Veeco Instruments Inc. (VECO) 10-Year Financial Performance & Capital Metrics

VECO •

TechnologySemiconductorsSemiconductor Manufacturing Equipment

AboutVeeco 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.Show more

Revenue $664M -7.4%
EBITDA $39M -57.8%
Net Income $35M -52.0%
EPS (Diluted) 0.59 -52.0%
Gross Margin 39.95% -5.7%
EBITDA Margin 5.85% -54.5%
Operating Margin 5.38% -42.4%
Net Margin 5.33% -48.2%
ROE 4.27% -58.2%
ROIC 2.79% -51.0%
Debt/Equity 0.29 -28.6%
Interest Coverage 3.91 -35.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Weak 3Y average ROE of 3.2%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y3.37%

5Y7.9%

3Y0.93%

TTM-7.39%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-40.37%

TTM-51.99%

EPS CAGR

10Y-

5Y-

3Y-39.84%

TTM-52.42%

ROCE

10Y Avg-3.86%

5Y Avg6.51%

3Y Avg5.71%

Latest3.24%

Peer Comparison

Semiconductor Manufacturing Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LRCXLam Research Corporation	292.64B	233.89	56.36	23.68%	30.22%	61.24%	1.85%	0.48
ASMLASML Holding N.V.	563.03B	1450.56	51.82	11.02%	29.42%	47.08%	2.23%	0.14
VECOVeeco Instruments Inc.	1.85B	30.56	51.80	-7.39%	5.33%	4%	2.48%	0.29
AMATApplied Materials, Inc.	295.23B	372.30	42.99	4.39%	24.67%	34.28%	1.93%	0.32
ACMRACM Research, Inc.	3.33B	55.68	36.39	40.23%	13.3%	6.21%	2.1%	0.17
ACLSAxcelis Technologies, Inc.	2.68B	82.61	21.74	-17.57%	14.33%	11.62%	4%	0.04
ASYSAmtech Systems, Inc.	187.79M	13.05	-6.16	-21.59%	-41.28%	-56.44%	3.69%	0.37

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	332.45M	484.76M	542.08M	419.35M	454.16M	583.28M	646.14M	666.43M	717.3M	664.29M
Revenue Growth %	-30.31%	45.81%	11.83%	-22.64%	8.3%	28.43%	10.78%	3.14%	7.63%	-7.39%
Cost of Goods Sold+	199.59M	300.44M	348.36M	261.15M	259.86M	341M	382.99M	381.38M	413.3M	398.88M
COGS % of Revenue	60.04%	61.98%	64.26%	62.28%	57.22%	58.46%	59.27%	57.23%	57.62%	60.05%
Gross Profit+	132.86M	184.32M	193.72M	158.19M	194.3M	242.27M	263.15M	285.06M	304M	265.41M
Gross Margin %	39.96%	38.02%	35.74%	37.72%	42.78%	41.54%	40.73%	42.77%	42.38%	39.95%
Gross Profit Growth %	-25.04%	38.73%	5.1%	-18.34%	22.82%	24.69%	8.62%	8.33%	6.65%	-12.7%
Operating Expenses+	177.88M	217.71M	222.17M	197.77M	171.74M	185.56M	202.85M	215.12M	237.02M	229.7M
OpEx % of Revenue	53.5%	44.91%	40.98%	47.16%	37.81%	31.81%	31.39%	32.28%	33.04%	34.58%
Selling, General & Admin	77.64M	100.25M	92.06M	79.75M	76.25M	84.54M	88.95M	92.76M	99.66M	98.91M
SG&A % of Revenue	23.35%	20.68%	16.98%	19.02%	16.79%	14.49%	13.77%	13.92%	13.89%	14.89%
Research & Development	81.02M	81.99M	97.75M	90.56M	78.99M	88.68M	103.56M	112.85M	124.51M	119.64M
R&D % of Revenue	24.37%	16.91%	18.03%	21.59%	17.39%	15.2%	16.03%	16.93%	17.36%	18.01%
Other Operating Expenses	-223K	392K	-368K	27.47M	16.49M	12.35M	10.34M	9.51M	12.85M	11.15M
Operating Income+	-120.4M	-63.78M	-415.5M	-39.58M	22.57M	56.71M	60.3M	69.94M	66.98M	35.71M
Operating Margin %	-36.22%	-13.16%	-76.65%	-9.44%	4.97%	9.72%	9.33%	10.49%	9.34%	5.38%
Operating Income Growth %	-418.26%	47.03%	-551.48%	90.47%	157.01%	151.32%	6.32%	15.99%	-4.23%	-46.69%
EBITDA+	-87.75M	-13.68M	-365.5M	-5.18M	53.26M	82.77M	85.94M	94.91M	92.12M	38.84M
EBITDA Margin %	-26.4%	-2.82%	-67.43%	-1.23%	11.73%	14.19%	13.3%	14.24%	12.84%	5.85%
EBITDA Growth %	-2093.46%	84.41%	-2571.23%	98.58%	1128.42%	55.4%	3.83%	10.43%	-2.93%	-57.84%
D&A (Non-Cash Add-back)	32.65M	50.09M	50M	34.4M	30.7M	26.06M	25.64M	24.97M	25.14M	3.14M
EBIT	-118.98M	-69.53M	-412.32M	-55.87M	16.27M	56.71M	62.49M	-16.57M	79.88M	35.71M
Net Interest Income+	958K	-17.12M	-18.33M	-17.41M	-23.19M	-26.02M	-9.31M	-1.19M	1.85M	4.33M
Interest Income	1.18M	2.33M	3.19M	4.68M	1.55M	2.34M	2.2M	10.58M	12.9M	13.47M
Interest Expense	222K	19.46M	21.52M	22.09M	24.74M	28.36M	11.51M	11.77M	11.04M	9.14M
Other Income/Expense	958K	-17.12M	-18.33M	-38.38M	-31.03M	-31.03M	-9.31M	-98.28M	1.85M	3.68M
Pretax Income+	-119.44M	-80.9M	-433.83M	-77.96M	-8.46M	25.68M	50.98M	-28.34M	68.83M	39.39M
Pretax Margin %	-35.93%	-16.69%	-80.03%	-18.59%	-1.86%	4.4%	7.89%	-4.25%	9.6%	5.93%
Income Tax+	2.77M	-36.11M	-26.75M	777K	-73K	-358K	-115.96M	2.03M	-4.88M	4M
Effective Tax Rate %	102.32%	55.37%	93.84%	101%	99.14%	101.39%	327.43%	107.16%	107.09%	89.85%
Net Income+	-122.21M	-44.79M	-407.09M	-78.73M	-8.39M	26.04M	166.94M	-30.37M	73.71M	35.39M
Net Margin %	-36.76%	-9.24%	-75.1%	-18.78%	-1.85%	4.46%	25.84%	-4.56%	10.28%	5.33%
Net Income Growth %	-282.17%	63.35%	-808.82%	80.66%	89.34%	410.31%	541.15%	-118.19%	342.74%	-51.99%
Net Income (Continuing)	-122.21M	-51.4M	-407.09M	-78.73M	-8.39M	26.04M	166.94M	-30.37M	73.71M	35.39M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-3.11	-1.01	-8.63	-1.66	-0.17	0.49	2.71	-0.56	1.23	0.59
EPS Growth %	-288.75%	67.52%	-754.46%	80.76%	89.76%	388.24%	453.06%	-120.66%	319.64%	-52.03%
EPS (Basic)	-3.11	-1.01	-8.63	-1.66	-0.17	0.53	3.35	-0.56	1.31	0.60
Diluted Shares Outstanding	39.34M	44.17M	47.15M	47.48M	48.36M	53.64M	65.61M	53.77M	61.6M	60.59M
Basic Shares Outstanding	39.34M	44.17M	47.15M	47.48M	48.36M	49.07M	49.91M	53.77M	56.43M	59.3M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	501.51M	596.99M	520.08M	475.88M	586.93M	549.39M	668.9M	706.28M	764.53M	845.34M
Cash & Short-Term Investments	344.23M	327.52M	260.46M	244.55M	319.4M	223.93M	302.41M	305.44M	344.31M	390.23M
Cash Only	277.44M	279.74M	212.27M	129.29M	129.63M	119.75M	154.93M	158.78M	145.59M	163.47M
Short-Term Investments	66.79M	47.78M	48.19M	115.25M	189.77M	104.18M	147.49M	146.66M	198.72M	226.76M
Accounts Receivable	58.02M	99.03M	77.2M	71.02M	101.24M	127.9M	140.73M	127.39M	133.94M	110.69M
Days Sales Outstanding	63.7	74.56	51.98	61.81	81.36	80.04	79.5	69.77	68.16	60.82
Inventory	77.06M	120.27M	156.31M	133.07M	145.91M	170.86M	206.91M	237.63M	246.74M	275.3M
Days Inventory Outstanding	140.93	146.11	163.78	185.98	204.94	182.88	197.19	227.43	217.9	251.91
Other Current Assets	13.96M	24.44M	16.68M	12.28M	1.09M	1.07M	18.85M	19.74M	39.54M	69.12M
Total Non-Current Assets+	257.02M	790.29M	380.74M	342.21M	311.13M	349.59M	459.28M	522.76M	487.05M	480.46M
Property, Plant & Equipment	60.65M	85.06M	80.28M	90.16M	75.55M	128.56M	133.75M	142.84M	140.29M	133.25M
Fixed Asset Turnover	5.48x	5.70x	6.75x	4.65x	6.01x	4.54x	4.83x	4.67x	5.11x	4.99x
Goodwill	114.91M	307.13M	184.3M	181.94M	181.94M	181.94M	181.94M	214.96M	214.96M	214.96M
Intangible Assets	58.38M	369.84M	85.15M	61.52M	46.19M	33.91M	23.89M	43.95M	8.83M	5.7M
Long-Term Investments	21M	21M	21M	0	0	0	0	0	0	0
Other Non-Current Assets	47K	4.31M	8.13M	7.04M	6.02M	3.55M	3.35M	3.12M	2.77M	3.61M
Total Assets+	758.53M	1.39B	900.82M	818.09M	898.06M	898.98M	1.13B	1.23B	1.25B	1.33B
Asset Turnover	0.44x	0.35x	0.60x	0.51x	0.51x	0.65x	0.57x	0.54x	0.57x	0.50x
Asset Growth %	-14.85%	82.89%	-35.07%	-9.18%	9.78%	0.1%	25.5%	8.94%	1.83%	5.93%
Total Current Liabilities+	143.51M	223.46M	160.05M	118.22M	146.68M	189.2M	257.9M	218.03M	192.28M	178.06M
Accounts Payable	22.61M	50.32M	39.61M	21.28M	33.66M	44.46M	52.05M	42.38M	43.52M	55.34M
Days Payables Outstanding	41.34	61.13	41.5	29.74	47.27	47.58	49.6	40.56	38.43	50.64
Short-Term Debt	368K	0	0	0	0	0	20.17M	0	26.5M	0
Deferred Revenue (Current)	85.02M	108.95M	72.74M	54.87M	67.23M	63.14M	127.22M	118.03M	64.99M	0
Other Current Liabilities	7.09M	130.43M	8.22M	7.23M	2.7M	7.61M	7.07M	25.28M	6.59M	122.71M
Current Ratio	3.49x	2.67x	3.25x	4.03x	4.00x	2.90x	2.59x	3.24x	3.98x	4.75x
Quick Ratio	2.96x	2.13x	2.27x	2.90x	3.01x	2.00x	1.79x	2.15x	2.69x	3.20x
Cash Conversion Cycle	163.29	159.54	174.26	218.05	239.03	215.34	227.08	256.64	247.63	262.09
Total Non-Current Liabilities+	20.43M	323.12M	302.99M	325.35M	343.01M	272.14M	292.45M	338.57M	288.52M	262.23M
Long-Term Debt	826K	275.63M	287.39M	300.07M	321.12M	229.44M	254.49M	274.94M	249.7M	257.85M
Capital Lease Obligations	0	0	0	10.3M	6.3M	32.83M	33.58M	31.53M	34.32M	0
Deferred Tax Liabilities	13.2M	36.84M	5.69M	5.65M	5.24M	4.79M	1.28M	6.55M	689K	532K
Other Non-Current Liabilities	6.4M	10.64M	9.91M	9.34M	10.35M	5.08M	3.1M	25.54M	3.82M	3.85M
Total Liabilities	163.94M	546.57M	463.04M	443.58M	489.69M	461.35M	550.36M	556.6M	480.81M	440.29M
Total Debt+	1.19M	275.63M	287.39M	314.56M	331.57M	266.71M	311.57M	310.5M	314.27M	257.85M
Net Debt	-276.25M	-4.11M	75.12M	185.27M	201.94M	146.96M	156.65M	151.71M	168.68M	94.38M
Debt / Equity	0.00x	0.33x	0.66x	0.84x	0.81x	0.61x	0.54x	0.46x	0.41x	0.29x
Debt / EBITDA	-	-	-	-	6.23x	3.22x	3.63x	3.27x	3.41x	6.64x
Net Debt / EBITDA	-	-	-	-	3.79x	1.78x	1.82x	1.60x	1.83x	2.43x
Interest Coverage	-542.35x	-3.28x	-19.31x	-1.79x	0.91x	2.00x	5.24x	5.94x	6.06x	3.91x
Total Equity+	594.6M	840.71M	437.77M	374.51M	408.37M	437.63M	577.82M	672.44M	770.77M	885.51M
Equity Growth %	-16.8%	41.39%	-47.93%	-14.45%	9.04%	7.16%	32.04%	16.37%	14.62%	14.89%
Book Value per Share	15.11	19.03	9.28	7.89	8.44	8.16	8.81	12.51	12.51	14.61
Total Shareholders' Equity	594.6M	840.71M	437.77M	374.51M	408.37M	437.63M	577.82M	672.44M	770.77M	885.51M
Common Stock	407K	482K	485K	490K	497K	507K	517K	564K	569K	604K
Retained Earnings	-168.58M	-213.38M	-619.98M	-698.93M	-707.32M	-681.28M	-501.8M	-532.17M	-458.45M	-423.06M
Treasury Stock	-2.31M	-1.28M	-5.87M	0	0	0	0	0	0	0
Accumulated OCI	1.78M	1.81M	1.82M	1.89M	1.85M	1.48M	928K	1.61M	1.52M	1.79M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-23.84M	34.15M	-37.74M	-7.42M	43.02M	67.74M	108.48M	61.67M	63.81M	63.81M
Operating CF Margin %	-7.17%	7.04%	-6.96%	-1.77%	9.47%	11.61%	16.79%	9.25%	8.9%	9.61%
Operating CF Growth %	-251.02%	243.21%	-210.52%	80.35%	680.11%	57.46%	60.14%	-43.15%	3.47%	0%
Net Income	-122.21M	-44.79M	-407.09M	-78.73M	-8.39M	26.04M	166.94M	-30.37M	73.71M	35.39M
Depreciation & Amortization	32.65M	50.09M	50M	34.4M	30.7M	26.06M	25.64M	24.97M	25.14M	25.14M
Stock-Based Compensation	15.74M	24.4M	16.07M	15.27M	12.7M	15.25M	22.99M	28.56M	35.88M	35.88M
Deferred Taxes	940K	-33.88M	-27.62M	360K	-299K	-651K	-118.04M	-2.21M	-8.73M	-8.73M
Other Non-Cash Items	69.26M	11.68M	386.93M	38.06M	22.05M	18.83M	962K	99.23M	8.55M	-23.87M
Working Capital Changes	-20.23M	26.64M	-56.04M	-16.77M	-13.74M	-17.78M	9.98M	-58.5M	-70.74M	0
Change in Receivables	-8.67M	4.52M	21.82M	5.8M	-30.36M	-26.66M	-12.83M	13.27M	-6.55M	-6.55M
Change in Inventory	-5.39M	6.34M	-24.68M	14.97M	-11.53M	-24.8M	-37.29M	-35.16M	-8.31M	-8.31M
Change in Payables	-24.2M	12.2M	-19.67M	-26.95M	15.96M	20.23M	-13.12M	-8.81M	-338K	-338K
Cash from Investing+	46.71M	-357.84M	-18.3M	-75.87M	-71.79M	44.53M	-68.88M	-53.33M	-64.55M	-64.55M
Capital Expenditures	-11.48M	-24.27M	-12.65M	-10.87M	-6.8M	-40.64M	-24.6M	-27.93M	-18.11M	-18.11M
CapEx % of Revenue	3.45%	5.01%	2.33%	2.59%	1.5%	6.97%	3.81%	4.19%	2.53%	2.73%
Acquisitions	9.51M	-401.83M	-2.66M	10.87M	6.8M	40.64M	44.28M	-30.37M	2.03M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-230K	2.28M	-2.98M	-10.23M	2.7M	-38.92M	-44.28M	0	0	2.03M
Cash from Financing+	-14.63M	325.94M	-11.46M	126K	29.1M	-122.03M	-4.55M	-4.68M	-12.58M	-12.58M
Debt Issued (Net)	-340K	334.56M	0	0	38.85M	-115.6M	0	1.71M	0	0
Equity Issued (Net)	-1000K	123K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-13.35M	-2.87M	-11.46M	0	0	0	0	0	0	0
Other Financing	-2.6M	-8.74M	-3.07M	-2.98M	-12.63M	-9.83M	-8.25M	-11.01M	-17.88M	-12.58M
Net Change in Cash	8.21M	2.29M	-67.5M	-83.13M	332K	-9.81M	35M	3.65M	-13.3M	-13.3M
Free Cash Flow+	-35.32M	9.87M	-50.39M	-18.29M	36.22M	27.1M	83.88M	33.74M	45.7M	45.7M
FCF Margin %	-10.63%	2.04%	-9.3%	-4.36%	7.97%	4.65%	12.98%	5.06%	6.37%	6.88%
FCF Growth %	-1957.15%	127.95%	-610.35%	63.71%	298.04%	-25.18%	209.53%	-59.77%	35.44%	0%
FCF per Share	-0.90	0.22	-1.07	-0.39	0.75	0.51	1.28	0.63	0.74	0.75
FCF Conversion (FCF/Net Income)	0.20x	-0.76x	0.09x	0.09x	-5.13x	2.60x	0.65x	-2.03x	0.87x	1.80x
Interest Paid	225K	4.67M	9.71M	9.41M	12.7M	0	10.14M	11.78M	9.5M	0
Taxes Paid	1.67M	1.94M	4.8M	2.93M	329K	0	1.43M	5.09M	3.03M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-18.67%	-6.24%	-63.68%	-19.39%	-2.14%	6.16%	32.88%	-4.86%	10.22%	4.27%
Return on Invested Capital (ROIC)	-23.6%	-8.28%	-46.18%	-5.53%	2.89%	7.12%	6.86%	6.73%	5.7%	2.79%
Gross Margin	39.96%	38.02%	35.74%	37.72%	42.78%	41.54%	40.73%	42.77%	42.38%	39.95%
Net Margin	-36.76%	-9.24%	-75.1%	-18.78%	-1.85%	4.46%	25.84%	-4.56%	10.28%	5.33%
Debt / Equity	0.00x	0.33x	0.66x	0.84x	0.81x	0.61x	0.54x	0.46x	0.41x	0.29x
Interest Coverage	-542.35x	-3.28x	-19.31x	-1.79x	0.91x	2.00x	5.24x	5.94x	6.06x	3.91x
FCF Conversion	0.20x	-0.76x	0.09x	0.09x	-5.13x	2.60x	0.65x	-2.03x	0.87x	1.80x
Revenue Growth	-30.31%	45.81%	11.83%	-22.64%	8.3%	28.43%	10.78%	3.14%	7.63%	-7.39%

US Stock Screener

...

Veeco Instruments Inc. (VECO) 10-Year Financial Performance & Capital Metrics

VECO •

TechnologySemiconductorsSemiconductor Manufacturing Equipment

Revenue $664M -7.4%
EBITDA $39M -57.8%
Net Income $35M -52.0%
EPS (Diluted) 0.59 -52.0%
Gross Margin 39.95% -5.7%
EBITDA Margin 5.85% -54.5%
Operating Margin 5.38% -42.4%
Net Margin 5.33% -48.2%
ROE 4.27% -58.2%
ROIC 2.79% -51.0%
Debt/Equity 0.29 -28.6%
Interest Coverage 3.91 -35.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Weak 3Y average ROE of 3.2%

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y3.37%

5Y7.9%

3Y0.93%

TTM-7.39%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-40.37%

TTM-51.99%

EPS CAGR

10Y-

5Y-

3Y-39.84%

TTM-52.42%

ROCE

10Y Avg-3.86%

5Y Avg6.51%

3Y Avg5.71%

Latest3.24%

Peer Comparison

Semiconductor Manufacturing Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LRCXLam Research Corporation	292.64B	233.89	56.36	23.68%	30.22%	61.24%	1.85%	0.48
ASMLASML Holding N.V.	563.03B	1450.56	51.82	11.02%	29.42%	47.08%	2.23%	0.14
VECOVeeco Instruments Inc.	1.85B	30.56	51.80	-7.39%	5.33%	4%	2.48%	0.29
AMATApplied Materials, Inc.	295.23B	372.30	42.99	4.39%	24.67%	34.28%	1.93%	0.32
ACMRACM Research, Inc.	3.33B	55.68	36.39	40.23%	13.3%	6.21%	2.1%	0.17
ACLSAxcelis Technologies, Inc.	2.68B	82.61	21.74	-17.57%	14.33%	11.62%	4%	0.04
ASYSAmtech Systems, Inc.	187.79M	13.05	-6.16	-21.59%	-41.28%	-56.44%	3.69%	0.37

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	332.45M	484.76M	542.08M	419.35M	454.16M	583.28M	646.14M	666.43M	717.3M	664.29M
Revenue Growth %	-30.31%	45.81%	11.83%	-22.64%	8.3%	28.43%	10.78%	3.14%	7.63%	-7.39%
Cost of Goods Sold+	199.59M	300.44M	348.36M	261.15M	259.86M	341M	382.99M	381.38M	413.3M	398.88M
COGS % of Revenue	60.04%	61.98%	64.26%	62.28%	57.22%	58.46%	59.27%	57.23%	57.62%	60.05%
Gross Profit+	132.86M	184.32M	193.72M	158.19M	194.3M	242.27M	263.15M	285.06M	304M	265.41M
Gross Margin %	39.96%	38.02%	35.74%	37.72%	42.78%	41.54%	40.73%	42.77%	42.38%	39.95%
Gross Profit Growth %	-25.04%	38.73%	5.1%	-18.34%	22.82%	24.69%	8.62%	8.33%	6.65%	-12.7%
Operating Expenses+	177.88M	217.71M	222.17M	197.77M	171.74M	185.56M	202.85M	215.12M	237.02M	229.7M
OpEx % of Revenue	53.5%	44.91%	40.98%	47.16%	37.81%	31.81%	31.39%	32.28%	33.04%	34.58%
Selling, General & Admin	77.64M	100.25M	92.06M	79.75M	76.25M	84.54M	88.95M	92.76M	99.66M	98.91M
SG&A % of Revenue	23.35%	20.68%	16.98%	19.02%	16.79%	14.49%	13.77%	13.92%	13.89%	14.89%
Research & Development	81.02M	81.99M	97.75M	90.56M	78.99M	88.68M	103.56M	112.85M	124.51M	119.64M
R&D % of Revenue	24.37%	16.91%	18.03%	21.59%	17.39%	15.2%	16.03%	16.93%	17.36%	18.01%
Other Operating Expenses	-223K	392K	-368K	27.47M	16.49M	12.35M	10.34M	9.51M	12.85M	11.15M
Operating Income+	-120.4M	-63.78M	-415.5M	-39.58M	22.57M	56.71M	60.3M	69.94M	66.98M	35.71M
Operating Margin %	-36.22%	-13.16%	-76.65%	-9.44%	4.97%	9.72%	9.33%	10.49%	9.34%	5.38%
Operating Income Growth %	-418.26%	47.03%	-551.48%	90.47%	157.01%	151.32%	6.32%	15.99%	-4.23%	-46.69%
EBITDA+	-87.75M	-13.68M	-365.5M	-5.18M	53.26M	82.77M	85.94M	94.91M	92.12M	38.84M
EBITDA Margin %	-26.4%	-2.82%	-67.43%	-1.23%	11.73%	14.19%	13.3%	14.24%	12.84%	5.85%
EBITDA Growth %	-2093.46%	84.41%	-2571.23%	98.58%	1128.42%	55.4%	3.83%	10.43%	-2.93%	-57.84%
D&A (Non-Cash Add-back)	32.65M	50.09M	50M	34.4M	30.7M	26.06M	25.64M	24.97M	25.14M	3.14M
EBIT	-118.98M	-69.53M	-412.32M	-55.87M	16.27M	56.71M	62.49M	-16.57M	79.88M	35.71M
Net Interest Income+	958K	-17.12M	-18.33M	-17.41M	-23.19M	-26.02M	-9.31M	-1.19M	1.85M	4.33M
Interest Income	1.18M	2.33M	3.19M	4.68M	1.55M	2.34M	2.2M	10.58M	12.9M	13.47M
Interest Expense	222K	19.46M	21.52M	22.09M	24.74M	28.36M	11.51M	11.77M	11.04M	9.14M
Other Income/Expense	958K	-17.12M	-18.33M	-38.38M	-31.03M	-31.03M	-9.31M	-98.28M	1.85M	3.68M
Pretax Income+	-119.44M	-80.9M	-433.83M	-77.96M	-8.46M	25.68M	50.98M	-28.34M	68.83M	39.39M
Pretax Margin %	-35.93%	-16.69%	-80.03%	-18.59%	-1.86%	4.4%	7.89%	-4.25%	9.6%	5.93%
Income Tax+	2.77M	-36.11M	-26.75M	777K	-73K	-358K	-115.96M	2.03M	-4.88M	4M
Effective Tax Rate %	102.32%	55.37%	93.84%	101%	99.14%	101.39%	327.43%	107.16%	107.09%	89.85%
Net Income+	-122.21M	-44.79M	-407.09M	-78.73M	-8.39M	26.04M	166.94M	-30.37M	73.71M	35.39M
Net Margin %	-36.76%	-9.24%	-75.1%	-18.78%	-1.85%	4.46%	25.84%	-4.56%	10.28%	5.33%
Net Income Growth %	-282.17%	63.35%	-808.82%	80.66%	89.34%	410.31%	541.15%	-118.19%	342.74%	-51.99%
Net Income (Continuing)	-122.21M	-51.4M	-407.09M	-78.73M	-8.39M	26.04M	166.94M	-30.37M	73.71M	35.39M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-3.11	-1.01	-8.63	-1.66	-0.17	0.49	2.71	-0.56	1.23	0.59
EPS Growth %	-288.75%	67.52%	-754.46%	80.76%	89.76%	388.24%	453.06%	-120.66%	319.64%	-52.03%
EPS (Basic)	-3.11	-1.01	-8.63	-1.66	-0.17	0.53	3.35	-0.56	1.31	0.60
Diluted Shares Outstanding	39.34M	44.17M	47.15M	47.48M	48.36M	53.64M	65.61M	53.77M	61.6M	60.59M
Basic Shares Outstanding	39.34M	44.17M	47.15M	47.48M	48.36M	49.07M	49.91M	53.77M	56.43M	59.3M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	501.51M	596.99M	520.08M	475.88M	586.93M	549.39M	668.9M	706.28M	764.53M	845.34M
Cash & Short-Term Investments	344.23M	327.52M	260.46M	244.55M	319.4M	223.93M	302.41M	305.44M	344.31M	390.23M
Cash Only	277.44M	279.74M	212.27M	129.29M	129.63M	119.75M	154.93M	158.78M	145.59M	163.47M
Short-Term Investments	66.79M	47.78M	48.19M	115.25M	189.77M	104.18M	147.49M	146.66M	198.72M	226.76M
Accounts Receivable	58.02M	99.03M	77.2M	71.02M	101.24M	127.9M	140.73M	127.39M	133.94M	110.69M
Days Sales Outstanding	63.7	74.56	51.98	61.81	81.36	80.04	79.5	69.77	68.16	60.82
Inventory	77.06M	120.27M	156.31M	133.07M	145.91M	170.86M	206.91M	237.63M	246.74M	275.3M
Days Inventory Outstanding	140.93	146.11	163.78	185.98	204.94	182.88	197.19	227.43	217.9	251.91
Other Current Assets	13.96M	24.44M	16.68M	12.28M	1.09M	1.07M	18.85M	19.74M	39.54M	69.12M
Total Non-Current Assets+	257.02M	790.29M	380.74M	342.21M	311.13M	349.59M	459.28M	522.76M	487.05M	480.46M
Property, Plant & Equipment	60.65M	85.06M	80.28M	90.16M	75.55M	128.56M	133.75M	142.84M	140.29M	133.25M
Fixed Asset Turnover	5.48x	5.70x	6.75x	4.65x	6.01x	4.54x	4.83x	4.67x	5.11x	4.99x
Goodwill	114.91M	307.13M	184.3M	181.94M	181.94M	181.94M	181.94M	214.96M	214.96M	214.96M
Intangible Assets	58.38M	369.84M	85.15M	61.52M	46.19M	33.91M	23.89M	43.95M	8.83M	5.7M
Long-Term Investments	21M	21M	21M	0	0	0	0	0	0	0
Other Non-Current Assets	47K	4.31M	8.13M	7.04M	6.02M	3.55M	3.35M	3.12M	2.77M	3.61M
Total Assets+	758.53M	1.39B	900.82M	818.09M	898.06M	898.98M	1.13B	1.23B	1.25B	1.33B
Asset Turnover	0.44x	0.35x	0.60x	0.51x	0.51x	0.65x	0.57x	0.54x	0.57x	0.50x
Asset Growth %	-14.85%	82.89%	-35.07%	-9.18%	9.78%	0.1%	25.5%	8.94%	1.83%	5.93%
Total Current Liabilities+	143.51M	223.46M	160.05M	118.22M	146.68M	189.2M	257.9M	218.03M	192.28M	178.06M
Accounts Payable	22.61M	50.32M	39.61M	21.28M	33.66M	44.46M	52.05M	42.38M	43.52M	55.34M
Days Payables Outstanding	41.34	61.13	41.5	29.74	47.27	47.58	49.6	40.56	38.43	50.64
Short-Term Debt	368K	0	0	0	0	0	20.17M	0	26.5M	0
Deferred Revenue (Current)	85.02M	108.95M	72.74M	54.87M	67.23M	63.14M	127.22M	118.03M	64.99M	0
Other Current Liabilities	7.09M	130.43M	8.22M	7.23M	2.7M	7.61M	7.07M	25.28M	6.59M	122.71M
Current Ratio	3.49x	2.67x	3.25x	4.03x	4.00x	2.90x	2.59x	3.24x	3.98x	4.75x
Quick Ratio	2.96x	2.13x	2.27x	2.90x	3.01x	2.00x	1.79x	2.15x	2.69x	3.20x
Cash Conversion Cycle	163.29	159.54	174.26	218.05	239.03	215.34	227.08	256.64	247.63	262.09
Total Non-Current Liabilities+	20.43M	323.12M	302.99M	325.35M	343.01M	272.14M	292.45M	338.57M	288.52M	262.23M
Long-Term Debt	826K	275.63M	287.39M	300.07M	321.12M	229.44M	254.49M	274.94M	249.7M	257.85M
Capital Lease Obligations	0	0	0	10.3M	6.3M	32.83M	33.58M	31.53M	34.32M	0
Deferred Tax Liabilities	13.2M	36.84M	5.69M	5.65M	5.24M	4.79M	1.28M	6.55M	689K	532K
Other Non-Current Liabilities	6.4M	10.64M	9.91M	9.34M	10.35M	5.08M	3.1M	25.54M	3.82M	3.85M
Total Liabilities	163.94M	546.57M	463.04M	443.58M	489.69M	461.35M	550.36M	556.6M	480.81M	440.29M
Total Debt+	1.19M	275.63M	287.39M	314.56M	331.57M	266.71M	311.57M	310.5M	314.27M	257.85M
Net Debt	-276.25M	-4.11M	75.12M	185.27M	201.94M	146.96M	156.65M	151.71M	168.68M	94.38M
Debt / Equity	0.00x	0.33x	0.66x	0.84x	0.81x	0.61x	0.54x	0.46x	0.41x	0.29x
Debt / EBITDA	-	-	-	-	6.23x	3.22x	3.63x	3.27x	3.41x	6.64x
Net Debt / EBITDA	-	-	-	-	3.79x	1.78x	1.82x	1.60x	1.83x	2.43x
Interest Coverage	-542.35x	-3.28x	-19.31x	-1.79x	0.91x	2.00x	5.24x	5.94x	6.06x	3.91x
Total Equity+	594.6M	840.71M	437.77M	374.51M	408.37M	437.63M	577.82M	672.44M	770.77M	885.51M
Equity Growth %	-16.8%	41.39%	-47.93%	-14.45%	9.04%	7.16%	32.04%	16.37%	14.62%	14.89%
Book Value per Share	15.11	19.03	9.28	7.89	8.44	8.16	8.81	12.51	12.51	14.61
Total Shareholders' Equity	594.6M	840.71M	437.77M	374.51M	408.37M	437.63M	577.82M	672.44M	770.77M	885.51M
Common Stock	407K	482K	485K	490K	497K	507K	517K	564K	569K	604K
Retained Earnings	-168.58M	-213.38M	-619.98M	-698.93M	-707.32M	-681.28M	-501.8M	-532.17M	-458.45M	-423.06M
Treasury Stock	-2.31M	-1.28M	-5.87M	0	0	0	0	0	0	0
Accumulated OCI	1.78M	1.81M	1.82M	1.89M	1.85M	1.48M	928K	1.61M	1.52M	1.79M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	-23.84M	34.15M	-37.74M	-7.42M	43.02M	67.74M	108.48M	61.67M	63.81M	63.81M
Operating CF Margin %	-7.17%	7.04%	-6.96%	-1.77%	9.47%	11.61%	16.79%	9.25%	8.9%	9.61%
Operating CF Growth %	-251.02%	243.21%	-210.52%	80.35%	680.11%	57.46%	60.14%	-43.15%	3.47%	0%
Net Income	-122.21M	-44.79M	-407.09M	-78.73M	-8.39M	26.04M	166.94M	-30.37M	73.71M	35.39M
Depreciation & Amortization	32.65M	50.09M	50M	34.4M	30.7M	26.06M	25.64M	24.97M	25.14M	25.14M
Stock-Based Compensation	15.74M	24.4M	16.07M	15.27M	12.7M	15.25M	22.99M	28.56M	35.88M	35.88M
Deferred Taxes	940K	-33.88M	-27.62M	360K	-299K	-651K	-118.04M	-2.21M	-8.73M	-8.73M
Other Non-Cash Items	69.26M	11.68M	386.93M	38.06M	22.05M	18.83M	962K	99.23M	8.55M	-23.87M
Working Capital Changes	-20.23M	26.64M	-56.04M	-16.77M	-13.74M	-17.78M	9.98M	-58.5M	-70.74M	0
Change in Receivables	-8.67M	4.52M	21.82M	5.8M	-30.36M	-26.66M	-12.83M	13.27M	-6.55M	-6.55M
Change in Inventory	-5.39M	6.34M	-24.68M	14.97M	-11.53M	-24.8M	-37.29M	-35.16M	-8.31M	-8.31M
Change in Payables	-24.2M	12.2M	-19.67M	-26.95M	15.96M	20.23M	-13.12M	-8.81M	-338K	-338K
Cash from Investing+	46.71M	-357.84M	-18.3M	-75.87M	-71.79M	44.53M	-68.88M	-53.33M	-64.55M	-64.55M
Capital Expenditures	-11.48M	-24.27M	-12.65M	-10.87M	-6.8M	-40.64M	-24.6M	-27.93M	-18.11M	-18.11M
CapEx % of Revenue	3.45%	5.01%	2.33%	2.59%	1.5%	6.97%	3.81%	4.19%	2.53%	2.73%
Acquisitions	9.51M	-401.83M	-2.66M	10.87M	6.8M	40.64M	44.28M	-30.37M	2.03M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-230K	2.28M	-2.98M	-10.23M	2.7M	-38.92M	-44.28M	0	0	2.03M
Cash from Financing+	-14.63M	325.94M	-11.46M	126K	29.1M	-122.03M	-4.55M	-4.68M	-12.58M	-12.58M
Debt Issued (Net)	-340K	334.56M	0	0	38.85M	-115.6M	0	1.71M	0	0
Equity Issued (Net)	-1000K	123K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-13.35M	-2.87M	-11.46M	0	0	0	0	0	0	0
Other Financing	-2.6M	-8.74M	-3.07M	-2.98M	-12.63M	-9.83M	-8.25M	-11.01M	-17.88M	-12.58M
Net Change in Cash	8.21M	2.29M	-67.5M	-83.13M	332K	-9.81M	35M	3.65M	-13.3M	-13.3M
Free Cash Flow+	-35.32M	9.87M	-50.39M	-18.29M	36.22M	27.1M	83.88M	33.74M	45.7M	45.7M
FCF Margin %	-10.63%	2.04%	-9.3%	-4.36%	7.97%	4.65%	12.98%	5.06%	6.37%	6.88%
FCF Growth %	-1957.15%	127.95%	-610.35%	63.71%	298.04%	-25.18%	209.53%	-59.77%	35.44%	0%
FCF per Share	-0.90	0.22	-1.07	-0.39	0.75	0.51	1.28	0.63	0.74	0.75
FCF Conversion (FCF/Net Income)	0.20x	-0.76x	0.09x	0.09x	-5.13x	2.60x	0.65x	-2.03x	0.87x	1.80x
Interest Paid	225K	4.67M	9.71M	9.41M	12.7M	0	10.14M	11.78M	9.5M	0
Taxes Paid	1.67M	1.94M	4.8M	2.93M	329K	0	1.43M	5.09M	3.03M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-18.67%	-6.24%	-63.68%	-19.39%	-2.14%	6.16%	32.88%	-4.86%	10.22%	4.27%
Return on Invested Capital (ROIC)	-23.6%	-8.28%	-46.18%	-5.53%	2.89%	7.12%	6.86%	6.73%	5.7%	2.79%
Gross Margin	39.96%	38.02%	35.74%	37.72%	42.78%	41.54%	40.73%	42.77%	42.38%	39.95%
Net Margin	-36.76%	-9.24%	-75.1%	-18.78%	-1.85%	4.46%	25.84%	-4.56%	10.28%	5.33%
Debt / Equity	0.00x	0.33x	0.66x	0.84x	0.81x	0.61x	0.54x	0.46x	0.41x	0.29x
Interest Coverage	-542.35x	-3.28x	-19.31x	-1.79x	0.91x	2.00x	5.24x	5.94x	6.06x	3.91x
FCF Conversion	0.20x	-0.76x	0.09x	0.09x	-5.13x	2.60x	0.65x	-2.03x	0.87x	1.80x
Revenue Growth	-30.31%	45.81%	11.83%	-22.64%	8.3%	28.43%	10.78%	3.14%	7.63%	-7.39%

Veeco Instruments Inc. (VECO) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare VECO vs Peers

vs ASML

vs AMAT

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Veeco Instruments Inc. (VECO) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare VECO vs Peers

vs ASML

vs AMAT

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios