Veeco Instruments (VECO)
Market Price (6/20/2026): $80.2 | Market Cap: $4.8 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment
Veeco Instruments (VECO)
Market Price (6/20/2026): $80.2Market Cap: $4.8 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Artificial Intelligence, and 5G & Advanced Connectivity. Themes include AI Chips, Data Centers & Infrastructure, Show more. | Trading close to highsDist 52W High is -4.1%, Dist 3Y High is -4.1% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 152x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 84x, P/EPrice/Earnings or Price/(Net Income) is 208x Stock price has recently run up significantly6M Rtn6 month market price return is 172%, 12M Rtn12 month market price return is 294% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.8%, Rev Chg QQuarterly Revenue Change % is -5.4% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 183% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.8% Key risksVECO key risks include [1] weakening demand and volatility in key markets like data storage, Show more. |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, and 5G & Advanced Connectivity. Themes include AI Chips, Data Centers & Infrastructure, Show more. |
| Trading close to highsDist 52W High is -4.1%, Dist 3Y High is -4.1% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 152x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 84x, P/EPrice/Earnings or Price/(Net Income) is 208x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 172%, 12M Rtn12 month market price return is 294% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.8%, Rev Chg QQuarterly Revenue Change % is -5.4% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 183% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.8% |
| Key risksVECO key risks include [1] weakening demand and volatility in key markets like data storage, Show more. |
Qualitative Assessment
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Veeco Instruments (VECO) stock has gained about 160% since 2/28/2026 because of the following key factors:
1. Significant AI-Driven Equipment Orders.
Veeco announced over $250 million in new equipment orders during its Q1 2026 earnings report on May 5, 2026, specifically for manufacturing Indium Phosphide (InP) lasers. These systems are crucial for silicon photonics and hyperscale data centers supporting artificial intelligence (AI) infrastructure, providing multi-year revenue visibility with shipments expected to commence in fiscal year 2026 and accelerate substantially in fiscal year 2027.
2. Expanded Adoption of Advanced Process Technologies.
In June 2026, Veeco achieved key milestones, including the commercial acceptance and qualification of its new LUMINA+ MOCVD system by Ennostar for high-volume arsenide and phosphide production in advanced optoelectronic devices. Additionally, the company received a follow-on order for its Nanosecond Annealing System (NSA500) from a major logic customer after successful evaluation, with another system shipped to a third advanced logic customer for evaluation, highlighting increasing demand for Veeco's advanced manufacturing tools for next-generation semiconductors.
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Veeco Instruments (VECO) stock has gained about 160% since 2/28/2026 because of the following key factors:
1. Significant AI-Driven Equipment Orders.
Veeco announced over $250 million in new equipment orders during its Q1 2026 earnings report on May 5, 2026, specifically for manufacturing Indium Phosphide (InP) lasers. These systems are crucial for silicon photonics and hyperscale data centers supporting artificial intelligence (AI) infrastructure, providing multi-year revenue visibility with shipments expected to commence in fiscal year 2026 and accelerate substantially in fiscal year 2027.
2. Expanded Adoption of Advanced Process Technologies.
In June 2026, Veeco achieved key milestones, including the commercial acceptance and qualification of its new LUMINA+ MOCVD system by Ennostar for high-volume arsenide and phosphide production in advanced optoelectronic devices. Additionally, the company received a follow-on order for its Nanosecond Annealing System (NSA500) from a major logic customer after successful evaluation, with another system shipped to a third advanced logic customer for evaluation, highlighting increasing demand for Veeco's advanced manufacturing tools for next-generation semiconductors.
3. Reaffirmed Optimistic Fiscal Year 2026 Guidance.
Despite reporting a Q1 2026 revenue of $158.3 million and non-GAAP EPS of $0.14, which missed analyst estimates, Veeco reaffirmed its full fiscal year 2026 guidance. The company maintained its revenue projection in the range of $740 million to $800 million and non-GAAP diluted EPS between $1.50 and $1.85, signaling management's confidence in significant second-half acceleration driven by robust market demand and the newly secured orders.
4. Positive Analyst Sentiment and Price Target Revisions.
Analyst upgrades and increased price targets contributed to the positive stock movement. For example, Citigroup boosted its price target for VECO from $40.00 to $60.00 in early May 2026, assigning a "buy" rating. Subsequently, Zacks Research upgraded Veeco from a "hold" to a "strong-buy" rating in late May 2026, reflecting growing analyst optimism about the company's prospects.
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Stock Movement Drivers
Fundamental Drivers
The 160.6% change in VECO stock from 2/28/2026 to 6/19/2026 was primarily driven by a 300.3% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.56 | 79.65 | 160.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 664 | 655 | -1.3% |
| Net Income Margin (%) | 5.3% | 3.5% | -33.8% |
| P/E Multiple | 52.0 | 208.1 | 300.3% |
| Shares Outstanding (Mil) | 60 | 60 | -0.3% |
| Cumulative Contribution | 160.6% |
Market Drivers
2/28/2026 to 6/19/2026| Return | Correlation | |
|---|---|---|
| VECO | 160.6% | |
| Market (SPY) | 9.2% | 50.1% |
| Sector (XLK) | 38.1% | 50.2% |
Fundamental Drivers
The 172.5% change in VECO stock from 11/30/2025 to 6/19/2026 was primarily driven by a 483.6% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.23 | 79.65 | 172.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 681 | 655 | -3.8% |
| Net Income Margin (%) | 7.2% | 3.5% | -51.2% |
| P/E Multiple | 35.7 | 208.1 | 483.6% |
| Shares Outstanding (Mil) | 60 | 60 | -0.6% |
| Cumulative Contribution | 172.5% |
Market Drivers
11/30/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| VECO | 172.5% | |
| Market (SPY) | 9.9% | 46.3% |
| Sector (XLK) | 34.1% | 47.1% |
Fundamental Drivers
The 312.5% change in VECO stock from 5/31/2025 to 6/19/2026 was primarily driven by a 1090.9% change in the company's P/E Multiple.| (LTM values as of) | 5312025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.31 | 79.65 | 312.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 710 | 655 | -7.7% |
| Net Income Margin (%) | 9.0% | 3.5% | -60.7% |
| P/E Multiple | 17.5 | 208.1 | 1090.9% |
| Shares Outstanding (Mil) | 58 | 60 | -4.4% |
| Cumulative Contribution | 312.5% |
Market Drivers
5/31/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| VECO | 312.5% | |
| Market (SPY) | 28.1% | 46.6% |
| Sector (XLK) | 66.8% | 48.8% |
Fundamental Drivers
The 226.3% change in VECO stock from 5/31/2023 to 6/19/2026 was primarily driven by a 2638.1% change in the company's P/E Multiple.| (LTM values as of) | 5312023 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.41 | 79.65 | 226.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 643 | 655 | 1.9% |
| Net Income Margin (%) | 25.2% | 3.5% | -86.0% |
| P/E Multiple | 7.6 | 208.1 | 2638.1% |
| Shares Outstanding (Mil) | 51 | 60 | -16.3% |
| Cumulative Contribution | 226.3% |
Market Drivers
5/31/2023 to 6/19/2026| Return | Correlation | |
|---|---|---|
| VECO | 226.3% | |
| Market (SPY) | 85.7% | 54.3% |
| Sector (XLK) | 137.9% | 60.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VECO Return | 64% | -35% | 67% | -14% | 7% | 165% | 337% |
| Peers Return | 95% | -23% | 80% | -7% | 61% | 114% | 763% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| VECO Win Rate | 67% | 25% | 67% | 42% | 50% | 83% | |
| Peers Win Rate | 72% | 38% | 67% | 43% | 58% | 80% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| VECO Max Drawdown | -19% | -46% | -22% | -46% | -40% | -17% | |
| Peers Max Drawdown | -22% | -48% | -22% | -39% | -40% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMAT, LRCX, KLAC, ACLS, ONTO.
[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 6/18/2026 (YTD)
How Low Can It Go
| Event | VECO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.3% | -18.8% |
| % Gain to Breakeven | 43.4% | 23.1% |
| Time to Breakeven | 127 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -32.1% | -7.8% |
| % Gain to Breakeven | 47.2% | 8.5% |
| Time to Breakeven | 623 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.3% | -9.5% |
| % Gain to Breakeven | 11.5% | 10.5% |
| Time to Breakeven | 8 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.4% | -6.7% |
| % Gain to Breakeven | 14.1% | 7.1% |
| Time to Breakeven | 6 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -44.8% | -24.5% |
| % Gain to Breakeven | 81.1% | 32.4% |
| Time to Breakeven | 433 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.2% | -33.7% |
| % Gain to Breakeven | 113.6% | 50.9% |
| Time to Breakeven | 252 days | 140 days |
In The Past
Veeco Instruments's stock fell -30.3% during the 2025 US Tariff Shock. Such a loss loss requires a 43.4% gain to breakeven.
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| Event | VECO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -30.3% | -18.8% |
| % Gain to Breakeven | 43.4% | 23.1% |
| Time to Breakeven | 127 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -32.1% | -7.8% |
| % Gain to Breakeven | 47.2% | 8.5% |
| Time to Breakeven | 623 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -44.8% | -24.5% |
| % Gain to Breakeven | 81.1% | 32.4% |
| Time to Breakeven | 433 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -53.2% | -33.7% |
| % Gain to Breakeven | 113.6% | 50.9% |
| Time to Breakeven | 252 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -38.6% | -19.2% |
| % Gain to Breakeven | 63.0% | 23.8% |
| Time to Breakeven | 47 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -27.1% | -12.2% |
| % Gain to Breakeven | 37.2% | 13.9% |
| Time to Breakeven | 297 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -52.2% | -6.8% |
| % Gain to Breakeven | 109.4% | 7.3% |
| Time to Breakeven | 2957 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -22.9% | -0.2% |
| % Gain to Breakeven | 29.7% | 0.2% |
| Time to Breakeven | 71 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -41.7% | -17.9% |
| % Gain to Breakeven | 71.5% | 21.8% |
| Time to Breakeven | 603 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -37.7% | -15.4% |
| % Gain to Breakeven | 60.6% | 18.2% |
| Time to Breakeven | 249 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.4% | -53.4% |
| % Gain to Breakeven | 362.7% | 114.4% |
| Time to Breakeven | 252 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -26.9% | -8.6% |
| % Gain to Breakeven | 36.8% | 9.5% |
| Time to Breakeven | 738 days | 47 days |
In The Past
Veeco Instruments's stock fell -30.3% during the 2025 US Tariff Shock. Such a loss loss requires a 43.4% 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 Veeco Instruments (VECO)
Veeco Instruments Inc. (VECO) is a technology company that develops, manufactures, sells, and supports specialized process equipment for the semiconductor and thin film industries. Essentially, Veeco provides the sophisticated machinery essential for creating a wide array of electronic devices. Their equipment plays a critical role in the foundational stages of microelectronic component production worldwide.
Veeco's product portfolio includes advanced systems such as laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition (MOCVD), molecular beam epitaxy (MBE), and atomic layer deposition (ALD), alongside single wafer wet processing and packaging lithography equipment. These technologies are crucial for producing microelectronic components including logic chips, dynamic random-access memory (DRAM), photonics devices, power electronics, and radio frequency (RF) filters and amplifiers. Additionally, their equipment supports the manufacturing of magnetic heads for hard disk drives and various other semiconductor devices.
Veeco serves a diverse global customer base within the microelectronics ecosystem. Their primary customers include integrated device manufacturers (IDMs) and foundries that produce chips, as well as outsourced semiconductor assembly and test (OSAT) manufacturers. The company also supplies equipment to hard disk drive manufacturers, photonics manufacturers, and research centers and universities globally, indicating broad application across the electronics and scientific sectors.
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- Veeco is like a specialized Applied Materials, making the high-tech machinery essential for manufacturing semiconductors and advanced electronic devices.
- Think of Veeco as being in a similar vein to Lam Research, providing critical equipment for creating a wide range of microelectronic components.
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- Laser Annealing: Equipment utilizing lasers for precise material modification and activation in semiconductor manufacturing.
- Ion Beam Deposition and Etch: Systems employing ion beams to accurately deposit or remove materials at an atomic scale.
- Metal Organic Chemical Vapor Deposition (MOCVD): Equipment designed for depositing thin films of various materials using gas-phase chemical precursors.
- Single Wafer Wet Processing and Surface Preparation: Systems for cleaning, etching, and preparing individual semiconductor wafers using wet chemical processes.
- Molecular Beam Epitaxy (MBE): Advanced deposition technology used for growing ultra-thin, high-quality crystalline layers under vacuum.
- Atomic Layer Deposition (ALD) and other deposition systems: Tools for depositing ultra-thin, conformal films one atomic layer at a time, alongside other general material deposition technologies.
- Packaging Lithography Equipment: Systems utilized to pattern materials specifically during the final packaging stages of semiconductor devices.
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Veeco Instruments Inc. (VECO) primarily sells its specialized process equipment systems to other companies and institutions within the microelectronics industry, rather than to individuals. Based on the company's descriptions and public disclosures, its major customers are categorized as:
- Integrated Device Manufacturers (IDMs) and Foundries
- Outsourced Semiconductor Assembly and Test (OSAT) Manufacturers
- Hard Disk Drive (HDD) Manufacturers
- Photonics Manufacturers
- Research Centers and Universities
Veeco does not publicly disclose the specific names of individual customer companies, as is common practice for business-to-business suppliers in this industry, particularly when no single customer accounts for a significant portion of its revenue. Therefore, specific company names and their corresponding public symbols cannot be provided.
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William J. Miller, Ph.D. Chief Executive Officer
Dr. William J. Miller was appointed Chief Executive Officer of Veeco in October 2018. He previously served as the company's President since January 2016. Before becoming President, Dr. Miller held executive-level roles at Veeco, leading strategic growth initiatives for the company's etch and deposition product lines, MOCVD and data storage businesses, as well as engineering and global operations. Prior to joining Veeco in 2002, he worked for Advanced Energy and Exxon in various engineering and operations leadership positions. Dr. Miller holds a Bachelor of Science in Engineering, Master of Science in Engineering, and Doctor of Philosophy in Mechanical Engineering from the University of Pennsylvania.
John P. Kiernan Senior Vice President and Chief Financial Officer
Mr. John P. Kiernan was appointed Senior Vice President and Chief Financial Officer in January 2020, with responsibility for Finance, Tax, Treasury, and Investor Relations. He joined Veeco in 1994 and has held a variety of financial leadership roles of increasing responsibility, including leading the controller, financial planning and analysis, tax, and treasury functions. Mr. Kiernan also has significant operational experience, including international assignments. Before joining Veeco, he was a senior manager at Ernst & Young LLP. Mr. Kiernan is a CPA and holds a Bachelor of Science in Accounting from Long Island University.
Adrian Devasahayam, Ph.D. Senior Vice President, Product Line Management
Dr. Adrian Devasahayam serves as Senior Vice President, Product Line Management at Veeco.
Susan Wilkerson Senior Vice President, Global Sales & Services
Ms. Susan Wilkerson is the Senior Vice President, Global Sales & Services at Veeco.
Peter Porshnev, Ph.D. Senior Vice President, Unified Engineering
Dr. Peter Porshnev holds the position of Senior Vice President, Unified Engineering at Veeco. He has been Senior Vice President and General Manager of Ultratech at Veeco Instruments Inc. Veeco acquired Ultratech in 2017.
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Geopolitical Risks and Trade Policy Changes
Veeco Instruments Inc. faces significant risks from geopolitical tensions and evolving trade policies, particularly concerning U.S.-China relations. These factors can lead to increased export controls, tariffs, and restrictions on the company's ability to sell and service its products in the substantial Chinese market, directly impacting revenue and market access. Furthermore, the ongoing merger with Axcelis Technologies Inc. is subject to regulatory approvals, including from China, which introduces additional geopolitical and execution risks that could delay or even prevent the completion of the transaction.
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Highly Cyclical Semiconductor Industry and Intense Competition
Operating within the semiconductor and data storage industries exposes Veeco to highly cyclical market conditions characterized by rapid technological changes and fluctuating demand. This inherent volatility can lead to reduced product demand, pricing pressures, and increased competition. The company must continuously invest significantly in research and development to keep pace with technological advancements and maintain its competitive edge against larger, well-funded competitors with deeper R&D budgets.
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Dependence on a Concentrated Customer Base and Supply Chain Vulnerabilities
Veeco's business model involves a reliance on a concentrated customer base, meaning that the loss of key customers or any economic difficulties they face could materially and adversely affect Veeco's financial condition and operating results. Additionally, the company is dependent on outsourcing partners and a limited number of suppliers for the manufacture of several of its systems. This reliance introduces supply chain risks, including potential disruptions or failures of these partners to perform, which can be exacerbated by the global nature of Veeco's operations and ongoing geopolitical tensions.
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Veeco Instruments (NASDAQ: VECO) operates in several high-growth addressable markets for its semiconductor and thin film process equipment. The company's overall served available market (SAM) is projected to grow from approximately $2.5 billion in 2025 to $4.4 billion by 2029, representing a 16% compound annual growth rate (CAGR) from 2025 to 2029.
Here are the addressable markets for Veeco's main products and services:
- Laser Annealing: This segment is anticipated to double in 2025. In fiscal year 2024, revenue from Gate-All-Around (GAA)-related Laser Spike Annealing (LSA) tools contributed approximately $50 million. Veeco's Laser Spike Annealing Platform has been chosen as the Production Tool of Record by two leading logic manufacturers for new GAA node applications.
- Ion Beam Deposition (IBD): Veeco is a leader in ion beam deposition equipment for the production of EUV mask blanks. The global Ion Beam Based Deposition market is projected to reach approximately $2.69 billion, growing at an 8.2% CAGR during the forecast period of 2026-2034. Specifically, the Ion Beam Sputtering Equipment Market Size is expected to exceed $2.94 billion by 2033, with a CAGR of 9.65% from 2023 to 2033.
- Metal Organic Chemical Vapor Deposition (MOCVD): The global MOCVD systems market was valued at $447 million in 2025 and is projected to reach $806 million by 2034, demonstrating a CAGR of 8.7%. Veeco Instruments, alongside AIXTRON, holds a significant global market share, collectively over 60%, in this market.
- Single Wafer Wet Processing and Surface Preparation: Veeco secured more than $50 million in orders for its wet processing systems in 2024, with deliveries expected in early 2025. These systems are crucial for advanced packaging applications such as 3D stacking and hybrid bonding, and support High-Bandwidth Memory (HBM) production.
- Packaging Lithography Equipment: The global Semiconductor Advanced Packaging Lithography System market is projected to reach an estimated $3.5 billion by the end of 2024, with a significant CAGR of 9.2% over the forecast period. Another estimate indicates this market will grow from approximately $265 million in 2024 to exceed $500 million by 2033, with an 8.8% CAGR. Veeco announced over $35 million in advanced packaging lithography orders in the first quarter of 2025, anticipating strong year-over-year growth for this business in 2025.
- Atomic Layer Deposition (ALD): The global atomic layer deposition market size was estimated at $1.70 billion in 2021 and is projected to reach $4.70 billion by 2030, growing at a CAGR of 12.3% (global). Veeco is recognized as a key player in this market for its innovative ALD toolsets.
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Here are the expected drivers of future revenue growth for Veeco Instruments (VECO) over the next 2-3 years:
- Increased Demand from AI and High-Performance Computing (HPC) in the Semiconductor Market: Veeco anticipates robust growth driven by accelerating demand for its semiconductor equipment, particularly laser annealing and advanced packaging tools, from customers involved in AI and high-performance computing. This is evidenced by accelerated bookings and an expanding backlog.
- Growth in Advanced Packaging Technologies: The company's advanced packaging business is a significant growth driver, with revenue from wet processing and lithography tools expected to double from 2024 to 2025 due to AI-related demand, heterogeneous integration, and 3D packaging.
- New and Differentiated Laser Annealing and Ion Beam Deposition Technologies: Veeco is expanding its market opportunities by introducing new technologies such as nanosecond annealing, securing orders for advanced DRAM and logic devices with its laser annealing systems, and advancing its Ion Beam Deposition technology for defect-free EUV mask blanks and low-resistance metals in advanced semiconductor manufacturing.
- Expansion in the Compound Semiconductor Market: New product introductions, including the Propel 300mm GaN-on-silicon system for GaN power and micro-LEDs, and LuminaPlus Arsenide Phosphide for photonics and solar end markets, are gaining traction and are expected to contribute significantly to revenue growth, particularly in the second half of 2026.
- Rebound in the Data Storage Market: After experiencing some softness, Veeco has secured new orders for its ion beam and wet processing equipment in the data storage market in the second half of 2025, with expectations for this segment to double its revenue in 2026.
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Capital Allocation Decisions (2021-2025) for Veeco Instruments (VECO)
Share Repurchases
- Veeco Instruments did not report any significant share repurchases for the trailing twelve months ended September 2025.
- Following its planned all-stock merger with Axcelis Technologies, the combined company anticipates executing a share repurchase program.
Share Issuance
- In May 2023, Veeco completed a private offering of $205 million aggregate principal amount of 2.875% Convertible Senior Notes due 2029, yielding net proceeds of approximately $198.9 million.
- A portion of the proceeds from the 2023 convertible notes offering was used to exchange existing convertible senior notes due 2025 and 2027. This involved exchanging approximately $106.0 million of 2025 notes for cash and approximately 0.7 million shares of common stock, and approximately $100.0 million of 2027 notes for cash and approximately 3.8 million shares of common stock.
- As of Q4 2025, Veeco Instruments had 60 million shares outstanding, representing a slight increase of 0.4% from the prior quarter.
Outbound Investments
- There were no significant outbound investments or acquisitions by Veeco Instruments reported within the last 3-5 years.
Capital Expenditures
- Veeco's capital expenditures totaled $16 million for the full year 2025.
- In Q4 2025, capital expenditures amounted to $3.3 million.
- The company continues to invest strategically in next-generation technologies to support future growth, aligning with accelerating demand from AI and high-performance computing, particularly in advanced packaging solutions.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 296.66 |
| Mkt Cap | 178.2 |
| Rev LTM | 7,064 |
| Op Inc LTM | 2,792 |
| FCF LTM | 2,124 |
| FCF 3Y Avg | 1,874 |
| CFO LTM | 2,332 |
| CFO 3Y Avg | 2,051 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.9% |
| Rev Chg 3Y Avg | 3.1% |
| Rev Chg Q | 10.5% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | -18.6% |
| Op Inc Chg 3Y Avg | 0.9% |
| Op Mgn LTM | 21.2% |
| Op Mgn 3Y Avg | 23.9% |
| QoQ Delta Op Mgn LTM | -1.2% |
| CFO/Rev LTM | 26.5% |
| CFO/Rev 3Y Avg | 26.3% |
| FCF/Rev LTM | 20.8% |
| FCF/Rev 3Y Avg | 21.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Development, manufacture, sales, and support of semiconductor and thin film process equipment | 664 | 717 | 666 | 646 | 583 |
| Total | 664 | 717 | 666 | 646 | 583 |
| $ Mil | 2013 | 2012 | 2005 | 2004 | 2003 |
|---|---|---|---|---|---|
| Data Storage Process Equipment | -4 | 25 | |||
| unallocated corporate | -29 | -20 | -8 | ||
| LED & Solar Process Equipment | -39 | 42 | |||
| Unallocated Corporate Amount | -30 | ||||
| Metrology | 35 | 21 | 18 | ||
| Process Equipment | 15 | 3 | -0 | ||
| Total | -72 | 37 | 29 | 17 | 18 |
| $ Mil | 2013 | 2012 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|
| unallocated corporate | 551 | ||||
| LED & Solar Process Equipment | 359 | 276 | 323 | 178 | 137 |
| Data Storage Process Equipment | 38 | 39 | 62 | 54 | 84 |
| Unallocated Corporate Amount | 622 | 763 | 300 | ||
| Metrology | 73 | 85 | |||
| Unallocated Corportate Amount | 123 | ||||
| Total | 948 | 937 | 1,148 | 605 | 430 |
Price Behavior
| Market Price | $79.65 | |
| Market Cap ($ Bil) | 4.8 | |
| First Trading Date | 11/29/1994 | |
| Distance from 52W High | -4.1% | |
| 50 Days | 200 Days | |
| DMA Price | $56.86 | $37.02 |
| DMA Trend | up | up |
| Distance from DMA | 40.1% | 115.1% |
| 3M | 1YR | |
| Volatility | 84.2% | 60.2% |
| Downside Capture | 142.48 | 136.22 |
| Upside Capture | 398.89 | 260.71 |
| Correlation (SPY) | 50.6% | 45.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 5.73 | 3.55 | 2.24 | 2.19 | 2.09 | 1.69 |
| Up Beta | 12.88 | 5.23 | 2.89 | 2.70 | 2.41 | 1.54 |
| Down Beta | -1.79 | 0.61 | 1.39 | 1.79 | 2.18 | 1.58 |
| Up Capture | 458% | 390% | 410% | 398% | 455% | 921% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 10 | 26 | 37 | 70 | 134 | 378 |
| Down Capture | 584% | 178% | 110% | 135% | 130% | 112% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 15 | 26 | 54 | 112 | 365 |
[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 VECO | |
|---|---|---|---|---|
| VECO | 299.5% | 60.1% | 2.54 | - |
| Sector ETF (XLK) | 59.9% | 23.1% | 1.96 | 48.0% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 45.6% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 15.3% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -12.0% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 24.8% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 27.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VECO | |
|---|---|---|---|---|
| VECO | 26.4% | 45.6% | 0.66 | - |
| Sector ETF (XLK) | 22.9% | 25.3% | 0.80 | 61.0% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 56.1% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 10.5% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 10.2% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 31.5% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 25.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VECO | |
|---|---|---|---|---|
| VECO | 16.4% | 51.4% | 0.50 | - |
| Sector ETF (XLK) | 25.4% | 24.7% | 0.93 | 56.4% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 54.4% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 8.4% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 17.9% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 34.9% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 16.8% |
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Returns Analyses
Earnings Returns History
Updated 6/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | 25.2% | 24.1% | 28.5% |
| 2/25/2026 | 7.8% | 13.7% | 26.6% |
| 11/5/2025 | -1.0% | 3.0% | 9.1% |
| 8/6/2025 | 15.0% | 24.9% | 22.9% |
| 5/7/2025 | 5.3% | 13.1% | 8.9% |
| 2/12/2025 | 2.6% | 6.8% | -9.2% |
| 11/6/2024 | -3.4% | -9.3% | -7.7% |
| 8/6/2024 | -6.3% | 4.7% | -10.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 17 | 15 |
| # Negative | 9 | 6 | 8 |
| Median Positive | 5.8% | 8.0% | 9.1% |
| Median Negative | -3.6% | -3.8% | -6.2% |
| Max Positive | 25.2% | 24.9% | 31.9% |
| Max Negative | -13.3% | -9.3% | -10.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | 25.2% | 24.1% | 28.5% |
| 2/25/2026 | 7.8% | 13.7% | 26.6% |
| 11/5/2025 | -1.0% | 3.0% | 9.1% |
| 8/6/2025 | 15.0% | 24.9% | 22.9% |
| 5/7/2025 | 5.3% | 13.1% | 8.9% |
| 2/12/2025 | 2.6% | 6.8% | -9.2% |
| 11/6/2024 | -3.4% | -9.3% | -7.7% |
| 8/6/2024 | -6.3% | 4.7% | -10.6% |
| 5/7/2024 | 4.8% | 3.8% | 15.7% |
| 2/14/2024 | 0.5% | -0.8% | -4.4% |
| 11/6/2023 | 8.6% | 11.2% | 11.7% |
| 8/7/2023 | 6.8% | 8.0% | 2.4% |
| 5/8/2023 | 5.2% | 12.4% | 31.9% |
| 2/15/2023 | 6.2% | 3.3% | 2.2% |
| 11/7/2022 | 1.8% | 8.1% | 4.8% |
| 8/8/2022 | -4.5% | 5.3% | -9.6% |
| 5/9/2022 | -13.3% | -4.6% | -4.7% |
| 2/16/2022 | -7.1% | -4.9% | -0.6% |
| 11/2/2021 | 9.8% | 8.4% | 4.8% |
| 8/3/2021 | -3.6% | -3.0% | -1.9% |
| 5/4/2021 | -0.1% | -1.5% | 7.4% |
| 2/11/2021 | 2.6% | 4.8% | 1.5% |
| 10/27/2020 | -0.9% | 5.8% | 28.0% |
| SUMMARY STATS | |||
| # Positive | 14 | 17 | 15 |
| # Negative | 9 | 6 | 8 |
| Median Positive | 5.8% | 8.0% | 9.1% |
| Median Negative | -3.6% | -3.8% | -6.2% |
| Max Positive | 25.2% | 24.9% | 31.9% |
| Max Negative | -13.3% | -9.3% | -10.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/22/2021 | 10-K |
| 09/30/2020 | 10/27/2020 | 10-Q |
| 06/30/2020 | 08/03/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 11/04/2019 | 10-Q |
| 06/30/2019 | 08/05/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 170.00 Mil | 180.00 Mil | 190.00 Mil | ||||
| Q2 2026 GAAP Diluted EPS | 0.02 | 0.09 | 0.15 | ||||
| Q2 2026 Non-GAAP Diluted EPS | 0.2 | 0.26 | 0.32 | ||||
| 2026 Revenue | 740.00 Mil | 770.00 Mil | 800.00 Mil | 0 | Affirmed | Guidance: 770.00 Mil for 2026 | |
| 2026 GAAP Diluted EPS | 0.83 | 1 | 1.17 | 0 | Affirmed | Guidance: 1 for 2026 | |
| 2026 Non-GAAP Diluted EPS | 1.5 | 1.68 | 1.85 | 0 | Affirmed | Guidance: 1.68 for 2026 | |
Prior: Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 150.00 Mil | 160.00 Mil | 170.00 Mil | -3.0% | Lowered | Guidance: 165.00 Mil for Q4 2025 | |
| Q1 2026 GAAP Diluted EPS | -0.03 | 0.02 | 0.07 | -300.0% | Raised | Guidance: -0.01 for Q4 2025 | |
| Q1 2026 Non-GAAP Diluted EPS | 0.14 | 0.19 | 0.24 | -20.8% | Lowered | Guidance: 0.24 for Q4 2025 | |
| 2026 Revenue | 740.00 Mil | 770.00 Mil | 800.00 Mil | ||||
| 2026 GAAP Diluted EPS | 0.83 | 1 | 1.17 | ||||
| 2026 Non-GAAP Diluted EPS | 1.5 | 1.68 | 1.85 | ||||
Insider Activity
Updated 6/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wilkerson, Susan | SVP, GLOBAL SALES & SERVICE | Direct | Sell | 6122026 | 69.56 | 15,506 | 1,078,570 | 1,910,669 | Form |
| 2 | Devasahayam, Adrian | SVP - PRODUCT LINE DEVELOPMENT | Direct | Sell | 6102026 | 65.00 | 10,000 | 650,000 | 5,532,489 | Form |
| 3 | Hunter, Gordon | Direct | Sell | 6102026 | 68.80 | 16,974 | 1,167,811 | 773,037 | Form | |
| 4 | Hunter, Gordon | Direct | Sell | 6082026 | 63.78 | 6,752 | 430,643 | 1,799,234 | Form | |
| 5 | Miller, William John | CEO | Direct | Sell | 6022026 | 58.62 | 50,000 | 2,931,000 | 21,664,193 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wilkerson, Susan | SVP, GLOBAL SALES & SERVICE | Direct | Sell | 6122026 | 69.56 | 15,506 | 1,078,570 | 1,910,669 | Form |
| 2 | Devasahayam, Adrian | SVP - PRODUCT LINE DEVELOPMENT | Direct | Sell | 6102026 | 65.00 | 10,000 | 650,000 | 5,532,489 | Form |
| 3 | Hunter, Gordon | Direct | Sell | 6102026 | 68.80 | 16,974 | 1,167,811 | 773,037 | Form | |
| 4 | Hunter, Gordon | Direct | Sell | 6082026 | 63.78 | 6,752 | 430,643 | 1,799,234 | Form | |
| 5 | Miller, William John | CEO | Direct | Sell | 6022026 | 58.62 | 50,000 | 2,931,000 | 21,664,193 | Form |
| 6 | Hunter, Gordon | Direct | Sell | 5282026 | 61.61 | 17,714 | 1,091,360 | 2,154,009 | Form | |
| 7 | Devasahayam, Adrian | SVP - PRODUCT LINE DEVELOPMENT | Direct | Sell | 5272026 | 61.84 | 5,407 | 334,369 | 5,881,924 | Form |
| 8 | Wilkerson, Susan | SVP, GLOBAL SALES & SERVICE | Direct | Sell | 5272026 | 61.69 | 35,723 | 2,203,752 | 2,651,037 | Form |
| 9 | Damore, Richard A | Direct | Sell | 5182026 | 60.71 | 43,701 | 2,653,088 | 6,835,582 | Form | |
| 10 | Hunter, Gordon | Direct | Sell | 5132026 | 59.41 | 29,532 | 1,754,496 | 3,129,481 | Form | |
| 11 | St, Dennis Thomas | Direct | Sell | 5132026 | 61.93 | 1,400 | 86,702 | 3,820,895 | Form | |
| 12 | Hunter, Gordon | Direct | Sell | 5112026 | 58.76 | 7,746 | 455,155 | 4,830,542 | Form | |
| 13 | Miller, William John | CEO | Direct | Sell | 5112026 | 59.55 | 100,000 | 5,955,000 | 24,985,394 | Form |
| 14 | Miller, William John | CEO | Direct | Sell | 3052026 | 31.62 | 50,000 | 1,581,000 | 13,107,850 | Form |
| 15 | Wilkerson, Susan | SVP, GLOBAL SALES & SERVICE | Direct | Sell | 12122025 | 31.88 | 33,000 | 1,052,040 | 1,662,686 | Form |
| 16 | Miller, William John | CEO | Direct | Sell | 12052025 | 32.00 | 25,000 | 800,000 | 14,865,376 | Form |
| 17 | Miller, William John | CEO | Direct | Sell | 12022025 | 29.10 | 25,000 | 727,500 | 14,245,701 | Form |
| 18 | Devasahayam, Adrian | SVP - PRODUCT LINE DEVELOPMENT | Direct | Sell | 10032025 | 34.00 | 3,851 | 130,934 | 2,661,153 | Form |
| 19 | Miller, William John | CEO | Direct | Sell | 10032025 | 32.00 | 25,000 | 800,000 | 16,465,376 | Form |
| 20 | Devasahayam, Adrian | SVP - PRODUCT LINE DEVELOPMENT | Direct | Sell | 9242025 | 30.00 | 4,014 | 120,420 | 2,463,606 | Form |
| 21 | Devasahayam, Adrian | SVP - PRODUCT LINE DEVELOPMENT | Direct | Sell | 9162025 | 26.00 | 4,046 | 105,196 | 2,239,489 | Form |
| 22 | Miller, William John | CEO | Direct | Sell | 9092025 | 25.00 | 25,000 | 625,000 | 11,766,775 | Form |
| 23 | Devasahayam, Adrian | SVP - PRODUCT LINE DEVELOPMENT | Direct | Sell | 6092025 | 20.50 | 11,010 | 225,705 | 1,829,713 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductor Materials & Equipment Resources |
| SEMI |
| Semiconductor Digest |
| Semiconductor Today |
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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