# MKS Inc. (MKSI)

> Source: Nexqual · https://nexqual.com/MKSI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, MKS Inc. (MKSI), nexqual.com/MKSI" · informational, not investment advice.

**Price:** USD 196.11 (-9.25% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 216.1 · day 193.21–205.18 · 52w 132.28–447.62 · market cap $13.3B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.35B, net income $440M (10.1% margin), free cash flow $455M (SEC filings).
- Valuation: P/E 30.1x (avg 36.9x at the last 2 fiscal year-ends).
- 1 of 80 tracked superinvestors hold MKSI (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 18 Form 4 filings, $25.0M; 8 not under a Rule 10b5-1 plan ($7.3M); 1 by opportunistic insiders (0 outside 10b5-1 plans), 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (14 analysts), mean target USD 408 (range 270–600).
- Total return with dividends: 1Y +40.0% vs S&P 500 +14.9%; 5Y +40.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 3.63, revenue estimate $1.36B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.95B | $3.55B | $3.62B | $3.59B | $3.93B | $4.35B |
| Gross profit | $1.38B | $1.55B | $1.64B | $1.71B | $1.84B | — |
| Operating income | $699M | $617M | -$1.55B | $498M | $528M | $681M |
| Net income | $551M | $333M | -$1.84B | $190M | $295M | $440M |
| EPS (diluted) | $9.90 | $5.56 | -$27.54 | $2.81 | $4.37 | — |
| Free cash flow | $553M | $365M | $232M | $410M | $497M | $455M |
| Gross margin | 46.8% | 43.6% | 45.3% | 47.6% | 46.7% | — |
| Operating margin | 23.7% | 17.4% | -42.9% | 13.9% | 13.4% | 15.7% |
| Net margin | 18.7% | 9.4% | -50.8% | 5.3% | 7.5% | 10.1% |
| Revenue growth | +26.6% | +20.2% | +2.1% | -1.0% | +9.6% | — |
| Cash + short-term investments | $1.04B | $910M | $507M | — | — | — |
| Total debt | $834M | $5.21B | $5.05B | $4.54B | $4.20B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 30.1x · P/S 3.0x · P/FCF 29.1x · P/B 4.4x · FCF yield 3.43% · Earnings yield 3.32% · Dividend yield (paid, TTM) 0.48% · Buyback yield (TTM) 0.00%
P/E at fiscal year-ends: Dec 2025 36.7x, Dec 2024 37.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MKSI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 0.01% | $912K | Reduced -71.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
10 of 18 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-01 | Mora Elizabeth | Director | 300 | $75K | 1.6% | Yes (adopted February 23, 2026) | Routine (sold in Jun each year 2023–2025; this trade is outside those months) |
| 2026-08-14 | Lee John Tseng-Chung | President & CEO | 10,000 | $3.0M | 6.9% | Yes (adopted February 20, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-03 | Williams John Edward | EVP & GM, PSD | 457 | $132K | 10% | Yes (adopted March 5, 2026) | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-12 | Schreiner James Alan | EVP & COO | 3,500 | $1.2M | 15.4% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-10 | Schreiner James Alan | EVP & COO | 781 | $248K | 3.3% | Yes (adopted March 10, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-05 | McCarthy Michelle M | SVP & Chief Accounting Officer | 2,434 | $767K | 99.9% | Yes (adopted March 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Henry David Philip | EVP, Global Str Mktg & GM, MSD | 6,000 | $1.9M | 36.5% | No | Too little history (no open-market trades in 2024) |
| 2026-06-01 | Mora Elizabeth | Director | 300 | $95K | 1.5% | Yes (adopted February 23, 2026) | Routine (sold in Jun each year 2023–2025) |
| 2026-05-27 | Donahue Joseph B | Director | 2,100 | $689K | 17.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-27 | Colella Gerald G | Director | 20,000 | $6.7M | 40.8% | Yes (adopted February 24, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-26 | Henry David Philip | EVP, Global Str Mktg & GM, MSD | 2,500 | $826K | 13.3% | Yes (adopted February 24, 2026) | Too little history (no open-market trades in 2024) |
| 2026-05-22 | Mayampurath Ramakumar | EVP & CFO | 8,810 | $2.8M | 100% | Yes (adopted February 20, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22 | Lee John Tseng-Chung | President & CEO | 10,000 | $3.2M | 6.5% | Yes (adopted February 20, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-18 | Cannone Peter Iii | Director | 1,350 | $410K | 14.8% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Moloney Jacqueline F | Director | 1,000 | $312K | 10.2% | No | Routine (sold in Mar & Aug each year 2023–2025; this trade is outside those months) |
| 2026-05-13 | Moloney Jacqueline F | Director | 1,400 | $447K | 12.5% | No | Routine (sold in Mar & Aug each year 2023–2025; this trade is outside those months) |
| 2026-05-11 | Taranto Eric Robert | EVP & GM, VSD | 2,849 | $911K | 18.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Burke Kathleen Flaherty | EVP, GC & Secretary | 4,355 | $1.4M | 8.1% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 14 analysts; mean target USD 408 (low 270, high 600).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-17 | Morgan Stanley | Target lowered | Overweight | $439 → $345 |
| 2026-08-25 | Mizuho | Target lowered | Outperform | $360 → $330 |
| 2026-08-07 | Citigroup | Target raised | Buy | $425 → $430 |
| 2026-08-07 | JP Morgan | Target raised | Overweight | $365 → $380 |
| 2026-08-07 | Wells Fargo | Target raised | Equal-Weight | $300 → $325 |
| 2026-08-06 | Needham | Target raised | Buy | $360 → $390 |
| 2026-08-03 | Cantor Fitzgerald | Reiterated | Overweight | $600 |
| 2026-07-24 | Citigroup | Target raised | Buy | $355 → $425 |
| 2026-07-09 | Mizuho | Target raised | Outperform | $400 → $415 |
| 2026-07-06 | Morgan Stanley | Target raised | Overweight | $374 → $442 |
| 2026-06-30 | BMO Capital | Initiated | Outperform | $453 |
| 2026-06-29 | Cantor Fitzgerald | Target raised | Overweight | $400 → $600 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +40.0% | +40.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +40.2% | +7.0% |
| Volatility (annualized) | 61.6% | 50.3% |
| Max drawdown | -55.9% (Jun 2026→Oct 2026) | -65.7% (Jan 2022→Mar 2025) |

## Peers (Scientific & Technical Instruments)
TRMB (Trimble Inc.) USD 64.01 +2.27% · FTV (Fortive Corporation) USD 60.05 +2.40% · CGNX (Cognex Corporation) USD 54.6 -5.94% · TDY (Teledyne Technologies Incorpora) USD 620.47 -1.53% · ESE (ESCO Technologies Inc.) USD 232.99 -5.87% · ST (Sensata Technologies Holding pl) USD 40.7 -3.74%

## More
Full page: https://nexqual.com/MKSI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MKSI's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1049502/000119312526066820/mksi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Atotech | "In connection with the Atotech Acquisition (as defined below), we introduced an extension of the Surround the Workpiece offering called Optimize the Interconnect®, which refers to MKS' combined laser drilling and chemist…" |
| Competitor | Lumentum (LITE) | "In PSD, Trumpf Group, Lumentum Holdings Inc., IPG Photonics Corporation, EdgeWave GmbH and Amplitude Laser Group offer products that compete with our laser products." |
| Competitor | Coherent (COHR) | "Coherent Corp., Excelitas Technologies Corp., Jenoptik AG and Thorlabs, Inc. offer products that compete with our laser and photonics products." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Vacuum Solutions Division | $507.0M | 40.6% | +24.6% |
| Materials Solutions Division | $400.0M | 32.1% | +23.8% |
| Photonics Solutions Division | $341.0M | 27.3% | +40.3% |
| Total revenue | $1.25B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $1.10B | 88.5% | +30.2% |
| Semiconductor | $554.0M | 44.4% | +28.2% |
| Electronics & Packaging | $381.0M | 30.5% | +43.2% |
| Specialty Industrial | $313.0M | 25.1% | +13.8% |
| Service | $144.0M | 11.5% | +15.2% |
| Total revenue | $1.25B | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| China | $292.0M | 23.4% | +33.3% |
| Other Countries | $238.0M | 19.1% | +22.7% |
| United States | $225.0M | 18.0% | +20.3% |
| South Korea | $160.0M | 12.8% | +31.1% |
| Malaysia | $90.0M | 7.2% | +66.7% |
| Taiwan | $87.0M | 7.0% | +31.8% |
| Singapore | $78.0M | 6.3% | +8.3% |
| Japan | $78.0M | 6.3% | +32.2% |
| Total revenue | $1.25B | 100% | — |

## Customer concentration

Period ended 2025-12-31: 43% of revenue from unnamed direct customers (10-K, filed 2026-02-24).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.63 | $3.17 | +14.6% | $1.36B | 13 |
| Next quarter (ends 2026-12-31) | $3.92 | $3.36 | +16.8% | $1.40B | 13 |
| Current fiscal year (ends 2026-12-31) | $13.15 | $11.74 | +12.0% | $5.08B | 13 |
| Next fiscal year (ends 2027-12-31) | $17.58 | $15.22 | +15.5% | $6.12B | 13 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±15.7%; last 8 reports averaged ±7.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 70.0% | ±15.7% |
| 2026-12-18 | 56 | 65.5% | ±20.5% |
| 2027-01-15 | 84 | 62.6% | ±23.9% |
| 2027-02-19 | 119 | 63.3% | ±28.6% |
| 2027-04-16 | 175 | 60.7% | ±33.2% |
| 2027-05-21 | 210 | 59.8% | ±35.7% |
| 2027-08-20 | 301 | 59.6% | ±42.2% |
| 2027-11-19 | 392 | 58.9% | ±47.3% |