MKSI vs TDY: MKS Instruments and Teledyne Technologies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Teledyne Technologies is the larger company, worth $27.1B, about 1.5 times MKS Instruments.
- MKS Instruments grew revenue faster over the last year (+28.3% vs +9.8%).
- Teledyne Technologies keeps more of each dollar of revenue as operating profit (19.4% vs 15.7%).
- On earnings, Teledyne Technologies is the cheaper stock (29.6x vs 54.5x).
- MKS Instruments's price assumes faster free cash flow growth: about 12% a year, against 8% for Teledyne Technologies (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 | MKSI | TDY |
|---|---|---|
| Market cap | $17.6B | $27.1B |
| Share price | $264.50 | $613.66 |
| Revenue (last fiscal year) | $3.9B | $6.1B |
| Free cash flow (last fiscal year) | $497M | $1.1B |
| Revenue growth, last year | +28.3% | +9.8% |
| Revenue growth per year, last 5 fiscal years | +7.4% | +7.3% |
| Operating margin | 15.7% | 19.4% |
| Net margin | 10.1% | 15.3% |
| Return on equity | 14.7% | 8.9% |
| P/E (trailing) | 54.5x | 29.6x |
| Price / free cash flow | 35.5x | 25.2x |
| EV / EBITDA | 21.0x | 18.7x |
| FCF growth the price implies | 12.5% | 8.0% |
| Dividend yield | 0.35% | — |
| Debt / equity | 1.99x | 0.40x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 9 |
| Insider purchases, last 12 months | 3 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Teledyne Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.6B | $723M | 13.5% |
| 2022 | $5.5B | $394M | 17.8% |
| 2023 | $5.6B | $721M | 18.4% |
| 2024 | $5.7B | $1.1B | 17.4% |
| 2025 | $6.1B | $1.1B | 18.8% |
Where the revenue comes from
MKS Instruments · by segments, 2025
VSD$1.6B40%
MSD$1.3B34%
PSD$1.0B26%
Teledyne Technologies · by segments, 2025
Digital Imaging$3.2B52%
Instrumentation$1.5B24%
Aerospace and Defense Electronics$1.1B17%
Engineered Systems$436M7%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MKSI in InvestinglyQuestions
Which is bigger, MKS Instruments or Teledyne Technologies?
Teledyne Technologies (TDY), at $27.1B against $17.6B.
Is MKSI or TDY cheaper?
By trailing P/E, Teledyne Technologies (29.6x) is cheaper than MKS Instruments (54.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, MKSI or TDY?
MKS Instruments: revenue grew +28.3% over the last year, against +9.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.