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Veeco Instruments Inc (VECO) stock

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NASDAQ: VECO Nasdaq Semiconductor Materials & Equipment Next results ~November 4, 2026

D Fundamentals grade

Veeco Instruments Inc is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$14

Cash-flow model

Base case. Range ~$12–$18 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 62% below it.

Price used: $37.27, November 2, 2026

Veeco Instruments Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 7 selling0 purchases and 26 sales by directors and officers, last 12 monthsInsider trades
  • Funds201 adding, 110 cuttingOf 49 active managers that changed their stake, 32 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Veeco Instruments files

Where Veeco Instruments stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $683m, down 2.5% on a year earlier, a smaller fall than the 7.7% decline a quarter earlier. That puts it 12 of 13 for growth among the semiconductor materials & equipment companies we cover. Free-cash-flow margin rose to 12.5% from 7.9% a year earlier. Operating margin narrowed to 2.7% from 7.8%. The diluted share count is up 2.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $10.26 a share, against a share price of $44.02.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Veeco Instruments Inc's trailing-twelve-month revenue fell 2.5% year on year, with a free-cash-flow margin of 12.5%. Where it lags: stock pay as % of revenue of 5.3% ranks 19 of 20 semiconductor materials & equipment companies we cover.

Our discounted-cash-flow model values the business at ~$14 per share in the base case (~$12–$18 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 53.4% while net income fell 61.6%: a 115pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Veeco Instruments Inc's latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $37.27 is 62% above our value per share of $14.
  • Revenue shrinking. Revenue fell 2.5% over the last 12 months.
  • Margins narrowing. Operating margin is down 5.1 points on a year ago.
  • Share dilution. Diluted shares rose 2.3% in a year.
  • High earnings multiple. The shares trade at 100 times the last 12 months' earnings, so expectations are demanding.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.33 against an average estimate of $0.28: beat by 16.1%
Revenue
$193m, up 16.5% on a year earlier
Share reaction
-4.1% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 4, 2026; average EPS estimate $0.43

Veeco Instruments' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.1%
  • 1 week-12.4%
  • 1 month-35.0%
  • This year+30.4%
  • 1 year+29.6%
  • 5 years+35.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$683M
Operating margin
2.7%
Net margin
3.4%
EPS (TTM, diluted)
$0.37

Growth

Revenue growth
−2.5%
Change in growth rate
+5.2 pts
Share count change
+2.3%

Cash

Free cash flow (TTM)
$85.2M
FCF margin
12.5%
Stock pay % of revenue
5.3%

Earnings

Last results
August 5, 2026
Next results (est.)
November 4, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Insider trade
  3. Insider trade
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Veeco Instruments Inc valuation models and calculator

What the price is pricing in

The share price implies about 29.7% a year of cash-flow growth for five years.That is faster than the 3.2% a year revenue growth Veeco Instruments has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in29.7%
  • Last 12 months-2.5%
  • 3 years a year2.1%
  • 5 years a year3.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($39.11, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$14
Price used
$39.11close November 3, 2026
Implied change
▼ 64%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Veeco Instruments Inc's free cash flow after stock-based pay with after-tax interest added back ($29M, FY2026 Q2 TTM), growing 21.3% and 10.5% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$12–~$18 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Veeco Instruments Inc's free cash flow after stock-based pay ( $29M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Veeco Instruments Inc as an operating company, with every model that fits that kind of business. Cost of equity 12%: the 10-year Treasury yield (4.9%) plus a beta of 1.56 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$14 ~$12–$18 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$52 ~$33–$68 Left out: far from the other models (more than 3x away from their median)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$48 ~$46–$63 Left out: far from the other models (more than 3x away from their median)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$10 ~$7.2–$15 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$10 ~$9.0–$11 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$12 ~$10–$14 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Veeco Instruments Inc with Semiconductor Materials & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −22%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −7%
  • Last year's free-cash-flow margin change, if it persists ▲ +42%
  • Discount rate 1 point higher ▼ −13%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $10$13$16$20$26$33
8.5% $9$10$13$16$20$25
10% $8$9$11$13$16$20

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$20.56$29.15$14.85$7.41$14.69$17.36$28.47$18.58$31.03$26.80$28.58$37.27
Market value$817m$1.1bn$656m$349m$698m$840m$1.5bn$1.2bn$1.7bn$1.7bn$1.7bn$2.3bn
+ Net debt (− = net cash)−$268m−$276m−$4m$75m$171m$191m$110m$120m$116m$131m$63m$12m
Enterprise value$549m$871m$652m$425m$868m$1.0bn$1.6bn$1.3bn$1.8bn$1.8bn$1.8bn$2.3bn
Multiples
Price / sales 1.7x3.5x1.4x0.6x1.7x1.8x2.6x1.9x2.5x2.3x2.6x3.4x
Price / earnings ——————58.7x7.3x—22.4x48.9x99.9x
Price / free cash flow n/m—61.2x——23.2x56.4x14.5x49.4x36.1x32.5x27.3x
EV / EBITDA 33.1x————19.4x19.8x15.6x18.8x19.3x32.2x63.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

45 /100

Weak moat

How hard Veeco Instruments's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Cash operating profit has been a median 11.0% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 41.1%, moving by 2.5 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 5.1%; its worst year was -52.8%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 7 of 10 years, at a median 4.3% of revenue.

  • Discipline 8 / 20

    The diluted share count rose 21.8% over five years; stock-based pay has been a median 3.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $213m and EPS of $0.43 (range $0.42 to $0.45) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.51 +14% $777m +17%
Next $2.91 +92% $1.0bn +32%

Next year's EPS estimate has moved −4.6% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −6.6% on 90 days ago. In the last 30 days, 0 analysts raised Veeco Instruments Inc's forecast and 4 cut it.

Consensus EPS forecast Veeco Instruments Inc, last 90 days
$1.50 $2.00 $2.50 $3.00 $3.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.62 Current fiscal year, 60 days ago: $1.51 Current fiscal year, 30 days ago: $1.51 Current fiscal year, 7 days ago: $1.51 Current fiscal year, Now: $1.51 $1.51 Next fiscal year, 90 days ago: $3.05 Next fiscal year, 60 days ago: $2.91 Next fiscal year, 30 days ago: $2.91 Next fiscal year, 7 days ago: $2.91 Next fiscal year, Now: $2.91 $2.91

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.62$3.05
60 days ago $1.51$2.91
30 days ago $1.51$2.91
7 days ago $1.51$2.91
Now $1.51$2.91

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.28 $0.33 +16.1%
Mar 2026 $0.23 $0.14 −39.2%
Dec 2025 $0.26 $0.24 −8.0%
Sept 2025 $0.28 $0.36 +28.5%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Veeco Instruments Inc's revenue by +21.3% next year and +10.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+32.0%, weight 64%) and the company's own record (+2.0%, weight 36%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy250%
Hold250%
Sell00%

Monthly trend

  1. Oct 2026224
  2. Sep 2026224
  3. Aug 2026134

Counts of recommendations published by analysts covering Veeco Instruments Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.4%
of tradable shares
Days to cover
8.27
at average volume
Short interest, 1 month
−0%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
2.2%
of shares
Employees
1,265
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +29.6%

$28.75 on October 31, 2025 to $37.27

ThenNowEffect
Revenue (last 12 months) $700m $683m −2.5%
Net margin 8.7% 3.4% −60.7%
P/E multiple 28.9x 99.9x +245.7%
Share count 61m 62m −2.2%

Biggest factor: p/e multiple.

Last 3 years +47.2%

$25.32 on November 3, 2023 to $37.27

ThenNowEffect
Revenue (last 12 months) $641m $683m +6.5%
Net margin 10.5% 3.4% −67.6%
P/E multiple 23.5x 99.9x +324.5%
Share count 63m 62m +0.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
VECO+64%−35%+67%−14%+7%+30%
Industry peers (median)+67%−39%+29%+0%+43%+26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
VECO67%25%67%42%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
VECO−19%−47%−22%−46%−40%−55%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 81% from April 27, 2017 to December 21, 2018. Getting back needed a 425% gain, reached on February 12, 2024, 1879 days after the low.

Price behaviour

52-week range
$26.39 – $83.04
From 52-week high
−55.1%
vs 50-day average
−18.8%
vs 200-day average
−20.7%
Volatility (1 year)
71%
Beta vs S&P 500
2.74

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
9 up, 3 down
typical move ±6.1%
After a week
10 up, 2 down
typical move ±8.8%
After a month
7 up, 5 down
typical move ±13.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −4.1% −0.4% −1.0% −20.9%
May 5, 2026 +21.8% +2.2% +20.7% +25.0%
February 25, 2026 +4.5% +0.3% +10.3% +22.7%
November 5, 2025 +0.4% −0.7% +4.5% +10.4%
August 6, 2025 +15.0% +0.7% +24.9% +22.9%
May 7, 2025 +3.7% +1.1% +11.3% +7.2%
February 12, 2025 +2.5% +0.7% +6.7% −9.3%
November 6, 2024 −0.2% +3.3% −6.3% −4.6%
August 6, 2024 −5.9% +0.2% +5.0% −10.3%
May 7, 2024 +4.8% +0.1% +3.8% +15.7%
February 14, 2024 +3.8% +1.6% +2.5% −1.3%
November 6, 2023 +6.6% +0.5% +9.2% +9.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Veeco Instruments Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Veeco Instruments Inc in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Veeco Instruments Inc
$640M $660M $680M $700M $720M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $646.3M Revenue (TTM), FY23 Q4: $666.4M Revenue (TTM), FY24 Q1: $687.4M Revenue (TTM), FY24 Q2: $701.7M Revenue (TTM), FY24 Q3: $709.1M Revenue (TTM), FY24 Q4: $717.3M Revenue (TTM), FY25 Q1: $710.1M Revenue (TTM), FY25 Q2: $700.3M Revenue (TTM), FY25 Q3: $681.4M Revenue (TTM), FY25 Q4: $664.3M Revenue (TTM), FY26 Q1: $655.3M Revenue (TTM), FY26 Q2: $682.7M $682.7M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $646.3M
FY23 Q4 $666.4M
FY24 Q1 $687.4M
FY24 Q2 $701.7M
FY24 Q3 $709.1M
FY24 Q4 $717.3M
FY25 Q1 $710.1M
FY25 Q2 $700.3M
FY25 Q3 $681.4M
FY25 Q4 $664.3M
FY26 Q1 $655.3M
FY26 Q2 $682.7M
Revenue growth, TTM YoY Veeco Instruments Inc
-10% -5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 0.2% Revenue growth, TTM YoY, FY23 Q4: 3.1% Revenue growth, TTM YoY, FY24 Q1: 6.9% Revenue growth, TTM YoY, FY24 Q2: 9.5% Revenue growth, TTM YoY, FY24 Q3: 9.7% Revenue growth, TTM YoY, FY24 Q4: 7.6% Revenue growth, TTM YoY, FY25 Q1: 3.3% Revenue growth, TTM YoY, FY25 Q2: -0.2% Revenue growth, TTM YoY, FY25 Q3: -3.9% Revenue growth, TTM YoY, FY25 Q4: -7.4% Revenue growth, TTM YoY, FY26 Q1: -7.7% Revenue growth, TTM YoY, FY26 Q2: -2.5% -2.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 0.2%
FY23 Q4 3.1%
FY24 Q1 6.9%
FY24 Q2 9.5%
FY24 Q3 9.7%
FY24 Q4 7.6%
FY25 Q1 3.3%
FY25 Q2 -0.2%
FY25 Q3 -3.9%
FY25 Q4 -7.4%
FY26 Q1 -7.7%
FY26 Q2 -2.5%
Operating margin (TTM) Veeco Instruments Inc
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 9.2% Operating margin (TTM), FY23 Q4: 10.5% Operating margin (TTM), FY24 Q1: 12.0% Operating margin (TTM), FY24 Q2: 12.1% Operating margin (TTM), FY24 Q3: 12.3% Operating margin (TTM), FY24 Q4: 9.3% Operating margin (TTM), FY25 Q1: 8.3% Operating margin (TTM), FY25 Q2: 7.8% Operating margin (TTM), FY25 Q3: 6.0% Operating margin (TTM), FY25 Q4: 5.4% Operating margin (TTM), FY26 Q1: 2.9% Operating margin (TTM), FY26 Q2: 2.7% 2.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 9.2%
FY23 Q4 10.5%
FY24 Q1 12.0%
FY24 Q2 12.1%
FY24 Q3 12.3%
FY24 Q4 9.3%
FY25 Q1 8.3%
FY25 Q2 7.8%
FY25 Q3 6.0%
FY25 Q4 5.4%
FY26 Q1 2.9%
FY26 Q2 2.7%
FCF margin (TTM) Veeco Instruments Inc
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 7.0% FCF margin (TTM), FY23 Q4: 5.1% FCF margin (TTM), FY24 Q1: 4.4% FCF margin (TTM), FY24 Q2: 4.0% FCF margin (TTM), FY24 Q3: 5.8% FCF margin (TTM), FY24 Q4: 6.4% FCF margin (TTM), FY25 Q1: 7.8% FCF margin (TTM), FY25 Q2: 7.9% FCF margin (TTM), FY25 Q3: 8.0% FCF margin (TTM), FY25 Q4: 8.0% FCF margin (TTM), FY26 Q1: 6.5% FCF margin (TTM), FY26 Q2: 12.5% 12.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 7.0%
FY23 Q4 5.1%
FY24 Q1 4.4%
FY24 Q2 4.0%
FY24 Q3 5.8%
FY24 Q4 6.4%
FY25 Q1 7.8%
FY25 Q2 7.9%
FY25 Q3 8.0%
FY25 Q4 8.0%
FY26 Q1 6.5%
FY26 Q2 12.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Veeco Instruments took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $664M
  2. Other income $3.7M · 0.6%
  3. Cost of revenue $399M · 60.0%
  4. Gross profit $265M · 40.0%
  5. Research and development $120M · 18.0%
  6. Selling, general and admin $98.9M · 14.9%
  7. Other operating costs $11.2M · 1.7%
  8. Operating income $35.7M · 5.4%
  9. Income tax $4M · 0.6%
  10. Net income $35.4M · 5.3%

Shares of revenue. Source: Veeco Instruments's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 282 931 979 516 332 393 477 332 476 542 419 454 583 646 666 717 664 683
Gross profit 114 449 474 215 103 135 177 133 176 194 158 194 242 263 285 304 265 259
EBITDA 20 314 289 53 −53 −55 17 −88 −22 −366 −5 53 83 86 95 92 56 37
Operating income 8 303 276 37 −72 −79 −23 −120 −72 −416 −40 23 57 60 70 67 36 18
Net income −16 362 128 31 −42 −67 −32 −122 −51 −407 −79 −8 26 167 −30 74 35 23
Diluted EPS −$0.48 $8.51 $3.11 $0.79 −$1.09 −$1.70 −$0.80 −$3.10 −$1.16 −$8.63 −$1.66 −$0.17 $0.49 $2.71 −$0.56 $1.23 $0.59 $0.37
Growth (year on year)
Revenue — +229.8% +5.2% −47.3% −35.7% +18.4% +21.4% −30.5% +43.4% +14.0% −22.6% +8.3% +28.4% +10.8% +3.1% +7.6% −7.4% −2.5%
EBITDA — +>999% −7.9% −81.5% −200.0% — — −626.6% — — — — +55.4% +3.8% +10.4% −2.9% −39.5% −50.6%
Operating income — +>999% −8.9% −86.5% −293.0% — — — — — — — +151.3% +6.3% +16.0% −4.2% −46.7% −66.4%
Net income — — −64.6% −75.8% −236.6% — — — — — — — — +541.1% −118.2% — −52.0% −61.6%
Diluted EPS — — −63.5% −74.6% −238.0% — — — — — — — — +453.1% −120.7% — −52.0% −62.5%
Margins
Gross margin 40.5% 48.3% 48.4% 41.7% 31.1% 34.3% 37.2% 40.1% 37.0% 35.7% 37.7% 42.8% 41.5% 40.7% 42.8% 42.4% 40.0% 37.9%
EBITDA margin 7.0% 33.7% 29.5% 10.3% −16.1% −13.9% 3.5% −26.4% −4.6% −67.4% −1.2% 11.7% 14.2% 13.3% 14.2% 12.8% 8.4% 5.4%
Operating margin 2.7% 32.6% 28.2% 7.2% −21.6% −20.2% −4.9% −36.2% −15.1% −76.6% −9.4% 5.0% 9.7% 9.3% 10.5% 9.3% 5.4% 2.7%
Net margin −5.5% 38.9% 13.1% 6.0% −12.7% −17.0% −6.7% −36.8% −10.8% −75.1% −18.8% −1.8% 4.5% 25.8% −4.6% 10.3% 5.3% 3.4%
Free-cash-flow margin 18.3% 19.7% 5.6% 16.9% −2.5% 6.7% 0.4% −10.6% 2.3% −9.3% −4.4% 8.0% 4.6% 13.0% 5.1% 6.4% 8.0% 12.5%
Cash flow
Cash from operations 59 194 115 112 1 42 16 −24 35 −38 −7 43 68 108 62 64 69 100
Capital spending 7 11 60 25 9 16 14 11 24 13 11 7 41 25 28 18 16 15
Free cash flow 52 183 55 87 −8 26 2 −35 11 −50 −18 36 27 84 34 46 53 85
Stock-based pay 7 9 13 14 13 19 18 16 24 16 15 13 15 23 29 36 37 36
Free cash flow after stock pay 44 175 42 73 −22 8 −16 −51 −14 −66 −34 24 12 61 5 10 16 49
Balance sheet
Cash 149 245 218 385 211 271 269 277 280 212 129 130 120 155 159 146 163 214
Total debt 0 104 3 2 2 2 2 1 276 287 300 321 229 275 275 276 226 227
Net debt (negative = net cash) −149 −141 −215 −382 −209 −269 −268 −276 −4 75 171 191 110 120 116 131 63 12
Diluted shares 33m 43m 41m 39m 39m 39m 40m 39m 44m 47m 47m 48m 54m 66m 54m 62m 61m 62m
Returned to shareholders
Buybacks — 38 162 — — — 9 13 3 11 — — — — — — — —
Total returned — 38 162 — — — 9 13 3 11 — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $1.4bn
Short-term assets $930mLonger-term assets $484m
What it owes, and who funded it · $1.4bn
Short-term liabilities $237mLonger-term liabilities $275mShareholders' equity $903m
  • Short-term assets cover short-term liabilities $930m of assets due within a year against $237m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $930m short-term assets against $275m of longer-dated liabilities.
  • More cash than debt $214m of cash against $227m of debt.
  • Debt below 40% of shareholders' equity Debt is 25% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 52% to 25% over five years.
  • A year's operating cash flow covers at least 20% of debt $100m of operating cash flow against $227m of debt.
  • Operating profit covers interest at least five times over Operating income of $18m against $9m of interest.

From Veeco Instruments Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+2.3%
year over year
R&D spending
18.0%
of revenue
Sales & admin spending
15.2%
of revenue
Days sales outstanding
79 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductor materials & equipment
Last 12 months unless stated VECO COHU ACLS NVMI CAMT KLIC Median
Revenue, last 12 months $683m $569m $866m $881m $496m $950m $994m
Revenue growth, last 12 months −2.5% 34.0% −3.3% 31.0% 15.6% 44.4% 15.8%
Revenue growth, 3-year average 2.1% −6.2% −5.4% 99.1% 79.8% 4.8% 7.8%
Revenue growth, latest quarter 16.5% 37.0% 10.6% — — 122.6% 33.7%
Gross margin 37.9% 42.7% 43.0% 57.4% 50.5% 48.2% 47.7%
Operating margin 2.7% −2.4% 10.3% 28.8% 25.8% 13.2% 13.2%
Operating margin, 3-year average 7.6% −10.5% 17.2% 27.3% 16.3% 0.9% 16.0%
Net margin 3.4% −4.0% 10.7% 29.4% 10.2% 12.2% 10.9%
Cash from operations / revenue 14.6% 11.6% 8.7% 27.9% 28.6% 5.8% 18.6%
Free-cash-flow margin 12.5% 9.8% 7.6% 24.7% 25.6% 4.3% 15.0%
Free-cash-flow margin, 3-year average 8.1% 0.6% 11.7% 26.8% 15.0% 10.0% 11.9%
Stock pay / revenue 5.3% 4.0% 2.5% 3.0% 3.4% 2.9% 2.4%
Change in share count 2.3% 4.7% −3.7% 2.1% 1.2% −1.0% 0.8%

Median of all 20 companies we cover in semiconductor materials & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 semiconductor materials & equipment companies
Measure Company Peer median Rank
Revenue growth Growth -2.5% 15.8% 18 of 20
Change in growth rate Growth +5.2pp +7.5pp 13 of 20
Gross margin Profitability 37.9% 48.2% 16 of 19
Operating margin Profitability 2.7% 13.2% 17 of 19
Net margin Profitability 3.4% 11.1% 16 of 20
Free-cash-flow margin Cash generation 12.5% 17.5% 11 of 20
Stock pay as % of revenue Cash generation 5.3% 2.5% 19 of 20
Long-term debt as % of assets Balance sheet 16.0% 22.0% 6 of 13
Change in share count Balance sheet 2.3% 0.9% 13 of 19
Days sales outstanding Balance sheet 79 days 79 days 10 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Semiconductor $477M 71.7% ▲ 2.1%
Scientific and Other $88.9M 13.4% ▲ 19.8%
Compound Semiconductor $59.6M 9.0% ▼ 23.2%
Data Storage $39.2M 5.9% ▼ 60.3%
Geography
Region Revenue Share YoY
Asia Pacific Excluding China $330M 49.7% ▲ 40.7%
China $182M 27.4% ▼ 28.9%
United States $101M 15.3% ▼ 38.4%
EMEA $50.8M 7.6% ▼ 17.7%
Rest of World $118,000 0.0% ▼ 85.2%

From Veeco Instruments Inc's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.2B
Institutions reporting
324
Shares held vs prior quarter
▲ 4.3%
Positions opened / closed
104 / 26

Top buyers and sellers, Q2 2026: 201 institutions bought and 110 sold ; the biggest buyer was Price T Rowe Associates Inc (+1.7M shares) and the biggest seller Westwood Holdings Group Inc (−1.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $728M 9.6M 13.9% ▲ 2.1%
FMR LLC $687M 9.1M 13.1% ▲ 0.9%
Vanguard Portfolio Management LLC $357M 4.7M 6.8% ▲ 0.7%
Neuberger Berman Group LLC $275M 3.7M 5.2% ▲ 5.8%
Vanguard Capital Management LLC $197M 2.6M 3.8% ▼ 1.6%
State Street Corp $196M 2.6M 3.7% ▲ 4.5%
Paradigm Capital Management Inc $157M 2.1M 3.0% ▼ 4.9%
Price T Rowe Associates Inc $137M 1.8M 2.6% ▲ 1376.8%
Manufacturers Life Insurance Company, The $134M 1.8M 2.6% ▼ 28.2%
Fisher Asset Management, LLC $128M 1.7M 2.4% ▼ 22.2%
Geode Capital Management, LLC $125M 1.7M 2.4% ▲ 3.8%
Dimensional Fund Advisors LP $124M 1.6M 2.4% ▼ 31.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Veeco Instruments Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $37.6M 26 trades by 7 insiders · 50% under pre-set plans
Net ▼ $37.6M net selling
Insider Date Trade Shares Price Value
Miller William John CEO August 17, 2026 Sell pre-set plan 70,697 $54.49 $3.9M
Miller William John CEO August 17, 2026 Sell pre-set plan 5,969 $52.85 $315,462
Miller William John CEO August 17, 2026 Sell pre-set plan 123,334 $54.07 $6.7M
Kiernan John P SVP & CHIEF FINANCIAL OFFICER August 10, 2026 Sell pre-set plan 2,100 $52.50 $110,250
Kiernan John P SVP & CHIEF FINANCIAL OFFICER August 10, 2026 Sell pre-set plan 10,236 $51.29 $525,004
Kiernan John P SVP & CHIEF FINANCIAL OFFICER August 10, 2026 Sell pre-set plan 20,256 $50.42 $1M
Kiernan John P SVP & CHIEF FINANCIAL OFFICER August 10, 2026 Sell pre-set plan 1,608 $54.28 $87,282
Kiernan John P SVP & CHIEF FINANCIAL OFFICER August 10, 2026 Sell pre-set plan 800 $53.44 $42,752
Wilkerson Susan SVP, GLOBAL SALES & SERVICE June 11, 2026 Sell 15,506 $69.56 $1.1M
Hunter Gordon Director June 9, 2026 Sell 16,974 $68.80 $1.2M
Devasahayam Adrian SVP - PRODUCT LINE DEVELOPMENT June 9, 2026 Sell 10,000 $65.00 $650,000
Hunter Gordon Director June 4, 2026 Sell 6,752 $63.78 $430,643

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 5, 2026
  • February 25, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Veeco Instruments Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Veeco Instruments Inc in brief

What does Veeco Instruments Inc do?
Veeco Instruments Inc is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.
What is Veeco Instruments Inc's stock ticker?
Veeco Instruments Inc trades under the ticker VECO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Veeco Instruments Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Veeco Instruments Inc reported revenue of $683M, 2.5% lower than a year earlier, according to its SEC filings.
What is Veeco Instruments Inc's free cash flow?
Veeco Instruments Inc's free-cash-flow margin is 12.5% of revenue over the trailing twelve months, ranking 11 of the 20 semiconductor materials & equipment companies we cover.
What is Veeco Instruments Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Veeco Instruments Inc's free cash flow after stock-based pay gives ~$14 per share in the base case, and ~$12–$18 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Veeco Instruments Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Veeco Instruments Inc's market cap?
On November 2, 2026, Veeco Instruments Inc's market capitalisation was about $2.3B, with a price-to-earnings ratio of 99.9 and net debt of $12.1M. Market figures come from third-party market data and may be delayed.
How much debt does Veeco Instruments Inc have?
Veeco Instruments Inc's debt-to-equity ratio is 25.1%, from its latest balance sheet (52.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Veeco Instruments Inc's competitors?
In our Semiconductor Materials & Equipment peer group, the companies closest to Veeco Instruments Inc are Cohu Inc, Axcelis Technologies Inc, Nova LTD., Camtek LTD and Kulicke & Soffa Industries Inc. The side-by-side comparison below sets their revenue, margins and growth against Veeco Instruments Inc's.
Are insiders buying or selling Veeco Instruments Inc stock?
Over the last 12 months, Veeco Instruments Inc's directors and officers reported 0 open-market purchases and 26 sales on Form 4. The insider trading page charts every trade.
When is Veeco Instruments Inc's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Veeco Instruments Inc announces its own schedule.