Revenue growth momentum has accelerated to 15.2% as of 2026Q1, though gross margins remain sensitive to product mix, recently rebounding to 47.0% from a 40.5% low in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 4.07B | 3.93B | 3.59B | 3.62B | 3.55B | 2.95B | 2.33B | 1.9B | 2.08B | 1.92B | 1.3B | 813.52M | 780.87M | 669.42M | 643.51M | 822.52M | 853.11M | 411.41M | 646.99M | 780.49M | 782.8M | 509.29M | 555.08M | 337.29M | 314.77M | 286.81M | 326.95M | 187.1M | 139.8M |
| Revenue Growth % | 11.47% | 9.62% | -0.99% | 2.11% | 20.24% | 26.61% | 22.64% | -8.45% | 8.31% | 47.91% | 59.23% | 4.18% | 16.65% | 4.03% | -21.76% | -3.59% | 107.37% | -36.41% | -17.1% | -0.3% | 53.7% | -8.25% | 64.57% | 7.15% | 9.75% | -12.28% | 74.75% | 33.83% | - |
| Cost of Goods Sold | 2.23B | 2.34B | 1.88B | 1.98B | 2B | 1.57B | 1.28B | 1.07B | 1.1B | 1.02B | 729.72M | 450.65M | 443.1M | 402.85M | 374.03M | 447.53M | 474.48M | 273.32M | 387.05M | 449M | 444.68M | 308.86M | 335.71M | 219.18M | 208.98M | 201.22M | 170.04M | 101M | 77.6M |
| COGS % of Revenue | - | 59.55% | 52.37% | 54.67% | 56.39% | 53.22% | 54.98% | 56.29% | 52.8% | 53.47% | 56.33% | 55.4% | 56.74% | 60.18% | 58.12% | 54.41% | 55.62% | 66.43% | 59.82% | 57.53% | 56.81% | 60.64% | 60.48% | 64.98% | 66.39% | 70.16% | 52.01% | 53.98% | 55.51% |
| Gross Profit | 1.84B | 1.59B | 1.71B | 1.64B | 1.55B | 1.38B | 1.05B | 830.4M | 979.48M | 891.45M | 565.62M | 362.87M | 337.77M | 266.57M | 269.48M | 374.99M | 378.64M | 138.09M | 259.94M | 331.49M | 338.12M | 200.43M | 219.37M | 118.11M | 105.8M | 85.58M | 156.91M | 86.1M | 62.2M |
| Gross Margin % | 45.16% | 40.45% | 47.63% | 45.33% | 43.61% | 46.78% | 45.02% | 43.71% | 47.2% | 46.53% | 43.67% | 44.6% | 43.26% | 39.82% | 41.88% | 45.59% | 44.38% | 33.57% | 40.18% | 42.47% | 43.19% | 39.36% | 39.52% | 35.02% | 33.61% | 29.84% | 47.99% | 46.02% | 44.49% |
| Gross Profit Growth % | - | -6.91% | 4.02% | 6.14% | 12.1% | 31.55% | 26.32% | -15.22% | 9.87% | 57.61% | 55.87% | 7.43% | 26.71% | -1.08% | -28.14% | -0.96% | 174.2% | -46.88% | -21.58% | -1.96% | 68.69% | -8.63% | 85.74% | 11.64% | 23.62% | -45.46% | 82.24% | 38.42% | - |
| Operating Expenses | 1.18B | 1.02B | 1.21B | 3.2B | 930M | 681M | 595M | 610.6M | 485.4M | 484.82M | 408.35M | 206.26M | 199.66M | 208.19M | 188.34M | 189.05M | 183.13M | 164.28M | 224.41M | 223.6M | 214.78M | 159.8M | 159.02M | 132.23M | 137.73M | 119.17M | 113.86M | 58.4M | 53M |
| OpEx % of Revenue | - | 26.02% | 33.74% | 88.24% | 26.22% | 23.08% | 25.54% | 32.14% | 23.39% | 25.3% | 31.52% | 25.35% | 25.57% | 31.1% | 29.27% | 22.98% | 21.47% | 39.93% | 34.69% | 28.65% | 27.44% | 31.38% | 28.65% | 39.2% | 43.75% | 41.55% | 34.82% | 31.21% | 37.91% |
| Selling, General & Admin | 730M | 724M | 674M | 675M | 488M | 385M | 353M | 330.3M | 298.12M | 290.06M | 229.17M | 129.09M | 131.83M | 142.01M | 127.19M | 128.01M | 119.84M | 106.33M | 130.8M | 135.25M | 127.7M | 93.02M | 87.28M | 69.89M | 77.83M | 70.19M | 50.89M | 39M | 34.7M |
| SG&A % of Revenue | - | 18.42% | 18.8% | 18.64% | 13.76% | 13.05% | 15.15% | 17.39% | 14.37% | 15.14% | 17.69% | 15.87% | 16.88% | 21.21% | 19.76% | 15.56% | 14.05% | 25.85% | 20.22% | 17.33% | 16.31% | 18.26% | 15.72% | 20.72% | 24.73% | 24.47% | 15.56% | 20.84% | 24.82% |
| Research & Development | 311M | 299M | 271M | 288M | 241M | 200M | 173M | 164.1M | 135.72M | 132.56M | 110.58M | 68.31M | 62.89M | 63.57M | 60.12M | 61.03M | 62.69M | 53.54M | 78.54M | 72.17M | 69.7M | 55.92M | 56.97M | 47.65M | 46M | 37.96M | 23.01M | 13.2M | 12.1M |
| R&D % of Revenue | - | 7.61% | 7.56% | 7.95% | 6.79% | 6.78% | 7.42% | 8.64% | 6.54% | 6.92% | 8.54% | 8.4% | 8.05% | 9.5% | 9.34% | 7.42% | 7.35% | 13.01% | 12.14% | 9.25% | 8.9% | 10.98% | 10.26% | 14.13% | 14.61% | 13.24% | 7.04% | 7.06% | 8.66% |
| Other Operating Expenses | 2M | 0 | 265M | 2.23B | 201M | 96M | 69M | 116.2M | 51.6M | 62.21M | 68.6M | 8.87M | 7.91M | 2.6M | 0 | 1.01M | 601K | 151.24M | 15.07M | 17.08M | 18.18M | 10.95M | 14.76M | 16.29M | 25.01M | 24.79M | 5.33M | 6.2M | 6.2M |
| Operating Income | 601M | 565M | 498M | -1.55B | 617M | 699M | 454M | 219.8M | 494.06M | 406.63M | 157.27M | 156.61M | 135.14M | 58.39M | 74.22M | 184.93M | 195.51M | -171.66M | 35.53M | 106.98M | 122.54M | 40.55M | 59.91M | -15.72M | -43.05M | -47.36M | 91.53M | 27.7M | 9.2M |
| Operating Margin % | 14.76% | 14.37% | 13.89% | -42.9% | 17.39% | 23.69% | 19.48% | 11.57% | 23.81% | 21.22% | 12.14% | 19.25% | 17.31% | 8.72% | 11.53% | 22.48% | 22.92% | -41.73% | 5.49% | 13.71% | 15.65% | 7.96% | 10.79% | -4.66% | -13.68% | -16.51% | 28% | 14.8% | 6.58% |
| Operating Income Growth % | - | 13.45% | 132.05% | -351.86% | -11.73% | 53.96% | 106.55% | -55.51% | 21.5% | 158.56% | 0.42% | 15.89% | 131.46% | -21.34% | -59.86% | -5.41% | 213.89% | -583.1% | -66.79% | -12.69% | 202.21% | -32.32% | 481.2% | 63.49% | 9.11% | -151.74% | 230.45% | 201.09% | - |
| EBITDA | 945M | 909M | 846M | -1.16B | 833M | 803M | 553M | 329.8M | 573.86M | 489.19M | 223.19M | 178.72M | 155.66M | 75.49M | 88.67M | 197.91M | 209.33M | -152.9M | 59.06M | 137.63M | 153.89M | 66.76M | 87.75M | 12.48M | -14.32M | -20.66M | 102.06M | 33.9M | 15.4M |
| EBITDA Margin % | 23.21% | 23.12% | 23.59% | -31.94% | 23.48% | 27.22% | 23.73% | 17.36% | 27.65% | 25.53% | 17.23% | 21.97% | 19.93% | 11.28% | 13.78% | 24.06% | 24.54% | -37.17% | 9.13% | 17.63% | 19.66% | 13.11% | 15.81% | 3.7% | -4.55% | -7.2% | 31.21% | 18.12% | 11.02% |
| EBITDA Growth % | 11.57% | 7.45% | 173.12% | -238.9% | 3.74% | 45.21% | 67.68% | -42.53% | 17.31% | 119.18% | 24.89% | 14.81% | 106.2% | -14.86% | -55.2% | -5.46% | 236.9% | -358.91% | -57.09% | -10.57% | 130.5% | -23.92% | 603.08% | 187.16% | 30.67% | -120.24% | 201.06% | 120.13% | - |
| D&A (Non-Cash Add-back) | 344M | 344M | 348M | 397M | 216M | 104M | 99M | 110M | 79.8M | 82.56M | 65.93M | 22.1M | 20.51M | 17.1M | 14.44M | 12.98M | 13.82M | 18.76M | 23.52M | 30.64M | 31.35M | 26.21M | 27.84M | 28.2M | 28.73M | 26.7M | 10.52M | 6.2M | 6.2M |
| EBIT | 580M | 516M | 522M | -1.51B | 616M | 690M | 452M | 221.9M | 497.9M | 478.62M | 158.59M | 159.61M | 136.47M | 59.39M | 75.28M | 186.08M | 196.56M | -169.96M | 41.6M | 120.82M | 123.34M | 40.63M | 60.35M | -14.12M | -31.93M | -33.59M | 91.84M | 27.7M | 9.2M |
| Net Interest Income | -191M | -198M | -324M | -339M | -173M | -25M | -28M | -45.3M | -11.5M | -28.46M | -28.05M | 2.86M | 1.25M | 914K | 913K | 1.13M | 917K | 1.64M | 6.42M | 14.49M | 8.4M | 6.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 13M | 14M | 21M | 83M | 4M | 0 | 1M | 5.47M | 5.78M | 3.02M | 2.56M | 3M | 1.32M | 999K | 1.06M | 1.16M | 1.05M | 1.7M | 7M | 15.29M | 9.37M | 7.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 204M | 212M | 345M | 422M | 177M | 25M | 29M | 50.77M | 17.32M | 31.48M | 30.61M | 143K | 72K | 85K | 146K | 32K | 135K | 62K | 577K | 806K | 974K | 810K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -254M | -261M | -318M | -374M | -184M | -34M | -31M | -42M | -13.11M | 40.99M | -29.29M | 2.86M | 1.25M | 914K | 913K | 1.13M | 917K | -67.2M | 5.52M | 13.03M | 8.4M | 6.46M | 7.32M | 1.98M | 1.53M | 1.3M | 4.58M | 1.5M | -1.1M |
| Pretax Income | 347M | 304M | 180M | -1.93B | 433M | 665M | 423M | 177.8M | 480.95M | 447.63M | 127.98M | 159.47M | 136.39M | 59.3M | 75.14M | 186.05M | 196.42M | -238.86M | 41.05M | 120.02M | 130.94M | 47.01M | 67.23M | -13.73M | -41.52M | -46.06M | 96.11M | 29.2M | 8.1M |
| Pretax Margin % | 8.52% | 7.73% | 5.02% | -53.23% | 12.21% | 22.54% | 18.15% | 9.36% | 23.18% | 23.36% | 9.88% | 19.6% | 17.47% | 8.86% | 11.68% | 22.62% | 23.02% | -58.06% | 6.35% | 15.38% | 16.73% | 9.23% | 12.11% | -4.07% | -13.19% | -16.06% | 29.4% | 15.61% | 5.79% |
| Income Tax | 20M | 9M | -10M | -87M | 100M | 114M | 73M | 37.4M | 88.05M | 108.49M | 23.17M | 37.17M | 20.61M | 23.52M | 27.11M | 56.32M | 63.51M | -26.2M | 10.94M | 33.66M | 36.71M | 12.44M | -2.61M | 2.65M | -1.98M | -15.01M | 35.85M | 5.2M | 900K |
| Effective Tax Rate % | 5.76% | 2.96% | -5.56% | 4.51% | 23.09% | 17.14% | 17.26% | 21.03% | 18.31% | 24.24% | 18.1% | 23.31% | 15.11% | 39.67% | 36.08% | 30.27% | 32.33% | 10.97% | 26.64% | 28.04% | 28.03% | 26.47% | -3.88% | -19.3% | 4.77% | 32.6% | 37.3% | 17.81% | 11.11% |
| Net Income | 327M | 295M | 190M | -1.84B | 333M | 551M | 350M | 140.4M | 392.9M | 339.13M | 104.81M | 122.3M | 115.78M | 35.78M | 48.03M | 129.73M | 142.59M | -212.66M | 30.12M | 86.36M | 94.23M | 34.56M | 69.84M | -16.39M | -39.54M | -31.04M | 60.26M | 24M | 7.2M |
| Net Margin % | 8.03% | 7.5% | 5.3% | -50.83% | 9.39% | 18.68% | 15.02% | 7.39% | 18.93% | 17.7% | 8.09% | 15.03% | 14.83% | 5.34% | 7.46% | 15.77% | 16.71% | -51.69% | 4.65% | 11.06% | 12.04% | 6.79% | 12.58% | -4.86% | -12.56% | -10.82% | 18.43% | 12.83% | 5.15% |
| Net Income Growth % | 43.42% | 55.26% | 110.32% | -652.85% | -39.56% | 57.43% | 149.29% | -64.27% | 15.85% | 223.57% | -14.3% | 5.63% | 223.62% | -25.51% | -62.98% | -9.02% | 167.05% | -806.11% | -65.13% | -8.36% | 172.63% | -50.51% | 526.24% | 58.56% | -27.36% | -151.52% | 151.08% | 233.33% | - |
| Net Income (Continuing) | 327M | 295M | 190M | -1.84B | 333M | 551M | 350M | 140.4M | 392.9M | 339.13M | 104.81M | 122.3M | 115.78M | 35.78M | 48.03M | 129.73M | 132.92M | -212.66M | 30.12M | 86.36M | 94.23M | 34.56M | 69.84M | -16.39M | -39.54M | -31.04M | 60.26M | 24M | 7.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.60 | 4.37 | 2.81 | -27.56 | 5.56 | 9.90 | 6.33 | 2.55 | 7.14 | 6.16 | 1.94 | 2.28 | 2.16 | 0.67 | 0.90 | 2.45 | 2.80 | -4.31 | 0.59 | 1.51 | 1.68 | 0.63 | 1.28 | -0.32 | -0.79 | -0.83 | 1.67 | 1.00 | 0.38 |
| EPS Growth % | 42.69% | 55.52% | 110.2% | -595.68% | -43.84% | 56.4% | 148.24% | -64.29% | 15.91% | 217.53% | -14.91% | 5.56% | 222.39% | -25.56% | -63.27% | -12.5% | 164.97% | -830.51% | -60.93% | -10.12% | 166.67% | -50.78% | 500% | 59.49% | 4.82% | -149.7% | 67% | 163.16% | - |
| EPS (Basic) | - | 4.39 | 2.82 | -27.56 | 5.58 | 9.95 | 6.35 | 2.57 | 7.22 | 6.26 | 1.96 | 2.30 | 2.17 | 0.67 | 0.91 | 2.49 | 2.85 | -4.31 | 0.61 | 1.53 | 1.70 | 0.64 | 1.30 | -0.32 | -0.79 | -0.83 | 1.74 | 1.05 | 0.40 |
| Diluted Shares Outstanding | 71.1M | 67.7M | 67.6M | 66.8M | 59.9M | 55.7M | 55.3M | 55.11M | 54.99M | 55.07M | 54.05M | 53.56M | 53.52M | 53.48M | 53.23M | 52.85M | 50.93M | 49.32M | 50.75M | 57.17M | 55.96M | 54.63M | 54.66M | 51.58M | 50M | 37.49M | 36.17M | 23.95M | 18.72M |
| Basic Shares Outstanding | 67.4M | 67.3M | 67.3M | 66.8M | 59.7M | 55.4M | 55.09M | 54.71M | 54.41M | 54.14M | 53.47M | 53.28M | 53.23M | 53.06M | 52.69M | 52.17M | 50.08M | 49.32M | 49.72M | 56.35M | 55.4M | 54.07M | 53.52M | 51.58M | 50M | 37.49M | 34.6M | 22.78M | 18.05M |
| Dividend Payout Ratio | - | 20% | 31.05% | - | 15.62% | 8.64% | 12.57% | 31% | 10.79% | 11.26% | 34.69% | 29.41% | 30.1% | 94.97% | 68.05% | 24.18% | - | - | - | - | - | - | - | - | - | - | 2.35% | 166.67% | 86.11% |
High Debt Leverage Sensitivity
According to the most recent quarterly data, MKSI achieved a 15.2% year-over-year revenue growth rate in 2026Q1, marking a significant acceleration from the 4.7% growth observed in 2024Q4, suggesting that the company is successfully capturing increased demand within its core semiconductor and advanced packaging end-markets.
The consistent upward trend in quarterly revenue, moving from $868 million in 2024Q1 to $1.1 billion in 2026Q1, indicates that the company's strategic focus on high-growth semiconductor nodes is yielding tangible results. Investors should monitor whether this acceleration is driven by sustainable volume increases in the V&A segment or if it reflects temporary inventory restocking cycles by major OEMs.
As reported in financial statements, MKSI's gross margin experienced a notable contraction to 40.5% in 2025Q4 before rebounding to 47.0% in 2026Q1, highlighting the sensitivity of the company's cost structure to product mix shifts and potential integration-related inefficiencies following recent large-scale acquisitions.
The fluctuation in gross margins suggests that the company's transition toward a more recurring chemistry-based revenue stream has not yet fully stabilized the cost profile. Analysts should investigate whether the 47% margin level is sustainable or if it remains susceptible to the cyclical pricing pressures inherent in the broader semiconductor equipment supply chain.
Based on reported figures, operating income scaled to $173 million in 2026Q1, representing a 16% operating margin, which demonstrates an improved ability to manage overhead costs relative to the revenue growth observed over the trailing ten-quarter period since the 2023Q4 operational trough.
The expansion of operating margins from 2.7% in 2023Q4 to 16% in 2026Q1 suggests that management is successfully achieving operational efficiencies despite the integration of complex business units. However, the persistence of this leverage depends on the company's ability to maintain SG&A discipline while continuing to fund the R&D necessary for next-generation semiconductor design-ins.
Data from recent filings indicates that net income has fluctuated significantly, ranging from a loss of $69 million in 2023Q4 to a profit of $107 million in 2025Q4, reflecting the impact of non-operating items and the ongoing amortization of intangible assets from recent M&A activity.
The disparity between GAAP net income and operational performance suggests that investors should prioritize Adjusted EBITDA or cash flow metrics to assess the true underlying profitability of the business. The inconsistent EPS growth, which spiked to 53.2% in 2026Q1, appears heavily influenced by accounting adjustments rather than purely organic operational improvements.
While revenue growth is accelerating, the company's significant debt load, incurred to fund the Atotech acquisition, remains a critical risk factor that could constrain future capital allocation and leave the firm vulnerable to interest rate volatility, as noted in recent institutional research regarding the company's capital structure.
Short-sellers may focus on the potential for margin compression if the company is forced to prioritize debt service over necessary R&D investments during a cyclical downturn. The reliance on high-leverage financing for growth warrants further investigation into whether the current earnings trajectory is sufficient to deleverage the balance sheet without compromising long-term competitive positioning.
Quick answers to the most common questions about buying MKSI stock.
For fiscal year 2025, MKS Inc. (MKSI) reported total revenue of $3.93B. This represents a 2711.9% increase compared to $139.8M in 1998.
MKS Inc. (MKSI) is profitable, generating $295.0M in net income for the fiscal year ending 2025 with a net profit margin of 7.5%.
MKS Inc. (MKSI) reported an operating income of $565.0M, resulting in an operating profit margin of 14.4%. This margin reflects the operational efficiency of the business before interest and taxes.
MKS Inc. (MKSI) generated $1.59B in gross profit for the year, representing a gross profit margin of 40.4%. This demonstrates the company's core pricing power and production efficiency.