Veeco Instruments Inc. (VECO) Stock Analysis
Technology · Semiconductor Equipment & Materials · NasdaqGS
Veeco Instruments Inc. (VECO) posted $664.29M in revenue for fiscal 2025 (down 7.4% year over year), at a 5.3% net margin, and has compounded revenue about 7.9%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Veeco Instruments Inc.
Veeco Instruments Inc. has grown revenue from $332.45M to $664.29M over the last 10 fiscal years, compounding about 7.9% a year. The most recent year was down 7.4%, so growth has cooled from its longer-run pace.
Net margin sits at 5.3%, down 5 points year over year on a 40% gross margin. It carries about $226.01M of total debt.
At today's valuation the market is pricing in roughly 26% annual free-cash-flow growth — versus the 8% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is receivables growing faster than sales.
Synthesised from Veeco Instruments Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Veeco Instruments Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $332.45M | $484.76M | $542.08M | $419.35M | $454.16M | $583.28M | $646.14M | $666.43M | $717.30M | $664.29M |
| Gross profit | $133.10M | $176.23M | $193.72M | $158.19M | $194.30M | $242.27M | $263.15M | $285.06M | $304.00M | $265.41M |
| Net income | $-122.03M | $-51.40M | $-407.09M | $-78.73M | $-8.39M | $26.04M | $166.94M | $-30.37M | $73.71M | $35.39M |
| Net margin | -36.7% | -10.6% | -75.1% | -18.8% | -1.8% | 4.5% | 25.8% | -4.6% | 10.3% | 5.3% |
Source: Veeco Instruments Inc. SEC filings (10-K). 17 years of history available in the interactive view.
Veeco Instruments Inc.: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Receivables growing faster than salesAccounts receivable rose 14.3% while revenue rose -7.4% in the latest year — a gap that can signal looser credit terms or pulled-forward sales. Worth checking days-sales-outstanding.
- Share count rising (dilution)Shares outstanding grew 19.2% over 4 years (50.7M → 60.4M) — existing holders' stakes are being diluted.
- Net margin shrinkingNet margin fell from 25.8% to 5.3% over ~3 years — profitability is compressing.
What growth is priced into VECO stock?
At today's market cap of $4.04B, Veeco Instruments Inc. is priced for free-cash-flow growth of about 26% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $53.29M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 8%/yr over the last five fiscal years and revenue 7.9%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of Veeco Instruments Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Veeco Instruments Inc. financial history by metric
Compare Veeco Instruments Inc. with peers
About Veeco Instruments Inc.
Veeco Instruments Inc., together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. It offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, advanced packaging lithography, atomic layer deposition, and other deposition systems. The company's 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, it markets and sells its products to integrated device manufacturers and foundries; outsourced semiconductor assembly and test companies; and hard disk drive and photonics manufacturers, as well as research centers and universities. Veeco Instruments Inc. was founded in 1945 and is headquartered in Plainview, New York.
Veeco Instruments Inc. — frequently asked questions
What is Veeco Instruments Inc.'s revenue?
Veeco Instruments Inc. (VECO) reported revenue of $664.29M for fiscal year 2025, down 7.4% from the prior year, according to its SEC filings.
Is Veeco Instruments Inc. profitable?
Yes. VECO earned net income of $35.39M in fiscal 2025, a net margin of 5.3%.
What is VECO's P/E ratio?
Veeco Instruments Inc. trades at a price-to-earnings ratio of about 174.0 based on the latest data in our nightly-refreshed cache.
How fast is Veeco Instruments Inc. growing?
VECO's revenue grew at roughly 7.9% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Veeco Instruments Inc. have?
As of fiscal year 2025, VECO carried roughly $226.01M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Veeco Instruments Inc.'s gross margin?
VECO's gross margin was 40.0% in fiscal 2025 — gross profit of $265.41M on revenue of $664.29M.
What is Veeco Instruments Inc.'s market cap?
Veeco Instruments Inc. (VECO) has a market capitalization of about $4.04B, based on the latest data in our nightly-refreshed cache.
When does Veeco Instruments Inc.'s fiscal year end?
VECO's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into VECO stock?
At today's market cap of $4.04B, Veeco Instruments Inc. is priced for free-cash-flow growth of about 26% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $53.29M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 8%/yr over the last five fiscal years and revenue 7.9%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Veeco Instruments Inc.'s official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.