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Veeco Instruments Inc.

VECO Technology Semiconductor Equipment & Materials

Veeco Instruments Inc.’s revenue for fiscal 2025 (year ended December 2025) was $664.3 million, down 7.39% from fiscal 2024.

Revenue
+26.2%
EPS
+22.2%
Free cash flow
+313.7%
Total debt
+0.49%

Quarter to September 2026, against a year earlier

37.00 3.75 +11.28%
Market cap
$2.0B
P/E
80.7×
Fwd P/E
43.4×
Dividend yield
—
F-score
5/9
Altman Z
3.06
Beneish M
−2.39
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 37.58
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — — 1 — 8 5 — 2 — — —
Insider Ownership 1.55%

Capital & Financial Ratios $m

Size
Market Cap 2,030.00
Revenue ttm 726.22
Net income ttm 26.28
Free cash flow ttm 125.80
Net debt Q (255.67)
Valuation
P/E 80.74 (above 35: high)
Forward P/E 43.40 (above 35: high)
Price / sales 2.85
Forward P/S Powerpack
Price / FCF 16.46
Price / book 2.24
Financial health
Current ratio Q 3.87 (at or above 1.5: strong)
Debt / equity Q 0.25 (at or below 0.5: strong)
Interest coverage Q 6.52
Growth
Revenue growth Q +26.23% (above 0%: growing)
Operating income growth Q +33.59% (above 0%: growing)
EPS, this year +9.71%
EPS, next year A +114.05% (at or above 15%: strong)
Revenue, next year A +16.95% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +5.32%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.5×, against a ten-year median of 1.9×; over the ten years it ranged from 0.7× in 2018 to 6.5× in 2026.
P/E against its own 10 years 82.31%
10-year low 10-year high
P/S against its own 10 years 82.95%
10-year low 10-year high
P/B against its own 10 years 66.92%
10-year low 10-year high
EV/Sales against its own 10 years 84.31%
10-year low 10-year high
EV/FCF against its own 10 years 5.78%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 306 345 390 483
Receivables 103 97 111 154
Inventory 238 247 275 308
Other 24 37 35 27
706 765 845 1,016
2023 2024 2025 Q'26
Payables 42 44 55 68
ST’ Debt — 26 — —
Other 118 65 74 132
218 192 178 262

Compound Annual Growth %

10y 5y 3y
Sales 3.37% 7.90% 0.93%
Cash Flow 15.97% 10.07% (13.80%)
Earnings 0.00% 0.00% (40.37%)
Book Value 2.17% 16.74% 15.29%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.45 Actual 0.36

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.25 0.24 Miss by 0.01
Q1 FY26 0.20 0.14 Miss by 0.06
Q2 FY26 0.26 0.33 Beat by 0.07
Q3 FY26 0.45 0.36 Miss by 0.09
Q4 FY26 0.57 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.01) 0.18 0.21 — —
’25 0.20 0.20 0.17 0.02 0.59
’24 0.37 0.25 0.36 0.26 1.23
’23 0.17 (1.61) 0.42 0.37 (0.56)
’22 0.24 0.18 0.27 2.00 2.71
’21 0.05 0.12 0.17 0.15 0.49
’20 (0.01) (0.17) 0.01 0.00 (0.17)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 158 193 209 — —
’25 167 166 166 165 664
’24 174 176 185 182 717
’23 154 162 177 174 666
’22 156 164 172 154 646
’21 134 146 150 153 583
’20 105 99 112 139 454
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 8 51 58 — —
’25 20 9 16 25 69
’24 9 8 18 28 64
’23 14 11 7 29 62
’22 25 3 47 33 108
’21 10 10 30 17 68
’20 (2) 20 10 15 43
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 3 48 54 — —
’25 13 5 13 22 53
’24 5 6 14 23 48
’23 7 7 1 19 34
’22 14 (1) 41 30 84
’21 9 3 8 8 27
’20 (3) 19 9 12 36
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 332 476 542 419 454 583 646 666 717 664 726 +8.0% 777 1,025 — +24.2%
Gross margin, % 40.13 37.05 35.74 37.72 42.78 41.54 40.73 42.77 42.38 39.95 37.39 (0.2) pt
EBT (119) (89) (434) (78) (8) 26 51 (28) 69 39 27 n/m
EBT margin, % (35.94) (18.71) (80.03) (18.59) (1.86) 4.40 7.89 (4.25) 9.60 5.93 3.76 +41.9 pt
Net income (122) (51) (407) (79) (8) 26 167 (30) 74 35 26 n/m
Per share, $
Per share, $ Revenue 8.43 10.77 11.50 8.83 9.39 11.89 12.95 12.39 12.71 11.20 11.88 +3.2%
Earnings (3.11) (1.16) (8.63) (1.66) (0.17) 0.53 3.35 (0.56) 1.31 0.60 0.42 n/m
Cash flow (0.61) 0.79 (0.80) (0.16) 0.89 1.38 2.17 1.15 1.13 1.17 2.33 n/m
Capex (0.29) (0.55) (0.27) (0.23) (0.14) (0.83) (0.49) (0.52) (0.28) (0.27) (0.27) (0.7%)
Free cash flow (0.90) 0.24 (1.07) (0.39) 0.75 0.55 1.68 0.63 0.85 0.90 2.06 n/m
Book value 15.11 19.02 9.28 7.89 8.44 8.92 11.58 12.51 13.66 14.93 15.12 (0.1%)
Shares, m 39 44 47 47 48 49 50 54 56 59 60 +4.7%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 53.72 5.52 0.00 20.46 47.24 80.74 12.7
P/S 3.54 1.49 0.64 1.66 1.85 2.40 1.43 2.46 2.11 2.55 2.85 2.0
P/B 1.98 0.84 0.80 1.86 2.06 3.19 1.59 2.44 1.96 1.91 2.24 1.9
EV/Sales 2.51 1.38 0.69 1.80 1.86 2.41 1.38 2.42 2.01 2.34 2.54 1.9
EV/FCF (23.53) 61.31 (7.47) (41.37) 23.32 51.88 10.64 47.87 30.25 29.22 14.64 18.2
Cash, $m
Cash, $m Operating cash flow (24) 35 (38) (7) 43 68 108 62 64 69 142 n/m
Capex (11) (24) (13) (11) (7) (41) (25) (28) (16) (16) (16) +3.9%
Free cash flow (35) 11 (50) (18) 36 27 84 34 48 53 126 n/m
Balance, $m
Balance, $m Working capital 358 373 360 358 440 360 411 488 572 667 753 +7.2%
Net debt (343) (53) 26 59 5 9 (28) (31) (68) (164) (256) (7.9%)
Shareholders’ equity 595 840 438 375 408 438 578 672 771 886 924 +4.5%
Returns, %
Returns, % ROA (14.80) (4.79) (35.58) (9.16) (0.98) 2.90 16.47 (2.58) 5.94 2.75 0.00 +17.5 pt
ROIC (29.85) (5.70) (55.98) (5.71) 3.41 7.94 6.86 6.81 5.96 3.09 2.05 +32.9 pt
ROE (18.64) (7.16) (63.71) (19.39) (2.14) 6.16 32.88 (4.86) 10.22 4.27 0.00 +22.9 pt
People
People Employees 716 1,014 1,043 954 993 1,091 1,221 1,215 1,231 1,265 — +6.5%
Revenue/emp, $m 0.46 0.47 0.52 0.44 0.46 0.53 0.53 0.55 0.58 0.53 — +1.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Veeco Instruments Inc. vs peers in Semiconductor Equipment & Materials (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ACLS Axcelis Technologies, Inc. $2.8B 26.6× 35.3× +11.31% (above 0%: growing) +46.99% (above 0%: growing) −12.96% (below 0%: shrinking) 40.97% 11.50% Compare
ACMR ACM Research, Inc. $2.7B 17.8× 16.8× +36.01% (above 0%: growing) +178.72% (above 0%: growing) −19.43% (below 0%: shrinking) 45.96% 16.98% Compare
IPGP IPG Photonics Corporation $2.6B 65.0× 65.8× +14.64% (above 0%: growing) +164.83% (above 0%: growing) +105.15% (above 0%: growing) 40.71% 7.23% Compare
AMBA Ambarella, Inc. $2.4B — (loss-making) — (loss-making) +13.21% (above 0%: growing) n/m −612.08% (below 0%: shrinking) 57.73% (7.53%) Compare
VECO Veeco Instruments Inc. $2.0B 80.7× 43.4× +26.23% (above 0%: growing) +22.22% (above 0%: growing) +313.69% (above 0%: growing) 38.39% 6.73%
UCTT Ultra Clean Holdings, Inc. $1.8B 60.9× 30.1× +48.82% (above 0%: growing) n/m −692.31% (below 0%: shrinking) 16.92% 7.08% Compare
COHU Cohu, Inc. $1.7B — (loss-making) 353× +37.00% (above 0%: growing) n/m +116.61% (above 0%: growing) 45.51% 7.40% Compare
AEHR Aehr Test Systems $1.6B — (loss-making) 106× +33.69% (above 0%: growing) n/m +133.16% (above 0%: growing) 42.57% (6.40%) Compare
PLAB Photronics, Inc. $1.5B 9.0× 12.3× +2.69% (above 0%: growing) +25.00% (above 0%: growing) +56.06% (above 0%: growing) 33.20% 21.06% Compare
Median of peers $2.1B 26.6× 35.3× +24.16% +105.91% +21.55% 41.77% 7.31%

All 30 Semiconductor Equipment & Materials stocks →

Pay and ownership Proxy statement filed 19 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 4.62m 5.67m 164.63
2024 6.87m 2.78m 182.50
2023 4.61m 13.12m 211.30
2022 5.91m 894.75k 126.48
2021 4.53m 13.10m 193.81

Ownership

Directors and executive officers, together 2.70%
BlackRock, Inc. 14.40%
The Vanguard Group 12.20%
FRM LLC 10.10%
Entities affiliated with Neuberger Berman Group LLC 5.70%
Entities affiliated with Manulife Financial Corporation 5.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Veeco Instruments Inc. (VECO) Latest News

5 Nov

Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat transcript
Impact 4 · · GuruFocus.com

4 Nov

Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

31 Oct

Impact 3 · · Simply Wall St.

21 Oct

Impact 3 · · GlobeNewswire

13 Oct

Impact 3 · · Trefis

8 Oct

Impact 3 · · Trefis

7 Oct

Impact 4 · · The Motley Fool

30 Sep

Impact 3 · · Trefis

23 Sep

Impact 3 · · Simply Wall St.

22 Sep

Impact 3 · · Simply Wall St.

21 Sep

Impact 4 ·

12 Aug

Impact 3 · · The Motley Fool transcript

7 Aug

Impact 4 ·

6 Aug

Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 · · MarketBeat transcript

5 Aug

Impact 4 ·
Impact 3 ·
Impact 3 ·

3 Aug

Impact 3 ·

11 Jun

Impact 3 ·

9 Jun

Impact 3 · · GlobeNewswire

22 May

Impact 4 · · Simply Wall St.

8 May

Impact 4 · · Simply Wall St.

7 May

Impact 4 · · Simply Wall St.

6 May

Impact 4 · · Insider Monkey

VECO metrics, ten years each

stockrow.com/VECO · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com