# MKS Instruments (MKSI)
> 반도체 장비의 핵심 서브시스템 공급사. RF·마이크로파 전력공급(세계 1위), 진공·가스 유량, 포토닉스(Newport), 소재(Atotech)를 식각·증착 장비에 공급. ASML·어플라이드·램리서치가 MKS 서브시스템에 크게 의존. 2025년 분기 매출 ~$9.7억(AI·NAND 수요).
Canonical: https://valuechain.wiki/mks-instruments · Updated: 2026-07-12T04:18:52.212+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 MKS Instruments의 직접 연결 기업은 5곳(관계 기준 공급 0·매출 5)이고, 사슬을 2차까지 넓히면 19곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: 분기 매출 ~$9.7억(2025)
- 고객 집중도: AMAT·Lam·ASML 등 장비사 고객(일부 경쟁).
- 사업부문: RF·마이크로파 전력, 진공·유량, 포토닉스(Newport), 소재(Atotech)

## Annual stock return (as of 2026-07-10)
- 2021: +16.4%
- 2022: -51%
- 2023: +22.6%
- 2024: +2.2%
- 2025: +54.4%
- 2026 YTD: +131%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Intel | lead3 | +6.1% | -46.6% | +94.6% | -59.6% | +84% | +197.7% |
| Marvell | lead3 | +84.6% | -57.5% | +63.7% | +83.8% | -22.8% | +177.8% |
| AMD | lead3 | +56.9% | -55% | +127.6% | -18.1% | +77.3% | +160.5% |
| Astera Labs | lead3 | · | · | · | · | +25.6% | +148.2% |
| 미디어텍 | lead3 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Lumentum | lead3 | +11.6% | -50.7% | +0.5% | +60.1% | +339.1% | +117.6% |
| 포티넷 | lead3 | +142% | -32% | +19.7% | +61.4% | -16% | +98.4% |
| GigaDevice | lead3 | +7.3% | -17% | -45.1% | +103.8% | +147.9% | +94.6% |
| 르네사스 | lead3 | +8.2% | +2.4% | +88% | -13.6% | +23.8% | +84.9% |
| 텍사스인스트루먼트 | lead3 | +17.5% | -9.9% | +6.4% | +13.1% | -4.5% | +81.6% |
| 크레도 | lead3 | · | · | +46.3% | +245.2% | +114.1% | +79.2% |
| Coherent | lead3 | -10% | -48.6% | +24% | +117.6% | +94.8% | +75.8% |
| 리얼텍 | lead3 | +19.6% | -33.8% | +56.2% | +19.1% | -6.4% | +73.7% |
| Global Unichip | lead3 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| Cambricon | lead3 | -48.7% | -21.2% | +77.1% | +420% | +120.1% | +65.9% |
| Cisco | lead3 | +45.8% | -22.5% | +9.3% | +21% | +33.5% | +59.8% |
| Montage Technology | lead3 | -18.2% | -21.8% | -18% | +51.4% | +169% | +47.4% |
| Analog Devices | lead3 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| Microchip | lead3 | +27.5% | -18% | +30.9% | -35% | +14.6% | +40.6% |
| NXP반도체 | lead3 | +44.8% | -29.2% | +48.4% | -8% | +6.4% | +35.8% |
| 알칩 | lead3 | +14.3% | -8.7% | +365.1% | -18.9% | +0.8% | +34.7% |
| Hygon | lead3 | · | · | +54.2% | +93.4% | +106.9% | +33.6% |
| SK텔레콤 | lead3 | +7.9% | -12% | +15.8% | +15.5% | +37.5% | +23.4% |
| 에버퓨어 (구 퓨어스토리지) | lead3 | +44% | -17.8% | +33.3% | +72.3% | +9.1% | +18.4% |
| Apple | lead3 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +16.2% |
| Broadcom | lead3 | +56.5% | -13.3% | +104.2% | +110.5% | +50.6% | +16% |
| 니콘 | lead3 | +46.2% | +10.9% | +23.1% | +13.7% | +19.7% | +15.9% |
| 알파벳 (구글) | lead3 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| NVIDIA | lead3 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Qualcomm | lead3 | +22.3% | -38.6% | +35.1% | +8.3% | +13.8% | +11.7% |
| Ambarella | lead3 | +121% | -59.5% | -25.5% | +18.7% | -2.6% | +9.1% |
| 아마존 | lead3 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 메타 플랫폼스 | lead3 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| IBM | lead3 | +16.7% | +10.6% | +21.8% | +39.3% | +38.2% | -1.6% |
| 소니 반도체 | lead3 | +27.2% | -8.4% | +27.8% | +17.9% | +1% | -2.4% |
| 제너럴 모터스 | lead3 | +40.8% | -42.4% | +7.9% | +49.8% | +54.2% | -3.8% |
| Phison | lead3 | +26.8% | -10.7% | +45.1% | -6.7% | +418.3% | -6% |
| 현대차 | lead3 | -16.7% | -4.7% | +16.2% | +12.3% | +158.8% | -7.8% |
| Mobileye | lead3 | · | · | +23.6% | -54% | -47.6% | -8.5% |
| Tesla | lead3 | +49.8% | -65% | +101.7% | +62.5% | +11.4% | -9.3% |
| 웨이얼반도체(윌세미) | lead3 | -12.1% | -49.7% | -8.3% | +22.8% | +15.5% | -14.8% |
| 마이크로소프트 | lead3 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 샤오미 | lead3 | -43.9% | -21.1% | -4.6% | +209.7% | -6.9% | -27.2% |
| 샌디스크 | lead2 | · | · | · | · | · | +707.1% |
| 키옥시아 | lead2 | · | · | · | · | +1082.1% | +260.5% |
| Micron Technology | lead2 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| UMC | lead2 | +43.2% | -40.3% | +39.2% | -19% | +28.8% | +215.1% |
| SK하이닉스 | lead2 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 롬 | lead2 | -9% | +10.9% | +1.7% | -40.8% | +86.1% | +109.5% |
| 글로벌파운드리 | 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% |
| 삼성전자 | 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 | 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% |
| 이코르 | lead1 | +52.7% | -41.7% | +25.4% | -4.2% | -42.8% | +444.2% |
| 어플라이드 머티어리얼즈 | lead1 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 램리서치 | lead1 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| 도쿄일렉트론 | 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% |

식각·증착 장비의 핵심 서브시스템(RF·마이크로파 전력 세계 1위·진공·유량·포토닉스·소재)을 만드는 공급사로, ASML·어플라이드·램리서치·도쿄일렉트론이 MKS 서브시스템에 크게 의존하는 '장비의 장비' 병목이다. 모든 WFE 장비가 플라즈마 전력·진공을 필요로 하므로 AI·HBM·NAND capex가 장비 수요를 끌어올릴 때 이 노드가 직접 수혜를 받고, 2025년 분기 매출 ~$9.7억이 그 회복을 반영한다. 리스크는 소수 대형 장비사 고객 집중(일부는 경쟁 관계)과 반도체 capex 사이클 변동이며, Atotech 인수로 소재까지 넓혀 사이클을 분산한다. 그래프상 이 노드는 전 장비사의 공통 상류 부품 층이라, 반도체 투자 사이클의 파급이 수렴한다. (analysis as of 2026-07-09)

## Money in · revenue from (5)
### 램리서치 (high)  → /lam-research.md
- note: 램리서치 장비에 RF 전력·진공 등 서브시스템 공급.
- [confirms] Wikipedia (EN, research, published 2026-01-01) https://en.wikipedia.org/wiki/MKS_Instruments: "램리서치가 MKS 서브시스템에 크게 의존."
- [confirms] Yole Group (EN, research, published 2025-01-01) https://www.yolegroup.com/strategy-insights/critical-subsystems-suppliers-are-the-superstars-of-the-semiconductor-supply-chain/: "램리서치가 MKS 서브시스템에 크게 의존."

### 어플라이드 머티어리얼즈 (high)  → /applied-materials.md
- note: 어플라이드 머티어리얼즈 장비에 RF 전력·진공 등 서브시스템 공급.
- [confirms] MKS / SEC (EN, filing, published 2026-02-01) https://investor.mks.com/static-files/69366eb4-123b-4ad9-9cd5-9d79087f77f6: "MKS 연차보고서: RF·진공 서브시스템 매출."
- [confirms] Wikipedia (EN, research, published 2026-01-01) https://en.wikipedia.org/wiki/MKS_Instruments: "어플라이드 머티어리얼즈가 MKS 서브시스템에 크게 의존."
- [confirms] Yole Group (EN, research, published 2025-01-01) https://www.yolegroup.com/strategy-insights/critical-subsystems-suppliers-are-the-superstars-of-the-semiconductor-supply-chain/: "어플라이드 머티어리얼즈가 MKS 서브시스템에 크게 의존."
- [confirms] 디일렉 (KO, news, published 2023-02-01) https://www.thelec.kr/news/articleView.html?idxno=20047: "어플라이드·램리서치·세메스 등 장비사가 MKS RF·진공 부품에 의존."
- [confirms] 전자신문 (KO, news, published 2019-04-09) https://www.etnews.com/20190409000176: "어플라이드·램리서치·세메스 등 장비사가 MKS RF·진공 부품에 의존."

### ASML (mid)  → /asml.md
- note: ASML 장비에 RF 전력·진공 등 서브시스템 공급.
- [confirms] Wikipedia (EN, research, published 2026-01-01) https://en.wikipedia.org/wiki/MKS_Instruments: "ASML가 MKS 서브시스템에 크게 의존."
- [confirms] Yole Group (EN, research, published 2025-01-01) https://www.yolegroup.com/strategy-insights/critical-subsystems-suppliers-are-the-superstars-of-the-semiconductor-supply-chain/: "ASML가 MKS 서브시스템에 크게 의존."

### 도쿄일렉트론 (mid)  → /tokyo-electron.md
- note: 도쿄일렉트론 장비에 RF 전력·진공 등 서브시스템 공급.
- [confirms] Wikipedia (EN, research, published 2026-01-01) https://en.wikipedia.org/wiki/MKS_Instruments: "도쿄일렉트론가 MKS 서브시스템에 크게 의존."
- [confirms] Yole Group (EN, research, published 2025-01-01) https://www.yolegroup.com/strategy-insights/critical-subsystems-suppliers-are-the-superstars-of-the-semiconductor-supply-chain/: "도쿄일렉트론가 MKS 서브시스템에 크게 의존."

### 이코르 (유량 제어 부품) (mid)  → /ichor-holdings.md
- note: 가스 패널 통합업체 이코르에 매스플로우컨트롤러·압력/진공 부품 등 유량 제어 부품 공급.
- [confirms] 미국 증권거래위원회 (SEC EDGAR) (EN, filing, published 2026-02-20) https://www.sec.gov/Archives/edgar/data/1652535/000165253526000012/ichr-20251226.htm: "당사 제품에는 매스플로우컨트롤러, 압력 트랜스듀서, 밸브 등 구매 부품이 다수 포함되며 단일·독점 공급처에서 조달한다."

## Money out · pays to (2)
### 부품·소재 (비공개) (low)
- note: 전력·진공·광학 부품 및 소재(비공개).
- [confirms] MKS / SEC (EN, filing, published 2026-02-01) https://investor.mks.com/static-files/69366eb4-123b-4ad9-9cd5-9d79087f77f6: "서브시스템 제조용 부품·소재 조달."

### R&D·엔지니어 (비공개) (low)
- note: 서브시스템 R&D 인력(비공개).
- [confirms] 디일렉 (KO, news, published 2023-02-01) https://www.thelec.kr/news/articleView.html?idxno=20047: "RF·진공·포토닉스 서브시스템 R&D."

## 질문별 엔드포인트
- 누가 MKS 인스트루먼츠의 고객인가? MKS 인스트루먼츠의 매출은 어디서 오는가? → https://valuechain.wiki/mks-instruments/customers.md
- MKS 인스트루먼츠의 주요 공급사는 어디인가? MKS 인스트루먼츠의 비용은 누구에게 가는가? → https://valuechain.wiki/mks-instruments/suppliers.md
- MKS 인스트루먼츠 주가가 움직이면 누가 수혜를 보는가? MKS 인스트루먼츠의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/mks-instruments/ripple.md
- 증권가가 보는 MKS 인스트루먼츠: 목표주가와 투자의견은? → https://valuechain.wiki/mks-instruments/consensus.md

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