Tearsheet

Veeco Instruments (VECO)

Market Price (12/26/2025): $29.33 | Market Cap: $1.8 Bil
Sector: Information Technology | Industry: Semiconductor Materials & Equipment

Veeco Instruments (VECO)

Market Price (12/26/2025): $29.33
Market Cap: $1.8 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%	Weak multi-year price returns 2Y Excs Rtn is -51%, 3Y Excs Rtn is -26%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.9%, Rev Chg QQuarterly Revenue Change % is -10%
1	Low stock price volatility Vol 12M is 46%		Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51%
2	Megatrend and thematic drivers Megatrends include Artificial Intelligence, and 5G & Advanced Connectivity. Themes include AI Chips, Data Centers & Infrastructure, Show more.		Key risks VECO key risks include [1] weakening demand and volatility in key markets like data storage, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%
1	Low stock price volatility Vol 12M is 46%
2	Megatrend and thematic drivers Megatrends include Artificial Intelligence, and 5G & Advanced Connectivity. Themes include AI Chips, Data Centers & Infrastructure, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -51%, 3Y Excs Rtn is -26%
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.9%, Rev Chg QQuarterly Revenue Change % is -10%
5	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 51%
6	Key risks VECO key risks include [1] weakening demand and volatility in key markets like data storage, Show more.

Valuation, Metrics & Events

	12/26/25	2024	2023	2022	2021
Share Price CYE	$29.33	$26.80	$31.03	$18.58	$28.47
Market Cap CYE ($ Bil)	1.8	1.5	1.7	0.9	1.4
Total Debt ($ Bil)	0.3	0.3	0.3	0.3	0.3
Total Cash ($ Bil)	0.4	0.3	0.3	0.3	0.2
Enterprise Value ($ Bil)	1.7	1.8	2.0	1.2	1.7
Valuation Ratios
P/S TTM	2.6	2.1	2.5	1.4	2.4
P/EBIT TTM	32.9	18.9	-100.7	14.8	25.9
P/E TTM	35.8	20.5	-54.9	5.6	53.7
P/FCF TTM	32.1	33.1	49.4	11.1	51.6
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6	4.6
P/EBIT TTM (Sector)	3.0	2.3	-0.2	-0.7	-0.0
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8	-0.0
P/FCF TTM (Sector)	12.3	13.7	12.2	6.9	13.8

	12/26/25	2024	2023
Share Price CYE	$29.33	$26.80	$31.03
Market Cap CYE ($ Bil)	1.8	1.5	1.7
Total Debt ($ Bil)	0.3	0.3	0.3
Total Cash ($ Bil)	0.4	0.3	0.3
Enterprise Value ($ Bil)	1.7	1.8	2.0
Valuation Ratios
P/S TTM	2.6	2.1	2.5
P/EBIT TTM	32.9	18.9	-100.7
P/E TTM	35.8	20.5	-54.9
P/FCF TTM	32.1	33.1	49.4
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.0	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.3	13.7	12.2

	VECO	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.7
Rev Chg Q	-10.2%	7.3%
Rev Chg LTM	-3.9%	6.1%
Rev Chg 3Y Avg	2.0%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.1
CFO LTM ($ Bil)	0.1
Net Inc LTM ($ Bil)	0.0
Op Mgn LTM	10.1%	18.8%
CFO/Rev LTM	10.7%	20.4%
Net Inc Mgn	7.2%	13.1%
VALUATION	HIGH
P/S	2.6	3.3
P/CFO	24.2	15.8
P/FCF	32.1	20.7
P/E	35.8	23.5
STABILITY	VERY GOOD
Debt/Equity	0.15	0.21
Cash/Assets	0.29	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Backlog	$409.6 million	12312024	Link
Number of Employees	1231	12312024	Link
Total Patents (Documents, Applications and Grants)	1378	4192024	Link

Upcoming
2/11/2026	Earnings Release	Rev: - EPS: -

VECO Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Between late 2024 and early 2025, Veeco Instruments (VECO) experienced several positive developments that could contribute to significant upward movement in its stock price. While a precise 19.5% movement within a specific short period during this time cannot be confirmed with the available information, the following key points highlight strong catalysts for investor confidence: 1. Record Semiconductor Revenue: Veeco reported record Semiconductor revenue in the third quarter of 2024, demonstrating a 26% year-over-year growth and a 13% sequential increase. The company's Semiconductor business is also projected to outperform Wafer Fab Equipment (WFE) growth for the fourth consecutive year, indicating sustained strength in a key market segment.

2. Significant Orders in Advanced Packaging for AI: Veeco announced receiving over $50 million in orders for its Wet Processing System, specifically supporting Advanced Packaging applications driven by Artificial Intelligence (AI). These orders were placed in 2024, with scheduled deliveries extending into the first half of 2025, highlighting the company's role in cutting-edge technology sectors.

Show more Between late 2024 and early 2025, Veeco Instruments (VECO) experienced several positive developments that could contribute to significant upward movement in its stock price. While a precise 19.5% movement within a specific short period during this time cannot be confirmed with the available information, the following key points highlight strong catalysts for investor confidence: 1. Record Semiconductor Revenue: Veeco reported record Semiconductor revenue in the third quarter of 2024, demonstrating a 26% year-over-year growth and a 13% sequential increase. The company's Semiconductor business is also projected to outperform Wafer Fab Equipment (WFE) growth for the fourth consecutive year, indicating sustained strength in a key market segment.

2. Significant Orders in Advanced Packaging for AI: Veeco announced receiving over $50 million in orders for its Wet Processing System, specifically supporting Advanced Packaging applications driven by Artificial Intelligence (AI). These orders were placed in 2024, with scheduled deliveries extending into the first half of 2025, highlighting the company's role in cutting-edge technology sectors.

3. Expansion into MicroLED Production with New Orders: PlayNitride, a leading MicroLED technology company, selected and subsequently ordered Veeco's Lumina MOCVD system for the production of next-generation MicroLEDs. Two systems are slated for delivery in 2025, signifying Veeco's growing influence in the evolving display technology market.

4. Solid Third Quarter 2024 Financial Performance: The company reported robust financial results for the third quarter of 2024, exceeding the midpoint of its guidance with revenues reaching $184.8 million. This strong performance provides a solid foundation for future growth and investor confidence.

5. Strong Overall 2024 Performance and Positive Outlook: Veeco had a successful year in 2024, with its Semiconductor business consistently outperforming industry growth. Despite some analyst adjustments to Q4 2024 guidance related to Silicon Carbide Epitaxy technology market penetration, the overall revenue outlook remained strong, with Q4 revenue anticipated between $175 million and $185 million, and full-year revenue between $710 million and $720 million. Show less

Stock Movement Drivers

Fundamental Drivers

The -0.5% change in VECO stock from 9/25/2025 to 12/25/2025 was primarily driven by a -16.5% change in the company's Net Income Margin (%).

	9252025	12252025	Change
Stock Price ($)	29.45	29.30	-0.51%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	700.33	681.41	-2.70%
Net Income Margin (%)	8.65%	7.23%	-16.48%
P/E Multiple	28.71	35.75	24.51%
Shares Outstanding (Mil)	59.08	60.08	-1.69%
Cumulative Contribution			-0.54%

LTM = Last Twelve Months as of date shown

Market Drivers

9/25/2025 to 12/25/2025

	Return	Correlation
VECO	-0.5%
Market (SPY)	4.9%	59.7%
Sector (XLK)	5.3%	59.4%

Fundamental Drivers

The 38.1% change in VECO stock from 6/26/2025 to 12/25/2025 was primarily driven by a 86.1% change in the company's P/E Multiple.

	6262025	12252025	Change
Stock Price ($)	21.22	29.30	38.08%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	710.11	681.41	-4.04%
Net Income Margin (%)	8.99%	7.23%	-19.58%
P/E Multiple	19.21	35.75	86.12%
Shares Outstanding (Mil)	57.75	60.08	-4.02%
Cumulative Contribution			37.85%

LTM = Last Twelve Months as of date shown

Market Drivers

6/26/2025 to 12/25/2025

	Return	Correlation
VECO	38.1%
Market (SPY)	13.1%	46.0%
Sector (XLK)	16.7%	50.1%

Fundamental Drivers

The 5.3% change in VECO stock from 12/25/2024 to 12/25/2025 was primarily driven by a 83.0% change in the company's P/E Multiple.

	12252024	12252025	Change
Stock Price ($)	27.83	29.30	5.28%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	709.09	681.41	-3.90%
Net Income Margin (%)	11.34%	7.23%	-36.26%
P/E Multiple	19.53	35.75	83.05%
Shares Outstanding (Mil)	56.41	60.08	-6.50%
Cumulative Contribution			4.84%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2024 to 12/25/2025

	Return	Correlation
VECO	5.3%
Market (SPY)	15.8%	62.8%
Sector (XLK)	22.2%	67.8%

Fundamental Drivers

The 59.5% change in VECO stock from 12/26/2022 to 12/25/2025 was primarily driven by a 80.3% change in the company's P/E Multiple.

	12262022	12252025	Change
Stock Price ($)	18.37	29.30	59.50%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	645.31	681.41	5.59%
Net Income Margin (%)	7.16%	7.23%	0.87%
P/E Multiple	19.82	35.75	80.33%
Shares Outstanding (Mil)	49.89	60.08	-20.43%
Cumulative Contribution			52.84%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2023 to 12/25/2025

	Return	Correlation
VECO	-7.4%
Market (SPY)	48.3%	61.9%
Sector (XLK)	53.5%	69.7%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
VECO Return	18%	64%	-35%	67%	-14%	9%	100%
Peers Return	41%	95%	-23%	80%	-7%	66%	490%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	115%
Monthly Win Rates [3]
VECO Win Rate	67%	67%	25%	67%	42%	58%
Peers Win Rate	63%	72%	38%	67%	43%	60%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
VECO Max Drawdown	-47%	0%	-40%	-4%	-16%	-35%
Peers Max Drawdown	-39%	-0%	-45%	-2%	-16%	-27%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique Key	Event	VECO	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-46.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	86.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	464 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-56.8%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	131.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	263 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-81.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	425.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	1,879 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-82.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	476.8%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	282 days	1,480 days

Compare to Q, LRCX, AMAT, KLAC, TER

In The Past

Veeco Instruments's stock fell -46.5% during the 2022 Inflation Shock from a high on 1/14/2022. A -46.5% loss requires a 86.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Veeco Instruments (VECO)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Veeco Instruments Inc., together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices worldwide. The company offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, and atomic layer deposition and other deposition systems, as well as packaging lithography equipment. Its process equipment systems are used in the production of a range of microelectronic components, including logic, dynamic random-access memory, photonics devices, power electronics, radio frequency filters and amplifiers, magnetic heads for hard disk drives, and other semiconductor devices. In addition, the company markets and sells its products to integrated device manufacturers and foundries; outsourced semiconductor assembly and test, hard disk drive, and photonics manufacturers; and research centers and universities. Veeco Instruments Inc. was founded in 1945 and is headquartered in Plainview, New York.

AI Analysis | Feedback

Here are 1-2 brief analogies for Veeco Instruments (VECO):

Applied Materials, but for specialized chip-making equipment.
Lam Research, focused on advanced packaging and compound semiconductor tools.

AI Analysis | Feedback

MOCVD Systems: Equipment used for depositing thin films of semiconductor materials, critical for manufacturing LEDs, power electronics, and photonics.
Atomic Layer Deposition (ALD) and Etch Systems: Advanced tools for depositing and etching ultra-thin films with precise control, essential for next-generation logic and memory chips.
Ion Beam Etch & Deposition Systems: Precision systems that use ion beams to etch or deposit thin films, utilized in advanced packaging, MEMS, and photonics.
Laser Annealing Systems: Systems employing lasers to modify material properties at the atomic level, crucial for advanced semiconductor device fabrication.
Advanced Packaging Lithography Systems: Tools designed for high-resolution patterning in advanced semiconductor packaging applications.

AI Analysis | Feedback

Veeco Instruments (VECO) primarily sells its advanced process equipment and metrology solutions to other companies (B2B) and institutions in various high-tech manufacturing sectors.

While Veeco's annual reports (10-K filings) indicate significant customer concentration (for example, in 2023, two customers represented 16% and 11% of their net revenue), the company does not publicly disclose the specific names of its individual major customers due to confidentiality. Therefore, it is not possible to list the exact names and symbols of these specific companies.

However, Veeco's customer base can be broadly categorized into the following types of companies and institutions:

Semiconductor Manufacturers: This includes Integrated Device Manufacturers (IDMs), foundries, and compound semiconductor manufacturers. These companies utilize Veeco's equipment for various stages of microchip production, advanced packaging, and the manufacturing of specialty semiconductors.
Outsourced Assembly and Test (OSAT) Companies: Firms that provide third-party semiconductor assembly, packaging, and test services for other chip manufacturers.
Data Storage Industry: Original Equipment Manufacturers (OEMs) and end users within the data storage sector, which leverage Veeco's advanced thin-film deposition and etch technologies for components like hard disk drives.
Research & Development Facilities: Academic and governmental laboratories, as well as other corporate R&D facilities, across a broad range of scientific and industrial markets, using Veeco's tools for material science research and development.

AI Analysis | Feedback

null

AI Analysis | Feedback

William J. Miller, Ph.D. Chief Executive Officer

William J. Miller joined Veeco in 2005 and was appointed Chief Executive Officer in October 2018, having previously served as President since January 2016. Prior to his time at Veeco, Dr. Miller held various engineering and operations leadership positions at Advanced Energy and Exxon. He holds a Bachelor of Science, Master of Science, and Doctor of Philosophy in Mechanical Engineering from the University of Pennsylvania.

John P. Kiernan Senior Vice President and Chief Financial Officer

John P. Kiernan was appointed Senior Vice President and Chief Financial Officer in January 2020. He joined Veeco in 1994 and has held a variety of financial leadership roles with increasing responsibility, including Senior Vice President, Finance, Chief Accounting Officer, and Treasurer, and Corporate Controller. Before joining Veeco, Mr. Kiernan was a senior manager at Ernst & Young LLP. He is a CPA and holds a Bachelor of Science in Accounting from Long Island University.

Robert Bradshaw Chief Administrative Officer

Robert Bradshaw serves as Chief Administrative Officer at Veeco Instruments, having joined the company in August 2005.

Adrian Devasahayam, Ph.D. Senior Vice President, Product Line Management

Adrian Devasahayam, Ph.D. is the Senior Vice President, Product Line Management at Veeco Instruments.

Peter Porshnev, Ph.D. Senior Vice President, Unified Engineering

Peter Porshnev, Ph.D. serves as the Senior Vice President, Unified Engineering. He has been Senior Vice President and General Manager of Ultratech at Veeco Instruments Inc. since the acquisition of Ultratech.

AI Analysis | Feedback

The key risks to Veeco Instruments' (VECO) business are primarily rooted in the cyclical and rapidly evolving nature of its target industries, compounded by significant geopolitical and supply chain vulnerabilities.

Market and Industry Cyclicality, Demand Volatility, and Rapid Technological Change: Veeco operates in highly cyclical industries, specifically semiconductor and data storage, which are characterized by rapid technological advancements and fluctuating market demands. This results in unpredictable sales cycles, potential order cancellations, and a continuous need for innovation to remain competitive. Recent financial reports indicate a slowdown in legacy businesses and a significant weakening in the data storage market, directly impacting revenue.
Geopolitical and Regulatory Risks, particularly U.S.-China Trade Relations: As a global business, Veeco is significantly exposed to geopolitical tensions, changes in trade policies, and regulatory challenges. U.S.-China relations, including export controls and tariffs, pose a substantial risk, with the company anticipating a decline in revenue from China in 2025 due to moderated customer engagement.
Supply Chain Dependence and Customer Concentration: Veeco relies on a limited number of third-party suppliers and outsourcing partners for key components and manufacturing processes. This dependency creates a risk of supply chain interruptions and operational difficulties if these partners fail to perform as expected. Additionally, a concentrated customer base increases the company's vulnerability to shifts in demand or economic challenges faced by a few major customers.

AI Analysis | Feedback

null

AI Analysis | Feedback

Veeco Instruments (NASDAQ: VECO) operates in several key addressable markets within the semiconductor industry, with projections for significant growth in the coming years. Their main products and services contribute to the overall semiconductor, compound semiconductor, and data storage markets, with a strong focus on advanced packaging, laser annealing, and ion beam technologies.

Total Served Available Market (SAM): Veeco's total served available market is projected to grow from approximately $2.5 billion in 2025 to about $4.4 billion by 2029 globally. Another estimate places the total SAM at approximately $2.3 billion in 2023, expanding to around $4.0 billion by 2027 globally. Following a proposed merger with Axcelis Technologies, the pro-forma SAM is anticipated to exceed $5 billion on a 2024 basis globally.
Semiconductor Opportunity: The semiconductor market opportunity for Veeco is projected to reach approximately $2.7 billion by 2029, driven by demand for laser annealing, ion beam deposition, and advanced packaging equipment globally. Another projection estimates this segment will grow to approximately $2.0 billion by 2028 globally.
Advanced Packaging: This represents a significant addressable market, projected to reach $1.3 billion by 2029 globally. Veeco's Advanced Packaging Lithography systems market is projected to grow from approximately $350 million in 2025 to around $650 million by 2029 globally.
Laser Annealing (LSA) / Annealing: The annealing served available market is projected to reach approximately $1.3 billion by 2029 globally. Specifically, Laser Spike Annealing (LSA) is projected to grow from approximately $600 million in 2025 to about $850 million by 2029 globally, while Nanosecond Annealing (NSA) is expected to grow from around $100 million in 2025 to approximately $450 million by 2029 globally.
Ion Beam Deposition (IBD): The Ion Beam Based Deposition (IBD) market is projected to reach $1.32 billion in 2025 globally, with a compound annual growth rate (CAGR) of 8.3% from 2025 to 2033. The focused ion beam market was estimated at $1.55 billion in 2024 and is projected to reach $2.36 billion by 2030 globally, growing at a CAGR of 7.3% from 2025 to 2030. The market for IBD EUV Mask Blanks is projected to grow from approximately $70 million in 2025 to about $150 million by 2029 globally.
Compound Semiconductor Opportunity: This market opportunity is projected to grow to approximately $1.2 billion by 2029, driven by equipment for Gallium Nitride (GaN) power and photonics globally. The broader compound semiconductor market is projected to reach $61.96 billion by 2030 globally, with Veeco positioned to capture a significant share. The GaN device market alone is projected to grow at a 35% CAGR from $555 million in 2025 to $2.5 billion by 2030 globally.
MOCVD Systems for MicroLEDs and Photonics: While a total market size for MOCVD systems wasn't explicitly stated, the MicroLED market, a key application for MOCVD, is projected to reach $2.41 billion by 2030 globally, growing at a 41.83% CAGR. The photonics sub-sector, also utilizing MOCVD, is expected to reach $5 billion by 2029 globally.

AI Analysis | Feedback

Veeco Instruments (VECO) anticipates several key drivers for its revenue growth over the next 2-3 years, primarily stemming from advancements in semiconductor technology and strategic market expansion:

Growth in AI and High-Performance Computing (HPC) Leading-Edge Investments: Veeco expects sustained investment in leading-edge semiconductor technologies, particularly those related to Artificial Intelligence (AI) and High-Performance Computing (HPC), to drive revenue growth. This momentum is projected to continue into 2026.
Increased Demand in Gate-All-Around (GAA) and Advanced Packaging: The semiconductor market's growth in 2025 and 2026 is notably driven by demand for Gate-All-Around (GAA) architectures and advanced packaging solutions. Veeco's laser spike annealing (LSA) and advanced packaging wet processing systems are crucial for these applications.
New Product Traction in MOCVD and Advanced Annealing: The company is experiencing positive momentum and securing multiple orders for its 300mm Gallium Nitride and Arsenide Phosphide MOCVD (Metal Organic Chemical Vapor Deposition) systems. Additionally, new annealing technologies, such as Nanosecond Annealing (NSA), are highlighted as significant growth areas.
Continued Demand for Ion Beam Deposition (IBD) EUV for Mask Blanks: Veeco's Ion Beam Deposition (IBD) EUV technology, used for mask blanks, remains a key contributor to its semiconductor business performance.
Expansion of Technology and Market Opportunities through Axcelis Merger: The pending merger with Axcelis is a strategic move expected to significantly expand Veeco's technology portfolio and market opportunities, further enhancing its ability to serve customers.

AI Analysis | Feedback

Share Repurchases

In November 2021, Veeco repurchased approximately $111.5 million in aggregate principal amount of its 2.70% Convertible Senior Notes due 2023 for a cash consideration of approximately $115.6 million, plus $1.0 million in accrued interest.
This transaction effectively retired over 80% of Veeco's 2023 debt maturity obligation, reducing potential dilution and de-leveraging the balance sheet.

Share Issuance

Veeco settled $26.5 million in outstanding principal balance of its 3.50% convertible senior notes due in 2025 through the issuance of company shares upon maturity.
Earlier 2025 and 2027 convertible notes were settled in 2025 through share issuances and a small cash component.
In May 2025, Veeco announced private exchanges and the cancellation of the remaining 3.75% Convertible Notes due 2027.

Capital Expenditures

Capital expenditures were reported at $3.6 million for June 2025.
Veeco has been actively investing in research and development to maintain its competitive advantage in the semiconductor and compound semiconductor markets.
Investments are focused on advanced semiconductor manufacturing, particularly for AI, power, and packaging, including technologies for high-performance AI chips and High-Bandwidth Memory (HBM).

Better Bets than Veeco Instruments (VECO)

INDUSTRY: Semiconductor Materials & Equipment

Higher Rev Chg 3Y Avg | Lower P/S (Values for VECO: 2.0% | 2.6x)

Enphase Energy

AMAT (4.0%)

Applied Materials

LRCX (3.1%)

Lam Research

KLAC (3.1%)

KLA

MKSI (3.1%)

MKS

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for VECO: 2.0% | 2.6x)

ACN (4.3% | 2.4x)

Accenture

CTSH (2.6% | 2.0x)

Cognizant Technology Solutions

FISV (6.8% | 1.7x)

Fiserv

HPE (6.5% | 0.9x)

Hewlett Packard Enterprise

GIB (7.4% | 1.3x)

CGI

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VECO: 2.0% | 25.5x)

MU (28.3% | 23.4x)

Micron Technology

CSCO (3.7% | 23.8x)

Cisco Systems

IBM (2.6% | 24.6x)

International Business Machines

AMAT (3.2% | 24.5x)

Applied Materials

ACN (4.3% | 16.5x)

Accenture

Higher Rev Chg LTM (Value for VECO: -3.9%)

NVDA (65.2%)

NVIDIA

AVGO (23.9%)

Broadcom

MSFT (15.6%)

Microsoft

ORCL (11.1%)

Oracle

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for VECO: 2.0%)

NVDA (91.6%)

NVIDIA

PLTR (29.3%)

Palantir Technologies

AVGO (25.2%)

Broadcom

MSFT (13.2%)

Microsoft

ORCL (9.8%)

Oracle

Higher Op Mgn LTM (Value for VECO: 10.1%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

AVGO (40.8%)

Broadcom

ORCL (31.9%)

Oracle

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for VECO: 10.7%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

ORCL (36.5%)

Oracle

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for VECO: 8.0%)

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

Higher Total Yield (Value for VECO: 2.8%)

CSCO (5.4%)

Cisco Systems

MU (3.9%)

Micron Technology

ORCL (3.7%)

Oracle

MSFT (3.6%)

Microsoft

AAPL (2.8%)

Apple

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for VECO: 2.0% | 2.6x)

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.4x)

Costco Wholesale

UNH (11.4% | 0.7x)

UnitedHealth

DIS (4.5% | 2.2x)

Walt Disney

PEP (3.4% | 2.1x)

PepsiCo

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VECO: 2.0% | 25.5x)

META (17.3% | 20.5x)

Meta Platforms

JNJ (6.1% | 20.7x)

Johnson & Johnson

V (10.9% | 17.3x)

Visa

KO (4.0% | 20.2x)

Coca-Cola

UNH (11.4% | 11.3x)

UnitedHealth

Higher Rev Chg LTM (Value for VECO: -3.9%)

LLY (36.8%)

Eli Lilly

META (21.3%)

Meta Platforms

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

TSLA (-1.6%)

Tesla

Higher Rev Chg 3Y Avg (Value for VECO: 2.0%)

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

TSLA (9.3%)

Tesla

Higher Op Mgn LTM (Value for VECO: 10.1%)

MA (58.3%)

Mastercard

META (43.2%)

Meta Platforms

LLY (43.0%)

Eli Lilly

GOOGL (32.2%)

Alphabet

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for VECO: 10.7%)

META (56.8%)

Meta Platforms

GOOGL (39.3%)

Alphabet

LLY (20.5%)

Eli Lilly

AMZN (18.1%)

Amazon.com

TSLA (16.5%)

Tesla

Higher FCF/Rev LTM (Value for VECO: 8.0%)

V (53.9%)

Visa

MA (52.5%)

Mastercard

META (23.7%)

Meta Platforms

JNJ (20.3%)

Johnson & Johnson

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for VECO: 2.8%)

JPM (6.4%)

JPMorgan Chase

BRK-B (6.2%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

GOOGL (3.5%)

Alphabet

AMZN (2.9%)

Amazon.com

		Best Bets In Information Technology Sector
	VECO	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	35.7	28.3	17.1	46.3	44.4	29.9	16.4	14.6	19.2	24.1	21.0
P/EBIT	32.9	20.4	13.8	39.4	37.9	10.6	23.9	11.9	20.9	66.0	24.0
What You Get
Rev Chg Q	-10.2%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	-3.9%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	2.0%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	7.0%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Veeco Instruments Earnings Notes
2	Would You Still Hold Veeco Instruments Stock If It Fell 30%?	Return
3	Why Veeco Instruments Stock Moved: VECO Stock Has Gained 66% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
4	VECO Dip Buy Analysis
5	Now Is Not The Time To Buy Veeco Instruments Stock	Buy or Fear
6	Veeco Instruments (VECO) Valuation Ratios Comparison	Financials
7	Veeco Instruments Total Shareholder Return (TSR): -13.6% in 2024 and -2.0% 3-yr compounded annual returns (above peer average)
8	Veeco Instruments (VECO) Operating Cash Flow Comparison	Financials
9	Veeco Instruments (VECO) Net Income Comparison	Financials
10	Veeco Instruments (VECO) Operating Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to VECO. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	13.9%	13.9%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	12.0%	12.0%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	17.0%	17.0%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.9%	11.9%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.1%	4.1%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
OMER	Omeros	0.9	75.5%	55.5%
DVAX	Dynavax Technologies	1.8	38.2%	20.4%
EWTX	Edgewise Therapeutics	2.9	25.5%	2.2%
AGIO	Agios Pharmaceuticals	1.7	18.6%	-11.2%
TVTX	Travere Therapeutics	3.6	13.9%	131.2%
KOD	Kodiak Sciences	1.6	13.2%	212.4%
RZLT	Rezolute	0.3	13.2%	-44.1%
UP	Wheels Up Experience	0.5	11.7%	-57.4%
FBYD	Falcons Beyond Global	0.7	9.5%	129.7%
BW	Babcock & Wilcox Enterprises	0.5	8.5%	226.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ASTS	AST SpaceMobile	18.9	-8.9%	269.9%
QBTS	D-Wave Quantum	9.4	-5.5%	227.6%
NNE	Nano Nuclear Energy	1.2	-4.6%	21.7%
MNMD	Mind Medicine	1.2	-4.2%	93.0%
PPTA	Perpetua Resources	2.0	-4.0%	149.1%
KOS	Kosmos Energy	0.4	-4.0%	-73.6%
FRMI	Fermi	5.5	-4.0%	-75.7%
EXOD	Exodus Movement	0.4	-3.9%	-50.5%
TLRY	Tilray Brands	10.8	-3.6%	-23.7%
AEHR	Aehr Test Systems	0.7	-3.1%	32.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	74.0%	55.5%
LUNR	Intuitive Machines	2.0	63.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	51.1%	11.2%
FBYD	Falcons Beyond Global	0.7	47.2%	129.7%
FLY	Firefly Aerospace	3.8	45.9%	-55.2%
RKLB	Rocket Lab	39.8	43.0%	203.0%
DVAX	Dynavax Technologies	1.8	42.5%	20.4%
UAMY	United States Antimony	0.8	39.9%	258.8%
DJT	Trump Media & Technology	4.0	36.7%	-58.0%
RZLT	Rezolute	0.3	36.3%	-44.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	31.7	-80.5%	-28.0%
TPL	Texas Pacific Land	6.8	-66.5%	-19.2%
LW	Lamb Weston	6.0	-28.6%	-34.8%
TLRY	Tilray Brands	10.8	-21.2%	-23.7%
INSP	Inspire Medical Systems	2.8	-19.1%	-48.4%
TDUP	ThredUp	0.8	-17.1%	354.7%
OLMA	Olema Pharmaceuticals	2.3	-15.8%	370.8%
IIPR	Innovative Industrial Properties	1.4	-12.9%	-15.7%
ABM	ABM Industries	2.6	-12.6%	-15.8%
FRMI	Fermi	5.5	-12.6%	-75.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	3.0	144.6%	47.5%
TE	T1 Energy	1.1	124.5%	418.4%
ANF	Abercrombie & Fitch	6.0	93.2%	-15.2%
VERA	Vera Therapeutics	3.6	90.4%	31.6%
LUNR	Intuitive Machines	2.0	85.7%	-8.0%
AAOI	Applied Optoelectronics	2.6	82.5%	11.2%
RKLB	Rocket Lab	39.8	81.8%	203.0%
PL	Planet Labs PBC	6.2	76.1%	403.0%
NRGV	Energy Vault	0.8	66.9%	118.9%
FLY	Firefly Aerospace	3.8	60.4%	-55.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-44.1%
JANX	Janux Therapeutics	0.9	-54.6%	-73.3%
LENZ	LENZ Therapeutics	0.5	-46.3%	-40.6%
FRMI	Fermi	5.5	-45.2%	-75.7%
GOGO	Gogo	0.6	-34.1%	-43.0%
HPK	HighPeak Energy	0.6	-30.8%	-69.2%
ORIC	ORIC Pharmaceuticals	0.7	-28.5%	4.5%
FDMT	4D Molecular Therapeutics	0.5	-25.6%	45.4%
NKTR	Nektar Therapeutics	0.6	-25.1%	215.0%
LW	Lamb Weston	6.0	-24.8%	-34.8%

Peer Comparisons for Veeco Instruments

Peers to compare with:

Financials

	VECO	AMAT	LRCX	KLAC	ACLS	ONTO	Median
Name	Veeco In.	Applied .	Lam Rese.	KLA	Axcelis .	Onto Inn.
Mkt Price	29.30	260.78	177.33	1,276.99	82.80	161.86	169.60
Mkt Cap	1.8	207.3	224.2	168.3	2.6	7.9	88.1
Rev LTM	681	28,368	19,592	12,524	853	1,002	6,763
Op Inc LTM	69	8,470	6,466	5,231	138	169	2,700
FCF LTM	55	5,698	5,550	3,873	124	261	2,067
FCF 3Y Avg	47	6,926	4,964	3,413	166	205	1,809
CFO LTM	73	7,958	6,384	4,248	138	289	2,269
CFO 3Y Avg	68	8,445	5,531	3,737	182	233	1,985

Growth & Margins

	VECO	AMAT	LRCX	KLAC	ACLS	ONTO	Median
Name	Veeco In.	Applied .	Lam Rese.	KLA	Axcelis .	Onto Inn.
Rev Chg LTM	-3.9%	4.4%	25.7%	22.1%	-20.7%	6.4%	5.4%
Rev Chg 3Y Avg	2.0%	3.2%	4.0%	8.7%	1.6%	1.4%	2.6%
Rev Chg Q	-10.2%	-3.5%	27.7%	13.0%	-16.7%	-13.5%	-6.9%
QoQ Delta Rev Chg LTM	-2.7%	-0.9%	6.3%	3.0%	-4.8%	-3.3%	-1.8%
Op Mgn LTM	10.1%	29.9%	33.0%	41.8%	16.1%	16.8%	23.3%
Op Mgn 3Y Avg	10.5%	29.2%	30.2%	38.9%	20.1%	17.7%	24.7%
QoQ Delta Op Mgn LTM	-1.7%	-0.3%	1.0%	0.5%	-1.7%	-2.1%	-1.0%
CFO/Rev LTM	10.7%	28.1%	32.6%	33.9%	16.1%	28.9%	28.5%
CFO/Rev 3Y Avg	10.0%	30.9%	32.5%	34.0%	17.9%	24.8%	27.9%
FCF/Rev LTM	8.0%	20.1%	28.3%	30.9%	14.5%	26.1%	23.1%
FCF/Rev 3Y Avg	7.0%	25.4%	29.3%	31.1%	16.4%	21.7%	23.5%

Valuation

	VECO	AMAT	LRCX	KLAC	ACLS	ONTO	Median
Name	Veeco In.	Applied .	Lam Rese.	KLA	Axcelis .	Onto Inn.
Mkt Cap	1.8	207.3	224.2	168.3	2.6	7.9	88.1
P/S	2.6	7.3	11.4	13.4	3.0	7.9	7.6
P/EBIT	32.9	21.7	33.5	32.6	16.0	47.0	32.7
P/E	35.7	29.6	38.6	39.7	19.1	45.3	37.2
P/CFO	24.1	26.1	35.1	39.6	18.8	27.4	26.7
Total Yield	2.8%	4.0%	3.1%	3.1%	5.2%	2.2%	3.1%
Dividend Yield	0.0%	0.7%	0.5%	0.6%	0.0%	0.0%	0.3%
FCF Yield 3Y Avg	2.7%	4.9%	4.4%	3.6%	4.3%	2.8%	4.0%
D/E	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net D/E	-0.1	-0.0	-0.0	0.0	-0.2	-0.1	-0.0

Returns

	VECO	AMAT	LRCX	KLAC	ACLS	ONTO	Median
Name	Veeco In.	Applied .	Lam Rese.	KLA	Axcelis .	Onto Inn.
1M Rtn	0.3%	7.6%	16.9%	11.4%	0.1%	18.2%	9.5%
3M Rtn	-0.5%	30.9%	38.6%	20.8%	-14.7%	26.5%	23.6%
6M Rtn	38.1%	42.8%	83.8%	42.0%	16.8%	61.5%	42.4%
12M Rtn	5.3%	56.4%	142.4%	98.0%	14.8%	-6.3%	35.6%
3Y Rtn	59.5%	175.6%	344.0%	248.5%	3.2%	138.5%	157.0%
1M Excs Rtn	1.0%	9.6%	14.7%	9.0%	1.6%	19.0%	9.3%
3M Excs Rtn	-5.5%	26.0%	33.7%	15.8%	-19.7%	21.6%	18.7%
6M Excs Rtn	25.2%	29.9%	70.9%	29.1%	3.9%	48.6%	29.5%
12M Excs Rtn	-7.7%	44.1%	132.4%	87.8%	2.3%	-20.1%	23.2%
3Y Excs Rtn	-26.4%	76.0%	235.5%	161.2%	-76.2%	49.5%	62.8%

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/14/2025	2/16/2024	2/22/2023	2/18/2022	2/22/2021	2/21/2020
Key Financials
Total Revenue	681	717	666	646	583	454	419
EBITDA	75	105	8	88	80	47	-21
Operating Income	69	95	70	60	57	24	-29
Net Income	49	74	-30	167	26	-8	-79
EPS	0.85	1.31	-0.56	3.35	0.53	-0.17	-1.66
Growth Rates
Total Revenue Growth	-3.9%	7.6%	3.1%	10.8%	28.4%	8.3%	-22.6%
EBITDA Growth	-40.6%	1150.6%	-90.5%	10.0%	70.5%	318.8%	94.1%
Operating Income Growth	-20.9%	36.0%	16.0%	6.3%	136.9%	182.1%	-1.2%
Net Income Growth	-38.7%	342.7%	-118.2%	541.1%	410.3%	89.3%	80.7%
Margins
EBITDA Margin	10.9%	14.6%	1.3%	13.6%	13.7%	10.3%	-5.1%
Operating Income Margin	10.1%	13.3%	10.5%	9.3%	9.7%	5.3%	-7.0%
Net Income Margin	7.2%	10.3%	-4.6%	25.8%	4.5%	-1.8%	-18.8%
Cash & Debt
Total Cash	369	344	305	302	224	319	245
Total Debt	262	314	310	312	267	332	315
Net Debt / (Cash)	-107	-30	5	9	43	12	70
Cash Flows
Net Cash from Operations	73	64	62	108	68	43	-7
Free Cash from Operations	55	46	34	84	27	36	-18
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/5/2025	8/6/2025	5/7/2025	2/14/2025	11/6/2024	8/6/2024	5/7/2024	2/16/2024	11/6/2023	8/7/2023	5/8/2023	2/22/2023
Key Financials Quarterly
Total Revenue	166	166	167	182	185	176	174	174	177	162	154	154
Ebitda	19	20	23	13	34	26	32	34	31	-75	18	21
Operating Income	11	12	14	32	24	17	22	24	22	14	10	13
Net Income	11	12	12	15	22	15	22	22	25	-85	9	129
EPS	0.18	0.20	0.21	0.26	0.39	0.27	0.39	0.39	0.44	-1.61	0.17	2.58
Key Financials TTM
Total Revenue TTM	681	700	710	717	709	702	687	666	646	641	643	646
Ebitda TTM	75	89	96	105	126	123	22	8	-4	-11	83	88
Operating Income TTM	69	83	87	95	87	85	82	70	59	54	54	60
Net Income TTM	49	61	64	74	80	83	-17	-30	77	67	162	167
Growth Rates Quarterly
Total Revenue Growth	-10.2%	-5.6%	-4.1%	4.7%	4.2%	8.8%	13.7%	13.1%	3.2%	-1.4%	-1.9%	0.5%
EBITDA Growth	-43.8%	-24.3%	-29.1%	-61.0%	7.1%	135.3%	75.0%	58.0%	28.5%	-482.8%	-20.5%	1.7%
Operating Income Growth	-56.6%	-26.0%	-35.8%	32.4%	9.3%	22.2%	124.8%	80.6%	26.8%	6.7%	-40.6%	-24.0%
Net Income Growth	-51.7%	-21.5%	-45.3%	-30.8%	-10.7%	117.5%	150.0%	-83.2%	63.4%	-983.7%	-34.4%	1471.6%
Margins Quarterly
EBITDA Margin	11.4%	12.0%	13.5%	7.2%	18.2%	15.0%	18.2%	19.3%	17.7%	-46.3%	11.8%	13.8%
Operating Income Margin	6.4%	7.4%	8.5%	17.6%	13.2%	9.5%	12.6%	13.9%	12.6%	8.5%	6.4%	8.7%
Net Income Margin	6.4%	7.1%	7.1%	8.2%	11.9%	8.5%	12.5%	12.4%	13.9%	-52.8%	5.7%	83.8%
Cash & Debt
Total Cash	369	355	353	344	321	305	297	305	287	286	253	302
Total Debt	262	263	287	314	314	314	310	310	311	311	292	312
Net Debt / (Cash)	-107	-92	-66	-30	-7	9	13	5	24	24	39	9
Cash Flows Quarterly
FCF from Operations	16	9	20	28	18	8	9	29	7	11	14	33
Cash Flows TTM
FCF from Operations TTM	73	75	74	64	65	54	57	62	65	105	98	108
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	3.2%	3.8%	3.8%	10.7%	7.1%	4.8%	7.0%	7.2%	7.3%	4.5%	3.4%	4.9%
Return on Invested Capital (ROIC) TTM
ROIC TTM	5.8%	6.9%	7.3%	7.9%	6.5%	6.7%	6.8%	5.8%	4.8%	4.5%	4.8%	5.5%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Development, manufacture, sales, and support of semiconductor and thin film process equipment	666	646	583	454	419
Total	666	646	583	454	419

Price Behavior

Price Behavior

Market Price	$29.30
Market Cap ($ Bil)	1.8
First Trading Date	11/29/1994
Distance from 52W High	-11.5%
	50 Days	200 Days
DMA Price	$29.60	$24.14
DMA Trend	up	up
Distance from DMA	-1.0%	21.4%
	3M	1YR
Volatility	43.3%	46.6%
Downside Capture	288.62	159.58
Upside Capture	223.72	141.89
Correlation (SPY)	59.5%	62.8%

VECO Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.11	1.96	1.94	1.96	1.43	1.52
Up Beta	1.57	0.83	0.80	1.83	1.40	1.39
Down Beta	1.74	1.09	1.78	2.61	1.41	1.43
Up Capture	232%	241%	289%	244%	181%	492%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	9	18	34	64	118	362
Down Capture	223%	259%	203%	142%	128%	110%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	23	27	58	127	378

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of VECO With Other Asset Classes (Last 1Y)
	VECO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	6.2%	26.7%	19.2%	71.9%	8.9%	6.0%	-10.1%
Annualized Volatility	46.4%	27.6%	19.5%	19.3%	15.3%	17.1%	35.0%
Sharpe Ratio	0.27	0.84	0.78	2.69	0.36	0.18	-0.12
Correlation With Other Assets		67.4%	62.3%	1.9%	24.2%	31.3%	35.7%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of VECO With Other Asset Classes (Last 5Y)
	VECO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	10.0%	19.0%	14.9%	18.7%	11.7%	4.8%	32.7%
Annualized Volatility	41.4%	24.7%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.36	0.69	0.70	0.97	0.51	0.17	0.60
Correlation With Other Assets		64.0%	59.3%	8.9%	18.7%	32.4%	27.9%

Based On 10-Year Data

		Comparison of VECO With Other Asset Classes (Last 10Y)
	VECO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	3.1%	22.3%	14.7%	14.9%	6.9%	5.2%	69.3%
Annualized Volatility	49.6%	24.2%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.26	0.84	0.70	0.83	0.31	0.22	0.90
Correlation With Other Assets		57.1%	55.4%	5.9%	22.0%	35.6%	18.9%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	4,364,151
Short Interest: % Change Since 11302025	-8.7%
Average Daily Volume	682,442
Days-to-Cover Short Interest	6.39
Basic Shares Quantity	60,077,000
Short % of Basic Shares	7.3%

Returns Analyses

	Title
0	Would You Still Hold Veeco Instruments Stock If It Fell 30%?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
...
SUMMARY STATS
# Positive	14	15	14
# Negative	10	9	10
Median Positive	5.8%	6.8%	9.0%
Median Negative	-3.5%	-4.6%	-8.4%
Max Positive	19.2%	24.9%	31.9%
Max Negative	-13.3%	-9.6%	-52.1%

	Forward Returns
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%
8/3/2020	-1.7%	-3.4%	-14.5%
5/7/2020	19.2%	-9.6%	16.8%
2/13/2020	10.4%	-8.4%	-52.1%
SUMMARY STATS
# Positive	14	15	14
# Negative	10	9	10
Median Positive	5.8%	6.8%	9.0%
Median Negative	-3.5%	-4.6%	-8.4%
Max Positive	19.2%	24.9%	31.9%
Max Negative	-13.3%	-9.6%	-52.1%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2142025	10-K 12/31/2024
9302024	11062024	10-Q 9/30/2024
6302024	8062024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2162024	10-K 12/31/2023
9302023	11062023	10-Q 9/30/2023
6302023	8072023	10-Q 6/30/2023
3312023	5082023	10-Q 3/31/2023
12312022	2222023	10-K 12/31/2022
9302022	11072022	10-Q 9/30/2022
6302022	8082022	10-Q 6/30/2022
3312022	5092022	10-Q 3/31/2022
12312021	2182022	10-K 12/31/2021

Insider Activity

Expand for Morenull

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Veeco Instruments (VECO)

Market Price (12/26/2025): $29.33 | Market Cap: $1.8 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment

Veeco Instruments (VECO)

Market Price (12/26/2025): $29.33Market Cap: $1.8 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

VECO Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Veeco Instruments (VECO)

Interactive Breakdown

Better Bets than Veeco Instruments (VECO)

INDUSTRY: Semiconductor Materials & Equipment

Higher Rev Chg 3Y Avg | Lower P/S (Values for VECO: 2.0% | 2.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VECO: 2.0% | 25.5x)

Higher Rev Chg LTM (Value for VECO: -3.9%)

Higher Rev Chg 3Y Avg (Value for VECO: 2.0%)

Higher Op Mgn LTM (Value for VECO: 10.1%)

Higher CFO/Rev LTM (Value for VECO: 10.7%)

Higher FCF/Rev LTM (Value for VECO: 8.0%)

Higher Total Yield (Value for VECO: 2.8%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for VECO: 2.0% | 2.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VECO: 2.0% | 25.5x)

Higher Rev Chg LTM (Value for VECO: -3.9%)

Higher Rev Chg 3Y Avg (Value for VECO: 2.0%)

Higher Op Mgn LTM (Value for VECO: 10.1%)

Higher CFO/Rev LTM (Value for VECO: 10.7%)

Higher FCF/Rev LTM (Value for VECO: 8.0%)

Higher Total Yield (Value for VECO: 2.8%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for VECO: 2.0% | 2.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for VECO: 2.0% | 25.5x)

Higher Rev Chg LTM (Value for VECO: -3.9%)

Higher Rev Chg 3Y Avg (Value for VECO: 2.0%)

Higher Op Mgn LTM (Value for VECO: 10.1%)

Higher CFO/Rev LTM (Value for VECO: 10.7%)

Higher FCF/Rev LTM (Value for VECO: 8.0%)

Higher Total Yield (Value for VECO: 2.8%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Veeco Instruments

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Market Price (12/26/2025): $29.33 | Market Cap: $1.8 Bil
Sector: Information Technology | Industry: Semiconductor Materials & Equipment

Market Price (12/26/2025): $29.33
Market Cap: $1.8 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment