CVD Equipment (CVV)
Market Price (9/6/2026): $6.645 | Market Cap: $46.0 MilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
CVD Equipment (CVV)
Market Price (9/6/2026): $6.645Market Cap: $46.0 MilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -52% Megatrend and thematic driversMegatrends include Advanced Materials. Themes include Nanomaterials, and Specialty Chemicals for Performance. | Weak multi-year price returns3Y Excs Rtn is -77% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -4.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -26% Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 95x Stock price has recently run up significantly12M Rtn12 month market price return is 137% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -36%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%, Rev Chg QQuarterly Revenue Change % is -43% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73% High stock price volatilityVol 12M is 109% Key risksCVV key risks include [1] high customer concentration combined with a significant drop in new orders, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -52% |
| Megatrend and thematic driversMegatrends include Advanced Materials. Themes include Nanomaterials, and Specialty Chemicals for Performance. |
| Weak multi-year price returns3Y Excs Rtn is -77% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -4.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -26% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 95x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 137% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -36%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -15%, Rev Chg QQuarterly Revenue Change % is -43% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 73% |
| High stock price volatilityVol 12M is 109% |
| Key risksCVV key risks include [1] high customer concentration combined with a significant drop in new orders, Show more. |
Qualitative Assessment
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CVD Equipment (CVV) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. The divestiture of the SDC division significantly boosted net income and cash.
CVD Equipment completed the sale of its SDC division on April 1, 2026, for $17.4 million, generating approximately $15.0 million in net cash proceeds. This transaction resulted in a $13.9 million gain from discontinued operations, which was the primary driver for the company reporting a net income of $12.6 million for fiscal Q2 2026 (ended June 30, 2026), a substantial improvement compared to a net loss in the prior year.
2. The company achieved a significantly strengthened balance sheet and debt-free status.
Following the SDC divestiture, CVD Equipment ended fiscal Q2 2026 with approximately $23.5 million in cash and cash equivalents, marking a substantial increase from $8.7 million at December 31, 2025. The company also reported having no long-term debt, and stockholders' equity rose to $36.0 million from $24.7 million at the end of fiscal year 2025. This improved financial flexibility and strong cash position likely reassured investors.
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CVD Equipment (CVV) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. The divestiture of the SDC division significantly boosted net income and cash.
CVD Equipment completed the sale of its SDC division on April 1, 2026, for $17.4 million, generating approximately $15.0 million in net cash proceeds. This transaction resulted in a $13.9 million gain from discontinued operations, which was the primary driver for the company reporting a net income of $12.6 million for fiscal Q2 2026 (ended June 30, 2026), a substantial improvement compared to a net loss in the prior year.
2. The company achieved a significantly strengthened balance sheet and debt-free status.
Following the SDC divestiture, CVD Equipment ended fiscal Q2 2026 with approximately $23.5 million in cash and cash equivalents, marking a substantial increase from $8.7 million at December 31, 2025. The company also reported having no long-term debt, and stockholders' equity rose to $36.0 million from $24.7 million at the end of fiscal year 2025. This improved financial flexibility and strong cash position likely reassured investors.
3. Operational restructuring efforts are expected to reduce fixed costs.
CVD Equipment substantially completed an operational restructuring during fiscal Q2 2026, with management anticipating these actions will materially reduce the company's fixed operating costs going forward. Despite a 42.6% decline in revenue from continuing operations to $2.0 million in fiscal Q2 2026 compared to $3.4 million in the prior year, the market likely viewed the restructuring as a positive step towards improving long-term operational efficiency and profitability.
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Stock Movement Drivers
Fundamental Drivers
The 10.2% change in CVV stock from 5/31/2026 to 9/5/2026 was primarily driven by a 20.0% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.96 | 6.57 | 10.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18 | 16 | -8.2% |
| P/S Multiple | 2.3 | 2.8 | 20.0% |
| Shares Outstanding (Mil) | 7 | 7 | 0.1% |
| Cumulative Contribution | 10.2% |
Market Drivers
5/31/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| CVV | 10.2% | |
| Market (SPY) | 1.8% | 45.3% |
| Sector (XLI) | 1.2% | 33.2% |
Fundamental Drivers
The 85.1% change in CVV stock from 2/28/2026 to 9/5/2026 was primarily driven by a 183.2% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.55 | 6.57 | 85.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25 | 16 | -34.2% |
| P/S Multiple | 1.0 | 2.8 | 183.2% |
| Shares Outstanding (Mil) | 7 | 7 | -0.7% |
| Cumulative Contribution | 85.1% |
Market Drivers
2/28/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| CVV | 85.1% | |
| Market (SPY) | 12.6% | 33.6% |
| Sector (XLI) | -0.8% | 26.3% |
Fundamental Drivers
The 133.0% change in CVV stock from 8/31/2025 to 9/5/2026 was primarily driven by a 268.7% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.82 | 6.57 | 133.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25 | 16 | -36.3% |
| P/S Multiple | 0.8 | 2.8 | 268.7% |
| Shares Outstanding (Mil) | 7 | 7 | -0.9% |
| Cumulative Contribution | 133.0% |
Market Drivers
8/31/2025 to 9/5/2026| Return | Correlation | |
|---|---|---|
| CVV | 133.0% | |
| Market (SPY) | 20.4% | 36.6% |
| Sector (XLI) | 16.5% | 23.0% |
Fundamental Drivers
The -8.2% change in CVV stock from 8/31/2023 to 9/5/2026 was primarily driven by a -95.7% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.16 | 6.57 | -8.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 29 | 16 | -44.5% |
| Net Income Margin (%) | 1.6% | 62.0% | 3833.8% |
| P/E Multiple | 105.7 | 4.5 | -95.7% |
| Shares Outstanding (Mil) | 7 | 7 | -2.1% |
| Cumulative Contribution | -8.2% |
Market Drivers
8/31/2023 to 9/5/2026| Return | Correlation | |
|---|---|---|
| CVV | -8.2% | |
| Market (SPY) | 77.1% | 21.7% |
| Sector (XLI) | 68.7% | 16.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CVV Return | 14% | 33% | -20% | -1% | -30% | 109% | 78% |
| Peers Return | 57% | -22% | 27% | -4% | 58% | 38% | 226% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| CVV Win Rate | 50% | 58% | 33% | 33% | 42% | 44% | |
| Peers Win Rate | 60% | 38% | 57% | 43% | 57% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| CVV Max Drawdown | -44% | -30% | -73% | -54% | -46% | -41% | |
| Peers Max Drawdown | -31% | -44% | -41% | -36% | -43% | -43% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VECO, ASYS, ACLS, MKSI, AEIS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | CVV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.2% | -18.8% |
| % Gain to Breakeven | 41.2% | 23.1% |
| Time to Breakeven | 60 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.3% | -7.8% |
| % Gain to Breakeven | 11.4% | 8.5% |
| Time to Breakeven | 18 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -42.1% | -9.5% |
| % Gain to Breakeven | 72.8% | 10.5% |
| Time to Breakeven | 884 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.6% | -24.5% |
| % Gain to Breakeven | 11.8% | 32.4% |
| Time to Breakeven | 27 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.9% | -33.7% |
| % Gain to Breakeven | 137.3% | 50.9% |
| Time to Breakeven | 198 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -45.7% | -19.2% |
| % Gain to Breakeven | 84.2% | 23.8% |
| Time to Breakeven | 780 days | 105 days |
In The Past
CVD Equipment's stock fell -29.2% during the 2025 US Tariff Shock. Such a loss loss requires a 41.2% gain to breakeven.
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| Event | CVV | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.2% | -18.8% |
| % Gain to Breakeven | 41.2% | 23.1% |
| Time to Breakeven | 60 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -42.1% | -9.5% |
| % Gain to Breakeven | 72.8% | 10.5% |
| Time to Breakeven | 884 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.9% | -33.7% |
| % Gain to Breakeven | 137.3% | 50.9% |
| Time to Breakeven | 198 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -45.7% | -19.2% |
| % Gain to Breakeven | 84.2% | 23.8% |
| Time to Breakeven | 780 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -38.7% | -12.2% |
| % Gain to Breakeven | 63.1% | 13.9% |
| Time to Breakeven | 674 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -42.4% | -6.8% |
| % Gain to Breakeven | 73.5% | 7.3% |
| Time to Breakeven | 2567 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -23.4% | -0.2% |
| % Gain to Breakeven | 30.5% | 0.2% |
| Time to Breakeven | 16 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -31.8% | -17.9% |
| % Gain to Breakeven | 46.7% | 21.8% |
| Time to Breakeven | 11 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -42.5% | -53.4% |
| % Gain to Breakeven | 74.0% | 114.4% |
| Time to Breakeven | 140 days | 1085 days |
In The Past
CVD Equipment's stock fell -29.2% during the 2025 US Tariff Shock. Such a loss loss requires a 41.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CVD Equipment (CVV)
CVD Equipment Corporation (CVV) specializes in designing, developing, manufacturing, and selling advanced process equipment and solutions used for creating and manufacturing specialized materials and coatings. At its core, the company provides sophisticated systems vital for innovation and production across various high-tech industries. Its flagship offerings include Chemical Vapor Deposition (CVD) systems, which are instrumental in producing materials for aerospace components, medical devices, semiconductors, LEDs, carbon nanotubes, and solar cells.
Beyond CVD systems, CVV's extensive product portfolio encompasses rapid thermal processing systems for applications like implant activation and oxidation, as well as a range of furnaces for annealing, diffusion, and solar cell manufacturing. The company also supplies critical infrastructure components such as gas and liquid control systems, custom gas cylinder storage cabinets, and custom fabricated quartz-ware. Furthermore, CVD Equipment offers advanced material deposition services, including MesoPlasma direct write printing for fine feature patterns and Tantaline corrosion-resistant coatings for industrial components, along with providing carbon composites and electronic materials.
The company primarily serves a diverse and high-value customer base, including leading entities in the aerospace and defense sectors, medical device manufacturers, and electronic component producers. Additionally, CVV's specialized equipment and services are crucial for research and development efforts at universities, government laboratories, and various industrial research facilities.
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Applied Materials for advanced materials manufacturing: They are like Applied Materials, but they focus on building specialized equipment and solutions to create a wider range of advanced materials and coatings for industries such as aerospace, medical, and advanced electronics.
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- Chemical Vapor Deposition (CVD) Systems: Equipment used for developing and manufacturing materials and coatings across various high-tech industries.
- Rapid Thermal Processing Systems: Systems designed for quick thermal treatments like implant activation and oxidation in material processing.
- Furnaces (Annealing, Diffusion, LP-CVD): Various types of furnaces used for processes such as annealing, diffusion, and solar cell manufacturing.
- Gas and Liquid Control Systems: Systems including cabinets and delivery units for managing gases and chemicals in semiconductor and other industrial processes.
- Quartz-ware (Fabrication, Repair, Replacement): Fabrication of custom and standard quartz components, along with repair and replacement services for existing quartz-ware.
- MesoPlasma Direct Write Printing: A materials deposition process for creating fine feature patterns and coatings on various components.
- Tantaline Corrosion Resistant Coating: A specialized coating offering superior corrosion resistance for various industrial components.
- Carbon Composites and Electronic Materials: Supplies advanced carbon-based composite materials and various electronic materials.
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- Aerospace/defense industry
- Medical component manufacturers
- Electronic component manufacturers
- Universities
- Government and industrial laboratories
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Emmanuel Lakios, President and Chief Executive Officer
Emmanuel Lakios was appointed President and Chief Executive Officer of CVD Equipment Corporation in January 2021. He joined the company in February 2017 as Vice President of Sales & Marketing. Mr. Lakios brings over 39 years of experience in the aerospace, semiconductor, data storage, and optical device industries and holds several patents in process equipment and device structure. Before joining CVD Equipment, he served as President & CEO at Sensor Electronic Technology Inc (SETi), where he established it as an industry leader in UV LEDs. He also held the role of President & COO of Imago Scientific Instruments Corporation, overseeing its sale to Cameca Ametek. Additionally, he held various leadership positions at Veeco Instruments Inc., contributing to increased sales and market share.
Richard Catalano, Executive Vice President, Chief Financial Officer, and Secretary
Richard Catalano was appointed as the Chief Financial Officer of CVD Equipment Corporation, effective August 30, 2022. He began his career at KPMG LLP in 1982 and became an audit partner in 1993. Throughout his more than 35 years as an audit professional at KPMG LLP, Mr. Catalano advised a diverse range of clients on private equity-financed transactions, merger-related accounting, and filings with the U.S. Securities and Exchange Commission.
Dr. Jeffrey A. Brogan, Vice President, Sales and Marketing
Dr. Jeffrey Brogan was appointed as Vice President of Sales and Marketing for CVD Equipment on March 23, 2021. He previously served as Director of Sales and Marketing for CVD Materials Corporation and held General Management responsibilities for CVD MesoScribe Technologies Corporation. Dr. Brogan was the President and CEO of MesoScribe Technologies, Inc., leading its sale to CVD Equipment in 2017. He has over 20 years of experience in strategic sales & marketing, technology management, and advanced research & development.
Dr. Maxim S. Shatalov, Vice President, Engineering and Technology
Dr. Maxim Shatalov serves as the Vice President of Engineering and Technology at CVD Equipment Corporation.
Warren David Cheesman, Vice President, Manufacturing Operations
Warren David Cheesman is the Vice President of Manufacturing Operations at CVD Equipment Corporation, a position he assumed when he was appointed Chief Operating Officer on September 30, 2022.
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Key Business Risks for CVD Equipment (CVV)
- High Customer Concentration and Volatility in Orders: CVD Equipment faces a significant risk due to its high customer concentration, which, combined with a notable drop in new orders and a fluctuating backlog, directly impacts its revenue and profitability. For example, in Q3 2025, the CVD Equipment segment's revenue was heavily reliant on just three key customers, accounting for approximately 55% of the total quarterly revenue. This makes the company vulnerable to the business decisions and financial health of a limited number of clients.
- Operational Cash Burn and Liquidity Concerns: The company has been experiencing an operational cash drain, with a significant amount of cash used in operating activities. For the first nine months of 2025, net cash used from operating activities totaled $4.1 million, leading to a decrease in cash and cash equivalents from $12.6 million at the end of 2024 to $8.4 million by Q3 2025. This cash burn raises concerns about the company's liquidity and cash runway if order rates do not improve soon.
- Dependence on Volatile Government Funding and Lagging Product Adoption in Emerging Markets: A portion of CVD Equipment's R&D customer base is dependent on potentially volatile US government funding. Furthermore, the company faces the risk of lagging product adoption in emerging growth markets, which could hinder its expansion and growth prospects. The success of new product development for growth markets and the ability to gain market acceptance remain uncertainties.
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CVD Equipment Corporation (CVV) participates in several addressable markets related to its specialized process equipment and materials. The estimated global market sizes for its main products and services are as follows:
- Chemical Vapor Deposition (CVD) Systems: The global chemical vapor deposition (CVD) equipment market was valued at approximately USD 52.5 billion in 2024. Other sources suggest the market size was around USD 32.7 billion in 2024 or USD 26.87 billion in 2024. This market is projected to grow significantly in the coming years.
- Rapid Thermal Processing (RTP) Systems: The global rapid thermal processing (RTP) equipment market size was estimated to be USD 5.6 billion in 2023. This market is expected to reach USD 9.4 billion by 2032.
- Diffusion Furnaces: The global diffusion furnace market size was approximately USD 2.5 billion in 2023. This market is projected to grow to around USD 1.2 billion by 2032. Another source indicates the global horizontal diffusion furnace market was valued at US$ 1.2 billion in 2024.
- Low Pressure Chemical Vapor Deposition (LPCVD) Furnaces: The global Low Pressure Chemical Vapor Deposition (LPCVD) equipment market size was approximately USD 2.74 billion in 2024. Another source estimated the LPCVD equipment market at $2.5 billion in 2025.
- Gas and Liquid Control Systems (for Semiconductor Fabrication): The global semiconductor gas delivery system market was valued at USD 2.8 billion in 2024. Other sources estimate the broader "semiconductor gas and chemical distribution systems market" at approximately $20 billion in 2024 or the global gas delivery systems market at US$24.6 billion in 2026.
- Quartz-ware (for Semiconductor Equipment): The global semiconductor quartz materials and components market was valued at USD 595 million in 2024.
- MesoPlasma Direct Write Printing (Direct Write Semiconductor Market): The global direct write semiconductor market was valued at USD 409.27 million in 2024. This market is projected to reach USD 708.67 million by 2032.
- Tantaline Corrosion Resistant Coating (Corrosion Protective Coatings Market): The global corrosion protection coatings market size was approximately USD 11.76 billion in 2024. Another estimate for the corrosion protective coatings market size was USD 11.50 billion in 2024, while the global anticorrosion coatings market was valued at USD 36.72 billion in 2025.
- Carbon Composites: The global carbon composites market size was valued at USD 22.67 billion in 2024. Other sources suggest the market was around USD 21.7 billion in 2023 or USD 24.37 billion in 2024. This market is projected to reach USD 41.68 billion by 2033.
- Electronic Materials: The global electronic materials market size was valued at USD 68.81 billion in 2024. Other sources reported the global electronic materials and chemicals market size at USD 73.94 billion in 2024 or US$ 58.0 billion in 2023. This market is projected to grow to USD 113.33 billion by 2033.
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CVD Equipment Corporation (CVV) is expected to experience future revenue growth over the next two to three years driven by several key factors:
- Growth in the Aerospace & Defense Sector: CVD Equipment has consistently highlighted strong and ongoing demand from the aerospace and defense markets. This sector has been a primary contributor to increased revenue within the company's CVD equipment segment, including significant system orders.
- Expansion in High Power Electronics (Silicon Carbide - SiC): The company is strategically targeting the high-growth market of silicon carbide (SiC) for high-power electronics. Key initiatives include the launch of its new PVT200™ 200 mm silicon carbide crystal growth system, which has already secured a second customer evaluation order, and a multi-system order for SiC CVD coating reactors. CVD Equipment is actively focused on gaining traction for SiC crystal boule growth and epitaxy equipment for silicon carbide wafers.
- Demand in Electric Vehicle (EV) Battery Materials/Energy Storage: CVD Equipment identifies electric vehicle (EV) battery materials and energy storage as a major target market. This includes developing and manufacturing equipment for materials like carbon nanotubes, graphene, and silicon nanowires, which are crucial for advanced battery performance and efficiency.
- Increased Demand for SDC Segment's Gas Delivery Equipment: The Stainless Design Concepts (SDC) segment, which provides ultra-high purity gas and chemical delivery control systems, has experienced higher demand. This segment has shown an increase in revenue, and strong order performance has contributed to the company's growing backlog.
- New Product Launches and Technology Development: The company has launched new products, such as the PVT200 system in 2024, and continues to invest in research and development. These efforts are aimed at developing new products and technologies, particularly for the high power electronics market, positioning the company for future opportunities.
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Share Issuance
- Between December 31, 2024, and March 31, 2025, additional paid-in capital increased by $264,000.
Inbound Investments
- In 2021, the company received $6.9 million from the sale of its 555 North Research Place facility.
- Also in 2021, a $2.4 million gain was recognized from the forgiveness of a PPP loan.
- In 2022, CVD Equipment Corporation recognized $1.5 million in Employee Retention Credits for two quarterly periods in 2021.
Outbound Investments
- In May 2023, the company sold its candle line subsidiary.
- The MesoScribe segment ceased operations as of September 30, 2024, contributing a $717,000 gain on equipment sales.
Capital Expenditures
- Net property, plant, and equipment decreased from $12,596,000 at December 31, 2023, to $11,699,000 at December 31, 2024.
- Net property, plant, and equipment increased from $12,261,000 at December 31, 2021, to $12,596,000 at December 31, 2022.
- The primary focus for capital expenditures and investments in research and development and sales and marketing has been on aerospace & defense, high-power electronics, and EV battery materials/energy storage.
Peer Outperformance in Industrial Machinery & Supplies & Components
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 20.5% | 108.7% | 190.3% | CDNL 2702% · FIX 2049% · STRL 2005% |
| Marine Transportation | 5 | 70.5% | 67.6% | 164.7% | HOS 48321% · MATX 188% · KEX 165% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 14.3% | 63.4% | 115.4% | CAT 322% · ALSN 270% · WAB 223% |
| Aerospace & Defense | 55 | -1.8% | 59.6% | 70.3% | ATI 1074% · FTAI 885% · HWM 739% |
| Passenger Ground Transportation | 3 | -11.2% | 52.4% | 58.1% | UBER 88% · CAR 58% · LYFT -65% |
| Rail Transportation | 7 | 31.0% | 73.3% | 46.1% | FSTR 135% · CSX 65% · UNP 51% |
| Industrial Machinery & Supplies & Components ← | 71 | 10.1% | 47.7% | 45.1% | CRS 1411% · PSIX 952% · EROC 609% |
| Cargo Ground Transportation | 16 | 38.0% | 6.5% | 35.4% | XPO 258% · R 251% · CVLG 209% |
| Trading Companies & Distributors | 19 | 2.7% | 36.2% | 32.8% | DXPE 533% · AIT 289% · WCC 214% |
| Diversified Support Services | 33 | 12.7% | 31.6% | 26.8% | LIME 4173% · TH 371% · WLFC 360% |
| Electrical Components & Equipment | 41 | 17.6% | 50.5% | 21.7% | POWL 2201% · BE 1055% · VRT 900% |
| Building Products | 33 | -11.0% | 7.1% | 19.4% | LMB 575% · GFF 398% · PPIH 300% |
| Research & Consulting Services | 13 | -10.1% | -21.1% | -6.3% | HURN 214% · GRNQ 137% · CRAI 89% |
| Agricultural & Farm Machinery | 17 | 14.1% | -1.3% | -7.2% | BLBD 213% · DE 90% · GENC 59% |
| Industrial Conglomerates | 17 | 10.5% | 14.1% | -8.5% | RCMT 676% · CSW 141% · CSL 80% |
| Environmental & Facilities Services | 29 | -8.4% | 20.3% | -12.0% | CECO 880% · ADUR 558% · NVRI 352% |
| Data Processing & Outsourced Services | 6 | -31.3% | -12.5% | -26.0% | EXLS 49% · BR 11% · G -23% |
| Passenger Airlines | 11 | 2.4% | 0.2% | -26.4% | LTM 2504% · UAL 141% · SKYW 117% |
| Office Services & Supplies | 9 | 12.0% | 25.4% | -30.4% | PBI 186% · TILE 157% · HNI 59% |
| Human Resource & Employment Services | 22 | 8.4% | -18.4% | -35.7% | BBSI 86% · ADP 49% · KFY 31% |
| Air Freight & Logistics | 12 | -8.2% | -22.2% | -39.1% | CHRW 85% · FDX 67% · EXPD 62% |
| Security & Alarm Services | 10 | -36.1% | 7.1% | -45.5% | CIX 137% · MG 96% · NL 53% |
| Airport Services | 3 | -67.1% | -76.5% | -57.6% | JOBY -34% · ASLE -58% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| CVD Equipment Earnings Notes | 12/16/2025 | |
| With CVD Equipment Stock Sliding, Have You Assessed The Risk? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 79.88 |
| Mkt Cap | 3.1 |
| Rev LTM | 761 |
| Op Inc LTM | 60 |
| FCF LTM | 54 |
| FCF 3Y Avg | 75 |
| CFO LTM | 66 |
| CFO 3Y Avg | 96 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.9% |
| Rev Chg 3Y Avg | -1.9% |
| Rev Chg Q | 12.5% |
| QoQ Delta Rev Chg LTM | 3.0% |
| Op Inc Chg LTM | -5.0% |
| Op Inc Chg 3Y Avg | -12.2% |
| Op Mgn LTM | 9.3% |
| Op Mgn 3Y Avg | 9.2% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 10.2% |
| CFO/Rev 3Y Avg | 10.4% |
| FCF/Rev LTM | 7.1% |
| FCF/Rev 3Y Avg | 6.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Chemical Vapor Deposition (CVD) Equipment | 18 | 18 | 16 | 17 | 9 |
| Stainless Design Concepts (SDC) | 8 | 8 | 7 | 7 | 5 |
| MesoScribe | 0 | 1 | 1 | ||
| Intersegment revenue | -0 | -1 | -1 | -1 | -0 |
| Other - Tantaline | 0 | ||||
| Chemical Vapor Deposition (CVD) Materials | 3 | 3 | |||
| Corporate | 0 | ||||
| Total | 26 | 27 | 24 | 26 | 16 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Stainless Design Concepts (SDC) | 2 | 2 | 1 | 0 | 1 |
| Intersegment revenue | -0 | 0 | |||
| Chemical Vapor Deposition (CVD) Materials | -0 | 1 | 1 | -4 | -1 |
| Chemical Vapor Deposition (CVD) Equipment | -2 | -1 | -3 | -1 | -2 |
| Corporate | -4 | -3 | -3 | -3 | -3 |
| Total | -5 | -2 | -5 | -8 | -5 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Stainless Design Concepts (SDC) | 2 | 3 | 2 |
| MesoScribe | 0 | 1 | 0 |
| Chemical Vapor Deposition (CVD) Equipment | -1 | -3 | -3 |
| Total | 1 | 1 | -1 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Chemical Vapor Deposition (CVD) Equipment | 15 | 16 | 19 | 32 | 26 |
| Cash equivalents | 8 | 12 | 12 | ||
| Stainless Design Concepts (SDC) | 4 | 3 | 3 | 4 | 7 |
| Other current assets | 0 | 0 | 0 | ||
| MesoScribe | -0 | 1 | 0 | ||
| Chemical Vapor Deposition (CVD) Materials | 2 | 2 | |||
| Corporate | 0 | ||||
| Intersegment revenue | 0 | ||||
| Total | 28 | 32 | 35 | 38 | 36 |
Price Behavior
| Market Price | $6.57 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 03/01/1999 | |
| Distance from 52W High | -21.2% | |
| 50 Days | 200 Days | |
| DMA Price | $7.29 | $5.37 |
| DMA Trend | up | up |
| Distance from DMA | -9.9% | 22.4% |
| 3M | 1YR | |
| Volatility | 78.7% | 108.9% |
| Downside Capture | 239.56 | 319.34 |
| Upside Capture | 271.67 | 356.54 |
| Correlation (SPY) | 44.7% | 36.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.45 | 3.41 | 2.84 | 3.00 | 3.14 | 1.14 |
| Up Beta | 6.23 | 5.93 | 3.84 | 1.32 | 2.55 | 0.71 |
| Down Beta | 5.14 | 2.40 | 1.62 | 4.95 | 2.94 | 1.49 |
| Up Capture | 230% | 181% | 401% | 682% | 1537% | 136% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 19 | 31 | 62 | 119 | 336 |
| Down Capture | 495% | 324% | 231% | 206% | 181% | 108% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 13 | 23 | 33 | 64 | 129 | 401 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVV | |
|---|---|---|---|---|
| CVV | 127.3% | 108.8% | 1.23 | - |
| Sector ETF (XLI) | 17.0% | 17.1% | 0.75 | 23.0% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 36.6% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 20.5% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | 1.3% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | -2.8% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 20.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVV | |
|---|---|---|---|---|
| CVV | 5.4% | 78.3% | 0.40 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 18.7% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 21.5% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 11.4% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 2.9% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 9.4% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 12.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVV | |
|---|---|---|---|---|
| CVV | -3.6% | 74.4% | 0.26 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 19.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 20.7% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 9.2% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 5.9% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 12.3% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 7.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | 5.2% | 4.2% | |
| 5/14/2026 | -24.1% | -10.4% | -0.6% |
| 11/10/2025 | -6.4% | -0.3% | -4.9% |
| 8/12/2025 | -7.3% | -2.5% | -5.7% |
| 5/13/2025 | -8.9% | -12.0% | 8.1% |
| 3/19/2025 | 0.3% | -2.2% | -2.5% |
| 11/13/2024 | 15.5% | 12.3% | 53.8% |
| 8/13/2024 | -3.1% | -1.1% | -13.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 7 | 4 |
| # Negative | 14 | 14 | 16 |
| Median Positive | 4.5% | 6.7% | 11.3% |
| Median Negative | -7.0% | -11.2% | -9.9% |
| Max Positive | 15.8% | 27.2% | 53.8% |
| Max Negative | -26.5% | -36.7% | -29.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/12/2026 | 5.2% | 4.2% | |
| 5/14/2026 | -24.1% | -10.4% | -0.6% |
| 11/10/2025 | -6.4% | -0.3% | -4.9% |
| 8/12/2025 | -7.3% | -2.5% | -5.7% |
| 5/13/2025 | -8.9% | -12.0% | 8.1% |
| 3/19/2025 | 0.3% | -2.2% | -2.5% |
| 11/13/2024 | 15.5% | 12.3% | 53.8% |
| 8/13/2024 | -3.1% | -1.1% | -13.9% |
| 5/13/2024 | -10.3% | -15.7% | -17.7% |
| 3/28/2024 | 4.5% | 27.2% | -5.1% |
| 11/14/2023 | -0.7% | -14.4% | -13.8% |
| 8/14/2023 | -1.7% | 3.2% | 6.5% |
| 5/15/2023 | -26.5% | -36.7% | -20.1% |
| 11/14/2022 | -6.8% | -17.3% | -9.2% |
| 8/15/2022 | -10.5% | -13.4% | -15.4% |
| 5/16/2022 | 1.7% | 2.8% | -10.6% |
| 3/31/2022 | 1.8% | 6.7% | -2.7% |
| 1/11/2022 | 15.8% | 19.3% | 14.6% |
| 11/15/2021 | -10.6% | -18.7% | -29.1% |
| 8/16/2021 | -4.7% | -5.5% | -13.7% |
| 5/13/2021 | -3.9% | -1.3% | -1.4% |
| SUMMARY STATS | |||
| # Positive | 7 | 7 | 4 |
| # Negative | 14 | 14 | 16 |
| Median Positive | 4.5% | 6.7% | 11.3% |
| Median Negative | -7.0% | -11.2% | -9.9% |
| Max Positive | 15.8% | 27.2% | 53.8% |
| Max Negative | -26.5% | -36.7% | -29.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/19/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/27/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/12/2026 | 10-Q |
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/30/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/19/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/27/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/31/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 03/30/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Industrial Machinery & Supplies & Components Resources |
| Machine Design |
| Modern Machine Shop |
| Industrial Equipment News (IEN) |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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