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Stock research / United States / VECO · Special Industry Machinery, Nec · Nasdaq

Veeco Instruments Inc. (VECO)

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Veeco Instruments Inc. (VECO) reported revenue of $193 million for Q2 FY2026, the quarter ended 30 June 2026, up 16.5% on the same quarter a year earlier. Net income was $12 million, up 1.1% on the year, and diluted earnings per share $0.18. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue$193 millionup 16.5%
Net income$12 millionup 1.1%
Diluted EPS$0.18
QuarterQ2 FY2026ended 30 June 2026

Veeco Instruments (VECO) in brief

Veeco Instruments (VECO) reported revenue of $664 million for fiscal 2025, the year ended 31 December 2025, down 7.4% on the year before.
Read moreNet income was $35 million and diluted earnings per share $0.59. Revenue was $717 million in fiscal 2024, $666 million in fiscal 2023, $646 million in fiscal 2022 and $583 million in fiscal 2021. Net income in the same years was $74 million, a loss of $30 million, $167 million and $26 million. Over the twelve months to 30 June 2026, Veeco Instruments reported revenue of $683 million and net income of $23 million. Revenue grew 7.9% a year, compounded, over the five years to fiscal 2025. Veeco Instruments had 61 million shares outstanding at the latest filed count. At 30 June 2026 it carried $227 million of debt and $214 million of cash. At the close of 9 October 2026 the market cap of Veeco Instruments was $3.2 billion, 145.4 times its earnings over the last twelve months.

Ratios

From the filings

ROE2.6%
ROCE1.6%
Operating margin2.7%
Net margin3.4%
FCF margin12.5%
Interest cover2.14
Debt to equity0.25
Cash conversion4.29
Share count, 1 year1.6%
Sales CAGR, 3 years0.9%
Profit CAGR, 3 years-40.4%
EPS, TTM$0.36

At the close of 9 October 2026

Price$52.35
Market cap$3.2 billion
Stock P/E145.42
Price to book3.54
EV / EBITDA84.11
Dividend yieldn/a
Market cap / sales4.69
52-week high$83.04
52-week low$26.39
Price, 1 year77.5%
Price CAGR, 3 years23.9%
Price CAGR, 5 years18.3%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Veeco Instruments Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
VECOgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on VECO

Filings19 in twelve months: 8 current reports (8-K), about 4 results of operations; 2 shareholder vote; 2 other events; 1 regulation FD disclosure
Planned insider sales17 Form 144 notices in twelve months, $33.1 million; latest 17 August 2026
Options tapeput/call 0.14 by open interest at the 9 October 2026 close; the straddle prices a 8.3% move to 16 October 2026
13F holders7 of the followed funds hold it; largest FMR LLC; 10 Schedule 13D or 13G filings in twelve months
Insider trading26 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest6.1 million shares short, 8.22 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue177174174176185182167166166165158193
Cost of revenue10095.399.110010610898.897.498.2105103119
Gross profit76.978.775.475.479.274.068.568.767.760.555.874.8
Gross margin43%45%43%43%43%41%41%41%41%37%35%39%
R&D28.829.129.631.732.231.028.531.629.030.629.933.3
SG&A22.823.524.724.625.325.125.023.927.322.726.027.6
Operating income22.324.222.016.724.33.914.112.410.6-1.4-2.711.9
Operating margin13%14%13%10%13%2%8%7%6%-1%-2%6%
Interest expense2.83.12.62.82.92.82.52.32.22.22.12.2
Pre-tax income22.524.222.817.124.74.415.012.611.9-0.1-1.513.0
Tax rate-9%11%4%12%11%-244%20%7%11%n/an/a9%
Net income24.621.621.914.922.015.011.911.710.61.1-0.311.9
Net margin14%12%13%8%12%8%7%7%6%1%-0%6%
Diluted EPS$0.42$0.37$0.37$0.25$0.36$0.26$0.20$0.20$0.17$0.02-$0.01$0.18
Operating cash flow7.129.59.48.517.628.420.09.015.524.97.951.4
Capital expenditure6.410.76.03.04.05.26.83.62.63.35.13.7
Free cash flow0.718.83.45.513.623.213.25.413.021.72.847.7
Shares outstanding56m56m57m57m57m57m58m60m60m60m61m61m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014FY2015FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue393477332476542419454583646666717664683
Cost of revenue258300199299348261260341383381413399424
Gross profit135177133176194158194242263285304265259
Gross margin34.3%37.2%40.1%37.0%35.7%37.7%42.8%41.5%40.7%42.8%42.4%40.0%37.9%
Research and development81.278.581.082.097.890.679.088.7104113125120123
Selling, general and administrative89.890.277.610092.179.776.384.589.092.899.798.9104
Operating income-79.2-23.2-120-71.9-416-39.622.656.760.369.967.035.718.4
Operating margin-20.2%-4.9%-36.3%-15.1%-76.6%-9.4%5.0%9.7%9.3%10.5%9.3%5.4%2.7%
Interest expense0.70.50.219.521.522.124.728.411.511.811.09.18.6
Pre-tax income-78.4-22.6-119-89.0-434-78.0-8.525.751.0-28.368.839.423.3
Income tax-11.49.32.8-37.6-26.70.8-0.1-0.4-1162.0-4.94.00.1
Effective tax raten/an/an/an/an/an/an/a-1.4%-227.4%n/a-7.1%10.1%0.3%
Net income-66.9-32.0-122-51.4-407-78.7-8.426.0167-30.473.735.423.2
Net margin-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%
Diluted EPS-$1.70-$0.80-$3.11-$1.16-$8.63-$1.66-$0.17$0.49$2.71-$0.56$1.23$0.59$0.36
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Semiconductor41346747771.7%
Scientific & Other78.074.288.913.4%
Compound Semiconductor87.377.659.69.0%
Data Storage88.598.939.25.9%
SemiconductorScientific & OtherCompound SemiconductorData Storage
666FY2023717FY2024664FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region

FY2023FY2024FY2025Share
latest year
Rest of APAC20923533049.7%
China21825618227.4%
United States16316510115.3%
EMEA76.761.750.87.6%
Rest Of World0.30.80.10.0%
Rest of APACChinaUnited StatesEMEARest Of World
666FY2023717FY2024664FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014FY2015FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow42.115.8-23.835.0-37.7-7.443.067.710861.763.869.599.8
Capital expenditure15.613.911.524.312.710.96.840.624.627.918.116.214.7
Free cash flow26.51.9-35.310.7-50.4-18.336.227.183.933.745.753.385.2
Free cash flow margin6.7%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 from investing8.1-7.146.7-358-18.3-75.9-71.844.5-68.9-53.3-64.5-41.5-62.5
Cash from financing9.7-10.2-14.6326-11.50.129.1-122-4.5-4.7-12.6-10.5-11.9
Depreciation and amortisation24.639.932.650.150.034.430.726.125.625.025.120.019.8
Share-based compensation18.818.015.724.416.115.312.715.223.028.635.937.035.9
Buybacksn/a8.913.32.911.5n/an/an/an/an/an/an/an/a
Diluted shares, weighted39m40m39m44m47m47m48m54m66m54m62m61m67m
Shares outstanding at period end40m41m41m48m48m49m50m51m52m56m57m60m61m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014FY2015FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity739715602841438375408438578672771886903
Debt1.81.51.2276287300321229275275276226227
Operating lease liabilitiesn/an/an/an/an/a10.36.332.833.631.534.331.830.5
Other liabilities189175156271176133162199242250170182255
Total liabilities and equity9298917591,3879018188988991,1281,2291,2521,3261,414
Owned
Fixed assets78.879.660.685.180.375.765.399.7107118114109110
Goodwill115115115307184182182182182215215215215
Intangible assets15913258.437085.161.546.233.923.943.98.85.74.4
Investments12111666.847.848.2115190104147147199227215
Cash and equivalents271269277280212129130120155159146163214
Receivables60.149.558.098.966.845.780.011012410396.8111148
Inventory61.577.577.1120156133146171207238247275292
Other assets63.552.345.378.667.575.659.479.0182206226220215
Total assets9298917591,3879018188988991,1281,2291,2521,3261,414
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded3.4%7.9%0.9%-2.5%
Profit growth, compoundedn/an/a-40.4%-61.6%
Return on equity, average-9.9%8.8%3.0%4.0%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Veeco Instruments' revenue in fiscal 2025?

Veeco Instruments (VECO) reported revenue of $664 million for fiscal 2025, the year ended 31 December 2025, down 7.4% on the year before.

How much did Veeco Instruments earn in fiscal 2025?

Net income was $35 million for fiscal 2025, and diluted earnings per share $0.59.

What is Veeco Instruments' P/E ratio?

At the close of 9 October 2026, Veeco Instruments traded at 145.4 times its earnings over the twelve months to 30 June 2026.

What is Veeco Instruments' market cap?

The market cap of Veeco Instruments was $3.2 billion at the close of 9 October 2026.

How much debt does Veeco Instruments have?

At 30 June 2026 Veeco Instruments carried $227 million of debt and $214 million of cash.

Peers: Machinery

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
ASML Holding N.V. ASML *$686.2 billion64.0049.0%34.6%15.6%0.22n/a
Lam Research Corp. LRCX$398.9 billion55.3558.3%35.3%26.0%0.300.3%
ACM Research, Inc. ACMR$5.1 billion33.998.1%13.3%27.3%0.13n/a
Esab Corp. ESAB$4.2 billion23.976.8%12.1%9.7%0.940.6%
Brunswick Corp. BC$4.0 billionn/a-5.1%-0.4%10.5%1.252.8%
Standex International Corp. SXI$3.4 billion32.9613.9%21.7%12.8%0.690.5%
Veeco Instruments Inc. VECO$3.2 billion145.422.6%2.7%-2.5%0.25n/a
Kadant Inc. KAI$3.1 billion28.0110.7%15.0%12.5%0.500.5%
Dnow Inc. DNOW$2.8 billionn/an/an/a69.8%0.23n/a
Kennametal Inc. KMT$2.4 billion7.2521.8%20.1%19.8%0.442.5%
Hayward Holdings, Inc. HAYW$2.4 billion15.3210.1%21.1%7.8%0.590.0%
Azenta, Inc. AZTA$1.7 billionn/a-8.1%-28.6%4.8%0.000.3%
All 60 in Machinery
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
ASML Holding N.V. ASML *$686.2 billion64.0049.0%34.6%15.6%0.22n/a
Lam Research Corp. LRCX$398.9 billion55.3558.3%35.3%26.0%0.300.3%
Caterpillar Inc. CAT$367.9 billion34.4555.9%17.5%18.4%1.440.7%
Deere & Co. DE$167.4 billion34.4917.4%13.4%8.0%2.281.0%
Eaton Corp. plc ETN$166.9 billion43.7118.9%n/a15.5%0.911.0%
Johnson Controls International plc JCI$96.0 billion27.3826.5%n/a6.8%0.621.0%
Illinois Tool Works Inc. ITW$75.2 billion23.94110.3%26.5%4.3%3.352.4%
Cummins Inc. CMI$72.0 billion26.7421.1%11.2%2.9%0.521.5%
Baker Hughes Co. BKR$56.3 billion18.2915.6%n/a0.4%0.82n/a
Carrier Global Corp. CARR$46.1 billion38.329.1%7.8%-1.6%0.771.2%
Ingersoll Rand Inc. IR$30.6 billion32.409.4%18.1%7.8%0.40n/a
TechnipFMC plc FTI$27.3 billion24.1535.9%16.0%9.9%0.120.3%
nVent Electric plc NVT$27.1 billion45.7515.0%17.1%46.2%0.370.5%
Dover Corp. DOV$25.4 billion22.7414.7%16.9%7.6%0.421.1%
Xylem Inc. XYL$24.0 billion24.459.8%14.5%4.5%0.281.6%
Curtiss Wright Corp. CW$18.9 billion35.3019.5%18.8%10.5%0.350.2%
Zebra Technologies Corp. ZBRA$18.3 billion35.4315.7%14.7%12.7%0.81n/a
Nordson Corp. NDSN$18.3 billion33.1717.0%26.9%7.0%0.531.0%
ITT Inc. ITT$18.0 billion39.488.8%14.4%28.1%0.620.7%
Idex Corp. IEX$17.3 billion33.7013.0%20.7%7.3%0.471.2%
RBC Bearings Inc. RBC$16.5 billion49.799.3%23.6%17.3%0.230.0%
Lincoln Electric Holdings Inc. LECO$14.2 billion26.1035.6%17.1%9.3%0.741.2%
CNH Industrial N.V. CNH$14.1 billion45.604.0%n/a0.6%3.332.2%
BWX Technologies, Inc. BWXT$13.2 billion37.2626.6%12.1%22.7%1.510.7%
Graco Inc. GGG$12.7 billion24.5921.1%28.1%4.6%0.011.4%
Lennox International Inc. LII$12.4 billion16.1160.8%19.7%-2.1%0.891.4%
Moog Inc. MOG.A$11.6 billion30.8717.0%13.3%15.6%0.410.3%
Regal Rexnord Corp. RRX$11.0 billion34.024.7%11.7%3.5%0.660.8%
Donaldson Co. Inc. DCI$10.1 billion22.5925.7%15.4%5.3%0.731.4%
Flowserve Corp. FLS$9.2 billion25.3416.4%8.5%-0.3%0.941.2%
Toro Co. TTC$9.1 billion25.6127.2%10.3%5.2%0.721.6%
SPX Technologies, Inc. SPXC$8.5 billion30.4811.9%16.2%20.6%0.260.4%
Pentair plc PNR$8.5 billion13.1817.4%20.3%-2.1%0.431.9%
Timken Co. TKR$8.1 billion31.498.1%10.5%5.5%0.641.2%
Zurn Elkay Water Solutions Corp. ZWS$7.7 billion28.7416.6%20.8%10.7%0.300.8%
Agco Corp. AGCO$7.2 billion14.3013.1%5.8%1.7%0.651.1%
Aaon, Inc. AAON$7.1 billion44.8415.8%11.0%53.5%0.430.5%
NOV Inc. NOV$6.8 billion72.941.5%5.1%-1.7%0.272.7%
Gates Industrial Corp. Ltd. GTES$6.8 billion18.9210.3%13.3%3.3%0.63n/a
Solaris Energy Infrastructure, Inc. SEI$6.0 billion95.536.1%24.3%70.5%1.780.6%
Weatherford International plc WFRD$5.6 billion15.3720.5%12.7%-7.2%0.811.3%
JBT Marel Corp. JBTM$5.6 billion29.194.3%7.3%44.9%0.380.4%
ACM Research, Inc. ACMR$5.1 billion33.998.1%13.3%27.3%0.13n/a
Middleby Corp. MIDD$4.8 billionn/a-21.3%16.5%8.4%0.88n/a
Cactus, Inc. WHD$4.5 billion54.2313.2%18.6%21.8%0.000.9%
Esab Corp. ESAB$4.2 billion23.976.8%12.1%9.7%0.940.6%
Brunswick Corp. BC$4.0 billionn/a-5.1%-0.4%10.5%1.252.8%
Standex International Corp. SXI$3.4 billion32.9613.9%21.7%12.8%0.690.5%
Veeco Instruments Inc. VECO$3.2 billion145.422.6%2.7%-2.5%0.25n/a
Kadant Inc. KAI$3.1 billion28.0110.7%15.0%12.5%0.500.5%
Dnow Inc. DNOW$2.8 billionn/an/an/a69.8%0.23n/a
Kennametal Inc. KMT$2.4 billion7.2521.8%20.1%19.8%0.442.5%
Hayward Holdings, Inc. HAYW$2.4 billion15.3210.1%21.1%7.8%0.590.0%
Innovex International, Inc. INVX$1.9 billion31.535.8%10.0%15.0%0.02n/a
Alamo Group Inc. ALG$1.8 billion18.298.5%8.9%4.1%0.220.8%
Enerpac Tool Group Corp. EPAC$1.8 billion19.7522.0%21.2%4.3%0.440.1%
Azenta, Inc. AZTA$1.7 billionn/a-8.1%-28.6%4.8%0.000.3%
Lindsay Corp. LNN$1.1 billion21.5511.1%9.9%-7.4%0.231.3%
Tennant Co. TNC$1.1 billion63.473.4%3.2%-2.9%0.671.8%
Astec Industries Inc. ASTE$890 million45.532.8%3.4%18.7%0.531.3%
4 companies share its SEC industry code (Special Industry Machinery, Nec); the rest are the names nearest in size in its wider industry, Machinery, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20265 August 2026EDGAR
10-Q31 March 20265 May 2026EDGAR
10-K31 December 202525 February 2026EDGAR
10-Q30 September 20255 November 2025EDGAR
10-Q30 June 20256 August 2025EDGAR
10-Q31 March 20257 May 2025EDGAR
10-K31 December 202414 February 2025EDGAR
10-Q30 September 20246 November 2024EDGAR
10-Q30 June 20246 August 2024EDGAR
10-Q31 March 20247 May 2024EDGAR

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