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MKS cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$243M in Q3 2026 · $552M over twelve months

Operating cash flow$292M
Capital spending−$49.0M
Free cash flow+$243M
Cash / net income1.2×
Cash conversion cycle123 days

Analysis

In Q3 2026, MKS generated $292M of operating cash flow and spent $49.0M on capital projects, leaving free cash flow of $243M. That is $97.0M more than in Q3 2025 ($146M).

Over the twelve months to Sep 30, 2026, operating cash flow was $730M; the largest uses were net borrowing (+) / repaid (−) ($1.7B), capital spending ($178M), dividends ($66.0M); besides operations, cash came from other financing ($1.1B); the cash balance fell by $21.0M.

Operating cash flow was $292M against net income of $237M — 1.2× profit, cash ran ahead of reported earnings. The largest differences: inventory −$124M, depreciation & amortization +$88.0M, payables +$68.0M.

Its cash conversion cycle was 123 days (receivables 56 + inventory 137 − payables 70).

Free cash flow

MKS: free cash flow by quarterMKS: free cash flow by quarter$125MQ4 2024$123MQ1 2025$136MQ2 2025$146MQ3 2025$92.0MQ4 2025$28.0MQ1 2026$189MQ2 2026$243MQ3 2026
Operating cash flow less capital spending.
MKS: operating cash flow against capital spendingMKS: operating cash flow against capital spendingOperating cash flowCapital spending$176M$51.0MQ4 2024$141M$18.0MQ1 2025$165M$29.0MQ2 2025$197M$51.0MQ3 2025$142M$50.0MQ4 2025$53.0M$25.0MQ1 2026$243M$54.0MQ2 2026$292M$49.0MQ3 2026
Latest (Q3 2026): Operating cash flow $292M, Capital spending $49.0M.

Capital allocation, year by year

MKS: where the cash came from (up) and went (down), by fiscal yearMKS: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $640MFY2021: Net borrowing −$15.0MFY2021: Capital spending −$87.0MFY2021: Acquisitions −$268MFY2021: Dividends −$47.0M$640MFY2021FY2022: Operating cash flow $529MFY2022: Net borrowing −$964MFY2022: Asset sales $9.0MFY2022: Capital spending −$164MFY2022: Acquisitions −$4.5BFY2022: Dividends −$52.0M$538MFY2022FY2023: Operating cash flow $319MFY2023: Net borrowing −$407MFY2023: Asset sales $3.0MFY2023: Capital spending −$87.0MFY2023: Dividends −$59.0M$322MFY2023FY2024: Operating cash flow $528MFY2024: Net borrowing −$2.4BFY2024: Asset sales $1.0MFY2024: Capital spending −$118MFY2024: Dividends −$59.0M$529MFY2024FY2025: Operating cash flow $645MFY2025: Net borrowing −$454MFY2025: Asset sales $3.0MFY2025: Capital spending −$148MFY2025: Buybacks −$45.0MFY2025: Dividends −$59.0M$648MFY2025
Over these 5 years operating cash flow totalled $2.7B; the largest uses were acquisitions ($4.7B) and net borrowing ($4.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$511M
Debt$3.8B
Net debt$3.3B
Due within a year$51.0M

MKS funds itself: free cash flow was $552M over the last twelve months, and $511M of cash and investments stands against $3.8B of debt ($51.0M due within a year, 10.0× covered by cash).

MKS: debt maturities by year (FY2025)MKS: debt maturities by year (FY2025)$51.0MYear 1$51.0MYear 2$51.0MYear 3$2.7BYear 4$1.4BYear 5
Principal due in each year as disclosed in the annual report, against $511M of cash and investments now.

Where the cash came from and went

MKS: sources (+) and uses (−) of cash, Q3 2026MKS: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$292MNet borrowing (+) / repaid (−)−$163MCash drawn (+) / kept (−)−$65.0MCapital spending−$49.0MDividends−$17.0MExchange rates$3.0MOther financing−$1.0M
MKS: sources (+) and uses (−) of cash, TTM to Q3 2026MKS: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)−$1.7BOther financing$1.1BOperating cash flow$730MCapital spending−$178MDividends−$66.0MCash drawn (+) / kept (−)$21.0MExchange rates$18.0M

From profit to cash

MKS: net income to operating cash flow, Q3 2026MKS: net income to operating cash flow, Q3 2026Net income$237MDepreciation & amortization$88.0MStock-based pay$15.0MDeferred taxes−$20.0MOther non-cash$3.0MReceivables−$64.0MInventory−$124MPayables$68.0MPrepaid and other assets−$11.0MOther liabilities$14.0MIncome taxes payable$21.0MOperating cash flow$292M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265613770123
Q2 20265913868128
Q1 20266014767140
Q4 20255615466145
Q3 20255916264156
Q2 20256015959159
Q1 20256016361163
Q4 20246017160171

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$292M−$49.0M—−$17.0M−$163M−$65.0M$243M
Q2 2026$243M−$54.0M—−$17.0M−$104M−$42.0M$189M
Q1 2026$53.0M−$25.0M—−$17.0M−$1.3B$106M$28.0M
Q4 2025$142M−$50.0M—−$15.0M−$113M$22.0M$92.0M
Q3 2025$197M−$51.0M—−$14.0M−$113M−$23.0M$146M
Q2 2025$165M−$29.0M—−$15.0M−$112M−$19.0M$136M
Q1 2025$141M−$18.0M−$45.0M−$15.0M−$113M$59.0M$123M
Q4 2024$176M−$51.0M—−$15.0M−$229M$147M$125M

MKS: income statement and cash flow

MKS, Q3 2026: revenue $1.4B (+43% year over year), operating margin 23.1%. The chart follows the revenue to costs, profit and cash.

MKS: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.