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. In the quarter to June 2026, revenue grew 16.5%, EPS fell 5.00%, free cash flow grew 776.2% and total debt was flat, each against the same quarter a year earlier.
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Veeco Instruments Inc. (VECO) Altman Z-score
Veeco Instruments Inc.'s Altman Z-score for fiscal 2025 is 3.06, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.06 | 0.38 |
| FY2024 | 2.67 | 0.27 |
| FY2023 | 2.40 | 0.82 |
| FY2022 | 1.57 | (0.52) |
| FY2021 | 2.09 | 0.99 |
| FY2020 | 1.10 | 0.48 |
| FY2019 | 0.62 | 1.58 |
| FY2018 | −0.95 | (1.95) |
| FY2017 | 1.00 | (3.37) |
| FY2016 | 4.37 | 0.69 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.50 | — | 0.60 | |
| Retained earnings / total assets | (0.32) | — | −0.45 | |
| EBIT / total assets | 0.03 | — | 0.09 | |
| Market value of equity / total liabilities | 3.85 | — | 2.31 | |
| Sales / total assets | 0.50 | — | 0.50 | |
| Altman Z-score | Safe zone | 3.06 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.55 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AEHR Aehr Test Systems compare | 63.2× |
| IPGP IPG Photonics Corporation compare | 8.7× |
| AMBA Ambarella, Inc. compare | 8.0× |
| ACLS Axcelis Technologies, Inc. compare | 6.7× |
| AXTI AXT Inc compare | 3.4× |
| VECO Veeco Instruments Inc. | 3.1× |
| ACMR ACM Research, Inc. compare | 2.9× |
| COHU Cohu, Inc. compare | 2.4× |
| UCTT Ultra Clean Holdings, Inc. compare | 2.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets