MKS (MKSI)
Market Price (2/22/2026): $259.55 | Market Cap: $17.5 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
MKS (MKSI)
Market Price (2/22/2026): $259.55Market Cap: $17.5 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% | Trading close to highsDist 52W High is -1.4%, Dist 3Y High is -1.4% | Stock price has recently run up significantly6M Rtn6 month market price return is 147%, 12M Rtn12 month market price return is 154% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Advanced Materials, and Artificial Intelligence. Themes include Factory Automation, Show more. | Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 105% | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% | ||
| Key risksMKSI key risks include [1] substantial indebtedness and asset impairments from challenges integrating major acquisitions, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Advanced Materials, and Artificial Intelligence. Themes include Factory Automation, Show more. |
| Trading close to highsDist 52W High is -1.4%, Dist 3Y High is -1.4% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 147%, 12M Rtn12 month market price return is 154% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 105% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.3% |
| Key risksMKSI key risks include [1] substantial indebtedness and asset impairments from challenges integrating major acquisitions, Show more. |
Qualitative Assessment
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MKS (MKSI) stock has gained about 80% since 10/31/2025 because of the following key factors:
1. Exceptional Financial Performance and Optimistic Guidance Drove Investor Confidence.
MKS Instruments demonstrated strong financial health, reporting Q4 2025 revenue of $1.033 billion and non-GAAP diluted EPS of $2.47, with full-year 2025 revenue reaching $3.931 billion. This performance exceeded the midpoint of previous guidance for revenue, gross margin, and earnings per diluted share. The company also delivered substantial year-over-year growth in 2025, with sales up 10%, EPS up 20%, and free cash flow growth exceeding 20%. For Q1 2026, MKS provided guidance for revenue of approximately $1.04 billion (± $40 million) and non-GAAP diluted EPS of about $2.00 (± $0.28). Furthermore, MKS revised its earnings estimates upward for 2026 and 2027, signaling a positive outlook for future growth.
2. Strategic Refocus and Significant Debt Refinancing Enhanced Financial Stability.
In October 2025, MKS announced its intention to divest its $1 billion chemicals unit, allowing it to refocus on its core semiconductor equipment business and better capitalize on AI-driven chip demand. This strategic move was complemented by a major debt refinancing on February 4, 2026, which included a private offering of €1.0 billion (approximately $1.08 billion) in 4.25% senior notes due 2034. The company utilized the proceeds to prepay approximately $1.3 billion of debt, diversifying its capital structure, extending maturities, and significantly reducing interest rates.
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1. Exceptional Financial Performance and Optimistic Guidance Drove Investor Confidence.
MKS Instruments demonstrated strong financial health, reporting Q4 2025 revenue of $1.033 billion and non-GAAP diluted EPS of $2.47, with full-year 2025 revenue reaching $3.931 billion. This performance exceeded the midpoint of previous guidance for revenue, gross margin, and earnings per diluted share. The company also delivered substantial year-over-year growth in 2025, with sales up 10%, EPS up 20%, and free cash flow growth exceeding 20%. For Q1 2026, MKS provided guidance for revenue of approximately $1.04 billion (± $40 million) and non-GAAP diluted EPS of about $2.00 (± $0.28). Furthermore, MKS revised its earnings estimates upward for 2026 and 2027, signaling a positive outlook for future growth.
2. Strategic Refocus and Significant Debt Refinancing Enhanced Financial Stability.
In October 2025, MKS announced its intention to divest its $1 billion chemicals unit, allowing it to refocus on its core semiconductor equipment business and better capitalize on AI-driven chip demand. This strategic move was complemented by a major debt refinancing on February 4, 2026, which included a private offering of €1.0 billion (approximately $1.08 billion) in 4.25% senior notes due 2034. The company utilized the proceeds to prepay approximately $1.3 billion of debt, diversifying its capital structure, extending maturities, and significantly reducing interest rates.
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Stock Movement Drivers
Fundamental Drivers
The 80.7% change in MKSI stock from 10/31/2025 to 2/21/2026 was primarily driven by a 73.2% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 2212026 | Change |
|---|---|---|---|
| Stock Price ($) | 143.49 | 259.27 | 80.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,739 | 3,831 | 2.5% |
| Net Income Margin (%) | 7.1% | 7.3% | 2.0% |
| P/E Multiple | 36.1 | 62.5 | 73.2% |
| Shares Outstanding (Mil) | 67 | 67 | -0.1% |
| Cumulative Contribution | 80.7% |
Market Drivers
10/31/2025 to 2/21/2026| Return | Correlation | |
|---|---|---|
| MKSI | 80.7% | |
| Market (SPY) | 1.1% | 47.0% |
| Sector (XLK) | -6.3% | 54.5% |
Fundamental Drivers
The 173.4% change in MKSI stock from 7/31/2025 to 2/21/2026 was primarily driven by a 123.1% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 2212026 | Change |
|---|---|---|---|
| Stock Price ($) | 94.84 | 259.27 | 173.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,653 | 3,831 | 4.9% |
| Net Income Margin (%) | 6.2% | 7.3% | 16.7% |
| P/E Multiple | 28.0 | 62.5 | 123.1% |
| Shares Outstanding (Mil) | 67 | 67 | 0.1% |
| Cumulative Contribution | 173.4% |
Market Drivers
7/31/2025 to 2/21/2026| Return | Correlation | |
|---|---|---|
| MKSI | 173.4% | |
| Market (SPY) | 9.4% | 52.2% |
| Sector (XLK) | 7.4% | 57.3% |
Fundamental Drivers
The 130.8% change in MKSI stock from 1/31/2025 to 2/21/2026 was primarily driven by a 732.3% change in the company's Net Income Margin (%).| (LTM values as of) | 1312025 | 2212026 | Change |
|---|---|---|---|
| Stock Price ($) | 112.33 | 259.27 | 130.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,543 | 3,831 | 8.1% |
| Net Income Margin (%) | 0.9% | 7.3% | 732.3% |
| P/E Multiple | 244.2 | 62.5 | -74.4% |
| Shares Outstanding (Mil) | 67 | 67 | 0.1% |
| Cumulative Contribution | 130.8% |
Market Drivers
1/31/2025 to 2/21/2026| Return | Correlation | |
|---|---|---|
| MKSI | 130.8% | |
| Market (SPY) | 15.6% | 73.7% |
| Sector (XLK) | 22.6% | 76.7% |
Fundamental Drivers
The 159.9% change in MKSI stock from 1/31/2023 to 2/21/2026 was primarily driven by a 341.0% change in the company's P/E Multiple.| (LTM values as of) | 1312023 | 2212026 | Change |
|---|---|---|---|
| Stock Price ($) | 99.74 | 259.27 | 159.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,225 | 3,831 | 18.8% |
| Net Income Margin (%) | 13.3% | 7.3% | -45.3% |
| P/E Multiple | 14.2 | 62.5 | 341.0% |
| Shares Outstanding (Mil) | 61 | 67 | -9.4% |
| Cumulative Contribution | 159.9% |
Market Drivers
1/31/2023 to 2/21/2026| Return | Correlation | |
|---|---|---|
| MKSI | 159.9% | |
| Market (SPY) | 75.9% | 70.4% |
| Sector (XLK) | 111.5% | 73.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MKSI Return | 16% | -51% | 23% | 2% | 54% | 56% | 72% |
| Peers Return | 36% | -32% | 39% | 24% | 45% | 57% | 265% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 0% | 83% |
Monthly Win Rates [3] | |||||||
| MKSI Win Rate | 58% | 33% | 50% | 50% | 67% | 100% | |
| Peers Win Rate | 67% | 38% | 55% | 53% | 57% | 100% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MKSI Max Drawdown | -6% | -62% | -22% | -5% | -44% | 0% | |
| Peers Max Drawdown | -9% | -46% | -12% | -11% | -35% | -1% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[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 2/20/2026 (YTD)
How Low Can It Go
| Event | MKSI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -66.9% | -25.4% |
| % Gain to Breakeven | 202.4% | 34.1% |
| Time to Breakeven | 1,163 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -41.3% | -33.9% |
| % Gain to Breakeven | 70.5% | 51.3% |
| Time to Breakeven | 128 days | 148 days |
| 2018 Correction | ||
| % Loss | -54.6% | -19.8% |
| % Gain to Breakeven | 120.1% | 24.7% |
| Time to Breakeven | 584 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -59.2% | -56.8% |
| % Gain to Breakeven | 145.2% | 131.3% |
| Time to Breakeven | 688 days | 1,480 days |
Compare to COHR, AEIS, ENTG, UCTT, KLAC
In The Past
MKS's stock fell -66.9% during the 2022 Inflation Shock from a high on 4/5/2021. A -66.9% loss requires a 202.4% gain to breakeven.
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About MKS (MKSI)
MKS Instruments, Inc. provides instruments, systems, subsystems, and process control solutions that measure, monitor, deliver, analyze, power, and control critical parameters of manufacturing processes worldwide. Its Vacuum & Analysis segment offers pressure and vacuum control solutions, including direct and indirect pressure measurement; materials delivery solutions comprising flow and valve technologies, as well as integrated pressure measurement and control subsystems, which provide customers with precise control capabilities; power solutions products, such as microwave, power delivery systems, radio frequency matching networks, and metrology products used in providing energy to etching, stripping, and deposition processes; and plasma and reactive gas products. Its Light & Motion segment offers laser products, such as continuous wave and pulsed nanosecond, diode and diode-pumped solid-state, and fiber laser technologies; and photonics products comprising motion control, optical tables and vibration isolation systems, photonic instruments, optics and optical assemblies, opto-mechanical components, temperature sensing products for wafer fabrication systems, and laser and LED measurement products, including laser power and energy meters, laser beam profilers, and optical and photonic subsystems. Its Equipment & Solutions segment provides laser-based systems for printed circuit board (PCB) manufacturing, including flexible interconnect PCB processing systems and high-density interconnect solutions for rigid PCB manufacturing and substrate processing, and multi-layer ceramic capacitor test systems. It serves semiconductor, industrial technologies, life and health sciences, research, and defense markets. It sells its products and services through its direct sales organization, independent distributors, and sales representatives, as well as through its websites and product catalogs. The company was incorporated in 1961 and is headquartered in Andover, Massachusetts.
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Here are 1-3 brief analogies for MKS Instruments (MKSI):
MKS Instruments is like **Applied Materials (AMAT) for the fundamental building blocks of advanced manufacturing.**
MKS Instruments is like **Keysight Technologies (KEYS) for actively controlling high-tech manufacturing processes.**
MKS Instruments is like **Thermo Fisher Scientific (TMO) for industrial process control and advanced materials manufacturing.**
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- Vacuum & Pressure Measurement Instruments: Devices for highly accurate measurement and control of vacuum pressure in various industrial and scientific applications.
- Mass Flow Controllers & Gas Delivery Systems: Equipment that precisely regulates and monitors the flow of gases in complex manufacturing processes, especially in semiconductor fabrication.
- RF & DC Power Supplies and Plasma Generators: Advanced power delivery systems and plasma sources crucial for plasma-based processes in manufacturing.
- Lasers & Photonics Components: A broad range of lasers, optical components, and subsystems used for precision manufacturing, inspection, and scientific research.
- Motion Control & Vibration Isolation Systems: Precision motion stages, actuators, and vibration isolation solutions critical for nanoscale positioning and stability in advanced applications.
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MKS Instruments (MKSI) - Major Customers
MKS Instruments (MKSI) primarily sells its products, systems, and solutions to other companies (Business-to-Business or B2B) rather than directly to individuals. Their major customers are typically Original Equipment Manufacturers (OEMs) and industrial users across various advanced technology sectors.
Due to the diversified nature of their customer base and the fact that no single customer accounted for 10% or more of their net revenues in recent fiscal years (as stated in their latest 10-K filings with the SEC), MKS Instruments does not publicly disclose the names of its specific major customers.
However, their customer base can be broadly categorized by the industries they serve:
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Semiconductor Equipment Manufacturers (OEMs): These companies design and produce the complex machinery and tools used in the fabrication of integrated circuits and semiconductor devices. MKS provides critical subsystems, components, and process control solutions essential for these advanced manufacturing processes.
Examples of companies that operate in this sector (though not explicitly confirmed as MKS's direct major customers) include:
- Applied Materials (NASDAQ: AMAT)
- Lam Research Corporation (NASDAQ: LRCX)
- ASML Holding N.V. (NASDAQ: ASML)
- KLA Corporation (NASDAQ: KLAC)
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Advanced Market OEMs and Industrial Users: This broad category encompasses a diverse range of companies and institutions across various high-technology sectors:
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Industrial Technologies: Manufacturers and industrial users in fields such as advanced manufacturing, automotive, energy, general vacuum applications, and surface treatment.
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Life and Health Sciences: Companies involved in medical device manufacturing, pharmaceuticals, biotechnology, and producers of analytical and diagnostic instruments.
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Research and Defense: Academic and government research institutions, as well as defense contractors, that require high-precision instruments and vacuum solutions for scientific research, development, and specialized applications.
-
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John T.C. Lee, President and Chief Executive Officer
Dr. John T.C. Lee has served as President and Chief Executive Officer of MKS Instruments, Inc. since January 2020. He joined MKS in 2007, holding various senior leadership positions, including President and Chief Operating Officer, Senior Vice President and Chief Operating Officer, and leadership roles managing various business units. Before joining MKS, Dr. Lee held senior management roles at Applied Materials, Inc. from 2002 to 2007, including Managing Director of Factory Technology and Projects within the Solar Business Group and General Manager of the Cleans Product Group. From 1997 to 2002, he was the Research Director of the Silicon Fabrication Research Department at Lucent Technologies, Inc., and from 1991 to 1997, he was a Member of the Technical Staff at Bell Labs. Dr. Lee has served on the MKS Board of Directors since 2020 and on the board of directors of Cognex Corporation since 2022. He led MKS during its acquisition of Atotech in 2022, which expanded MKS's offerings in advanced electronics.
Ram Mayampurath, Executive Vice President, Chief Financial Officer and Treasurer
Mr. Ram Mayampurath has been the Executive Vice President, Chief Financial Officer and Treasurer of MKS Instruments since October 2024. Prior to this role, he served as the Senior Vice President, Chief Financial Officer and Treasurer of Rogers Corporation. Earlier in his career, Mr. Mayampurath held divisional financial leadership roles at Royal Philips Electronics.
James A. Schreiner, Executive Vice President & Chief Operating Officer
Mr. James A. Schreiner transitioned back to his role as Executive Vice President & Chief Operating Officer on August 1, 2025. In this position, he is responsible for overseeing operations, supply chain, and workplace operations for the Vacuum Solutions Division and the Photonics Solutions Division. Previously, he led the Materials Solutions Division (MSD), where he guided it successfully after the acquisition of Atotech in August 2022.
David P. Henry, Executive Vice President, Global Strategic Marketing, and General Manager, Materials Solutions Division
Mr. David P. Henry assumed the role of Executive Vice President, Global Strategic Marketing, and General Manager, Materials Solutions Division on August 1, 2025. He also continues to maintain responsibility for strategic and corporate marketing for the company. Prior to this, Mr. Henry served as Executive Vice President, Operations and Corporate Marketing.
Gerald G. Colella, Chairman
Mr. Gerald G. Colella has served as the Chairman of MKS Instruments since 2020. He has a long history with the company, having served as Chief Executive Officer from 2014 to 2020, President from 2013 to 2018, Chief Operating Officer from 2010 to 2013, and Vice President and Chief Business Officer from 2005 to 2010. Mr. Colella joined MKS Instruments in 1983. He also served as a Director of GCP Applied Technologies Inc from 2017 to 2020.
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Here are the key risks to MKS Instruments' business: 1. Acquisition Risks and Substantial IndebtednessMKS Instruments faces significant risks related to its acquisitions, particularly the integration of Atotech Limited. This acquisition has substantially increased the company's indebtedness, which could reduce business flexibility and lead to higher interest expenses. The company has also recorded impairments of goodwill and intangible assets related to the Atotech and Electro Scientific Industries (ESI) acquisitions, indicating challenges in realizing the anticipated benefits. 2. Cyclicality of Semiconductor and Electronics Industries
MKS Instruments' performance is highly leveraged to the cyclical nature of the semiconductor and electronics manufacturing industries. This can lead to significant fluctuations in earnings, with semiconductor-related revenue experiencing a 28% drop in 2023. 3. Supply Chain Disruptions and Dependence on Sole/Limited Source Suppliers
The company faces operational risks from supply chain disruptions, which have resulted in increased costs and inventory challenges. MKS Instruments' reliance on sole and limited source suppliers for critical components further exacerbates these risks, potentially impacting its manufacturing capabilities and ability to deliver products.
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MKS Instruments (MKSI) operates in three primary addressable markets: Semiconductor, Electronics & Packaging, and Specialty Industrial. The global market sizes for these areas are as follows:
Semiconductor Market
- The global semiconductor assembly and packaging equipment market was estimated at approximately USD 5.25 billion in 2025 and is projected to grow to USD 11.22 billion by 2034. Another estimate for the global semiconductor assembly and packaging equipment market size is USD 9.85 billion in 2025, forecasted to reach USD 20.96 billion by 2034. Asia Pacific is a dominant region in this market.
- The global semiconductor process control equipment market, which includes metrology and inspection systems, is projected to be USD 13.03 billion in 2025 and is expected to reach USD 16.95 billion by 2030. Asia-Pacific held a significant share of this market, at 65.4% in 2024.
- The overall global advanced semiconductor equipment market is projected to reach USD 117.4 billion by 2028.
Electronics & Packaging Market
- The global electronic packaging market size was estimated at USD 62.51 billion in 2024 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.2% from 2025 to 2030.
- The global industrial electronics packaging market is valued at USD 4.215 billion in 2025 and is projected to reach USD 7.892 billion by 2035, growing at a CAGR of 6.4%.
Specialty Industrial Market
- The global industrial manufacturing services market was valued at USD 580.52 million in 2025.
- The global industrial services market was valued at USD 41.78 billion in 2024 and is projected to reach USD 64.61 billion by 2032, with a CAGR of 5.60%.
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MKS Instruments (NASDAQ: MKSI) is anticipated to drive future revenue growth over the next two to three years through several key areas, primarily fueled by advancements in artificial intelligence (AI) and strategic positioning in critical technology markets.
Here are the expected drivers of future revenue growth:
- Strong Demand in Semiconductor and AI-Related Technologies: MKS Instruments expects continued growth in the semiconductor sector, driven by AI advancements and increasing demand for advanced packaging solutions. The company is strategically positioned at the forefront of accelerating innovation, providing enabling technologies for high-growth emerging AI applications. While some segments, like NAND upgrade activity, may see cyclical fluctuations, the overall fundamentals of the semiconductor business remain strong, with an anticipated pickup in wafer fab equipment (WFE) in the second half of 2026. MKS's diverse technology solutions for advanced logic and memory nodes are crucial for tackling complex challenges in electronic device manufacturing, particularly in the AI era.
- Growth in Electronics & Packaging, driven by Proprietary Chemistry and Equipment Sales: The Electronics & Packaging segment has demonstrated robust year-over-year revenue growth, largely propelled by strong demand for MKS's chemistry solutions and equipment, including flexible PCB drilling equipment. This performance is significantly linked to emerging AI-driven demand, which necessitates increasingly thick, multi-layer high-density interconnect (HDI) boards. The company's proprietary chemistry is expected to be a key, long-tail, and steady consumable revenue generator for years to come.
- Leveraging the Atotech Acquisition for Cross-Selling and Expanded Offerings: The integration of Atotech's proprietary chemistries into MKS's technology portfolio uniquely positions the company to provide both tools and consumables required for the shift to multilayer, high-density AI-related applications. This strategic acquisition enables cross-selling opportunities, contributing to superior revenue growth and improvements in gross and operating margins.
- Expansion and Optimization in Specialty Industrial Markets: MKS is actively leveraging its research and development investments from the semiconductor and electronics sectors to unlock new opportunities within its specialty industrial markets. Although this segment has shown more stable growth compared to the electronics and packaging markets, there has been sequential improvement in the industrial market. This strategy aims to generate attractive incremental margins and cash flow from its broad domain expertise across vacuum, photonics, and chemistry.
- Continuous Investment in and Expansion of Differentiated Product Offerings: MKS Instruments continues to invest in expanding its product offerings, which has already begun to yield significant benefits. The company's unique portfolio of differentiated products and technologies across vacuum, photonics, chemistry, and laser solutions enables it to gain market share in AI-related applications and address the industry's increasingly challenging technology roadmaps.
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Share Repurchases
- MKS Instruments repurchased approximately 546,000 shares of its common stock for about $45 million in the first quarter of 2025.
- The company did not repurchase common stock during 2019 and 2020.
- Management evaluates opportunistic share buybacks when accretive, especially considering stock volatility.
Share Issuance
- In 2024, MKS completed an upsized $1.4 billion convertible note offering, primarily used to pay down higher-interest debt.
Outbound Investments
- In July 2021, MKS Instruments acquired Atotech for an equity value of $5.1 billion and an enterprise value of approximately $6.5 billion, aiming to drive innovations in advanced electronics and PCB interconnects.
- MKS announced an agreement in May 2021 to acquire Photon Control Inc. for approximately CAD$387 million in an all-cash transaction, to expand its optical sensor technology for temperature control in semiconductor wafer fabrication.
Capital Expenditures
- Capital expenditures for MKS Instruments averaged $108.2 million annually from fiscal years 2020 to 2024, with a peak of $164 million in 2022 and $118 million in 2024.
- The company invested $50 million in capital expenditures in Q3 2025, representing a 127% year-over-year increase which constrained free cash flow.
- MKS anticipates its annual capital expenditures for 2025 to be at the low end of its guidance of 4% to 5% of revenue, with a focus on strategic investments in a new semiconductor factory in Malaysia and a future chemistry facility in Thailand to enhance manufacturing capacity and resilience, particularly for AI-related advanced electronics applications.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| 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 | |
| Better Bet Than MKSI Stock: Pay Less Than MKS To Get More From FI, DÂ | 08/12/2025 | |
| ARTICLES | ||
| Mid Cap Stocks Trading At 52-Week High | 12/10/2025 | |
| Small Cap Stocks Trading At 52-Week High | 11/04/2025 |
Trade Ideas
Select ideas related to MKSI.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 01302026 | ROP | Roper Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -13.4% | -13.4% | -13.8% |
| 01302026 | TDC | Teradata | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 17.7% | 17.7% | -8.7% |
| 01302026 | CVLT | CommVault Systems | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 2.3% | 2.3% | -5.1% |
| 01302026 | NTNX | Nutanix | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 6.2% | 6.2% | -6.3% |
| 01302026 | FICO | Fair Isaac | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -8.1% | -8.1% | -9.2% |
| 07312025 | MKSI | MKS | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 157.2% | 174.9% | -5.8% |
| 10312024 | MKSI | MKS | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -27.6% | 46.0% | -40.6% |
| 02282023 | MKSI | MKS | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 1.4% | 24.4% | -32.3% |
| 06302022 | MKSI | MKS | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -16.7% | 6.3% | -36.5% |
| 09302018 | MKSI | MKS | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 16.7% | 16.3% | -28.7% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 253.72 |
| Mkt Cap | 18.9 |
| Rev LTM | 3,514 |
| Op Inc LTM | 607 |
| FCF LTM | 261 |
| FCF 3Y Avg | 214 |
| CFO LTM | 538 |
| CFO 3Y Avg | 525 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.8% |
| Rev Chg 3Y Avg | 3.3% |
| Rev Chg Q | 8.7% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 12.5% |
| Op Mgn 3Y Avg | 10.5% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 15.3% |
| CFO/Rev 3Y Avg | 12.6% |
| FCF/Rev LTM | 9.7% |
| FCF/Rev 3Y Avg | 8.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 18.9 |
| P/S | 6.5 |
| P/EBIT | 40.3 |
| P/E | 73.2 |
| P/CFO | 38.6 |
| Total Yield | 1.3% |
| Dividend Yield | 0.1% |
| FCF Yield 3Y Avg | 2.2% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 18.2% |
| 3M Rtn | 79.0% |
| 6M Rtn | 130.9% |
| 12M Rtn | 127.0% |
| 3Y Rtn | 225.7% |
| 1M Excs Rtn | 19.8% |
| 3M Excs Rtn | 77.8% |
| 6M Excs Rtn | 135.1% |
| 12M Excs Rtn | 107.4% |
| 3Y Excs Rtn | 140.9% |
Comparison Analyses
Segment Financials
Assets by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Goodwill and intangible assets, net | 5,173 | 7,481 | 1,804 | 1,579 | 1,623 |
| Cash and cash equivalents | 875 | 910 | 1,042 | 836 | 524 |
| Property, plant and equipment, net | 784 | 800 | 326 | 284 | 242 |
| Vacuum Solutions Division (VSD) | 734 | 798 | 624 | 502 | 411 |
| Photonics Solutions Division (PSD) | 454 | 506 | 323 | 289 | 311 |
| Materials Solutions Division (MSD) | 406 | 488 | 98 | 115 | 114 |
| Other assets | 240 | 186 | 79 | 52 | 53 |
| Other current assets | 227 | 187 | 85 | 74 | 106 |
| Right-of-use assets | 225 | 234 | 184 | 184 | 64 |
| Corporate, Eliminations & Other | -95 | -25 | -12 | -32 | |
| Total | 9,118 | 11,495 | 4,540 | 3,904 | 3,416 |
Price Behavior
Price Behavior
| Market Price | $259.27 | |
| Market Cap ($ Bil) | 17.4 | |
| First Trading Date | 03/30/1999 | |
| Distance from 52W High | -1.4% | |
| 50 Days | 200 Days | |
| DMA Price | $202.21 | $136.00 |
| DMA Trend | up | up |
| Distance from DMA | 28.2% | 90.6% |
| 3M | 1YR | |
| Volatility | 47.9% | 64.1% |
| Downside Capture | 88.92 | 205.57 |
| Upside Capture | 403.95 | 271.64 |
| Correlation (SPY) | 50.2% | 74.9% |
MKSI Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.31 | 2.48 | 2.07 | 2.50 | 2.46 | 2.38 |
| Up Beta | 3.41 | 4.16 | 2.55 | 2.63 | 2.49 | 2.39 |
| Down Beta | -1.28 | 0.99 | 1.36 | 2.40 | 2.60 | 2.35 |
| Up Capture | 763% | 620% | 492% | 604% | 675% | 3501% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 13 | 25 | 35 | 74 | 134 | 387 |
| Down Capture | -140% | 94% | 99% | 139% | 146% | 113% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 7 | 16 | 26 | 51 | 117 | 364 |
[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 | 145.6% | 64.1% | 1.65 | - |
| Sector ETF (XLK) | 17.0% | 27.5% | 0.55 | 78.0% |
| Equity (SPY) | 13.5% | 19.4% | 0.53 | 74.9% |
| Gold (GLD) | 74.5% | 25.6% | 2.15 | 7.4% |
| Commodities (DBC) | 7.2% | 16.9% | 0.25 | 32.9% |
| Real Estate (VNQ) | 7.1% | 16.7% | 0.24 | 45.1% |
| Bitcoin (BTCUSD) | -29.7% | 44.9% | -0.65 | 35.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MKSI | |
|---|---|---|---|---|
| MKSI | 10.0% | 50.0% | 0.37 | - |
| Sector ETF (XLK) | 16.1% | 24.8% | 0.59 | 75.2% |
| Equity (SPY) | 13.4% | 17.0% | 0.62 | 70.8% |
| Gold (GLD) | 22.6% | 17.1% | 1.08 | 13.8% |
| Commodities (DBC) | 10.9% | 19.0% | 0.46 | 17.9% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 45.8% |
| Bitcoin (BTCUSD) | 7.4% | 57.1% | 0.35 | 28.9% |
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 | 24.3% | 46.3% | 0.64 | - |
| Sector ETF (XLK) | 23.3% | 24.2% | 0.88 | 73.4% |
| Equity (SPY) | 16.1% | 17.9% | 0.77 | 69.1% |
| Gold (GLD) | 14.8% | 15.6% | 0.79 | 7.4% |
| Commodities (DBC) | 8.6% | 17.6% | 0.40 | 21.7% |
| Real Estate (VNQ) | 7.0% | 20.7% | 0.30 | 45.1% |
| Bitcoin (BTCUSD) | 68.0% | 66.7% | 1.07 | 19.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/21/2026 | 4.8% | 9.0% | 18.2% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 14 |
| # Negative | 8 | 8 | 9 |
| Median Positive | 4.9% | 8.4% | 14.0% |
| Median Negative | -3.5% | -2.8% | -4.0% |
| 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 |
|---|---|---|
| 09/30/2025 | 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 |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mora, Elizabeth | Direct | Sell | 12032025 | 158.81 | 300 | 47,643 | 3,011,577 | Form | |
| 2 | Schreiner, James Alan | EVP & COO | Direct | Sell | 10232025 | 138.68 | 711 | 98,601 | 3,125,111 | Form |
| 3 | Moloney, Jacqueline F | Direct | Sell | 10022025 | 122.14 | 300 | 36,642 | 1,412,220 | Form | |
| 4 | Schreiner, James Alan | EVP & COO | Direct | Sell | 9192025 | 124.00 | 838 | 103,912 | 2,882,466 | Form |
| 5 | Henry, David Philip | EVP, Global Str Mktg & GM, MSD | Direct | Sell | 9192025 | 130.00 | 5,000 | 650,000 | 2,024,253 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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