MKS Inc. (MKSI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-74.5%

$51.43

vs $201.70 price

Levered DCF

$27.52

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.32

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	36.4×	37.02×	-3.73×	15.18×	17.5×	23.69×	42.81×	8.95×
P/B	3.96×	3.03×	2.78×	1.13×	3.34×	3.51×	2.97×	1.88×
P/S	2.74×	1.96×	1.9×	1.43×	3.27×	3.56×	3.17×	1.69×
EV / EBITDA	17.18×	12.75×	-9.94×	11.2×	12.23×	15.81×	19.74×	5.57×
Gross margin	40.4%	47.6%	45.3%	43.6%	46.8%	45.0%	43.7%	47.2%
Operating margin	14.4%	13.9%	-42.9%	17.4%	23.7%	19.5%	11.6%	23.8%
Net margin	7.5%	5.3%	-50.8%	9.4%	18.7%	15.0%	7.4%	18.9%
Current ratio	2.71×	3.19×	3.18×	2.93×	4.67×	4.83×	4.51×	5.56×
Debt / equity	1.73×	2.06×	2.03×	1.15×	0.36×	0.44×	0.47×	0.19×
Interest coverage	2.67×	1.44×	-3.68×	3.49×	27.96×	15.66×	4.33×	28.53×
Dividend yield	0.5%	0.8%	0.9%	1.0%	0.5%	0.5%	0.7%	1.2%
Payout ratio	20.0%	31.1%	-3.2%	15.6%	8.6%	12.6%	31.0%	10.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.8%	8.2%	-74.5%	7.4%	19.1%	14.8%	6.9%	21.0%
Return on invested capital	6.9%	6.3%	-17.7%	4.5%	14.1%	10.6%	5.5%	17.1%
Return on assets	3.4%	2.2%	-20.2%	2.9%	12.1%	9.0%	4.1%	15.0%
Free cash flow yield	4.6%	5.8%	3.4%	7.2%	5.7%	5.2%	3.0%	10.0%
Earnings yield	2.7%	2.7%	-26.8%	6.6%	5.7%	4.2%	2.3%	11.2%
Enterprise value	$14.8B	$11.1B	$11B	$9.3B	$9.7B	$8.7B	$6.6B	$3.2B
Net debt / EBITDA	4.67×	4.67×	-3.74×	5.12×	0.08×	0.77×	1.61×	-0.51×
Cash conversion cycle (days)	141	170	183	175	150	173	193	152