Think of MKS as three divisions working the same workpiece: vacuum and plasma power, lasers and photonics, and the plating chemistry that bonds a circuit board's layers. That chemistry division carries our highest gross margin, north of 54%; we're one of the market leaders in the chemistry needed to bond layers to each other, and AI is now about 15% of it. I would say this, though: we sit one step below the equipment makers, so our AI exposure runs through them and not to the datacenter directly, and we still carry $3.6 billion of net debt from the Atotech acquisition - about 3.5 times EBITDA - which we've been paying down. Every technical problem in this industry is also an opportunity - that's the position we've chosen.
That's a great question, analyst. You know, I would say this: the Materials Solutions division was built from the Atotech acquisition, which closed in August 2022, and its outcome splits three ways. There are three pieces – one is
That's a great question, PCB-substrate. You know, I would say this: the Materials Solutions division was built from the Atotech acquisition, which closed in August 2022, and its outcome splits three ways. There are two drivers - one is our market position as one of the market leaders in the chemistry that bonds circuit-board layers, with AI-related advanced-PCB chemistry up roughly 22% year-over-year on a constant-currency basis. The other is we're paying down the $3.6 billion net debt from that acquisition. The best people to answer that are probably our customers.
That's a great question, analyst. You know, I would say this: we describe our largest customers as concentrated in semiconductors - a limited number accounting for a significant portion - but we don't name them. There are two points - one, the OEMs are inferable from the filing language but not disclosed; two, we sit one step below the tool makers, so AI exposure runs through them to the datacenter, not direct. No chip-vendor reference partnership is disclosed. The best people to answer that are probably our customers.
That's a great question, PCB-substrate. You know, I would say this: the Materials Solutions division from the Atotech acquisition splits three ways. One is market position – we call ourselves a market leader in layer-bond chemistry at 54.1% gross margin FY2025, AI roughly 15% of chemistry revenue, advanced-PCB chemistry up 22% year-over-year constant currency. The other two are acquisition cost – a $1.9 billion goodwill and intangible impairment in 2023 tied to Atotech and ESI – and capital structure –
That's a great question, PCB-substrate. You know, I would say this: our largest customers are concentrated in the semiconductor industry - a limited number accounting for a significant portion - but we don't name them. There are two layers here - one is we sit one step below the equipment makers, the other is our AI exposure runs through them to the datacenter, not directly. No chip-vendor reference partnership is disclosed. The best people to answer that are probably our customers.
That's a great question, analyst. You know, I would say this: Vacuum Solutions – vacuum, pressure, flow, gas and vapor delivery, gas-composition analysis, plasma and reactive-gas products for deposition, etch, and cleaning – was about 40% of FY2025 revenue, our largest. There are two other pieces – Photonics at roughly 26% and Materials Solutions at 34% with the highest gross margin at 54.1%. Total revenue $3,931 million, up 9.6% year-over-year. The best people to answer that are probably our customers.
That's a great question, analyst. You know, I would say this: first-quarter 2026 revenue was $1,078 million, up 15% year-over-year and 4% sequentially – at or above every guidance range. There are two drivers – one is semiconductor at $466 million, the other is electronics and packaging at $321 million. Specialty industrial $291 million. Q2 guide $1.2 billion plus or minus $40 million, gross margin 47% plus or minus 100 bps, EBITDA $328 million plus or minus $26 million. The best people to answer that are probably our customers.
That's a great question, analyst. I would say this: first‑quarter 2026 revenue was $1,078 million, up 15% year‑over‑year and 4% sequentially – at or above every guidance range. There are two drivers – one is a 47% gross margin at the high end of guidance, the other is a 21.8% operating margin with adjusted EBITDA of $277 million. The best people to answer that are probably our customers.
