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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. 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.

42.75 2.41 −5.34%
Market cap
$2.8B
P/E
113×
Fwd P/E
57.6×
Dividend yield
—
F-score
5/9
Altman Z
3.06
Beneish M
−2.39
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 37.58
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 3 — — 1 — 8 5 — 2 — —
Insider Ownership 1.48%

Capital & Financial Ratios $m

Market Cap 2,760.00
Revenue 682.72
Net Income 23.24
Free Cash Flow 85.17
Net Debt (202.85)
Current Ratio 3.93 (at or above 1.5: strong)
Debt/Equity 0.25 (at or below 0.5: strong)
P/E ratio 112.62 (above 35: high)
Fwd P/E 57.60 (above 35: high)
P/S ratio 3.82
P/B ratio 2.89
Past 5Y EPS Growth —
This Y EPS Growth 12.76%
Next Y EPS Growth 111.20% (at or above 15%: strong)
Next Y revenue growth 16.95% (at or above 10%: strong)
Next 5Y EPS Growth 5.32%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.6×, 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 85.58%
10-year low 10-year high
P/S against its own 10 years 95.21%
10-year low 10-year high
P/B against its own 10 years 87.76%
10-year low 10-year high
EV/Sales against its own 10 years 94.66%
10-year low 10-year high
EV/FCF against its own 10 years 33.56%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 306 345 390 429
Receivables 103 97 111 148
Inventory 238 247 275 292
Other 24 37 35 23
706 765 845 930
2023 2024 2025 Q'26
Payables 42 44 55 57
ST’ Debt — 26 — —
Other 118 65 74 124
218 192 178 237

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%

Revenue $m

Mar Jun Sep Dec Year
’26 158 193 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.01) 0.18 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 15.26 10.85 6.27 7.25 7.42 17.39 16.11 17.70 25.52 16.92

Analyst estimates 2026–2028

Powerpack
High 30.45 34.38 20.55 17.23 19.83 28.68 32.40 31.95 49.25 34.45
People
People Employees 716 1,014 1,043 954 993 1,091 1,221 1,215 1,231 1,265
Revenue/emp, $m 0.46 0.47 0.52 0.44 0.46 0.53 0.53 0.55 0.58 0.53
Income, $m
Income, $m Revenue 332 476 542 419 454 583 646 666 717 664
Gross margin, % 40.13 37.05 35.74 37.72 42.78 41.54 40.73 42.77 42.38 39.95
EBT (119) (89) (434) (78) (8) 26 51 (28) 69 39
EBT margin, % (35.94) (18.71) (80.03) (18.59) (1.86) 4.40 7.89 (4.25) 9.60 5.93
Net income (122) (51) (407) (79) (8) 26 167 (30) 74 35
Depreciation 33 50 50 34 31 26 26 25 25 20
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
Earnings (3.11) (1.01) (8.63) (1.66) (0.17) 0.53 3.35 (0.56) 1.31 0.60
Cash flow (0.61) 0.79 (0.80) (0.16) 0.89 1.38 2.17 1.15 1.13 1.17
Capex (0.29) (0.55) (0.27) (0.23) (0.14) (0.83) (0.49) (0.52) (0.28) (0.27)
Free cash flow (0.90) 0.24 (1.07) (0.39) 0.75 0.55 1.68 0.63 0.85 0.90
Book value 15.11 19.02 9.28 7.89 8.44 8.92 11.58 12.51 13.66 14.93
Shares, m 39 44 47 47 48 49 50 54 56 59
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 53.72 5.52 0.00 20.46 47.24
P/S 3.54 1.49 0.64 1.66 1.85 2.40 1.43 2.46 2.11 2.55
P/B 1.98 0.84 0.80 1.86 2.06 3.19 1.59 2.44 1.96 1.91
EV/Sales 2.51 1.38 0.69 1.80 1.86 2.41 1.38 2.42 2.01 2.34
EV/FCF (23.53) 61.31 (7.47) (41.37) 23.32 51.88 10.64 47.87 30.25 29.22
Cash, $m
Cash, $m Operating cash flow (24) 35 (38) (7) 43 68 108 62 64 69
Capex (11) (24) (13) (11) (7) (41) (25) (28) (16) (16)
Free cash flow (35) 11 (50) (18) 36 27 84 34 48 53
Balance, $m
Balance, $m Working capital 358 373 360 358 440 360 411 488 572 667
Total debt 1 276 287 304 325 233 275 275 276 226
Net debt (343) (53) 26 59 5 9 (28) (31) (68) (164)
Shareholders’ equity 595 840 438 375 408 438 578 672 771 886
Returns, %
Returns, % ROA (14.80) (4.79) (35.58) (9.16) (0.98) 2.90 16.47 (2.58) 5.94 2.75
ROIC (29.85) (5.70) (55.98) (5.71) 3.41 7.94 6.86 6.81 5.96 3.09
ROE (18.64) (7.16) (63.71) (19.39) (2.14) 6.16 32.88 (4.86) 10.22 4.27
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
ACMR ACM Research, Inc. $4.1B 23.6× 36.3× +36.01% (above 0%: growing) +178.72% (above 0%: growing) −19.43% (below 0%: shrinking) 45.96% 16.98% Compare
AXTI AXT Inc $3.8B 1,716× 379× +164.77% (above 0%: growing) n/m +173.29% (above 0%: growing) 44.90% 21.90% Compare
ACLS Axcelis Technologies, Inc. $3.6B 36.1× 59.9× +10.60% (above 0%: growing) −23.23% (below 0%: shrinking) −60.74% (below 0%: shrinking) 42.38% 9.43% Compare
IPGP IPG Photonics Corporation $3.1B 108× 82.3× +11.11% (above 0%: growing) −25.00% (below 0%: shrinking) +200.46% (above 0%: growing) 40.39% 1.63% Compare
AMBA Ambarella, Inc. $2.8B — (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. $2.8B 113× 57.6× +16.48% (above 0%: growing) −5.00% (below 0%: shrinking) +776.15% (above 0%: growing) 38.68% 6.13%
COHU Cohu, Inc. $2.6B — (loss-making) — (loss-making) +38.37% (above 0%: growing) n/m −39.36% (below 0%: shrinking) 45.36% 0.20% Compare
UCTT Ultra Clean Holdings, Inc. $2.5B — (loss-making) 98.9× +24.31% (above 0%: growing) n/m −558.40% (below 0%: shrinking) 16.08% 4.57% Compare
AEHR Aehr Test Systems $2.3B — (loss-making) — (loss-making) +33.69% (above 0%: growing) n/m +133.16% (above 0%: growing) 42.57% (6.40%) Compare
Median of peers $3.0B 71.9× 82.3× +29.00% −23.23% −29.39% 43.74% 3.10%

All 29 Semiconductor Equipment & Materials stocks →

Veeco Instruments Inc. (VECO) key facts

  • Concern: Veeco Instruments Inc.’s revenue for fiscal 2025 (year ended December 2025) was $664.3 million, down 7.39% from fiscal 2024.
  • Veeco Instruments Inc. (VECO) is a Semiconductor Equipment & Materials company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, VECO traded at $42.75, a market capitalization of $2.8 billion.
  • Return on equity was 4.27% and debt-to-equity 0.25.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 3.06 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Veeco Instruments Inc. (VECO) Latest News

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stockrow.com/VECO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com