VECONasdaqSpecial Industry Machinery, NECFiscal year ends December 31
VEECO INSTRUMENTS INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$43.65+0.90 (+2.11%)
Close on Oct 19, 2026
- Market cap
- $2.92B
- P/E (TTM)
- 121.3
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
40.0%−2.8 pts over 5 years
Operating margin
5.4%+0.4 pts over 5 years
Net margin
5.3%+7.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -7.4% | +0.9% | +7.9% | +3.4% | |
| Gross profit | -12.7% | +0.3% | +6.4% | +4.1% | |
| Operating income | -46.7% | -16.0% | +9.6% | – | |
| Net income | -52.0% | -40.4% | – | – | |
| EPS, diluted | -52.0% | -39.8% | – | – | |
| Free cash flow | +16.6% | -14.0% | +8.0% | +39.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -2.1% | 4.3% | |
| Return on assets | – | -1.0% | 2.7% | |
| Current ratio | 3.49 | 4.00 | 4.75 | |
| Debt to equity | 0.00 | 0.79 | 0.26 | |
| Net debt to EBITDA | 3.16× | 3.58× | 1.12× | |
| Interest coverage | -541.3× | 0.9× | 3.9× | |
| Inventory turnover | 2.6× | 1.9× | 1.5× | |
| Capex to revenue | 3.5% | 1.5% | 2.4% | |
| Diluted shares | 39M | 48M | 61M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Veeco Instruments generated $371.21M from operations and spent $127.49M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$371.21M
Used
$127.49M
Capital expenditure$127.49M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin5.3%
×Asset turnover0.52×
×Equity multiplier1.56×
=Return on equity, FY20254.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 5.3% | 0.52× | 1.56× | 4.3% |
| FY2024 | 10.3% | 0.58× | 1.72× | 10.2% |
| FY2023 | -4.6% | 0.57× | 1.89× | -4.9% |
| FY2022 | 25.8% | 0.64× | 2.00× | 32.9% |
| FY2021 | 4.5% | 0.65× | 2.12× | 6.2% |
| FY2020 | -1.8% | 0.53× | 2.19× | -2.1% |
| FY2019 | -18.8% | 0.49× | 2.12× | -19.4% |
| FY2018 | -75.1% | 0.47× | 1.79× | -63.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$35.39M
- Cash generatingOperating cash flow above zero$69.49M
- Return on assets improvedROA up on the prior year6.0% → 2.8%
- Earnings backed by cashOperating cash flow above net income$69.49M vs $35.39M
- Less leverageLong-term debt to assets fell20.0% → 17.0%
- Better liquidityCurrent ratio rose3.98 → 4.75
- No dilutionShare count did not rise62M → 61M
- Gross margin improvedGross margin up on the prior year42.38% → 39.95%
- More efficientAsset turnover rose0.58 → 0.53