FTV vs MKSI: Fortive and MKS Instruments compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- MKS Instruments is the larger company, worth $17.6B, close to Fortive's $17.1B.
- MKS Instruments grew revenue faster over the last year (+28.3% vs +7.7%).
- Fortive keeps more of each dollar of revenue as operating profit (17.6% vs 15.7%).
- On earnings, Fortive is the cheaper stock (34.3x vs 54.5x).
- MKS Instruments's price assumes faster free cash flow growth: about 12% a year, against 3% for Fortive (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FTV | MKSI |
|---|---|---|
| Market cap | $17.1B | $17.6B |
| Share price | $57.26 | $264.50 |
| Revenue (last fiscal year) | $4.2B | $3.9B |
| Free cash flow (last fiscal year) | $978M | $497M |
| Revenue growth, last year | +7.7% | +28.3% |
| Revenue growth per year, last 5 fiscal years | -5.7% | +7.4% |
| Operating margin | 17.6% | 15.7% |
| Net margin | 12.8% | 10.1% |
| Return on equity | 8.9% | 14.7% |
| P/E (trailing) | 34.3x | 54.5x |
| Price / free cash flow | 17.5x | 35.5x |
| EV / EBITDA | 15.8x | 21.0x |
| FCF growth the price implies | 3.2% | 12.5% |
| Dividend yield | 0.35% | 0.35% |
| Debt / equity | 0.90x | 1.99x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 5 |
| Insider purchases, last 12 months | 0 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Fortive
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.3B | $911M | 15.5% |
| 2022 | $5.8B | $1.2B | 16.9% |
| 2023 | $3.9B | $1.3B | 14.7% |
| 2024 | $4.1B | $1.4B | 17.6% |
| 2025 | $4.2B | $978M | 17.3% |
MKS Instruments
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.0B | $553M | 23.7% |
| 2022 | $3.5B | $365M | 17.4% |
| 2023 | $3.6B | $232M | -42.9% |
| 2024 | $3.6B | $410M | 13.9% |
| 2025 | $3.9B | $497M | 13.4% |
Where the revenue comes from
Fortive · by segments, 2025
Intelligent Operating Solutions$2.9B69%
Advanced Healthcare Solutions$1.3B31%
MKS Instruments · by segments, 2025
VSD$1.6B40%
MSD$1.3B34%
PSD$1.0B26%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FTV in InvestinglyQuestions
Which is bigger, Fortive or MKS Instruments?
MKS Instruments (MKSI), at $17.6B against $17.1B.
Is FTV or MKSI cheaper?
By trailing P/E, Fortive (34.3x) is cheaper than MKS Instruments (54.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, FTV or MKSI?
MKS Instruments: revenue grew +28.3% over the last year, against +7.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.