MKSIMKS INC

Industrial Instruments For Measurement, Display, And Control

Revenue: $3.9B; 9.6% YoY
Operating margin: 13.4%; 3.3% YoY
EBITDA: $872M; 3.1% YoY
Market cap: $13.7B
Employees: —
Net debt / EBITDA: 2.4×; $2.1B net debt
AI in 10-K: 3.7; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
219% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
16% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
3.7 per 10K words · 76th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$13.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$43M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.0B	$3.5B	$3.6B	$3.6B	$3.9B	9.6%
Operating income	$699M	$617M	−$1.6B	$498M	$528M	6.0%
Net income	$551M	$333M	−$1.8B	$190M	$295M	55%
Operating cash flow	$640M	$529M	$319M	$528M	$645M	22%
Capex	$87M	$164M	$87M	$118M	$148M	25%
Stock-based comp	$37M	$45M	$54M	$48M	$55M	15%
Buybacks	—	—	$0	$0	$45M
Dividends	$47M	$52M	$59M	$59M	$59M	0.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $43M · 45
Net: −$43M

Pay vs performance

No pay-versus-performance disclosure yet.