NASDAQ · Equipment subsystems · #1 RF & vacuum
MKS Instruments
A supplier of critical subsystems for semiconductor equipment: RF/microwave power (world #1), vacuum and gas flow, photonics (Newport) and materials (Atotech), feeding etch and deposition tools. ASML, Applied Materials and Lam Research rely heavily on MKS subsystems. ~$0.97B quarterly revenue in 2025 (AI/NAND demand).
MKSI Updated Jul 12, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, MKS Instruments is directly linked to 5 companies (0 supply, 5 revenue relationships) and reaches 19 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · ~$0.97B quarterly revenue (2025)
- Customer concentration · Customers AMAT, Lam, ASML (some overlap/competition).
- Segments · RF/microwave power · Vacuum/flow · Photonics (Newport) · Materials (Atotech)
Revenue from
- Lam Research High confidence
Supplies RF power, vacuum and other subsystems to lam-research tools.Confirms EN Yole Group Published Jan 1, 2025: Critical subsystems suppliers are the superstars of the chain - Applied Materials High confidence
Supplies RF power, vacuum and other subsystems to applied-materials tools.Confirms EN Yole Group Published Jan 1, 2025: Critical subsystems suppliers are the superstars of the chain - ASML Medium confidence
Supplies RF power, vacuum and other subsystems to asml tools.Confirms EN Yole Group Published Jan 1, 2025: Critical subsystems suppliers are the superstars of the chain - Tokyo Electron (TEL) Medium confidence
Supplies RF power, vacuum and other subsystems to tokyo-electron tools.Confirms EN Yole Group Published Jan 1, 2025: Critical subsystems suppliers are the superstars of the chain - 이코르 (유량 제어 부품) Medium confidence
Supplies flow-control components (mass flow controllers, pressure/vacuum parts) to gas-panel integrator Ichor.Confirms EN SEC EDGAR Published Feb 20, 2026: Ichor Holdings Annual Report on Form 10-K (fiscal year ended December 26, 2025)
Pays to
- components & materials (undisclosed) Low confidence
Power, vacuum and optical components and materials. - R&D engineers (undisclosed) Low confidence
Subsystem R&D staff (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| SanDisk | lead2 | · | · | · | · | · | +707.1 |
| Kioxia | lead2 | · | · | · | · | +1082.1 | +260.5 |
| Micron Technology | lead2 | +24.2 | -45.9 | +71.9 | -1 | +240.2 | +243.3 |
| United Microelectronics (UMC) | lead2 | +43.2 | -40.3 | +39.2 | -19 | +28.8 | +215.1 |
| SK hynix | lead2 | -0.4 | -25.6 | +53.9 | +48.6 | +361.1 | +140.3 |
| ROHM | lead2 | -9 | +10.9 | +1.7 | -40.8 | +86.1 | +109.5 |
| GlobalFoundries | lead2 | · | -17.1 | +12.5 | -29.2 | -18.6 | +97.8 |
| Tower Semiconductor | lead2 | +53.7 | +8.9 | -29.4 | +68.8 | +128 | +89.7 |
| Samsung Electronics | lead2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| onsemi | lead2 | +107.5 | -8.2 | +33.9 | -24.5 | -14.1 | +77.2 |
| Hua Hong Semiconductor | lead2 | -19.8 | -19.5 | -53 | +61.6 | +412.1 | +59.2 |
| TSMC | lead2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Nanya Technology | lead2 | -8.3 | -14.2 | +22.5 | -56.2 | +984.7 | +33.8 |
| SMIC | lead2 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | +5.6 |
| Ichor Holdings | lead1 | +52.7 | -41.7 | +25.4 | -4.2 | -42.8 | +444.2 |
| Applied Materials | lead1 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +135 |
| Lam Research | lead1 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +105 |
| Tokyo Electron (TEL) | lead1 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +78.2 |
| ASML | lead1 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +68.6 |
| MKS Instruments | node | +16.4 | -51 | +22.6 | +2.2 | +54.4 | +131 |
YTD as of 2026-07-10 · source: Yahoo Finance
A supplier of critical subsystems for etch/deposition tools (world #1 in RF/microwave power, plus vacuum, flow, photonics and materials), on which ASML, Applied Materials, Lam Research and Tokyo Electron depend heavily — a 'tools for the toolmakers' bottleneck. Because every WFE tool needs plasma power and vacuum, this node benefits directly when AI/HBM/NAND capex lifts equipment demand, and ~$0.97B quarterly revenue in 2025 reflects that recovery. Risks are concentration in a few large equipment customers (some of them competitors) and the semiconductor-capex cycle, with the Atotech acquisition broadening into materials to diversify the cycle. On the graph, this node is the common upstream component layer of all equipment makers, where the semiconductor investment cycle's ripple converges.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $430 · Price $368.58 (07-10) · Upside +17%