30 years of historical data (1996–2025) · Technology · Semiconductors
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Veeco Instruments Inc. trades at 51.8x earnings, 53% above its 5-year average of 33.8x, sitting at the 77th percentile of its historical range. Compared to the Technology sector median P/E of 25.2x, the stock trades at a premium of 105%. On a free-cash-flow basis, the stock trades at 40.4x P/FCF, roughly in line with 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 | $1.8B | $1.7B | $1.7B | $1.7B | $1.2B | $1.5B | $840M | $697M | $349M | $656M | $1.1B |
| Enterprise Value | $1.9B | $1.8B | $1.8B | $1.8B | $1.4B | $1.7B | $1.0B | $883M | $425M | $652M | $871M |
| P/E Ratio → | 51.80 | 48.44 | 21.79 | — | 6.86 | 58.10 | — | — | — | — | — |
| P/S Ratio | 2.78 | 2.61 | 2.30 | 2.50 | 1.89 | 2.62 | 1.85 | 1.66 | 0.64 | 1.35 | 3.45 |
| P/B Ratio | 2.09 | 1.96 | 2.14 | 2.48 | 2.11 | 3.49 | 2.06 | 1.86 | 0.80 | 0.78 | 1.93 |
| P/FCF | 40.38 | 37.89 | 36.12 | 49.44 | 14.53 | 56.36 | 23.18 | — | — | 66.44 | — |
| P/OCF | 28.92 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
Veeco Instruments Inc.'s enterprise value stands at 49.9x EBITDA, 104% above its 5-year average of 24.4x. The Technology sector median is 15.7x, placing the stock at a 217% 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 | 49.94 | 47.01 | 19.75 | 19.18 | 16.01 | 20.23 | 19.55 | — | — | — | — |
| EV / EBIT | 54.33 | 51.14 | 22.78 | — | 22.01 | 29.52 | 63.99 | — | — | — | — |
| EV / FCF | — | 39.96 | 39.81 | 53.94 | 16.40 | 61.78 | 28.76 | — | — | 66.02 | — |
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.
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
Veeco Instruments Inc. carries a Debt/EBITDA ratio of 6.6x, which is highly leveraged (124% above the sector average of 3.0x). Net debt stands at $94M ($258M total debt minus $163M cash). Interest coverage of 3.9x 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 | 3.91 | 3.91 | 6.06 | 5.94 | 5.24 | 2.00 | 0.91 | -1.79 | -19.31 | -3.28 | -542.35 |
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 |
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 1.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.9% | 2.1% | 4.6% | — | 14.6% | 1.7% | — | — | — | — | — |
| FCF Yield | 2.5% | 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 |
Compare VECO with 6 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| VECOYou | $2B | 51.8 | 49.9 | 40.4 | 40.0% | 5.4% | 4.3% | 2.8% | 6.6 |
| ASML | $563B | 51.8 | 39.5 | 44.8 | 52.8% | 34.6% | 48.5% | 80.9% | 0.2 |
| AMAT | $295B | 43.0 | 35.1 | 51.8 | 48.7% | 29.2% | 35.5% | 33.3% | 0.8 |
| LRCX | $293B | 56.4 | 46.3 | 54.1 | 48.7% | 32.0% | 58.2% | 55.7% | 0.8 |
| ACMR | $3B | 36.4 | 19.3 | 47.6 | 50.1% | 19.3% | 10.2% | 13.2% | 1.2 |
| ACLS | $3B | 21.7 | 18.8 | 25.0 | 44.9% | 14.2% | 11.7% | 9.6% | 0.3 |
| ASYS | $188M | -6.2 | — | 27.1 | 34.0% | -5.8% | -44.7% | -4.8% | — |
| Technology Median | — | 25.2 | 15.7 | 17.3 | 49.8% | -0.9% | 1.1% | 2.9% | 3.0 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonVeeco Instruments Inc.'s current P/E ratio is 51.8x. The historical average is 35.9x. This places it at the 77th percentile of its historical range.
Veeco Instruments Inc.'s current EV/EBITDA is 49.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.7x.
Veeco Instruments Inc.'s return on equity (ROE) is 4.3%. The historical average is -1.2%.
Based on historical data, Veeco Instruments Inc. is trading at a P/E of 51.8x. This is at the 77th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Veeco Instruments Inc. has 40.0% gross margin and 5.4% operating margin.
Veeco Instruments Inc.'s Debt/EBITDA ratio is 6.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.