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TickerMKSI
SectorHardware, Equipment & Parts
Mkt cap$21.2B
EV / EBITDA24.1×
PostureHigh Velocity
Composite70/100
LensBuyer-side
SE-Cluster Research·Issuer Brief·Q2 2026CIK 1049502

MKS Inc.

MKSIHIGH VELOCITYFILING INTENSITY

MKS Inc. reads as an High Velocity (composite 70/100); Consistent Strategic Buyer deploying $5M across 0 disclosed transactions, down 88% vs the prior cycle · primary market Semis & Hardware.

Lens

Disclosed M&A capital (2023–2025)

$5M

−88%

vs $36M in 2020–2022

Disclosed transactions

N/A

−99%

1/3 active fiscal years in window

Buyer archetype

Consistent Strategic Buyer

Meaningful spend appears across repeat years.

Composite score

70

/100

High Velocity dominates · Filing Intensity

Financial snapshot
Revenue$4.1B
EBITDA$924M
Enterprise value$22.2B
EV / Revenue5.5×
EV / EBITDA24.1×
P/EN/A
Cash$463M
Total debt$1.4B
as of 2026-05-10
§ I·SE-Cluster Issuer Brief

Behavioral posture, nine reads.

Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.

Active Acquirer

19/100

Companies actively deploying disclosed capital into M&A

  • $233M disclosed buyer spend

Buyer Cadence

22/100

Buyer-side companies with recent filing activity

  • Filed within 33d
  • 236 8-Ks

Target Probability

20/100

Issuers showing target-side patterns from filings

  • 17 activism filings

Spin/Carve

0/100

Issuers showing spin-off, carve-out, or sum-of-parts posture

  • 17 activism filings

Pressure Watch

15/100

Issuers facing activism, governance, or control pressure

  • 17 activism filings
  • Latest activism 19y ago; heavily discounted

Distress Watch

18/100

Issuers showing financial-distress filing patterns

  • 17 activism filings

Restatement Risk

0/100

Issuers with accounting-integrity flags from filings

  • 1 NT late filing
  • Latest event 3.3y ago; discounted

Capital Velocity

Dominant
70/100

Issuers with the highest filing-activity intensity

  • 236 8-Ks
  • 5 form types

Quiet Power

0/100

Large issuers with low signal volume and clean disclosure cadence

  • Enterprise value $22.2B
  • 10-Q 33d ago
  • 3 active signals
§ II·SE-Cluster Issuer Brief

Capital cadence.

Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.

16
17
18
19
20
21
22
23
24
25

Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $34M · Peak count: 1

FYDisclosed buysDisclosed spendAvg ticketAudited tier
2025N/AN/AN/AN/A
2024N/AN/AN/AN/A
2023N/A$5MN/AN/A
20221$34M$34MN/A
20211$2M$2MN/A
2020N/AN/AN/AN/A
§ III·SE-Cluster Issuer Brief

Strategy posture.

The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.

Archetype mix

  • Geographic Expansion
    20%
  • Horizontal Consolidation
    20%
  • Bolt On
    20%
  • Technology Acquisition
    20%
  • Platform
    20%

Strategy keywords

Terms recurring across recent 10-K acquisition disclosures.

  • geographic_expansion
  • horizontal_consolidation
  • bolt_on
  • technology_acquisition
  • platform
  • tuck_in
§ IV·SE-Cluster Issuer Brief

Filing language.

Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.

Our ability to successfully identify suitable acquisition targets, complete acquisitions on acceptable terms, and efficiently, effectively and profitably integrate and operate our acquired businesses is critical to our growth.

10-KFY2023

the risk that we are unable to integrate the Atotech Acquisition successfully or realize the anticipated synergies, cost savings and other benefits of the Atotech Acquisition

10-KFY2022

As a part of our business strategy, we have entered into and continue to pursue business combinations and acquisitions.

10-KFY2023

As a result of previous acquisitions, we have several different decentralized operating and accounting systems. We will need to continue to modify our accounting policies, internal controls, procedures and compliance programs to provide consistency across our operations. In order to increase efficiency and operating effectiveness and improve corporate visibility into our decentralized operations, we continue to review opportunities to integrate enterprise resource planning systems or deploy data consolidation tools where practical. Any such systems changes may disrupt our operations during the conversion periods and may require significantly more management time and higher implementation costs than anticipated.

10-KFY2025

completed, or are significantly delayed, due to regulatory or other restrictions. Additionally, our Credit Facilities (as defined below) only permit us to make acquisitions under certain circumstances and also restrict our ability to incur additional indebtedness in certain circumstances. As a result, our acquisition strategy may be hindered by our indebtedness. Moreover, we may not realize the benefits we anticipate from these acquisitions because of potentially significant challenges, such as:

10-KFY2025
§ V·SE-Cluster Issuer Brief

Market context.

Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.

Primary market

Semis & Hardware

Market spend (2023–2025)
$118.8B
Market spend (2020–2022)
$89.3B
Recent vs prior
+33%
Issuer rank in market
N/A
Share of market capital
0.0%

Valuation positioning

24.1×EV / EBITDA

MKSI trades at a +4.6-turn premium to the Semis & Hardware peer median of 19.5×.

EV / Revenue
5.5×
Net debt / EBITDA
1.0×
Peer median EV / EBITDA
19.5×

Trading comparables

FMP market data · 2026-05-10

CompanyEV / EBITDAEV / RevNet debt / EBITDARevenueM&A 2023–2025
30.8×8.0×3.8×$3.2B$6B
MKS Inc.MKSI
24.1×5.5×1.0×$4.1B$5M
21.7×6.6×-0.1×$25.9B$6.9B
19.5×4.5×2.8×$4.7B$1.8B
18.1×5.4×-0.4×$44.5B$997M
14.5×3.5×-0.2×$18.5B$3.1B

Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in Semis & Hardware. Bars scaled to the highest EV/EBITDA in the set.

§ VI·SE-Cluster Issuer Brief

Target landscape.

Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.

No qualifying public-issuer targets surfaced from the current signal mix.

Stated target categories

No target categories enumerated in the audited corpus for this issuer.

§ VII·SE-Cluster Issuer Brief

Filing activity & signal stream.

Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.

Filing cadence

  • 10-K (annual)262026-02-24
  • 10-Q (quarterly)822026-05-07
  • 8-K (event)2362026-05-06
  • Proxy / DEF 14A512026-03-31
  • Activism (13D / DFAN / PREC)172007-01-17

Signals on file

  • watch

    Late-filing notice

    2023-02-27

    1 NT 10-K/10-Q filing on file.

  • elevated

    Activism on file

    2007-01-17

    17 activist filings on file (13D, DFAN14A, PREC14A series).

  • info

    Signal

    Serial acquisition history

  • info

    Signal

    10-K strategy themes

  • info

    Signal

    Restatement risk

§ VIII·SE-Cluster Issuer Brief

Audited corpus.

No audited record on file for this CIK in the current v6 corpus.

This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.

MKS Inc.: Issuer Brief | SE-Cluster