Latest Ratios: P/E Ratio 80.0x · EV/EBITDA 30.3x · ROE 11.7%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $23.5B | $10.8B | $7.1B | $6.9B | $5.1B | $9.7B | $8.3B | $6.1B | $3.6B | $5.2B | $3.2B |
| Enterprise Value | $27.6B | $14.8B | $11.1B | $11.0B | $9.3B | $9.8B | $8.7B | $6.6B | $3.3B | $5.3B | $3.6B |
| P/E Ratio → | 79.99 | 36.57 | 37.15 | — | 15.24 | 17.59 | 23.77 | 43.14 | 9.05 | 15.34 | 30.62 |
| P/S Ratio | 5.99 | 2.75 | 1.97 | 1.90 | 1.43 | 3.29 | 3.57 | 3.19 | 1.71 | 2.72 | 2.48 |
| P/B Ratio | 8.70 | 3.98 | 3.04 | 2.78 | 1.13 | 3.36 | 3.52 | 3.00 | 1.90 | 3.28 | 2.59 |
| P/FCF | 47.35 | 21.77 | 17.21 | 29.62 | 13.91 | 17.55 | 19.44 | 33.57 | 10.13 | 16.07 | 19.94 |
| P/OCF | 36.49 | 16.77 | 13.37 | 21.54 | 9.59 | 15.17 | 16.22 | 24.80 | 8.59 | 14.65 | 17.83 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.77 | 3.10 | 3.04 | 2.63 | 3.31 | 3.75 | 3.47 | 1.57 | 2.75 | 2.77 |
| EV / EBITDA | 30.31 | 16.32 | 13.15 | — | 11.21 | 12.16 | 15.81 | 20.00 | 5.67 | 10.76 | 16.10 |
| EV / EBIT | 48.76 | 28.75 | 21.31 | — | 15.15 | 14.15 | 19.35 | 29.73 | 6.54 | 11.00 | 22.66 |
| EV / FCF | — | 29.85 | 27.13 | 47.50 | 25.57 | 17.66 | 20.43 | 36.53 | 9.28 | 16.25 | 22.33 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.4% | 40.4% | 47.6% | 45.3% | 43.6% | 46.8% | 45.0% | 43.7% | 47.2% | 46.5% | 43.7% |
| Operating Margin | 14.4% | 14.4% | 13.9% | -42.9% | 17.4% | 23.7% | 19.5% | 11.6% | 23.8% | 21.2% | 12.1% |
| Net Profit Margin | 7.5% | 7.5% | 5.3% | -50.8% | 9.4% | 18.7% | 15.0% | 7.4% | 18.9% | 17.7% | 8.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.7% | 11.7% | 7.9% | -52.9% | 9.0% | 21.0% | 16.0% | 7.2% | 22.7% | 24.0% | 8.7% |
| ROA | 3.4% | 3.4% | 2.1% | -17.9% | 4.2% | 13.1% | 9.6% | 4.7% | 15.6% | 14.7% | 6.0% |
| ROIC | 6.5% | 6.5% | 5.7% | -15.2% | 7.9% | 18.3% | 12.7% | 8.0% | 23.0% | 18.6% | 9.2% |
| ROCE | 7.2% | 7.2% | 6.2% | -16.5% | 8.4% | 18.4% | 13.7% | 8.1% | 22.1% | 19.8% | 10.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.73 | 1.73 | 2.06 | 2.03 | 1.15 | 0.36 | 0.44 | 0.47 | 0.19 | 0.25 | 0.49 |
| Debt / EBITDA | 5.16 | 5.16 | 5.65 | — | 6.20 | 1.28 | 1.87 | 2.88 | 0.61 | 0.80 | 2.74 |
| Net Debt / Equity | — | 1.48 | 1.75 | 1.68 | 0.95 | 0.02 | 0.18 | 0.26 | -0.16 | 0.04 | 0.31 |
| Net Debt / EBITDA | 4.42 | 4.42 | 4.81 | — | 5.11 | 0.08 | 0.77 | 1.62 | -0.52 | 0.12 | 1.72 |
| Debt / FCF | — | 8.08 | 9.92 | 17.88 | 11.67 | 0.11 | 0.99 | 2.96 | -0.85 | 0.18 | 2.38 |
| Interest Coverage | 2.43 | 2.43 | 1.51 | -3.57 | 3.48 | 27.60 | 15.59 | 4.37 | 28.75 | 15.20 | 5.18 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.71 | 2.71 | 3.19 | 3.18 | 2.93 | 4.67 | 4.83 | 4.51 | 5.56 | 4.27 | 4.21 |
| Quick Ratio | 1.71 | 1.71 | 2.04 | 2.01 | 1.91 | 3.41 | 3.48 | 3.06 | 4.10 | 3.10 | 3.05 |
| Cash Ratio | 0.73 | 0.73 | 0.92 | 1.03 | 0.96 | 2.27 | 2.24 | 1.65 | 2.73 | 1.87 | 1.76 |
| Asset Turnover | — | 0.45 | 0.42 | 0.40 | 0.31 | 0.65 | 0.60 | 0.56 | 0.79 | 0.79 | 0.59 |
| Inventory Turnover | 2.54 | 2.54 | 2.10 | 2.00 | 2.05 | 2.72 | 2.55 | 2.31 | 2.85 | 3.02 | 2.65 |
| Days Sales Outstanding | — | 60.45 | 62.60 | 60.77 | 74.09 | 54.81 | 61.52 | 65.53 | 51.97 | 57.21 | 70.09 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.5% | 0.8% | 0.9% | 1.0% | 0.5% | 0.5% | 0.7% | 1.2% | 0.7% | 1.1% |
| Payout Ratio | 20.0% | 20.0% | 31.1% | — | 15.6% | 8.6% | 12.6% | 31.0% | 10.8% | 11.3% | 34.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 2.7% | 2.7% | — | 6.6% | 5.7% | 4.2% | 2.3% | 11.1% | 6.5% | 3.3% |
| FCF Yield | 2.1% | 4.6% | 5.8% | 3.4% | 7.2% | 5.7% | 5.1% | 3.0% | 9.9% | 6.2% | 5.0% |
| Buyback Yield | 0.2% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.4% | 1.0% | 0.8% | 0.9% | 1.0% | 0.5% | 0.5% | 0.7% | 3.3% | 0.7% | 1.2% |
| Shares Outstanding | — | $68M | $68M | $67M | $60M | $56M | $55M | $55M | $55M | $55M | $54M |
High Debt Leverage Sensitivity
According to current market data, MKSI trades at a forward P/E of 33.22, which suggests that investors are pricing in significant earnings expansion relative to the company's historical performance and the broader semiconductor equipment peer group, despite the inherent cyclicality of its core vacuum and photonics segments.
The elevated P/E multiple appears to reflect optimism regarding the integration of the Atotech chemistry business and its potential to provide a recurring revenue floor. However, the valuation premium warrants caution, as it implies a high bar for execution in a sector where capital expenditure cycles remain notoriously volatile.
Based on reported figures, MKSI's ROIC has remained suppressed at 4.2% in 2026Q1, reflecting the heavy burden of intangible assets and goodwill from recent large-scale M&A activity that continues to dilute the company's ability to generate meaningful returns on its invested capital base.
The persistent gap between current ROIC and historical norms suggests that the company has yet to fully realize the operational synergies required to justify the capital deployed for the Newport and Atotech acquisitions. Investors should monitor whether management can improve asset utilization as the integration phase concludes.
As reported in financial statements, the company's cash conversion cycle reached 140 days in 2026Q1, driven largely by an elevated days inventory outstanding of 147 days, which indicates that inventory management remains a significant drag on the firm's overall operational efficiency and liquidity position.
The extended inventory cycle suggests that MKSI is carrying substantial stock to mitigate supply chain risks, which may be necessary but ties up significant capital. This inefficiency appears to be a structural challenge that limits the company's ability to convert revenue growth into immediate free cash flow.
According to recent quarterly filings, MKSI has successfully reduced its debt-to-equity ratio to 0.58 in 2026Q1 from a peak of 2.29 in 2024Q2, signaling a deliberate and necessary pivot toward balance sheet repair that enhances the firm's resilience against potential interest rate volatility.
While the reduction in leverage is a positive development, the interest coverage ratio of 3.84 remains relatively tight, suggesting that the company's financial health is still sensitive to earnings fluctuations. Continued debt repayment appears essential to lowering the risk profile and improving the company's long-term creditworthiness.
The most commonly misapplied metric for MKSI is the GAAP P/E ratio, which significantly obscures the company's true earning power by including heavy non-cash amortization charges related to the Atotech and Newport acquisitions, thereby artificially depressing reported net income and distorting the perceived valuation of the business.
Analysts should instead focus on Adjusted EBITDA or Free Cash Flow to better capture the underlying cash-generating capacity of the integrated business model. Relying on GAAP earnings in this context likely leads to an inaccurate assessment of the company's valuation and its ability to fund future growth.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying MKSI stock.
MKS Inc.'s current P/E ratio is 80.0x. The historical average is 22.5x. This places it at the 100th percentile of its historical range.
MKS Inc.'s current EV/EBITDA is 30.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.7x.
MKS Inc.'s return on equity (ROE) is 11.7%. The historical average is 8.2%.
Based on historical data, MKS Inc. is trading at a P/E of 80.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MKS Inc.'s current dividend yield is 0.25% with a payout ratio of 20.0%.
MKS Inc. has 40.4% gross margin and 14.4% operating margin. Operating margin between 10-20% is typical for established companies.
MKS Inc.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.