MKS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MKS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,295	1,916	2,075	1,900	2,330	2,950	3,547	3,622	3,586	3,931
Cost of revenue	730	1,025	1,096	1,069	1,281	1,570	2,000	1,980	1,878	2,094
Gross profit	566	891	980	830	1,049	1,380	1,547	1,642	1,708	1,837
Research and development	111	133	136	164	173	200	241	288	271	299
Selling, general and administrative	228	290	298	330	353	385	488	675	674	724
Operating income	157	407	494	220	454	699	617	-1,554	498	528
Interest expense	30.6	31	16.9	44.1	29	25	177	356	284	212
Other non-operating income	-1.24	5.9	-2	-3.3	-3	-9	-11	-27	2	-16
Pre-tax income	128	448	481	178	423	665	433	-1,928	180	304
Income tax	23.2	108	88.1	37.4	73	114	100	-87	-10	9
Net income	105	339	393	140	350	551	333	-1,841	190	295
EBITDA	223	489	574	330	553	803	833	-1,157	846	872
EPS, basic	1.96	6.26	7.22	2.57	6.36	9.95	5.57	-27.54	2.82	4.39
EPS, diluted	1.94	6.16	7.14	2.55	6.33	9.90	5.56	-27.54	2.81	4.37
Shares, basic (weighted)	53.5	54.1	54.4	54.7	55.1	55.4	59.7	66.8	67.3	67.3
Shares, diluted (weighted)	54.1	55.1	55	55.1	55.3	55.7	59.9	66.8	67.6	67.7
Dividend per share	0.68	0.71	0.78	0.80	0.80	0.86	0.88	0.88	0.88	0.88

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	229	334	644	415	608	966	909	507	420	418
Short-term investments	189	209	73.8	109	228	76	1	0
Receivables	249	300	295	341	393	443	720	603	615	651
Inventory	276	339	385	462	501	577	977	991	893	921
Other current assets	50.8	53.5	65.8	106	74.3	85	187	227	252	263
Total current assets	999	1,236	1,464	1,434	1,804	2,147	2,794	2,696	2,474	2,510
Property, plant and equipment	175	172	194	242	284	326	800	784	771	810
Lease right-of-use assets				64.5	184	184	234	225	238	270
Goodwill	589	591	587	1,059	1,066	1,228	4,308	2,554	2,479	2,574
Intangible assets	408	366	320	565	512	576	3,173	2,619	2,272	2,140
Long-term investments	9.86	10.7	10.3	5.8	6.5	6.2
Other non-current assets	32.5	37.9	38.7	47.5	45.6	79	186	240	356	492
Total assets	2,212	2,414	2,614	3,416	3,904	4,540	11,495	9,118	8,590	8,796
Accounts payable	69.3	82.5	83.8	88.4	111	168	426	327	341	407
Accrued liabilities	67.7	96.1	82.4	101	118	132	162	159	62	78
Deferred revenue	14.5	26.2	14.2	21.5	31.2	37	94	77	71	79
Short-term debt	11	2.97	3.99	12.1	14.5	9	93	93	50	51
Total current liabilities	237	290	263	318	374	460	952	848	775	927
Long-term debt						825	5,122	4,953
Lease liabilities				44.8	187	193
Other non-current liabilities	20.8	32	30.1	42.5	57.9	44	90	106	149	131
Total liabilities	970	825	741	1,393	1,543	1,653	7,012	6,646	6,268	6,077
Total debt	601	390	344	872	815	808	4,834	4,696	4,488	4,150
Paid-in capital	777	790	794	864	873	907	2,142	2,195	2,067	2,101
Retained earnings	495	796	1,085	1,181	1,487	1,991	2,272	373	503	711
Other comprehensive income	-30.5	3.45	-5.66	-22.3	0.3	-11	69	-96	-248	-93
Shareholders' equity	1,242	1,589	1,873	2,022	2,360	2,887	4,483	2,472	2,322	2,719
Total equity	1,242	1,589	1,873	2,022	2,360	2,887	4,483	2,472	2,322	2,719
Total liabilities and equity	2,212	2,414	2,614	3,416	3,904	4,540	11,495	9,118	8,590	8,796
Shares outstanding	53.7	54.4	54	54.6	55.2	55.5	66.6	66.9	67.4	67.2

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	105	339	393	140	350	551	333	-1,841	190	295
Depreciation and amortization	65.9	82.6	79.8	110	99	104	216	397	348	344
Stock-based compensation	25.2	24.4	27.3	49.2	30	37	45	54	48	55
Deferred income tax	-38.8	-4.83	-19.4	-4.2	-7	2	-46	-234	-226	-196
Change in receivables	-58.1	-44.1	-0.5	-0.1	-45	-53	-4	114	-36	-16
Change in inventory	-13.8	-72.5	-73.8	-29.3	-52	-92	-236	-76	20	-50
Cash from operations	180	355	414	245	513	640	529	319	528	645
Capital expenditures	-19.1	-31.3	-62.9	-63.9	-85	-87	-164	-87	-118	-148
Acquisitions	-940			-989	0	-268	-4,473	0	0
Purchases of investments	-268	-230	-254	-246	-522	-497	-1	0	0
Sales and maturities of investments	161	157	182	143	332	478	77	0	0
Cash from investing	-727	22.6	72.7	-947	-202	-205	-4,552	-84	-117	-145
Debt issued	745	0.19	0.04
Debt repaid	-153	-228	-50	-106	-59.1	-15	-962	-403	-2,427	-451
Share buybacks	-1.55		-75					0	0	-45
Dividends paid	-36.4	-38.2	-42.4	-43.5	-44	-47	-52	-59	-59	-59
Cash from financing	560	-280	-178	476	-122	-65	3,971	-259	-549	-562
Exchange rate effect	-6.9	1.81	1.93	-3.21
Net change in cash	6.34	100	310	-230	193	358	-57	-34	-161	-39
Free cash flow	161	324	351	181	428	553	365	232	410	497
Interest paid	20.8	20.5	14.6	39.9	26	23	110	305	268	190
Income taxes paid	45	105	91.8	35.5	66	110	133	180	145	178

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $260.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	47.0%	Gross profit / revenue.
Operating margin	15.7%	Operating income / revenue.
EBITDA margin	23.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.2%	Pre-tax income / revenue.
Net margin	10.1%	Net income / revenue.
FCF margin	10.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.6%	Cash from operations / revenue.
Effective tax rate	9.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.9%	Net income / average total assets.
Return on invested capital (ROIC)	12.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.1%	Research and development expense / revenue.
SG&A / revenue	17.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.1%	Capital expenditures / revenue.
D&A / revenue	7.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	6.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-5.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	3.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	1.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	55.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-3.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	55.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-7.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-7.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	22.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	21.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	10.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	17.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-15.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-8.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	17.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.14x	Current assets / current liabilities.
Quick ratio	0.53x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.85x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.5%	Total debt / total assets.
Liabilities / assets	66.6%	Total liabilities / total assets.
Net debt	$2.09B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.67x	Operating income / interest expense.
Working capital	$350.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	51.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.61B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.49x	Revenue / average total assets.
Fixed asset turnover	5.45x	Revenue / average property, plant and equipment.
Inventory turnover	2.23x	Cost of revenue / average inventory.
Days inventory	164 days	365 x average inventory / cost of revenue.
Receivables turnover	5.24x	Revenue / average receivables.
Days sales outstanding	70 days	365 x average receivables / revenue.
Days payables	85 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	149 days	Days inventory + days sales outstanding - days payables.
FCF conversion	103.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	28.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$59.81	Revenue / diluted weighted shares.
FCF per share	$6.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.73	Cash from operations / diluted weighted shares.
Book value per share	$44.20	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$23.77	Tangible book value / shares outstanding.
Cash per share	$6.72	(Cash + short-term investments) / shares outstanding.
Payout ratio	14.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	13.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$17.64B	Share price x shares outstanding.
Enterprise value	$19.73B	Market cap + total debt - cash - short-term investments.
P/E	40.1x	Market cap / net income. Only when net income is positive.
P/S	4.06x	Market cap / revenue.
P/B	5.90x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	38.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	27.8x	Market cap / cash from operations, when positive.
EV/Sales	4.54x	Enterprise value / revenue.
EV/EBIT	28.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	19.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	43.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.6%	Free cash flow / market cap.
Earnings yield	2.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	0.4%	(Dividends paid + share buybacks) / market cap.

What was MKS INC's revenue in fiscal 2025?

MKS INC reported revenue of $3.93B for fiscal 2025, 9.6% higher than the year before.

Was MKS INC profitable in fiscal 2025?

Yes. Net income was $295.0M, a net margin of 7.5%.

How much free cash flow did MKS INC generate in fiscal 2025?

Cash from operations of $645.0M minus capital expenditures of $148.0M left free cash flow of $497.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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