Veeco Instruments Inc. (VECO) Financial Ratios
30 years of historical data (1996–2025) · Technology · Semiconductors
EV/EBITDA
↑
127.58
↑+422% vs avg
5yr avg: 24.44
30Y Low2.3·High61.0
P/FCF
↓
106.37
↑+174% vs avg
5yr avg: 38.87
30Y Low6.3·High66.4
P/B Ratio
↓
5.45
↑+124% vs avg
5yr avg: 2.44
30Y Low0.8·High9.1
ROE
↓
4.3%
↑-56% vs avg
5yr avg: 9.7%
30Y Low-64%·High65%
Debt/EBITDA
↑
6.64
↑+65% vs avg
5yr avg: 4.03
30Y Low0.0·High14.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
VECO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Veeco Instruments Inc. trades at 135.0x earnings, 299% above its 5-year average of 33.8x, sitting at the 100th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a premium of 365%. On a free-cash-flow basis, the stock trades at 106.4x P/FCF, 174% above the 5-year average of 38.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.9B | $1.7B | $1.7B | $1.7B | $1.2B | $1.5B | $840M | $697M | $349M | $656M | $1.1B |
| Enterprise Value | $5.0B | $1.8B | $1.8B | $1.8B | $1.4B | $1.7B | $1.0B | $883M | $425M | $652M | $871M |
| P/E Ratio → | 135.00 | 48.44 | 21.79 | — | 6.86 | 58.10 | — | — | — | — | — |
| P/S Ratio | 7.32 | 2.61 | 2.30 | 2.50 | 1.89 | 2.62 | 1.85 | 1.66 | 0.64 | 1.35 | 3.45 |
| P/B Ratio | 5.45 | 1.96 | 2.14 | 2.48 | 2.11 | 3.49 | 2.06 | 1.86 | 0.80 | 0.78 | 1.93 |
| P/FCF | 106.37 | 37.89 | 36.12 | 49.44 | 14.53 | 56.36 | 23.18 | — | — | 66.44 | — |
| P/OCF | 76.18 | 27.14 | 25.87 | 27.05 | 11.24 | 22.54 | 19.52 | — | — | 19.21 | — |
P/E links to full P/E history page with 30-year chart
VECO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Veeco Instruments Inc.'s enterprise value stands at 127.6x EBITDA, 422% above its 5-year average of 24.4x. The Technology sector median is 16.7x, placing the stock at a 666% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.75 | 2.54 | 2.73 | 2.13 | 2.87 | 2.29 | 2.10 | 0.78 | 1.34 | 2.62 |
| EV / EBITDA | 127.58 | 47.01 | 19.75 | 19.18 | 16.01 | 20.23 | 19.55 | — | — | — | — |
| EV / EBIT | 138.79 | 37.63 | 22.78 | — | 22.01 | 29.52 | 63.99 | — | — | — | — |
| EV / FCF | — | 39.96 | 39.81 | 53.94 | 16.40 | 61.78 | 28.76 | — | — | 66.02 | — |
VECO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Veeco Instruments Inc. earns an operating margin of 5.4%. Operating margins have compressed from 10.5% to 5.4% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 4.3% is modest. ROIC of 2.8% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.0% | 40.0% | 42.4% | 42.8% | 40.7% | 41.5% | 42.8% | 37.7% | 35.7% | 38.0% | 40.0% |
| Operating Margin | 5.4% | 5.4% | 9.3% | 10.5% | 9.3% | 9.7% | 5.0% | -9.4% | -76.6% | -13.2% | -36.2% |
| Net Profit Margin | 5.3% | 5.3% | 10.3% | -4.6% | 25.8% | 4.5% | -1.8% | -18.8% | -75.1% | -9.2% | -36.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.3% | 4.3% | 10.2% | -4.9% | 32.9% | 6.2% | -2.1% | -19.4% | -63.7% | -6.2% | -18.7% |
| ROA | 2.7% | 2.7% | 5.9% | -2.6% | 16.5% | 2.9% | -1.0% | -9.2% | -35.6% | -4.2% | -14.8% |
| ROIC | 2.8% | 2.8% | 5.7% | 6.7% | 6.9% | 7.1% | 2.9% | -5.5% | -46.2% | -8.3% | -23.6% |
| ROCE | 3.2% | 3.2% | 6.5% | 7.4% | 7.6% | 7.8% | 3.1% | -5.5% | -43.6% | -7.2% | -17.9% |
VECO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Veeco Instruments Inc. carries a Debt/EBITDA ratio of 6.6x, which is highly leveraged (126% above the sector average of 2.9x). Net debt stands at $94M ($258M total debt minus $163M cash). Interest coverage of 5.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.41 | 0.46 | 0.54 | 0.61 | 0.81 | 0.84 | 0.66 | 0.33 | 0.00 |
| Debt / EBITDA | 6.64 | 6.64 | 3.41 | 3.27 | 3.63 | 3.22 | 6.23 | — | — | — | — |
| Net Debt / Equity | — | 0.11 | 0.22 | 0.23 | 0.27 | 0.34 | 0.49 | 0.49 | 0.17 | -0.00 | -0.46 |
| Net Debt / EBITDA | 2.43 | 2.43 | 1.83 | 1.60 | 1.82 | 1.78 | 3.79 | — | — | — | — |
| Debt / FCF | — | 2.07 | 3.69 | 4.50 | 1.87 | 5.42 | 5.58 | — | — | -0.42 | — |
| Interest Coverage | 5.31 | 5.31 | 7.23 | -1.41 | 5.43 | 2.00 | 0.66 | -2.53 | -19.16 | -3.57 | -535.95 |
VECO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Veeco Instruments Inc.'s current ratio of 4.75x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 3.20x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 3.24x to 4.75x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.75 | 4.75 | 3.98 | 3.24 | 2.59 | 2.90 | 4.00 | 4.03 | 3.25 | 2.67 | 3.49 |
| Quick Ratio | 3.20 | 3.20 | 2.69 | 2.15 | 1.79 | 2.00 | 3.01 | 2.90 | 2.27 | 2.13 | 2.96 |
| Cash Ratio | 2.19 | 2.19 | 1.79 | 1.40 | 1.17 | 1.18 | 2.18 | 2.07 | 1.63 | 1.47 | 2.40 |
| Asset Turnover | — | 0.50 | 0.57 | 0.54 | 0.57 | 0.65 | 0.51 | 0.51 | 0.60 | 0.35 | 0.44 |
| Inventory Turnover | 1.45 | 1.45 | 1.68 | 1.60 | 1.85 | 2.00 | 1.78 | 1.96 | 2.23 | 2.50 | 2.59 |
| Days Sales Outstanding | — | 60.82 | 68.16 | 69.77 | 79.50 | 80.04 | 81.36 | 61.81 | 51.98 | 74.56 | 63.70 |
VECO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Veeco Instruments Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 0.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.7% | 2.1% | 4.6% | — | 14.6% | 1.7% | — | — | — | — | — |
| FCF Yield | 0.9% | 2.6% | 2.8% | 2.0% | 6.9% | 1.8% | 4.3% | — | — | 1.5% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.3% | 0.4% | 1.2% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.3% | 0.4% | 1.2% |
| Shares Outstanding | — | $61M | $62M | $54M | $66M | $54M | $48M | $47M | $47M | $44M | $39M |
Peer Comparison
Compare VECO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 VECOYou | $5B | 135.0 | 127.6 | 106.4 | 40.0% | 5.4% | 4.3% | 2.8% | 6.6 |
 UCTT | $6B | -30.3 | 50.3 | 375.3 | 15.7% | 2.1% | -21.1% | 2.6% | 6.8 |
 ACMR | $7B | 80.2 | 54.2 | — | 44.4% | 12.1% | 6.2% | 7.0% | 2.4 |
 ONTO | $17B | 120.1 | 84.2 | 55.4 | 49.7% | 13.2% | 6.8% | 5.7% | 0.1 |
 AXTI | $4B | -172.6 | — | — | 12.7% | -24.9% | -7.2% | -6.0% | — |
 COHU | $3B | -43.6 | — | 303.8 | 34.5% | -13.3% | -9.0% | -5.7% | — |
 MKSI | $27B | 93.0 | 34.5 | 55.0 | 40.4% | 14.4% | 11.7% | 6.5% | 5.2 |
 AMAT | $490B | 71.3 | 58.3 | 86.0 | 48.7% | 29.2% | 35.5% | 32.9% | 0.8 |
 LRCX | $486B | 93.7 | 77.0 | 89.7 | 48.7% | 32.0% | 58.2% | 55.7% | 0.8 |
 KLAC | $34B | 8.5 | 6.8 | 9.1 | 62.3% | 43.1% | 100.8% | 46.5% | 1.1 |
 NVMI | $18B | 72.3 | 68.6 | 83.9 | 57.6% | 28.8% | 23.1% | 12.8% | 3.1 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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VECO — Frequently Asked Questions
Quick answers to the most common questions about buying VECO stock.
What is Veeco Instruments Inc.'s P/E ratio?
Veeco Instruments Inc.'s current P/E ratio is 135.0x. The historical average is 35.9x. This places it at the 100th percentile of its historical range.
What is Veeco Instruments Inc.'s EV/EBITDA?
Veeco Instruments Inc.'s current EV/EBITDA is 127.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.7x.
What is Veeco Instruments Inc.'s ROE?
Veeco Instruments Inc.'s return on equity (ROE) is 4.3%. The historical average is -1.2%.
Is VECO stock overvalued?
Based on historical data, Veeco Instruments Inc. is trading at a P/E of 135.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Veeco Instruments Inc.'s profit margins?
Veeco Instruments Inc. has 40.0% gross margin and 5.4% operating margin.
How much debt does Veeco Instruments Inc. have?
Veeco Instruments Inc.'s Debt/EBITDA ratio is 6.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.