MKS (MKSI) FY2022 results: revenue $3.5 billion, up 20.3% on the year

MKS Inc. (MKSI) reported revenue of $3.5 billion for fiscal 2022, the year ended 31 December 2022, up 20.3% on the year before. Net income was $333 million, down 39.6%, and diluted earnings per share $5.56. The figures are the company's own, from the 10-K it filed with the SEC on 14 March 2023.

Revenue

$3.5 billion

+20.3% on the year

FY2015FY2022

Operating margin

17.4%

23.7% a year earlier

FY2015FY2022

Net income

$333 million

-39.6% on the year

FY2015FY2022

Diluted EPS

$5.56

-43.8% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,547	2,950	2,330	+20.3%
Cost of revenue	2,000	1,569	1,280	+27.4%
Gross profit	1,547	1,380	1,050	+12.1%
Gross margin	43.6%	46.8%	45.0%
Research and development	241	200	173	+20.5%
Selling, general and administrative	488	385	353	+26.7%
Operating income	617	699	454	-11.7%
Operating margin	17.4%	23.7%	19.5%
Interest expense	177	25.0	29.0	+608.0%
Pre-tax income	433	666	423	-34.9%
Income tax	100	114	72.9	-12.4%
Effective tax rate	23.1%	17.1%	17.2%
Net income	333	551	350	-39.6%
Net margin	9.4%	18.7%	15.0%
Diluted EPS	$5.56	$9.90	$6.33	-43.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	529	640	513	-17.3%
Capital expenditure	164	87.0	84.9	+88.5%
Free cash flow	365	552	428	-33.9%
Free cash flow margin	10.3%	18.7%	18.4%
Cash from investing	-4,552	-205	-202
Cash from financing	3,971	-65.1	-122
Depreciation and amortisation	216	104	99.0	+107.5%
Share-based compensation	45.0	37.0	30.0	+21.6%
Dividends paid	52.0	47.0	44.0	+10.6%
Dividend per share	$0.88	$0.86	$0.80	+2.3%
Diluted shares, weighted	60m	56m	55m	+7.5%
Shares outstanding at period end	67m	56m	55m	+20.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	4,483	2,887	2,361	+55.3%
Debt	4,927	817	830	+503.1%
Operating lease liabilities	n/a	193	187
Other liabilities	2,085	644	526	+223.7%
Total liabilities and equity	11,495	4,540	3,904	+153.2%
Fixed assets	800	326	284	+145.4%
Goodwill	4,308	1,228	1,066	+250.8%
Intangible assets	3,173	576	512	+450.9%
Investments	1.0	82.2	234	-98.8%
Cash and equivalents	909	966	608	-5.9%
Receivables	720	443	393	+62.7%
Inventory	977	577	501	+69.4%
Other assets	607	342	304	+77.3%
Total assets	11,495	4,540	3,904	+153.2%

10-K for the year ended 31 December 2022, filed 14 March 2023: the filing.