MKS Inc.MKSI
NasdaqGS•Technology•Scientific & Technical Instruments
MKS Inc. provides foundational technology solutions to semiconductor manufacturing, electronics and packaging, and specialty industrial applications in the United States, China, South Korea, Japan, Taiwan, Singapore, and internationally. The company operates through Vacuum Solutions Division (VSD), Photonics Solutions Division (PSD), and Material Solutions Division (MSD) segments. Its VSD segment provides foundational technology solutions, including pressure measurement and control, flow measurement and control, gas and vapor delivery, gas composition analysis, electronic control technology, reactive gas generation and delivery, power generation and delivery, and fiber optic temperature and position sensing. The PSD segment offers range of solutions, which include lasers, photonics, optics, precision motion control, and vibration control. Its MSD segment develops, process, and manufactures technologies comprising advanced surface modification, electroless and electrolytic plating, and surface finishing for chemistry, equipment, and services markets, as well as high-technology applications. In addition, the company sells its products and services through direct sales, network of independent distributors, and sales representatives, as well as websites, including product catalogs. MKS Inc. was formerly known as MKS Instruments, Inc. and changed its name to MKS Inc. in May 2025. The company was incorporated in 1961 and is based in Andover, Massachusetts.
MKS Inc. (MKSI) reported trailing twelve months revenue of $4.07B as of March 2026, a 11.5% increase year-over-year. Quarterly revenue reached $1.08B, reflecting continued top-line momentum.
MKS Inc. generated $327.00M in TTM net income, with quarterly EBITDA of $234.00M. The operating margin expanded from 11.9% to 13.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (13.8%) and net margin (7.8%) indicates moderate non-operating costs. Net margin has improved from 5.6% a year ago, signaling stronger bottom-line efficiency.
MKSI trades at a P/E of 43.4x (a premium multiple) and a P/S of 3.5x. The price-to-book ratio of 5.0x indicates a significant premium over book value.
The company generated $28.00M in free cash flow over the trailing twelve months, a 77.2% decrease year-over-year, indicating cash generation ability. The balance sheet shows $8.73B in total assets with $2.65B in long-term debt against $2.81B in stockholders equity for a debt-to-equity ratio of 0.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~13.8%, suggesting durable pricing power and cost discipline.
ROE is positive at ~7.9% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~13.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~13.9% — no sign of cost or pricing stress.
FCF covers net income by 1.9x on average — earnings are well-supported by cash generation.
D/E ratio is 0.9 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.