Veeco Instruments (VECO) FY2024 results: revenue $717 million, up 7.6% on the year

Veeco Instruments Inc. (VECO) reported revenue of $717 million for fiscal 2024, the year ended 31 December 2024, up 7.6% on the year before. Net income was $74 million, and diluted earnings per share $1.23. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2025.

Revenue

$717 million

+7.6% on the year

FY2017FY2024

Operating margin

9.3%

10.5% a year earlier

FY2017FY2024

Net income

$74 million

FY2017FY2024

Diluted EPS

$1.23

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	717	666	646	+7.6%
Cost of revenue	413	381	383	+8.4%
Gross profit	304	285	263	+6.6%
Gross margin	42.4%	42.8%	40.7%
Research and development	125	113	104	+10.3%
Selling, general and administrative	99.7	92.8	89.0	+7.4%
Operating income	67.0	69.9	60.3	-4.2%
Operating margin	9.3%	10.5%	9.3%
Interest expense	11.0	11.8	11.5	-6.2%
Pre-tax income	68.8	-28.3	51.0
Income tax	-4.9	2.0	-116
Effective tax rate	-7.1%	n/a	-227.4%
Net income	73.7	-30.4	167
Net margin	10.3%	-4.6%	25.8%
Diluted EPS	$1.23	-$0.56	$2.71

$ million except per share.

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. 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.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	63.8	61.7	108	+3.5%
Capital expenditure	18.1	27.9	24.6	-35.1%
Free cash flow	45.7	33.7	83.9	+35.4%
Free cash flow margin	6.4%	5.1%	13.0%
Cash from investing	-64.5	-53.3	-68.9
Cash from financing	-12.6	-4.7	-4.5
Depreciation and amortisation	25.1	25.0	25.6	+0.7%
Share-based compensation	35.9	28.6	23.0	+25.6%
Diluted shares, weighted	62m	54m	66m	+14.6%
Shares outstanding at period end	57m	56m	52m	+0.8%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	771	672	578	+14.6%
Debt	276	275	275	+0.5%
Operating lease liabilities	34.3	31.5	33.6	+8.8%
Other liabilities	170	250	242	-31.9%
Total liabilities and equity	1,252	1,229	1,128	+1.8%
Fixed assets	114	118	107	-3.9%
Goodwill	215	215	182	0.0%
Intangible assets	8.8	43.9	23.9	-79.9%
Investments	199	147	147	+35.5%
Cash and equivalents	146	159	155	-8.3%
Receivables	96.8	103	124	-6.0%
Inventory	247	238	207	+3.8%
Other assets	226	206	182	+10.0%
Total assets	1,252	1,229	1,128	+1.8%

10-K for the year ended 31 December 2024, filed 14 February 2025: the filing.