MKS Inc.
MKSI Technology Scientific & Technical Instruments
MKS Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.9 billion, up 9.62% from fiscal 2024. In the quarter to June 2026, revenue grew 28.3%, EPS grew 181.5%, free cash flow grew 39.0% and total debt fell 10.5%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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MKS Inc. (MKSI) Altman Z-score
MKS Inc.'s Altman Z-score for fiscal 2025 is 2.04, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.04 | 0.44 |
| FY2024 | 1.60 | 0.84 |
| FY2023 | 0.76 | (0.63) |
| FY2022 | 1.39 | (4.33) |
| FY2021 | 5.72 | 0.54 |
| FY2020 | 5.18 | 0.94 |
| FY2019 | 4.24 | (1.16) |
| FY2018 | 5.40 | (0.61) |
| FY2017 | 6.00 | 2.49 |
| FY2016 | 3.51 | (9.04) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.18 | — | 0.22 | |
| Retained earnings / total assets | 0.08 | — | 0.11 | |
| EBIT / total assets | 0.06 | — | 0.20 | |
| Market value of equity / total liabilities | 1.77 | — | 1.06 | |
| Sales / total assets | 0.45 | — | 0.45 | |
| Altman Z-score | Grey zone | 2.04 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.32 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GRMN Garmin Ltd. compare | 14.2× |
| CGNX Cognex Corporation compare | 8.3× |
| COHR Coherent Corp. compare | 6.9× |
| ESE ESCO Technologies Inc. compare | 5.3× |
| TDY Teledyne Technologies Incorporated compare | 4.4× |
| TRMB Trimble Inc. compare | 4.4× |
| FTV Fortive Corporation compare | 3.2× |
| ST Sensata Technologies Holding N.V. compare | 2.1× |
| MKSI MKS Inc. | 2.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets