Mks Inc (NASDAQ: MKSI)

MKS Inc. enables technologies that transform our world. The company delivers foundational technology solutions to leading edge semiconductor manufacturing electronics and packaging and specialty industrial applications. It applies its broad science and engineering capabilities to create instruments subsystems systems process control solutions and specialty chemicals technology that improve process performance optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Its solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased speed feature enhancement and optimized connectivity. Its solutions are also critical to addressing ever increasing performance requirements across a wide array of specialty industrial applications.

Revenue is generated through the sale of products services and solution offerings that serve three end markets semiconductor electronics and packaging and specialty industrial. The company’s Surround the Wafer offering provides a wide range of products design and development services system level integration training calibration service and repair for semiconductor customers. Its Surround the Workpiece offering includes product design and development system level integration research and development system subsystem and component selection and maintenance repair and calibration services for laser based guidance and control in manufacturing processes. Through the Atotech acquisition the company extended the Surround the Workpiece offering with Optimize the Interconnect which combines laser drilling and chemistry solutions to accelerate innovation and time to market in printed circuit board and package substrate manufacturing. Approximately forty three percent forty two percent and forty one percent of net revenues in 2025 2024 and 2023 came from the semiconductor market. Approximately twenty eight percent twenty six percent and twenty five percent of net revenues in those years came from the electronics and packaging market. Approximately twenty nine percent thirty two percent and thirty four percent of net revenues in those years came from the specialty industrial market.

The company operates through the following segments Vacuum Solutions Division Photonics Solutions Division and Materials Solutions Division.

• Vacuum Solutions Division provides foundational technology solutions for semiconductor manufacturing electronics and packaging and specialty industrial applications. Its products are derived from core competencies in vacuum technologies including pressure measurement and control flow measurement and control gas and vapor delivery gas composition analysis electronic control technology reactive gas generation and delivery power generation and delivery and fiber optic temperature and position sensing. The division offers pressure and vacuum control solutions materials delivery solutions power solutions and plasma and reactive gas products.

• Photonics Solutions Division provides a broad range of instruments components and subsystems for leading edge semiconductor manufacturing electronics and packaging and specialty industrial applications. Its products are derived from core competencies in lasers photonics optics precision motion control and vibration control. The division offers laser products photonics products and laser based systems for PCB manufacturing. Laser products include continuous wave and pulsed nanosecond and ultrafast lasers based on diode diode pumped solid state and fiber laser technologies. Photonics products include precision motion control optical tables vibration isolation systems photonic instruments high performance optics optical assemblies opto mechanical components laser and LED measurement products laser power and energy meters laser beam profilers and complex optical and photonic subsystems. Laser based systems for PCB manufacturing include flexible interconnect PCB processing systems and high density interconnect solutions for the creation of blind micro vias necessary for manufacturing PCBs and package substrates.

• Materials Solutions Division develops leading process and manufacturing technologies for advanced surface modification electroless and electrolytic plating and surface finishing. Applying a comprehensive systems and solutions approach the division’s portfolio includes chemistry equipment and services for innovative and high technology applications in electronics and packaging and specialty industrial markets. Its products include advanced chemical processes and production equipment for the manufacturing of PCBs package substrates and wafers used in smartphones computers consumer electronics servers data centers automotive electronics medical and industrial industries. It also provides advanced chemical processes for decorative and functional surface finishing which include decorative corrosion protective and wear resistant coatings for automotive construction energy household appliance and heavy machinery markets. Additionally it offers advanced chemical processes for paint support applications including pretreatment stripping and overspray treatment for automotive construction aviation heavy machinery and household appliance markets.

MKS Inc. holds a strong position as one of the broadest critical subsystem providers in the wafer fabrication equipment ecosystem addressing over eighty five percent of the market. The company competes with numerous firms across its product lines. In the Vacuum Solutions Division competitors include Advanced Energy Industries Inficon Hitachi Horiba Brooks Instrument and VAT. In the Photonics Solutions Division competitors include Trumpf Group Lumentum IPG Photonics EdgeWave Amplitude Laser Coherent Excelitas Jenoptik Thorlabs Sigma Koki and PI miCos. In the Materials Solutions Division competitors include Element Solutions Qnity Electronics Uyemura JCU International Okuno Chemical Schmid Group Process Automation International Top Creation Machines Universal Circuit Board Equipment Almex Technologies and Manz Asia. Competitive advantages stem from the company’s long history deep expertise broad science and engineering capabilities global service network lean manufacturing techniques and responsiveness to fluctuating customer demand.

MKS Inc. serves thousands of customers worldwide across semiconductor capital equipment manufacturers semiconductor device manufacturers PCB and package substrate manufacturers and a diverse set of specialty industrial customers including automotive life sciences research and defense sectors. The company’s top ten customers accounted for thirty five percent thirty two percent and thirty percent of net revenues in 2025 2024 and 2023 respectively with no single customer representing more than ten percent of revenue in any of those years.