MKS (MKSI) FY2023 results: revenue $3.6 billion, up 2.1% on the year

MKS Inc. (MKSI) reported revenue of $3.6 billion for fiscal 2023, the year ended 31 December 2023, up 2.1% on the year before. Net income was -$1.8 billion, and diluted earnings per share $-27.54. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$3.6 billion

+2.1% on the year

FY2016FY2023

Operating margin

-42.9%

17.4% a year earlier

FY2016FY2023

Net income

-$1.8 billion

FY2016FY2023

Diluted EPS

-$27.54

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,622	3,547	2,950	+2.1%
Cost of revenue	1,980	2,000	1,569	-1.0%
Gross profit	1,642	1,547	1,380	+6.1%
Gross margin	45.3%	43.6%	46.8%
Research and development	288	241	200	+19.5%
Selling, general and administrative	675	488	385	+38.3%
Operating income	-1,554	617	699
Operating margin	-42.9%	17.4%	23.7%
Interest expense	356	177	25.0	+101.1%
Pre-tax income	-1,928	433	666
Income tax	-87.0	100	114
Effective tax rate	n/a	23.1%	17.1%
Net income	-1,841	333	551
Net margin	-50.8%	9.4%	18.7%
Diluted EPS	-$27.54	$5.56	$9.90

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	319	529	640	-39.7%
Capital expenditure	87.0	164	87.0	-47.0%
Free cash flow	232	365	552	-36.4%
Free cash flow margin	6.4%	10.3%	18.7%
Cash from investing	-84.0	-4,552	-205
Cash from financing	-259	3,971	-65.1
Depreciation and amortisation	397	216	104	+83.8%
Share-based compensation	54.0	45.0	37.0	+20.0%
Buybacks	0.0	n/a	n/a
Dividends paid	59.0	52.0	47.0	+13.5%
Dividend per share	$0.88	$0.88	$0.86	0.0%
Diluted shares, weighted	67m	60m	56m	+11.5%
Shares outstanding at period end	67m	67m	56m	+0.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,472	4,483	2,887	-44.9%
Debt	4,789	4,927	817	-2.8%
Operating lease liabilities	n/a	n/a	193
Other liabilities	1,857	2,085	644	-10.9%
Total liabilities and equity	9,118	11,495	4,540	-20.7%
Fixed assets	784	800	326	-2.0%
Goodwill	2,554	4,308	1,228	-40.7%
Intangible assets	2,619	3,173	576	-17.5%
Investments	0.0	1.0	82.2
Cash and equivalents	507	909	966	-44.2%
Receivables	603	720	443	-16.2%
Inventory	991	977	577	+1.4%
Other assets	1,060	607	342	+74.6%
Total assets	9,118	11,495	4,540	-20.7%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.