Start here if you're new
what it is
MKS sells the gas, vacuum, and laser gear chip factories use to keep wafers moving.
how it gets paid
Last year Mks made $3.9B in revenue. Vacuum solutions was the main engine at $1.6B, or 41% of sales.
why it's growing
Revenue grew 9.6% last year. In 2025, revenues in the vacuum solutions segment surged 14%, thanks to higher demand for semiconductor capital equipment in logic and foundry applications.
what just happened
MKS beat estimates with $2.47 EPS, 7.86% above the $2.29 bar.
At a glance
B+ balance sheet — decent shape, but not bulletproof
55/100 earnings predictability — expect surprises
27.7x trailing p/e — priced about right
0.5% dividend yield — cash in your pocket every quarter
16.0% return on capital — nothing to write home about
xvary composite: 63/100 — average
What they do
MKS sells the gas, vacuum, and laser gear chip factories use to keep wafers moving.
You don't swap this equipment like a printer. MKS has 10,100 employees and sells measurement tools semiconductor plants use to control gases, flows, and vacuum. Vacuum solutions grew 14%, and materials solutions grew 12%, so one weak end market does not own the story.
How they make money
$3.9B
annual revenue · their business grew +9.6% last year
Vacuum solutions
$1.6B
+14.0%
Materials solutions
$1.3B
+12.0%
Photonics solutions
$0.6B
+1.0%
Other instruments and components
$0.4B
+0.0%
The products that matter
vacuum and process tools
Vacuum Solutions
+14% growth in 2025
this segment grew 14% in 2025 as demand for semiconductor equipment improved. that's the clearest sign the chip cycle is helping again.
cycle lever
chemistry and equipment sales
Materials Solutions
+12% growth in 2025
materials solutions rose 12% on stronger chemistry and equipment sales. it's not the whole story, but it says the recovery is showing up in more than one lane.
second engine
pcb and photonics devices
Photonics Solutions
+1% growth in 2025
photonics only grew 1%, helped by pcb device sales. that makes it support cast, not the lead actor, at least in this update.
slower lane
Key numbers
27.7x
trailing P/E
Trailing P/E → price divided by trailing earnings → so what: you are paying 27.7 times profits.
$192
18-month target
18-month target → where the stock is expected to trade → so what: that is 12% below today's price.
16.0%
return on capital
Return on capital → profit per dollar tied up → so what: MKS earns 16 cents on each dollar.
$4.2B
long-term debt
Long-term debt → money owed after one year → so what: $4.2B is manageable until the cycle cools.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $4.2B (22% of capital)
- net profit margin 18.0% — keeps 18 cents of every dollar in revenue
- return on equity 36% — $0.36 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in MKSI 3 years ago → it's now worth $24,790.
The index would have given you $14,540.
source: institutional data · total return
What just happened
beat estimates
MKS beat estimates with $2.47 EPS, 7.86% above the $2.29 bar.
Revenue was $1.033B, and gross margin was 46.9%. Full-year revenue reached $3.9B, up 9.6%.
$1.033B
revenue
$2.47
eps
46.9%
gross margin
the number that mattered
The important number was $2.47 EPS, because it beat the $2.29 estimate by 7.86% and kept margins at 46.9%.
-
mks inc.’s top line is moving along at a quick pace.
-
in 2025, revenues in the vacuum solutions segment surged 14%, thanks to higher demand for semiconductor capital equipment in logic and foundry applications.
-
revenues in the materials solutions segment rose 12% due to a spike in chemistry and equipment sales in the electronics and packaging end markets.
-
the photonics solutions segment benefited from a 1% uptick in sales of pcb (printed circuit board) drilling equipment.mks has announced plans to open a new supercenter factory in malaysia in the second half of the year.
-
this will provide the company with additional capacity to meet customer needs.
source: company earnings report, 2026
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What could go wrong
the #1 risk is wafer fab equipment demand rolling over while $4.2B of debt stays put.
med
semiconductor equipment slowdown
vacuum solutions grew 14% because semiconductor equipment demand improved. If that demand cools, the strongest growth pocket on this page cools with it.
impact: this is a $3.9B revenue business that just rode a cyclical rebound. A weaker capex cycle would pressure both growth and the multiple at the same time.
med
acquisition-era leverage
long-term debt is $4.2B, or 22% of capital. That is manageable in a healthy cycle and more annoying in a weak one.
impact: leverage doesn't have to break the story to shrink the upside. If revenue stalls near $3.9B instead of moving toward the $4B estimate, debt matters more.
med
earnings volatility
earnings predictability is only 55/100 and price stability is 25/100. Translation: this stock can make you feel smart and stupid in alternating quarters.
impact: even if the long-term thesis holds, shorter-term misses can move the stock hard. The 52-week range of $55–$270 already told you that.
a cyclical slowdown would hit a business with $3.9B in revenue and $4.2B in debt at the same time. that's why MKSI can look like a compounder in one quarter and a trade in the next.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
the next quarterly print
you want to see revenue hold near the current $988M quarterly run rate and keep building toward the $4B full-year estimate.
segment trend
whether vacuum stays the growth engine
vacuum solutions grew 14% in 2025. If that number fades fast, the recovery story gets thinner in a hurry.
balance sheet
debt versus revenue progress
$4.2B in long-term debt is easier to live with if revenue keeps rising above $3.9B. If growth stalls, leverage becomes the conversation.
execution
malaysia capacity coming online cleanly
the new malaysia supercenter should add capacity in the second half of the year. Delays or weak utilization would make the expansion story look early.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — in human-speak, analysts think this stock still has above-average near-term strength.
risk profile
average
stability score 3 — middle of the pack overall, even if the chart itself is much less calm.
chart momentum
top 20%
technical score 2 — the trend has been strong, which fits a stock that climbed from $55 to $218 before this update.
earnings predictability
55 / 100
the business is profitable, but quarterly precision is not its superpower. Expect a few plot twists.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 211 buyers vs. 128 sellers in 4q2025. total institutional holdings: 70.9M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$75
$308
$218
current price
$192
target midpoint · 12% from current · 3-5yr high: $470 (+125% · 22% ann'l return)
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