At a glance
MKS Inc is worth $14.76B, about 50 times its fiscal 2025 earnings. Revenue grew 9.6% to $3.93B in fiscal 2025, with 7.5% kept as profit; over 5 years it has grown 11.0% a year. It pays a 0.44% dividend yield, and returned $321.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +56.0% over the past year with dividends reinvested and +9.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 39.4% in the 2020 crash (S&P 500: 33.7%) and 57.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 39 months after the lows.
The business in plain English
MKS Inc., formerly MKS Instruments, was founded in Massachusetts in 1961. It makes instruments, subsystems, lasers, optics and specialty chemicals that technology and industrial companies use in their manufacturing. In chipmaking, its products serve key steps such as depositing and etching thin layers, cleaning, lithography (printing circuit patterns) and inspection. MKS says its products address more than 85% of the market for chipmaking equipment. It also provides calibration and repair services.
Revenue was $3.93 billion in the fiscal year ended December 31, 2025. About 43% came from semiconductor customers. Another 28% came from electronics and packaging, where MKS supplies laser drilling systems, plating equipment and chemicals used to make printed circuit boards and package substrates (the small boards chips sit on). The other 29% came from specialty industrial uses, such as coatings for the auto industry, medical device manufacturing, research labs and defense.
MKS reports three segments. The Vacuum Solutions Division (pressure, gas flow and power control) brought in about 40% of 2025 revenue. The Materials Solutions Division (plating and surface-finishing chemistry and equipment) brought in about 34%, and the Photonics Solutions Division (lasers, optics and motion control) about 26%. About 81% of revenue came from outside the US. China was the largest country at 24%, followed by the US at 19% and South Korea at 11%.
Price history
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MKSI +56.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Vacuum Solutions Division | $1.58B | 40.2% |
| Materials Solutions Division | $1.32B | 33.7% |
| Photonics Solutions Division | $1.03B | 26.2% |
By geography
| Other Countries | $1.03B | 26.3% |
| CN | $931.0M | 23.7% |
| US | $760.0M | 19.3% |
| KR | $440.0M | 11.2% |
| SG | $265.0M | 6.7% |
| TW | $260.0M | 6.6% |
| JP | $240.0M | 6.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.25B, up 28.3% from a year earlier, and net income was $175.0M (+182.3%).
- For fiscal 2025, revenue was $3.93B (+9.6% year over year; +11.0% a year from FY2020 to FY2025) with a 7.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.0% good |
|---|---|
| Operating margin | 13.4% watch |
| Free cash flow margin | 12.6% good |
| Return on equity (FY2025) | 10.8% watch |
| Return on assets (FY2025) | 3.4% watch |
| Net cash (cash minus debt) | $-3.49B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.33B | $350.0M | $428.0M |
| FY2021 | $2.95B | $551.0M | $553.0M |
| FY2022 | $3.55B | $333.0M | $365.0M |
| FY2023 | $3.62B | $-1.84B | $232.0M |
| FY2024 | $3.59B | $190.0M | $410.0M |
| FY2025 | $3.93B | $295.0M | $497.0M |
Valuation snapshot
| Market value | $14.76B |
|---|---|
| P/E ratio | 49.9 |
| Dividend yield | 0.44% |
Rank among 1514 US companies
Market value at each year end
MKS’s market value went from $3.18B at the end of 2016 to $14.76B on Oct 28, 2026, about 4.6 times as much; since the end of 2025 it is up 37%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $14.76B | +37.5% |
| 2025 | $10.73B | +52.8% |
| 2024 | $7.03B | +2.1% |
| 2023 | $6.88B | +22.1% |
| 2022 | $5.64B | -41.7% |
| 2021 | $9.66B | +16.4% |
| 2020 | $8.30B | +38.3% |
| 2019 | $6.00B | +71.9% |
| 2018 | $3.49B | -32.0% |
| 2017 | $5.13B | +61.2% |
| 2016 | $3.18B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MKSI price data to Oct 28, 2026 | +36.9% | +56.0% | +49.2% | +9.3% | +16.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +36.9% |
| 2025 | +54.4% |
| 2024 | +2.4% |
| 2023 | +22.6% |
| 2022 | -51.0% |
| 2021 | +16.4% |
| 2020 | +37.7% |
| 2019 | +71.9% |
| 2018 | -31.1% |
| 2017 | +60.5% |
| 2016 | +67.7% |
| 2015 | +0.2% |
| 2014 | +24.9% |
| 2013 | +18.8% |
| 2012 | -5.2% |
| 2011 | +16.2% |
| 2010 | +40.8% |
| 2009 | +17.6% |
| 2008 | -22.7% |
| 2007 | -15.2% |
| 2006 | +26.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 45.9% over that stretch · deepest drop along the way 54.7%, back to its old high 22.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.2% over that stretch · deepest drop along the way 39.4%, back to its old high 4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 56.3% over that stretch · deepest drop along the way 57.1%, back to its old high 38.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 26 sales ($25.0M), 16 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 22, 2026 | John Tseng-Chung Lee President & CEO, Director | sell (plan) | $3.2M |
| Aug 14, 2026 | John Tseng-Chung Lee President & CEO, Director | sell (plan) | $3.0M |
| May 22, 2026 | Ramakumar Mayampurath EVP & CFO | sell (plan) | $2.8M |
| May 27, 2026 | Gerald G Colella Director | sell (plan) | $2.7M |
| Jun 1, 2026 | David Philip Henry EVP, Global Str Mktg & GM, MSD | sell | $1.9M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.8% | Sep 30, 2025 |
| Invesco Ltd. | 6.5% | Dec 31, 2025 |
| Vanguard Portfolio Management | 5.49% | Mar 31, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| JPMORGAN CHASE & CO | 5% | Jun 30, 2026 |
| Capital International Investors | 4.7% | Sep 30, 2024 |
| T. Rowe Price Associates, Inc. | 4.1% | Dec 31, 2025 |
| FMR LLC | 3.3% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 2.9% | Aug 31, 2026 |
| Victory Capital Management, Inc. | 0.9% | Jun 30, 2026 |
ETFs with the most weight in MKSI
| SMCO Hilton Small-MidCap Opportunity ETF | 1.01% |
| PEXL Pacer US Export Leaders ETF | 0.82% |
| TMSL T. Rowe Price Small-Mid Cap ETF | 0.73% |
| FXR First Trust Industrials/Producer Durables AlphaDEX Fund | 0.47% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.44% |
| SEIV SEI Enhanced U.S. Large Cap Value Factor ETF | 0.43% |
| BUYO KraneShares Man Buyout Beta Index ETF | 0.39% |
| ETHO Amplify Etho Climate Leadership U.S. ETF | 0.27% |
What could go wrong
- A large debt load. As of June 30, 2026, MKS owed about $3.9 billion, against $454 million in cash and investments. Interest eats into profit, and its loan and note terms limit new borrowing and acquisitions.
- Chip equipment spending swings sharply. Semiconductor customers provided about 43% of 2025 revenue, and their spending is hard to predict. MKS's semiconductor revenue fell 28% in 2023, then rose 1% in 2024 and 13% in 2025.
- Big exposure to China and trade rules. China was the largest single country market in 2025, at about 24% of revenue. Trade restrictions on chip equipment have already hurt sales, and new or expanded tariffs or restrictions could do more damage.
- More write-downs from past acquisitions. In 2023, MKS wrote down $1.9 billion of goodwill (the premium paid in deals) and intangibles from its Atotech and ESI purchases. Sizable amounts remain on the books, so more write-downs could cut earnings.
- Chemical hazards and changing chemical laws. The Materials Solutions Division, about 34% of 2025 revenue, provides plating and surface-finishing chemistry and equipment. Chemical plants can have accidents, and changing laws may force MKS to reformulate or drop some products.
- Reliance on sole-source and overseas suppliers. MKS relies on some sole-source and overseas suppliers. Supply disruptions have limited its ability to meet demand and raised costs, and misjudged demand has left excess or obsolete inventory.
Recent events
- Other company announcement
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
MKS pays a small dividend, yielding 0.44% as of October 28, 2026. The dividend held at $0.88 a share in fiscal 2022 through 2025, so there is no streak of increases. It took about 20% of fiscal 2025 earnings and 12% of free cash flow (cash left after capital spending). Share buybacks were small: $45 million in 2025, none in 2023 or 2024. Shares outstanding rose 22% from July 2021 to July 2026, diluting owners. The company warns future dividends are not assured.
Income investors would get little cash, so returns hinge on a volatile share price. The stock fell about 55% in the 2008 financial crisis, recovering 22 months after its low. It dropped 39% in the 2020 COVID crash, recovering within about four months. In the 2022 bear market it lost 57% and did not regain its old high until January 2026. As a single stock, MKS carries more risk than a diversified fund.
Questions investors ask
How does MKS Inc. make money?
MKS makes money supplying instruments, subsystems, lasers, optics and specialty chemicals used to manufacture chips, circuit boards and industrial products, along with calibration and repair services. Revenue was $3.93 billion in fiscal 2025, and net income was $295 million. The Vacuum Solutions Division brought in about 40%, Materials Solutions about 34% and Photonics Solutions about 26%. By end market, semiconductors made up 43% of revenue, electronics and packaging 28% and specialty industrial 29%.
Does MKS raise its dividend every year?
No. MKS paid $0.88 a share in each fiscal year from 2022 through 2025, after $0.80 in 2020 and $0.86 in 2021, so it has no streak of annual increases. That works out to about 1.9% a year of growth from 2020 to 2025. The dividend used about 20% of fiscal 2025 earnings, and the yield was 0.44% as of October 28, 2026. MKS also notes in its annual report that it may not pay dividends in the future.
How much debt does MKS have?
MKS had about $3.94 billion of total debt as of June 30, 2026, against $454 million in cash and investments. That leaves net debt (debt minus cash) of about $3.49 billion, compared with shareholders' equity of about $2.99 billion. The company lists its debt as a major risk: interest costs reduce profit, and the terms of its term loan, revolving credit line and notes due 2034 restrict actions such as new borrowing and acquisitions.
How volatile is MKS stock?
It is highly volatile. As of October 28, 2026, its one-year beta was 2.77, meaning it has tended to move almost three times as much as the overall market. Its annualized volatility, a measure of how widely the price swings, was 61.8%. The shares lost about 51% in 2022, then gained about 54% in 2025. The deepest fall in roughly 21 years of price history was 69%. Over the 10 years to October 28, 2026, the stock returned about 16.9% a year.
How much of MKS's revenue comes from China?
About 24%. China accounted for roughly $931 million of MKS's $3.93 billion in fiscal 2025 revenue, more than any other single country, including the US at 19%. About 81% of total revenue came from outside the US, with South Korea at 11%, Singapore and Taiwan at about 7% each and Japan at 6%. MKS warns that trade restrictions, especially involving China, have already affected its semiconductor sales and that new or expanded tariffs could hurt results.