MKS Instruments, Inc.
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Earnings Call Q2 2026
August 6, 2026 - AI Summary
Q2 results strong; momentum building into H2
- Revenue $1.25B, +16% QoQ and +28% YoY (high end/above guidance).
- Segment growth: Semiconductor $554M (+19% QoQ, +28% YoY); Electronics & Packaging $381M (+19% QoQ, +44% YoY); Specialty Industrial $313M (+8% QoQ, +14% YoY).
- Profitability: Gross margin 47.6% (about 100 bps of discrete benefits from tariff/duty refunds); Operating margin 25.6%; Adjusted EBITDA margin 28.6%.
- Earnings/cash: Net earnings $232M ($3.30/diluted share), +86% YoY per share; Free cash flow $188M (~15% of revenue); Liquidity >$1.6B (cash $611M + $1B undrawn revolver).
Q3 outlook: continued acceleration and strong margins despite mix/investment headwinds
- Revenue forecast $1.35B ± $40M.
- By segment: Semiconductor $630M ± $15M; Electronics & Packaging $385M ± $15M; Specialty Industrial $335M ± $10M.
- Guidance: Gross margin ~47% ± 100 bps; Operating margin 26.3% (operating income $355M); Adjusted EBITDA $395M ± $28M.
- EPS: $3.58 ± $0.31; CapEx ~4%–5% of revenue; tax rate ~20% in Q3 and full-year tax lower end of 18%–20%.
- Semi growth acceleration: semi revenue implied >50% YoY in Q3 (driving by depth-etch + litho/metrology/inspection + power/vacuum/plasma/reactive gases).
Big opportunity areas: AI-driven semiconductor + advanced packaging, and strong chemistry attach
- AI-driven WFE and advanced packaging investment is the core demand driver across semis and PCB/advanced electronics.
- Semi: strong momentum in deposition/etch, RF power (NAND upgrades), vacuum subsystems, plasma generators, reactive gases, plus photonics/optics in litho/metrology/inspection.
- Electronics & Packaging: chemistry is inflecting sharply—management highlighted “chemistry equipment demand… strongest it has ever been” with visibility through 2027.
- Chemistry growth economics: management reiterated chemistry typically represents ~20%–40% of chemistry “output per dollar of equipment,” but noted the *mix is shifting toward higher-end equipment*, implying the math could be toward the lower end of that range; still expects higher gross margin chemistry to grow as equipment ramps.
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$25.40
88.2% downside
Current Fair Value
88.2% downsideOvervalued by 88.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $14.58 Billion |
|---|---|
| Enterprise Value | $17.92 Billion |
| Annual dividend | $0.97 |
| Dividend yield | 0.45% |
| Earnings per Share | $4.39 |
| Beta | 2.13 |
| Outstanding Shares | 67,700,000 |
Return
| Return on Equity | 18.32% |
|---|---|
| Return on Assets | 6.52% |
| Return on Invested Capital | 13.65% |
Valuation & Multiples
| P/E Ratio | 24.15 |
|---|---|
| PEG | 11.03 |
| Price to Sales | 3.08 |
| Price to Book Ratio | 4.49 |
| Enterprise Value to Revenue | 3.76 |
| Enterprise Value to EBIT | 19.74 |
| Enterprise Value to Net Income | 29 |
| Total Debt to Enterprise | 0.22 |
| Debt to Equity | 1.22 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS
$4.18
Est. $3.63Revenue
$1.41 B
Est. $1.36 BNext Earnings Call
Expected Date
February 16, 2027
EPS Estimate
$5.07
Consensus analyst estimateRevenue Estimate
$1.49 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 13.86% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | 1,200▼ 99.82% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 12.27%▼ 93.85% |
|---|---|
| Total Invested | $2.19B▼ 93.08% |
| Investors Holding | 292▼ 518.00% |
About MKS Instruments, Inc.
CEO: John Lee
MKS Instruments, Inc. is a global provider of instruments, systems, subsystems and process control solutions that measure, monitor, deliver, analyze, power and control critical parameters of advanced manufacturing processes to improve pr...