MKS
MKSI · NasdaqIndustrial Instruments For Measurement, Display, and Control · Fiscal year ends Dec 31
MKS reported revenue of $3.9B in the fiscal year ended Dec 2025, up 9.6% from the year before. Operating income was $528M, an operating margin of 13.4%, and net income was $295M. Operating cash flow of $645M less capital expenditure of $148M left free cash flow of $497M. Net debt was $3.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3B | $3.5B | $3.6B | $3.6B | $3.9B |
| Cost of revenue | $1.6B | $2B | – | – | – |
| Gross profit | $1.4B | $1.5B | $1.6B | $1.7B | $1.8B |
| Research & development | $200M | $241M | $288M | $271M | $299M |
| Selling, general & admin | $385M | $488M | $675M | $674M | $724M |
| Operating income | $699M | $617M | −$1.6B | $498M | $528M |
| Interest expense | $25M | $177M | $356M | $284M | $212M |
| Pre-tax income | $665M | $433M | −$1.9B | $180M | $304M |
| Income tax | $114M | $100M | −$87M | −$10M | $9M |
| Net income | $551M | $333M | −$1.8B | $190M | $295M |
| Diluted EPS | 9.90 | 5.56 | −27.54 | 2.81 | 4.37 |
| Diluted shares | 56M | 60M | 67M | 68M | 68M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $966M | $909M | $507M | $420M | $418M |
| Receivables | $443M | $720M | $603M | $615M | $651M |
| Inventory | $577M | $977M | $991M | $893M | $921M |
| Current assets | $2.1B | $2.8B | $2.7B | $2.5B | $2.5B |
| Net PP&E | $326M | $800M | $784M | $771M | $810M |
| Goodwill | $1.2B | $4.3B | $2.6B | $2.5B | $2.6B |
| Total assets | $4.5B | $11.5B | $9.1B | $8.6B | $8.8B |
| Payables | $168M | $426M | $327M | $341M | $407M |
| Deferred revenue | $37M | $94M | $77M | $71M | $79M |
| Current liabilities | $460M | $952M | $848M | $775M | $927M |
| Short-term debt | $9M | $93M | $93M | $50M | $51M |
| Long-term debt | $825M | $5.1B | $5B | $4.5B | $4.2B |
| Total liabilities | $1.7B | $7B | $6.6B | $6.3B | $6.1B |
| Shareholders' equity | $2.9B | $4.5B | $2.5B | $2.3B | $2.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $640M | $529M | $319M | $528M | $645M |
| Capital expenditure | $87M | $164M | $87M | $118M | $148M |
| Free cash flow | $553M | $365M | $232M | $410M | $497M |
| Depreciation & amortisation | $104M | $216M | $397M | $348M | $344M |
| Stock-based compensation | $37M | $45M | $54M | $48M | $55M |
| Acquisitions | $268M | $4.5B | $0 | $0 | – |
| Share buybacks | – | – | $0 | $0 | $45M |
| Dividends paid | $47M | $52M | $59M | $59M | $59M |
| Dividend per share | 0.86 | 0.88 | 0.88 | 0.88 | 0.88 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.2% | 2.1% | −1.0% | 9.6% |
| Operating income growth (YoY) | – | −11.7% | −351.9% | – | 6.0% |
| EPS growth (YoY) | – | −43.8% | −595.3% | – | 55.5% |
| Gross margin | 46.8% | 43.6% | 45.3% | 47.6% | 46.7% |
| Operating margin | 23.7% | 17.4% | −42.9% | 13.9% | 13.4% |
| Net margin | 18.7% | 9.4% | −50.8% | 5.3% | 7.5% |
| Return on equityBlank when equity is negative | 19.1% | 7.4% | −74.5% | 8.2% | 10.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.1% | 5.9% | −18.8% | 6.4% | 6.7% |
| Free cash flow margin | 18.7% | 10.3% | 6.4% | 11.4% | 12.6% |
| Cash conversion (CFO ÷ net income) | 1.16x | 1.59x | −0.17x | 2.78x | 2.19x |
| Receivable days | 55 | 74 | 61 | 63 | 60 |
| Inventory days | 134 | 178 | 183 | 174 | 161 |
| Payable days | 39 | 78 | 60 | 66 | 71 |
| Interest cover | 28.0x | 3.49x | −4.37x | 1.75x | 2.49x |
| Debt ÷ equity | 0.29x | 1.16x | 2.04x | 1.95x | 1.55x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$132M | $4.3B | $4.5B | $4.1B | $3.8B |
| Current ratio | 4.67x | 2.93x | 3.18x | 3.19x | 2.71x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.