Mks IncMKSI

MKS Instruments’ latest quarterly filing shows a $1.08 billion revenue headline, but the balance sheet tells a different story: $949 million of inventory and $81 million of R&D spend in the same three months. Net income was $84 million, or $1.18 diluted EPS, while cash from operations clocked in at just $53 million. The gap between the glossy product pages and the warehouse receipts is widening.

MKS sells precision instruments and process solutions to life sciences, defence, solar, LEDs, and semiconductor customers-sectors where demand can swing faster than a wafer rotation. The company’s own product rails boast “unrivalled performance,” but the deferred revenue line shows $79 million current and $4 million long-term at quarter-end, meaning customers haven’t yet paid for the full kit and caboodle.

The filing evidence is concrete: revenue $1.08B, net income $84.0M, diluted EPS $1.18, operating income $149.0M, cash from operations $53.0M, inventory $949.0M, R&D $81.0M, all for the quarter ended 31 March 2026. Assets stood at $8.73 billion versus liabilities of $5.92 billion, leaving equity at $2.81 billion. Capex was $25 million, and weighted average diluted shares were 71.1 million.

There is no public chart rail supplied for this asset, so avoid invented levels; the evidence is the filings and the product pages only. The company’s public pages highlight its “specialty industrial solutions” and “semiconductor solutions,” but those pages describe capabilities and markets, not cash flow or order backlog.

The 8-K filed on 12 May 2026 confirms shareholders approved a 6.2 million-share increase in the equity incentive plan and a corporate name change. The March 2026 10-Q is the latest available source of financials. The SEC submissions JSON confirms the filing inventory but does not add new financial data. Product pages and press content explain applications, not financial performance.

What’s missing? A quarterly cash-flow bridge, segment-level cash generation, and any forward guidance. The next filing that would deepen the file is the next 10-Q or an 8-K detailing order intake or deferred revenue movements. Until then, the balance sheet’s inventory build and deferred revenue tell the clearer story than the polished product narrative.