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Makes vacuum, laser and process-control instruments used in chipmaking, plus plating equipment for electronics.
Makes vacuum, laser and process-control instruments used in chipmaking, plus plating equipment for electronics.
Sells components and subsystems built into chipmakers' tools, so orders follow the tool makers' build plans, while Atotech's plating chemicals are used up in customers' plants and reordered. It bought Newport, the photonics maker, in 2016 and Atotech in 2022, each widening it beyond chip-equipment parts.
Moat: narrow (process know-how, switching costs, customer qualification). Components are embedded inside customers' larger tools and process flows, making substitution costly.
Headquarters: Andover, Massachusetts, US · Founded: 1961 · Employees: 10,300
Size MKS (MKSI) is a United States Information Technology company (Industrial Machinery) with a market value of $13.0B, the 663rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $192.27 on 6 Nov 2026.
Performance Over six months the shares fell 38.6%, against -24.0% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 12 in its peer set.
Growth Revenue grew 16.2% over the last twelve months (peer median +3.9%); the operating margin is 16.7% (peer median 17.5%).
Valuation It trades at 11.5× forward earnings against a peer median of 15.5× (2nd cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.0 points below its cost of capital (13.1% WACC).
Credit MKS has 2 bonds outstanding ($2.51B), rated BB- by the agencies and trading like BBB- at a weighted spread of 216 bp.
Short interest Short interest is 7.3% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.35B | $3.93B | $3.59B | $3.62B | $3.55B |
| Revenue growth | — | +10% | -1% | +2% | — |
| Gross profit | $1.79B | $1.59B | $1.46B | $1.34B | $1.38B |
| EBITDA | $1.07B | $907M | $860M | $774M | $870M |
| Net income | $441M | $295M | $190M | -$1.84B | $333M |
| Free cash flow | $433M | $497M | $377M | $223M | $365M |
| Capital expenditure | $180M | $148M | $118M | $87.0M | $164M |
| Total debt | $4.19B | $4.45B | $4.78B | $5.02B | $5.17B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MKS MKSI | $13.0B | -39% | +16% | 17% | 11.5× | 24.0% |
| Advanced Energy Industries AEIS | $7.98B | -45% | +32% | 17% | 11.7× | 17.8% |
| Azenta AZTA | $1.72B | +104% | +1% | -3% | 103.7× | 56.0% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MKSI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.2% | -28.4% | 6th highest of 12 |
| 6-month return | -38.6% | -24.0% | 3rd lowest of 12 |
| Distance from 52-week high | -57.0% | -46.4% | 4th lowest of 12 |
| Revenue growth (TTM) | +16.2% | +3.9% | 5th highest of 12 |
| Operating margin | 16.7% | 17.5% | 6th highest of 11 |
| Forward P/E | 11.5× | 15.5× | 2nd cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 24.0% | 17.3% | 5th most demanding of 10 |
| Growth delivered (Del g) | +11.0% | +11.4% | 5th lowest of 10 |
| Hurdle (Req g minus delivered) | +13.0 pp | +8.5 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | -4.0 pp | +9.6 pp | 4th lowest of 12 |
| EV / EBITDA | 15.3× | 14.0× | 6th cheapest of 11 |
| Net debt / EBITDA | 3.3× | 0.1× | most indebted of 11 |
| Bond spread | 216 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MKS MKSI | United States | $13.0B | -39% | +16% | 17% | 11.5× | 24.0% | +11.0% |
| HANMISemi 042700.KS | South Korea | $11.3B | -56% | -20% | 42% | 54.4× | 41.7% | +17.5% |
| Screen 7735.T | Japan | $9.20B | -24% | +3% | 20% | 12.4× | 17.3% | +13.6% |
| Entegris ENTG | United States | $19.6B | -14% | +9% | 19% | 23.7× | 26.3% | +11.4% |
| Jabil JBL | United States | $24.6B | -33% | +21% | 5% | 13.5× | 8.3% | +4.2% |
| Disco 6146.T | Japan | $28.1B | -45% | +22% | 44% | 23.2× | 25.4% | +19.0% |
| Omron 6645.T | Japan | $5.79B | -17% | -2% | 9% | 16.7× | 11.7% | +3.2% |
| Badger Meter BMI | United States | $4.52B | +33% | -2% | 19% | 32.5× | 10.9% | +16.6% |
| GPGI GPGI | United States | $4.12B | +2% | -100% | n/a | 14.2× | n/a | n/a |
| Sumco 3436.T | Japan | $3.96B | -28% | +4% | -4% | n/a | n/a | n/a |
| Kulicke and Soffa Industries, I KLIC | United States | $3.35B | -38% | +44% | 13% | 10.9× | 24.4% | +1.0% |
| Crane NXT CXT | United States | $3.31B | +27% | +17% | 16% | 12.6× | 7.8% | -9.7% |
MKS has 2 bonds outstanding with $2.51B face value. The agencies rate it BB-; its bonds trade like BBB-. Weighted yield 5.28%, a spread of 216 bp over government bonds.