MKS (MKSI) FY2024 results: revenue $3.6 billion, down 1.0% on the year

MKS Inc. (MKSI) reported revenue of $3.6 billion for fiscal 2024, the year ended 31 December 2024, down 1.0% on the year before. Net income was $190 million, and diluted earnings per share $2.81. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2025.

Revenue

$3.6 billion

-1.0% on the year

FY2017FY2024

Operating margin

13.9%

-42.9% a year earlier

FY2017FY2024

Net income

$190 million

FY2017FY2024

Diluted EPS

$2.81

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	3,586	3,622	3,547	-1.0%
Cost of revenue	1,878	1,980	2,000	-5.2%
Gross profit	1,708	1,642	1,547	+4.0%
Gross margin	47.6%	45.3%	43.6%
Research and development	271	288	241	-5.9%
Selling, general and administrative	674	675	488	-0.1%
Operating income	498	-1,554	617
Operating margin	13.9%	-42.9%	17.4%
Interest expense	284	356	177	-20.2%
Pre-tax income	180	-1,928	433
Income tax	-10.0	-87.0	100
Effective tax rate	-5.6%	n/a	23.1%
Net income	190	-1,841	333
Net margin	5.3%	-50.8%	9.4%
Diluted EPS	$2.81	-$27.54	$5.56

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	528	319	529	+65.5%
Capital expenditure	118	87.0	164	+35.6%
Free cash flow	410	232	365	+76.7%
Free cash flow margin	11.4%	6.4%	10.3%
Cash from investing	-117	-84.0	-4,552
Cash from financing	-549	-259	3,971
Depreciation and amortisation	348	397	216	-12.3%
Share-based compensation	48.0	54.0	45.0	-11.1%
Buybacks	0.0	0.0	n/a
Dividends paid	59.0	59.0	52.0	0.0%
Dividend per share	$0.88	$0.88	$0.88	0.0%
Diluted shares, weighted	68m	67m	60m	+1.2%
Shares outstanding at period end	67m	67m	67m	+0.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,322	2,472	4,483	-6.1%
Debt	4,538	4,789	4,927	-5.2%
Other liabilities	1,730	1,857	2,085	-6.8%
Total liabilities and equity	8,590	9,118	11,495	-5.8%
Fixed assets	771	784	800	-1.7%
Goodwill	2,479	2,554	4,308	-2.9%
Intangible assets	2,272	2,619	3,173	-13.2%
Investments	n/a	0.0	1.0
Cash and equivalents	420	507	909	-17.2%
Receivables	615	603	720	+2.0%
Inventory	893	991	977	-9.9%
Other assets	1,140	1,060	607	+7.5%
Total assets	8,590	9,118	11,495	-5.8%

10-K for the year ended 31 December 2024, filed 25 February 2025: the filing.