# MKS INC (MKSI) Informational only - not investment advice. CIK: 0001049502 SIC: 3823 Industrial Instruments For Measurement, Display, and Control SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3823 Industrial Instruments For Measurement, Display, and Control](/industry/3823/) Latest 10-K filed: 2026-02-24 SEC page: https://www.sec.gov/edgar/browse/?CIK=1049502 Filing source: https://www.sec.gov/Archives/edgar/data/1049502/000119312526066820/mksi-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0001193125-26-066820 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001049502.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 3,931,000,000 USD | 2025 | verified | | Net income | 295,000,000 USD | 2025 | verified | | Assets | 8,796,000,000 USD | 2025 | verified | | Free cash flow | 497,000,000 USD | 2025 | computed | | Net margin | 7.50% | 2025 | computed | | Operating margin | 13.43% | 2025 | computed | | Revenue YoY | +9.62% | 2025 | computed | | ROE | 10.85% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | MKSI | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 7.5% | 12.7% | 33 | 10 | | Operating margin | 13.4% | 16.3% | 33 | 10 | | Revenue growth | 9.6% | 5.0% | 89 | 10 | | FCF margin | 12.6% | 22.0% | 0 | 10 | | ROE | 10.8% | 7.7% | 78 | 10 | | ROA | 3.4% | 4.4% | 33 | 10 | | Liabilities / equity | 2.24 | 0.87 | 100 | 10 | | Current ratio | 2.71 | 1.80 | 89 | 10 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3823 Industrial Instruments For Measurement, Display, and Control, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 3931000000 | USD | 2025 | 2026-02-24 | | Net income | 295000000 | USD | 2025 | 2026-02-24 | | Assets | 8796000000 | USD | 2025 | 2026-02-24 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001049502.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | 1,295,342,000 | 1,915,977,000 | 2,075,100,000 | 1,899,800,000 | 2,330,000,000 | 2,950,000,000 | 3,547,000,000 | 3,622,000,000 | 3,586,000,000 | 3,931,000,000 | | Net income | | | | | | 104,809,000 | 339,132,000 | 392,900,000 | 140,400,000 | 350,000,000 | 551,000,000 | 333,000,000 | -1,841,000,000 | 190,000,000 | 295,000,000 | | Operating income | | | | | | 157,267,000 | 406,634,000 | 494,100,000 | 219,800,000 | 454,000,000 | 699,000,000 | 617,000,000 | -1,554,000,000 | 498,000,000 | 528,000,000 | | Gross profit | | | | | | 565,619,000 | 891,451,000 | 979,500,000 | 830,400,000 | 1,049,000,000 | 1,380,000,000 | 1,547,000,000 | 1,642,000,000 | 1,708,000,000 | 1,837,000,000 | | Diluted EPS | | | | | | 1.94 | 6.16 | 7.14 | 2.55 | 6.33 | 9.90 | 5.56 | -27.54 | 2.81 | 4.37 | | Operating cash flow | | | | | | 180,098,000 | 355,222,000 | 413,800,000 | 244,500,000 | 513,000,000 | 640,000,000 | 529,000,000 | 319,000,000 | 528,000,000 | 645,000,000 | | Capital expenditures | | | | | | 19,123,000 | 31,287,000 | 62,900,000 | 63,900,000 | 85,000,000 | 87,000,000 | 164,000,000 | 87,000,000 | 118,000,000 | 148,000,000 | | Dividends paid | | | | | | 36,361,000 | 38,178,000 | 42,400,000 | 43,500,000 | 44,000,000 | 47,000,000 | 52,000,000 | 59,000,000 | 59,000,000 | 59,000,000 | | Share buybacks | 2,007,000 | 11,501,000 | 2,875,000 | 20,809,000 | 13,294,000 | 1,545,000 | | 75,000,000 | | | | | 0.00 | 0.00 | 45,000,000 | | Assets | | | | | | 2,212,242,000 | 2,414,018,000 | 2,614,246,000 | 3,416,300,000 | 3,903,800,000 | 4,540,000,000 | 11,495,000,000 | 9,118,000,000 | 8,590,000,000 | 8,796,000,000 | | Liabilities | | | | | | 970,450,000 | 825,111,000 | 741,059,000 | 1,393,000,000 | 1,542,900,000 | 1,653,000,000 | 7,012,000,000 | 6,646,000,000 | 6,268,000,000 | 6,077,000,000 | | Stockholders' equity | | | | | | 1,241,792,000 | 1,588,900,000 | 1,873,200,000 | 2,022,000,000 | 2,360,000,000 | 2,887,000,000 | 4,483,000,000 | 2,472,000,000 | 2,322,000,000 | 2,719,000,000 | | Cash and cash equivalents | 312,916,000 | 287,588,000 | 288,902,000 | 305,437,000 | 227,574,000 | 228,623,000 | 333,768,000 | | | | | | 507,000,000 | 420,000,000 | 418,000,000 | | Free cash flow | | | | | | 160,975,000 | 323,935,000 | 350,900,000 | 180,600,000 | 428,000,000 | 553,000,000 | 365,000,000 | 232,000,000 | 410,000,000 | 497,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | 8.09% | 17.70% | 18.93% | 7.39% | 15.02% | 18.68% | 9.39% | -50.83% | 5.30% | 7.50% | | Operating margin | | | | | | 12.14% | 21.22% | 23.81% | 11.57% | 19.48% | 23.69% | 17.39% | -42.90% | 13.89% | 13.43% | | Return on equity | | | | | | 8.44% | 21.34% | 20.97% | 6.94% | 14.83% | 19.09% | 7.43% | -74.47% | 8.18% | 10.85% | | Return on assets | | | | | | 4.74% | 14.05% | 15.03% | 4.11% | 8.97% | 12.14% | 2.90% | -20.19% | 2.21% | 3.35% | | Liabilities / equity | | | | | | 0.78 | 0.52 | 0.40 | 0.69 | 0.65 | 0.57 | 1.56 | 2.69 | 2.70 | 2.24 | | Current ratio | | | | | | 4.21 | 4.27 | 5.56 | 4.51 | 4.83 | 4.67 | 2.93 | 3.18 | 3.19 | 2.71 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001049502.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.09 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | -0.64 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | -26.47 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | -1,769,000,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 932,000,000 | | 0.58 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 892,000,000 | -69,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 868,000,000 | 15,000,000 | 0.22 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | 15,000,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 887,000,000 | | 0.33 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | 23,000,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 896,000,000 | | 0.92 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 934,000,000 | 91,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 936,000,000 | 52,000,000 | 0.77 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 52,000,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 973,000,000 | | 0.92 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 62,000,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 988,000,000 | | 1.10 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 1,033,000,000 | 107,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 1,078,000,000 | 84,000,000 | 1.18 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | | 84,000,000 | | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 1,248,000,000 | | 2.41 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from MKSI's latest 10-K: [/company/MKSI/business/](/company/MKSI/business/). ## Risk Factors Verbatim Item 1A Risk Factors from MKSI's latest 10-K: [/company/MKSI/risk-factors/](/company/MKSI/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1049502/000119312526337821/mksi-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the future financial performance, business prospects and growth of MKS Inc. (“MKS,” the “Company,” “our,” or “we”). These statements are only predictions based on current assumptions and expectations. Any statements that are not statements of historical fact (including statements containing the words “will,” “projects,” “intends,” “believes,” “plans,” “anticipates,” “expects,” “estimates,” “forecasts,” “continues” and similar expressions) should be considered forward-looking statements. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Among the important factors that could cause actual events to differ materially from those in the forward-looking statements that we make are the level and terms of our substantial indebtedness and our ability to service such debt; risks related to pursuing, completing, and/or failing to realize the benefits of acquisitions and other strategic transactions critical to our growth strategy; risks related to cybersecurity, data privacy and intellectual property; manufacturing and sourcing risks, including supply chain disruptions, component shortages and price increases, the use of limited, sole source and international suppliers, the relocation of manufacturing operations, and product defects; risks associated with doing business internationally, including geopolitical conflicts, trade compliance, trade protection measures, such as import tariffs by the United States and/or retaliatory actions taken by other countries, regulatory restrictions on our products, components or markets, particularly the semiconductor market, and unfavorable currency exchange and tax rate fluctuations; conditions affecting the markets in which we operate, including intense competition, rapid technological and market changes, dependence on new product development, the ability to anticipate and meet customer demand, fluctuations in capital spending in the semiconductor, electronics manufacturing and automotive industries, and fluctuations in sales to our major customers; disruptions or delays from third-party service providers upon which our operations may rely; risks associated with the attraction and retention of key personnel; potential fluctuations in quarterly results; volatility of stock price; risks associated with chemical manufacturing and environmental regulation compliance; risks associated with artificial intelligence (“AI”); financial and legal risk management; and the other important factors described under the heading “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission on February 24, 2026 (“Annual Report”) and any subsequent Quarterly Reports on Form 10-Q. We are under no obligation to, and expressly disclaim any obligation to, update or alter these forward-looking statements, whether as a result of new information, future events or otherwise, even if subsequent events cause our views to change. The Management’s Discussion and Analysis of Financial Condition and Results of Operations describes principal factors affecting the results of operations, financial condition, cash flows and liquidity, as well as our critical accounting policies and estimates that require significant judgment and thus have the most significant potential impact on our condensed consolidated financial statements, and is intended to better allow investors to view the Company from management’s perspective. This section focuses on material events and uncertainties known to management that are reasonably likely to cause reported financial information not to be necessarily indicative of our future operating results or of our future financial condition. This section provides an analysis of our financial results for the three months ended June 30, 2026 compared to the three months ended March 31, 2026, and the six months ended June 30, 2026 compared to the six months ended June 30, 2025. As a result of rounding, there may be immaterial differences in amounts presented and certain calculations may not sum to the total number expressed in each category or tie to a corresponding schedule. Overview MKS was founded in 1961 as a Massachusetts corporation. We enable technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. 30 Segments We have three divisions, which are our reportable segments: Vacuum Solutions Division (“VSD”), Photonics Solutions Division (“PSD”) and Materials Solutions Division (“MSD”). VSD delivers foundational technology solutions for semiconductor manufacturing, electronics and packaging and specialty industrial applications. VSD products are derived from our core competencies in vacuum technologies, including pressure measurement and control, flow measurement and control, gas and vapor delivery, gas composition analysis, electronic control technology, reactive gas generation and delivery, power generation and delivery, and fiber optic temperature and position sensing. PSD provides a broad range of instruments, components and subsystems to leading edge semiconductor manufacturing, electronics and packaging and specialty industrial applications. PSD products are derived from our core competencies in lasers, photonics, optics, precision motion control and vibration control. MSD develops leading process and manufacturing technologies for advanced surface modification, electroless and electrolytic plating, and surface finishing. Applying a comprehensive systems-and-solutions approach, MSD’s portfolio includes chemistry, equipment and services for innovative and high-technology applications in our electronics and packaging and specialty industrial markets. Markets Net Revenues by End Market [[GREPCENT_TABLE]] [["","","Three Months Ended","","","Six Months Ended"],["(Dollars in millions)","","June 30, 2026","","","% Total","","","March 31, 2026","","","% Total","","","June 30, 2026","","","% Total","","","June 30, 2025","","","% Total"],["Semiconductor","","$","554","","","","44","%","","$","466","","","","43","%","","$","1,019","","","","44","%","","$","846","","","","44","%"],["Electronics and Packaging","","","381","","","","31","%","","","321","","","","30","%","","","703","","","","30","%","","","519","","","","27","%"],["Specialty Industrial","","","313","","","","25","%","","","291","","","","27","%","","","604","","","","26","%","","","545","","","","29","%"],["Total net revenues","","$","1,248","","","","100","%","","$","1,078","","","","100","%","","$","2,326","","","","100","%","","$","1,910","","","","100","%"]] [[/GREPCENT_TABLE]] Semiconductor Market We are a critical solutions provider for semiconductor manufacturing. Our products are used in major semiconductor processing steps, such as deposition, etching, cleaning, lithography, metrology, and inspection. The semiconductor industry continually faces new challenges, as products become smaller, more powerful and highly mobile. Ultra-thin layers, smaller critical dimensions, new materials, 3D structures, and the ongoing need for higher yield and productivity drive the need for tighter process measurement and control, all of which we support. We believe we are the broadest critical subsystem provider in the wafer fabrication equipment (“WFE”) ecosystem and address over 85% of the market. We characterize our broad and unique offering as Surround the Wafer® to reflect the technology enablement we provide across almost every major process in semiconductor manufacturing today. The semiconductor market is subject to rapid demand shifts, which are difficult to predict, and we cannot be certain as to the timing or extent of future demand or any future softening in the semiconductor capital equipment industry. We are currently in a semiconductor ramp as demand for semiconductor chips is growing in the near term as a result of increased investments in AI transformation-related applications. In addition to these rapid demand shifts, the semiconductor capital equipment industry is currently subject to significant trade restrictions, especially in key markets, including China. For the three months ended June 30, 2026, net revenues in our semiconductor market increased by $88 million, or 19%, compared to the prior quarter, primarily due to higher sales of our semiconductor capital equipment serving deposition and etch applications as well as NAND memory production upgrades and increased service revenues, all at VSD. For the six months ended June 30, 2026, net revenues in our semiconductor market increased by $173 million, or 20%, compared to the same period in the prior year. This increase was mainly due to higher sales of our semiconductor capital equipment serving deposition and etch applications and service revenues at VSD, as well as higher sales of our lithography, metrology and inspection products at PSD. 31 Electronics and Packaging Market We are a foundational solutions provider for the electronics and packaging market. Our portfolio includes photonics components, laser drilling systems, electronics chemistries and plating equipment that are critical for the manufacturing of printed circuit boards (“PCB”) and package substrates, and critical to wafer level packaging (“WLP”) applications. Similar to the semiconductor industry, the PCB, package substrate and WLP industries demand smaller features, greater density, and better performance. In addition, the electronics and packaging market also includes sales of our vacuum and photonics solutions for display manufacturing applications. We characterize our complementary offering of laser systems and chemistry solutions as Optimize the Interconnect®, to reflect the unique technology enablement we provide at the Interconnect level within PCBs, package substrates and WLPs. We are currently seeing increased investments driven by AI applications. For the three months ended June 30, 2026, net revenues in our electronics and packaging market increased by $60 million, or 19%, compared to the prior quarter primarily due to higher sales of chemistry and chemistry equipment at MSD as well as higher sales of flexible PCB via drilling systems at PSD. For the six months ended June 30, 2026, net revenues in our electronics and packaging market increased by $184 million, or 35%, compared to the same period in the prior year. This increase was primarily due to higher sales of chemistry at MSD and higher sales of flexible PCB via drilling systems at PSD. Specialty Industrial Market Our strategy in the specialty industrial market is to leverage our domain expertise and proprietary technologies across a broad array of applications in industrial, life and health sciences, and research and defense markets. Industrial Industrial encompasses a wide range of diverse appli [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1049502/000119312526066820/mksi-20251231.htm Complete FY 2025 MD&A: /company/MKSI/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-24 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) describes principal factors affecting the results of operations, financial condition, cash flows and liquidity, as well as our critical accounting policies and estimates that require significant judgment and thus have the most significant potential impact on our consolidated financial statements, and is intended to better allow investors to view the Company from management’s perspective. This section focuses on material events and uncertainties known to management that are reasonably likely to cause reported financial information not to be necessarily indicative of our future operating results or of our future financial condition. This section provides an analysis of our financial results for the year ended December 31, 2025 compared to the year ended December 31, 2024. For the discussion and analysis covering the year ended December 31, 2024 compared to the year ended December 31, 2023, please refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 25, 2025. As a result of rounding, there may be immaterial differences in amounts presented and certain calculations may not sum to the total number expressed in each category or tie to a corresponding schedule. Overview MKS Inc., formerly known as MKS Instruments, Inc. (“MKS,” the “Company,” “our,” or “we”), was founded in 1961 as a Massachusetts corporation. We enable technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Current Trade Environment As the global trade landscape continues to evolve to address trade imbalances, national security concerns, and market access issues, including the imposition of significant tariffs on numerous global trading partners and the expansion of various export controls, we continue to implement strategies to strengthen supplier diversification, explore alternative sourcing geographies and optimize logistics routes. Our efforts are designed to mitigate cost impacts, maintain operational efficiency, and support supply chain continuity against current and future regulatory risks. Segments We have three divisions, which are our reportable segments: Vacuum Solutions Division (“VSD”), Photonics Solutions Division (“PSD”) and Materials Solutions Division (“MSD”). VSD delivers foundational technology solutions for semiconductor manufacturing, electronics and packaging and specialty industrial applications. VSD products are derived from our core competencies in vacuum technologies, including pressure measurement and control, flow measurement and control, gas and vapor delivery, gas composition analysis, electronic control technology, reactive gas generation and delivery, power generation and delivery, and fiber optic temperature and position sensing. PSD provides a broad range of instruments, components and subsystems to leading edge semiconductor manufacturing, electronics and packaging and specialty industrial applications. PSD products are derived from our core competencies in lasers, photonics, optics, precision motion control and vibration control. MSD develops leading process and manufacturing technologies for advanced surface modification, electroless and electrolytic plating, and surface finishing. Applying a comprehensive systems-and-solutions approach, MSD’s portfolio includes chemistry, equipment and services for innovative and high-technology applications in our electronics and packaging and specialty industrial markets. 41 Markets Net Revenues by End Market [[GREPCENT_TABLE]] [["","","Years Ended December 31,"],["(Dollars in millions)","","2025","","","% Total","","","2024","","","% Total"],["Semiconductor","","$","1,696","","","","43","%","","$","1,498","","","","42","%"],["Electronics and Packaging","","","1,111","","","","28","%","","","922","","","","26","%"],["Specialty Industrial","","","1,124","","","","29","%","","","1,166","","","","32","%"],["Total net revenues","","$","3,931","","","","100","%","","$","3,586","","","","100","%"]] [[/GREPCENT_TABLE]] Semiconductor Market We are a critical solutions provider for semiconductor manufacturing. Our products are used in major semiconductor processing steps, such as deposition, etching, cleaning, lithography, metrology, and inspection. The semiconductor industry continually faces new challenges, as products become smaller, more powerful and highly mobile. Ultra-thin layers, smaller critical dimensions, new materials, 3D structures, and the ongoing need for higher yield and productivity drive the need for tighter process measurement and control, all of which we support. We believe we are the broadest critical subsystem provider in the wafer fabrication equipment (“WFE”) ecosystem and address over 85% of the market. We characterize our broad and unique offering as Surround the Wafer® to reflect the technology enablement we provide across almost every major process in semiconductor manufacturing today. The semiconductor market is subject to rapid demand shifts, which are difficult to predict, and we cannot be certain as to the timing or extent of future demand or any future softening in the semiconductor capital equipment industry. In addition to these rapid demand shifts, the semiconductor capital equipment industry has recently been subject to significant trade restrictions, especially in key markets, including China. Approximately 43% and 42% of our net revenues for 2025 and 2024, respectively, were from sales to customers in the semiconductor market. Net revenues from customers in our semiconductor market increased by $198 million, or 13%, in 2025, compared to 2024. The increase was mainly due to higher sales of our semiconductor capital equipment in logic and foundry applications, higher NAND memory production upgrades, and higher service revenues at VSD, partially offset by decreases in sales in our lithography, metrology and inspection products at PSD. Electronics and Packaging Market We are a foundational solutions provider for the electronics and packaging market. Our portfolio includes photonics components, laser drilling systems, electronics chemistries and plating equipment that are critical for the manufacturing of printed circuit boards (“PCB”) and package substrates, and critical to wafer level packaging (“WLP”) applications. Similar to the semiconductor industry, the PCB, package substrate and WLP industries demand smaller features, greater density, and better performance. In addition, the electronics and packaging market also includes sales of our vacuum and photonics solutions for display manufacturing applications. We characterize our complementary offering of laser systems and chemistry solutions as Optimize the Interconnect®, to reflect the unique technology enablement we provide at the Interconnect level within PCBs, package substrates and WLPs. Approximately 28% and 26% of our net revenues for 2025 and 2024, respectively, were from sales to customers in our electronics and packaging market. Net revenues from customers in our electronics and packaging market increased by $189 million, or 20%, in 2025 compared to 2024. This increase was primarily due to higher chemistry and equipment sales in the electronics market at MSD as well as higher sales of PCB via drilling systems at PSD. Specialty Industrial Market 42 Our strategy in the specialty industrial market is to leverage our domain expertise and proprietary technologies across a broad array of applications in industrial, life and health sciences, and research and defense markets. Industrial Industrial encompasses a wide range of diverse applications, including chemistries for functional coatings, surface finishing and wear resistance in the automobile industry, vacuum solutions for synthetic diamond manufacturing and photonics for solar manufacturing. Other applications include vacuum and photonics solutions for light emitting diode and laser diode manufacturing. Life and Health Sciences Our products for life and health sciences are used in a diverse array of applications, including bioimaging, medical instrument sterilization, medical device manufacturing, analytical, diagnostic and surgical instrumentation, consumable medical supply manufacturing and pharmaceutical production. Research and Defense Our products for research and defense are sold to government, university and industrial laboratories for applications involving research and development in materials science, physical chemistry, photonics, optics and electronics materials. Our products are also sold for monitoring and defense applications, including surveillance, imaging and infrastructure protection. Approximately 29% and 32% of our net revenues for 2025 and 2024, respectively, were from customers in our specialty industrial market. Net revenues from customers in our specialty industrial market decreased by $42 million, or 4%, in 2025, compared to 2024. This decrease was primarily driven by lower sales to industrial customers at VSD and lower chemistry and equipment sales to industrial customers at MSD. International Markets A significant portion of our net revenues is from sales to customers in international markets. International net revenues accounted for approximately 81% and 78% of our total net revenues in 2025 and 2024, respectively. We report geographical net revenues based on the shipped-to location of the end customer. A significant portion of our international net revenues was from customers in China, South Korea, Singapore, Taiwan and Japan. We expect international net revenues will continue to account for a significant percentage of total net revenues for the foreseeable future. Long-lived assets located outside of the United States accounted for approximately 70% and 59% of our total long-lived assets as of December 31, 2025 and 2024, respectively. Long-lived assets include property, plant and equipment, net, right-of-use assets and certain other assets. Critical Accounting Policies and Estimates MD&A discusses our Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition, inventory valuation, warranty costs, pension plan valuations, stock-based compensation expense, intangible assets, goodwill and long-lived assets, income taxes and derivatives. We base our estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, th [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/MKSI/mda/fy2025/ All MD&A years: /company/MKSI/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/MKSI/mda/fy2024/): filed 2025-02-25; accession 0000950170-25-026433 (https://www.sec.gov/Archives/edgar/data/1049502/000095017025026433/mksi-20241231.htm) - [FY 2023 MD&A](/company/MKSI/mda/fy2023/): filed 2024-02-27; accession 0000950170-24-021071 (https://www.sec.gov/Archives/edgar/data/1049502/000095017024021071/mksi-20231231.htm) - [FY 2022 MD&A](/company/MKSI/mda/fy2022/): filed 2023-03-14; accession 0000950170-23-007851 (https://www.sec.gov/Archives/edgar/data/1049502/000095017023007851/mksi-20221231.htm) - [FY 2021 MD&A](/company/MKSI/mda/fy2021/): filed 2022-02-28; accession 0001564590-22-007637 (https://www.sec.gov/Archives/edgar/data/1049502/000156459022007637/mksi-10k_20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3823 Industrial Instruments For Measurement, Display, and Control) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/MKSI.md · JSON record: /company/MKSI.json · verified financials: /company/MKSI/financials.json / /company/MKSI/financials.csv · machine TOC for the whole site: /llms.txt