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MKSI

MKS Inc.

MKSI

MKS Inc. • NASDAQ
$156.39 ▲ 2.87% (+4.37)
Market Cap $10.50 B
52w High $160.18
52w Low $54.84
Dividend Yield 0.88%
P/E 38.05
Volume 236.97K
Outstanding Shares 67.17M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $988M ▲ $323M ▲ $74M ▲ 7.49% ▲ $1.1 ▲ $223M ▲
Q2-2025 $973M ▲ $318M ▼ $62M ▲ 6.372% ▲ $0.92 ▲ $217M ▲
Q1-2025 $936M ▲ $333M ▲ $52M ▼ 5.556% ▼ $0.77 ▼ $203M ▼
Q4-2024 $934M ▲ $305M ▲ $91M ▲ 9.743% ▲ $1.34 ▲ $235M ▲
Q3-2024 $896M $304M $62M 6.92% $0.92 $225M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $697M ▲ $8.777B ▼ $6.177B ▼ $2.6B ▲
Q2-2025 $674M ▲ $8.826B ▲ $6.273B ▲ $2.553B ▲
Q1-2025 $655M ▼ $8.556B ▼ $6.202B ▼ $2.354B ▲
Q4-2024 $714M ▼ $8.59B ▼ $6.268B ▼ $2.322B ▼
Q3-2024 $861M $9.023B $6.625B $2.398B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $74M ▲ $197M ▲ $-51M ▼ $-128M ▲ $23M ▲ $146M ▲
Q2-2025 $62M ▲ $165M ▲ $-27M ▼ $-129M ▲ $19M ▲ $136M ▲
Q1-2025 $52M ▼ $141M ▼ $-18M ▲ $-180M ▲ $-59M ▲ $123M ▼
Q4-2024 $91M ▲ $176M ▲ $-51M ▼ $-246M ▼ $-147M ▼ $125M ▲
Q3-2024 $62M $130M $-22M $-111M $11M $108M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $820.00M ▲$820.00M ▲$850.00M ▲$860.00M ▲
Service
Service
 $110.00M ▲$120.00M ▲$130.00M ▲$130.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the last few years and has recently flattened out, which is typical for a company tied to semiconductor and industrial spending cycles. Profitability tells a more turbulent story: margins were healthy before a very weak year in 2023, when large charges and a softer environment pushed operating results deep into the red. In 2024, the business returned to profit, but earnings are still below the earlier peak years, suggesting that the company is still working through integration costs, higher interest from a larger debt load, and a less favorable industry backdrop. Overall, the income statement shows a resilient but cyclical company that is recovering from a sharp downturn rather than operating at full strength.

Balance Sheet

Balance Sheet The balance sheet has changed dramatically due to acquisitions. Total assets roughly doubled with the big deal in 2022, but so did debt, leaving the company much more leveraged than it was a few years ago. Cash on hand has stayed fairly steady and modest relative to total debt, which puts more importance on consistent cash generation. Shareholder equity rose with the acquisition and then declined during the loss-making year, likely reflecting write-downs and the 2023 net loss. The result is a balance sheet that is more stretched than before, but not distressed, with gradual debt reduction and asset normalization starting to show up.

Cash Flow

Cash Flow Despite the earnings volatility, cash generation has been a relative bright spot. Operating cash flow has stayed positive every year, even during the difficult 2023 period, which suggests the core operations throw off cash reliably. Free cash flow has also remained positive and fairly steady, helped by disciplined, relatively modest capital spending. This pattern indicates that the company can both invest in its business and contribute to debt reduction over time, as long as the industry cycle does not deteriorate sharply and working capital remains under control.

Competitive Edge

Competitive Edge MKS benefits from being deeply embedded in its customers’ manufacturing processes, especially in semiconductors and advanced electronics. Its “surround the wafer” approach means it supplies many of the critical subsystems around the chip-making process—pressure and flow control, power delivery, photonics, and specialty chemicals—creating high switching costs and long-term relationships. The portfolio is broad and diversified, spanning vacuum, lasers, optics, and chemistry, which helps soften the blow from downturns in any single niche. At the same time, the company operates in a cyclical, highly competitive market against capable rivals, and is exposed to swings in capital spending and to the purchasing decisions of a relatively concentrated set of large customers.

Innovation and R&D

Innovation and R&D Innovation is a core strength. The company has evolved from a pioneer in vacuum measurement to a multi-technology provider covering pressure and flow control, RF power, lasers, optics, and specialty chemicals. Acquisitions like Newport, ESI, and Atotech have expanded its capabilities into photonics, laser micromachining, and advanced plating chemistries, giving it a toolkit that few competitors can match. Current R&D and product efforts are focused on fast-growing areas like advanced packaging and interconnects, laser-based manufacturing, and smarter process control using artificial intelligence and machine learning. This sustained investment and broad patent-backed portfolio create many avenues for future growth but also require ongoing spending and careful integration of acquired technologies.

Summary

Putting it all together, MKS looks like a technologically strong, innovation-driven supplier at the heart of advanced manufacturing, but one that has taken on more financial risk to build that position. The income statement shows a company that has grown significantly and then hit a rough patch, with profitability now recovering but not yet back to prior highs. The balance sheet reflects the cost of expansion, with high leverage that makes cash flow execution and industry conditions more important than before. Consistent positive free cash flow partly offsets this risk and supports gradual deleveraging. Strategically, MKS’s breadth of technologies, deep customer integration, and focus on high-value niches such as advanced semiconductor packaging and photonics give it meaningful competitive advantages. Future outcomes will hinge on how well it manages industry cyclicality, integrates past acquisitions, and converts its strong innovation pipeline into stable, higher-margin growth over time.

NEWS

November 5, 2025 · 4:30 PM UTC

MKS Inc. Reports Third Quarter 2025 Financial Results

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November 4, 2025 · 9:00 AM UTC

MKS Inc. Declares Quarterly Cash Dividend

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October 16, 2025 · 4:30 PM UTC

MKS Inc. President and CEO John T.C. Lee Awarded the 2025 Optica i4 Individual Lifetime Achievement Prize

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