MKS INC MKSI
MKS Inc., formerly known as MKS Instruments, Inc. ("MKS," the "Company," "our," or "we"), was founded in 1961 as a Massachusetts corporation. We enable technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world's leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.93B | $3.59B | $3.62B | $3.55B | $2.95B | $2.33B | $1.90B | $2.08B | $1.92B | $1.30B |
| Cost of revenue | — | — | — | $2.00B | $1.57B | $1.28B | $1.07B | $1.10B | $1.02B | $729.7M |
| Gross profit | $1.84B | $1.71B | $1.64B | $1.55B | $1.38B | $1.05B | $830.4M | $979.5M | $891.5M | $565.6M |
| R&D | $299.0M | $271.0M | $288.0M | $241.0M | $200.0M | $173.0M | $164.1M | $135.7M | $132.6M | $110.6M |
| SG&A | $724.0M | $674.0M | $675.0M | $488.0M | $385.0M | $353.0M | $330.3M | $298.1M | $290.1M | $227.9M |
| Operating income | $528.0M | $498.0M | -$1.55B | $617.0M | $699.0M | $454.0M | $219.8M | $494.1M | $406.6M | $157.3M |
| Interest expense | $212.0M | $284.0M | $356.0M | $177.0M | $25.0M | $29.0M | $44.1M | $16.9M | $31.0M | $30.6M |
| Pre-tax income | $304.0M | $180.0M | -$1.93B | $433.0M | $665.0M | $423.0M | $177.8M | $481.0M | $447.6M | $128.0M |
| Income tax | $9.0M | $10.0M | $87.0M | $100.0M | $114.0M | $73.0M | $37.4M | $88.1M | $108.5M | $23.2M |
| Net income | $295.0M | $190.0M | -$1.84B | $333.0M | $551.0M | $350.0M | $140.4M | $392.9M | $339.1M | $104.8M |
| EPS, basic | 4.39 | 2.82 | -27.54 | 5.57 | 9.95 | 6.36 | 2.57 | 7.22 | 6.26 | 1.96 |
| EPS, diluted | 4.37 | 2.81 | -27.54 | 5.56 | 9.90 | 6.33 | 2.55 | 7.14 | 6.16 | 1.94 |
| Shares, diluted (wtd. avg.) | $67.7M | $67.6M | $66.8M | $59.9M | $55.7M | $55.3M | $55.1M | $55.0M | $55.1M | $54.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $418.0M | $420.0M | $507.0M | $909.0M | $966.0M | $608.3M | $414.6M | $644.3M | $333.9M | $233.9M |
| Short-term investments | — | — | $0 | $1.0M | $76.0M | $227.7M | $109.4M | $73.8M | $209.4M | $189.5M |
| Receivables | $651.0M | $615.0M | $603.0M | $720.0M | $443.0M | $392.7M | $341.1M | $295.5M | $300.3M | $248.8M |
| Inventory | $921.0M | $893.0M | $991.0M | $977.0M | $577.0M | $501.4M | $462.1M | $384.7M | $339.1M | $275.9M |
| Total current assets | $2.51B | $2.47B | $2.70B | $2.79B | $2.15B | $1.80B | $1.43B | $1.46B | $1.24B | $998.8M |
| Property, plant and equipment | $810.0M | $771.0M | $784.0M | $800.0M | $326.0M | $284.3M | $241.9M | $194.4M | $171.8M | $174.6M |
| Goodwill | $2.57B | $2.48B | $2.55B | $4.31B | $1.23B | $1.07B | $1.06B | $587.0M | $591.0M | $588.6M |
| Other intangibles | $2.14B | $2.27B | $2.62B | $3.17B | $576.0M | $512.2M | $564.6M | $319.8M | $366.4M | $408.0M |
| Total assets | $8.80B | $8.59B | $9.12B | $11.49B | $4.54B | $3.90B | $3.42B | $2.61B | $2.41B | $2.21B |
| Accounts payable | $407.0M | $341.0M | $327.0M | $426.0M | $168.0M | $110.6M | $88.4M | $83.8M | $82.5M | $69.3M |
| Short-term debt | $51.0M | $50.0M | $93.0M | $93.0M | $9.0M | $14.5M | $12.1M | $4.0M | $3.0M | $11.0M |
| Total current liabilities | $927.0M | $775.0M | $848.0M | $952.0M | $460.0M | $373.9M | $317.7M | $263.3M | $289.8M | $237.3M |
| Long-term debt | $4.15B | $4.49B | $4.70B | $5.12B | $825.0M | $815.0M | $871.7M | $343.8M | $390.0M | $601.2M |
| Total liabilities | $6.08B | $6.27B | $6.65B | $7.01B | $1.65B | $1.54B | $1.39B | $741.1M | $825.1M | $970.5M |
| Retained earnings | $711.0M | $503.0M | $373.0M | $2.27B | $1.99B | $1.49B | $1.18B | $1.08B | $795.7M | $494.7M |
| Total equity | $2.72B | $2.32B | $2.47B | $4.48B | $2.89B | $2.36B | $2.02B | $1.87B | $1.59B | $1.24B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $645.0M | $528.0M | $319.0M | $529.0M | $640.0M | $513.0M | $244.5M | $413.8M | $355.2M | $180.1M |
| Depreciation and amortisation | $97.0M | $103.0M | $102.0M | $70.0M | $49.0M | $44.0M | $42.6M | $36.3M | $36.8M | $30.2M |
| Stock-based compensation | $55.0M | $48.0M | $54.0M | $45.0M | $37.0M | $30.0M | $49.2M | $27.3M | $24.4M | $25.2M |
| Capital expenditure | $148.0M | $118.0M | $87.0M | $164.0M | $87.0M | $85.0M | $63.9M | $62.9M | $31.3M | $19.1M |
| Investing cash flow | -$145.0M | -$117.0M | -$84.0M | -$4.55B | -$205.0M | -$202.0M | -$947.2M | $72.7M | $22.6M | -$727.0M |
| Financing cash flow | -$562.0M | -$549.0M | -$259.0M | $3.97B | -$65.0M | -$122.0M | $476.2M | -$178.0M | -$279.7M | $560.1M |
| Dividends paid | $59.0M | $59.0M | $59.0M | $52.0M | $47.0M | $44.0M | $43.5M | $42.4M | $38.2M | $36.4M |
| Buybacks | $45.0M | $0 | $0 | — | — | — | — | $75.0M | — | $1.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-066820.
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| AME | AMETEK INC/ | $54.50B | 37.1x | 6.6% |
| ROP | ROPER TECHNOLOGIES INC | $40.28B | 28.7x | 12.3% |
| FTV | Fortive Corp | $17.36B | 32.9x | 1.9% |
| CGNX | COGNEX CORP | $10.47B | 91.5x | 8.7% |
| RAL | Ralliant Corp | $7.02B | — | -4.0% |
| ST | Sensata Technologies Holding plc | $6.27B | 205.1x | -5.8% |