% 17.1% 18.6% 9.5% 11.4% 15.5% 12.4% 16.9% 16.9% 9.5% 18.4% 18.7% 10.3% 6.4% 11.4% 12.6% 10.5%
Cash flow
Cash from operations 5 163 156 137 76 102 138 180 355 414 245 513 640 529 319 528 645 635
Capital spending 4 16 16 18 12 13 12 19 31 63 64 85 87 164 87 118 148 180
Free cash flow 1 148 140 119 64 89 126 161 324 351 181 428 553 365 232 410 497 455
Stock-based pay 9 11 11 13 14 11 13 25 24 27 49 30 37 45 54 48 55 55
Free cash flow after stock pay −8 137 129 106 50 77 113 136 300 324 131 398 516 320 178 362 442 400
Balance sheet
Cash 111 162 313 288 289 305 228 229 334 644 415 608 966 909 507 420 418 454
Total debt 13 0 2 4 0 0 0 612 393 348 884 830 834 5,215 5,046 4,538 4,201 3,943
Net debt (negative = net cash) −98 −162 −311 −283 −289 −305 −228 384 59 −297 469 221 −132 4,306 4,539 4,118 3,783 3,489
Diluted shares 49m 51m 53m 53m 53m 54m 54m 54m 55m 55m 55m 55m 56m 60m 67m 68m 68m 70m
Returned to shareholders
Dividends 0 0 31 33 34 35 36 36 38 42 44 44 47 52 59 59 59 63
Buybacks 0 0 2 12 3 21 13 2 — 75 — — — — 0 0 45 0
Total returned 0 0 33 44 37 56 49 38 38 117 44 44 47 52 59 59 104 63

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · June 30, 2026
What it owns · $8.9bn
Short-term assets $2.8bnLonger-term assets $6.2bn
What it owes, and who funded it · $8.9bn
Short-term liabilities $2.4bnLonger-term liabilities $3.5bnShareholders' equity $3.0bn
  • Short-term assets cover short-term liabilities $2.8bn of assets due within a year against $2.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.8bn short-term assets against $3.5bn of longer-dated liabilities.
  • More cash than debt $454m of cash against $3.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 132% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 29% to 132% over five years.
  • A year's operating cash flow covers at least 20% of debt $635m of operating cash flow against $3.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $681m against $186m of interest.

From MKS Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$63M
Returned to shareholders
14%
of free cash flow
Buybacks, last 3 fiscal years
$45M
Diluted share count
+3.3%
year over year
Total shareholder yield
0.5%
dividends 0.5% + buybacks 0.0% of market value
Dividend payout ratio
14%
of net income paid out
R&D spending
7.1%
of revenue
Sales & admin spending
17.4%
of revenue
Days sales outstanding
70 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductor materials & equipment
Last 12 months unless stated MKSI TER ENTG UCTT KLAC ONTO Median
Revenue, last 12 months $4.3bn $5.0bn $3.5bn $2.4bn $14.5bn $1.1bn $994m
Revenue growth, last 12 months 16.3% 74.9% 9.4% 15.8% 15.8% 8.1% 15.8%
Revenue growth, 3-year average 4.2% 22.2% −1.2% 9.6% 12.6% 7.7% 7.8%
Revenue growth, latest quarter 28.3% 69.8% 24.6% 48.8% 28.9% 35.3% 33.7%
Gross margin 47.0% 59.3% 47.1% 16.1% 61.5% 50.4% 47.7%
Operating margin 15.7% 32.1% 18.2% 4.3% 22.6% 12.0% 13.2%
Operating margin, 3-year average 13.3% 23.5% 16.3% 1.2% 26.1% 15.9% 16.0%
Net margin 10.1% 27.5% 11.1% 1.1% 36.2% 11.8% 10.9%
Cash from operations / revenue 14.6% 26.6% 22.6% −4.4% 31.1% 23.8% 18.6%
Free-cash-flow margin 10.5% 20.5% 17.5% −6.7% 27.8% 22.5% 15.0%
Free-cash-flow margin, 3-year average 12.2% 17.7% 12.1% −1.6% 29.8% 22.0% 11.9%
Stock pay / revenue 1.3% 1.6% 2.1% 0.9% 2.2% 2.8% 2.4%
Change in share count 3.3% −2.2% 0.9% 0.7% −4.5% 0.3% 0.8%

Median of all 20 companies we cover in semiconductor materials & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 semiconductor materials & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 16.3% 15.8% 9 of 20
Change in growth rate Growth +4.8pp +7.5pp 14 of 20
Gross margin Profitability 47.0% 48.2% 12 of 19
Operating margin Profitability 15.7% 13.2% 8 of 19
Net margin Profitability 10.1% 11.1% 13 of 20
Free-cash-flow margin Cash generation 10.5% 17.5% 13 of 20
Stock pay as % of revenue Cash generation 1.3% 2.5% 3 of 20
Long-term debt as % of assets Balance sheet 28.5% 22.0% 8 of 13
Change in share count Balance sheet 3.3% 0.9% 14 of 19
Days sales outstanding Balance sheet 70 days 79 days 7 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Products $3.4B ▲ 10.0%
Semiconductor $1.7B ▲ 13.2%
Specialty Industrial $1.1B ▼ 3.6%
Electronics and Packaging $1.1B ▲ 20.5%
Services $495M ▲ 7.1%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
Other Countries $1B 26.3% ▲ 10.6%
China $931M 23.7% ▲ 20.1%
United States $760M 19.3% ▼ 5.5%
South Korea $440M 11.2% ▲ 22.9%
Singapore $265M 6.7% ▲ 15.7%
Taiwan $260M 6.6% ▲ 11.1%
Japan $240M 6.1% ▼ 4.0%

From MKS Inc's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$31.3B
Institutions reporting
773
Shares held vs prior quarter
▲ 2.7%
Positions opened / closed
203 / 52

Top buyers and sellers, Q2 2026: 447 institutions bought and 303 sold ; the biggest buyer was Jpmorgan Chase & Co (+1.3M shares) and the biggest seller FMR LLC (−434K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.1B 6.9M 9.8% ▲ 4.3%
Invesco Ltd. $2.1B 4.7M 6.6% ▲ 25.3%
Vanguard Portfolio Management LLC $1.6B 3.7M 5.3% ▲ 0.6%
Jpmorgan Chase & Co $1.4B 3.4M 4.5% ▲ 60.9%
Vanguard Capital Management LLC $1.4B 3.0M 4.3% ▲ 1.2%
State Street Corp $949M 2.1M 3.0% ▲ 3.7%
Point72 Asset Management, L.P. $888M 2.0M 2.8% ▲ 24.0%
Capital International Investors $852M 1.9M 2.7% ▼ 2.7%
Price T Rowe Associates Inc $841M 1.9M 2.7% ▲ 11.2%
Aspex Management (HK) Ltd $810M 1.8M 2.6% ▲ 18.3%
Geode Capital Management, LLC $687M 1.5M 2.2% 0.0%
FMR LLC $667M 1.5M 2.1% ▼ 22.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not MKS Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $43.4M 45 trades by 13 insiders · 41% under pre-set plans
Net ▼ $43.4M net selling
Insider Date Trade Shares Price Value
Mora Elizabeth Director September 1, 2026 Sell pre-set plan 300 $250.96 $75,288
Lee John Tseng-Chung President & CEO August 14, 2026 Sell pre-set plan 10,000 $302.01 $3M
Williams John Edward EVP & GM, PSD August 3, 2026 Sell pre-set plan 457 $288.31 $131,758
Schreiner James Alan EVP & COO June 12, 2026 Sell 217 $347.00 $75,299
Schreiner James Alan EVP & COO June 12, 2026 Sell 2,471 $345.52 $853,780
Schreiner James Alan EVP & COO June 12, 2026 Sell 812 $346.41 $281,285
Schreiner James Alan EVP & COO June 10, 2026 Sell pre-set plan 781 $317.42 $247,905
Mccarthy Michelle M SVP & Chief Accounting Officer June 5, 2026 Sell pre-set plan 2,434 $315.23 $767,270
Mora Elizabeth Director June 1, 2026 Sell pre-set plan 300 $318.02 $95,406
Henry David Philip EVP, Global Str Mktg & GM, MSD June 1, 2026 Sell 6,000 $314.43 $1.9M
Colella Gerald G Director May 27, 2026 Sell pre-set plan 2,800 $338.58 $948,024
Colella Gerald G Director May 27, 2026 Sell pre-set plan 213 $337.05 $71,792

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in MKS Inc disclosed in the last 12 months; 5 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 1, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 17, 2026
  • January 21, 2026
  • November 5, 2025
  • August 6, 2025

Recent SEC filings

Data status

When each part of this page on MKS Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

MKS Inc in brief

What does MKS Inc do?
MKS Inc is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.
What is MKS Inc's stock ticker?
MKS Inc trades under the ticker MKSI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is MKS Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, MKS Inc reported revenue of $4.3B, 16.3% higher than a year earlier, according to its SEC filings.
What is MKS Inc's free cash flow?
MKS Inc's free-cash-flow margin is 10.5% of revenue over the trailing twelve months, ranking 13 of the 20 semiconductor materials & equipment companies we cover.
What is MKS Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of MKS Inc's free cash flow after stock-based pay gives ~$280 per share in the base case, and ~$200–$380 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are MKS Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Invesco Ltd. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is MKS Inc buying back stock, and does it pay a dividend?
MKS Inc spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 3.3% over the year.
What is MKS Inc's market cap?
On November 2, 2026, MKS Inc's market capitalisation was about $13.7B, with a price-to-earnings ratio of 31.2 and net debt of $3.5B. Market figures come from third-party market data and may be delayed.
Does MKS Inc pay a dividend?
Yes: MKS Inc paid $63M in dividends over the trailing twelve months, a dividend yield of 0.47% and a payout ratio of 14.3%.
How much debt does MKS Inc have?
MKS Inc's debt-to-equity ratio is 132.0%, from its latest balance sheet (28.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are MKS Inc's competitors?
In our Semiconductor Materials & Equipment peer group, the companies closest to MKS Inc are Teradyne, Entegris Inc, Ultra Clean Holdings, Inc., KLA Corporation and Onto Innovation Inc. The side-by-side comparison below sets their revenue, margins and growth against MKS Inc's.
Are insiders buying or selling MKS Inc stock?
Over the last 12 months, MKS Inc's directors and officers reported 0 open-market purchases and 45 sales on Form 4. The insider trading page charts every trade.
When is MKS Inc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — MKS Inc announces its own schedule.