Veeco Instruments Inc. (VECO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.28	$0.33	+17.9%	—	—	—
Q1 26	$0.23	$0.14	-39.1%	—	$158.3M	—
Q4 25	$0.26	$0.24	-7.7%	—	$165M	—
Q3 25	$0.28	$0.36	+28.6%	—	$165.9M	—
Q2 25	$0.23	$0.36	+56.5%	—	$166.1M	—
Q1 25	$0.32	$0.37	+15.6%	—	$167.3M	—
Q4 24	$0.4	$0.41	+2.5%	—	$182.1M	—
Q3 24	$0.45	$0.46	+2.2%	—	$184.8M	—
Q2 24	$0.43	$0.42	-2.3%	—	$175.9M	—
Q1 24	$0.41	$0.45	+9.8%	—	$174.5M	—
Q4 23	$0.42	$0.51	+21.4%	—	$173.9M	—
Q3 23	$0.37	$0.53	+43.2%	—	$177.4M	—
Q2 23	$0.3	$0.36	+20.0%	—	$161.6M	—
Q1 23	$0.2	$0.3	+50.0%	—	$153.5M	—
Q4 22	$0.32	$0.38	+18.8%	—	$153.8M	—
Q3 22	$0.41	$0.45	+9.8%	—	$171.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.6	—	—	$664.3M	—
FY24	—	$1.31	—	—	$717.3M	—
FY23	—	-$0.56	—	—	$666.4M	—
FY22	—	$3.35	—	—	$646.1M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$331.7M	$475.7M	$542.1M	$419.3M	$454.2M	$583.3M	$646.1M	$666.4M	$717.3M	$664.3M
YoY change	-30.5%	+43.4%	+14%	-22.6%	+8.3%	+28.4%	+10.8%	+3.14%	+7.63%	-7.39%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	331.7M	475.7M	542.1M	419.3M	454.2M	583.3M	646.1M	666.4M	717.3M	664.3M
Cost of revenue	198.6M	299.5M	348.4M	261.2M	259.9M	341M	383M	381.4M	413.3M	398.9M
Gross profit	133.1M	176.2M	193.7M	158.2M	194.3M	242.3M	263.1M	285.1M	304M	265.4M
Gross margin	40.1%	37%	35.7%	37.7%	42.8%	41.5%	40.7%	42.8%	42.4%	40%
Research & development	81M	82M	97.8M	90.6M	79M	88.7M	103.6M	112.9M	124.5M	119.6M
Selling, general & administrative	77.6M	100.3M	92.1M	79.7M	76.3M	84.5M	89M	92.8M	99.7M	98.9M
Operating expenses	158.7M	181.8M	190.2M	170.3M	155M	173.3M	192.8M	206.6M	201.9M	217.7M
Operating income	-44.8M	-41.1M	-28.8M	-29.2M	23.9M	56.7M	60.3M	69.9M	95.1M	44.6M
Operating margin	-13.5%	-8.64%	-5.32%	-6.95%	5.27%	9.72%	9.33%	10.5%	13.3%	6.72%
Non-operating income, net	-75.4M	-30.8M	-386.7M	-31.4M	-9.2M	-5M	—	-97.1M	-28.1M	-9.6M
Pretax income	-119.2M	-89M	-433.8M	-78M	-8.5M	25.7M	51M	-28.3M	68.8M	39.4M
Income tax	2.8M	-37.6M	-26.7M	777K	-73K	-358K	-116M	2M	-4.9M	4M
Net income	-122M	-51.4M	-407.1M	-78.7M	-8.4M	26M	166.9M	-30.4M	73.7M	35.4M
Net margin	-36.8%	-10.8%	-75.1%	-18.8%	-1.85%	4.46%	25.8%	-4.56%	10.3%	5.33%
EBITDA	-11.2M	11.3M	24.4M	-11M	48.4M	80.1M	88.1M	8.4M	133.2M	77.5M
EPS	-3.11	-1.01	-8.63	-1.66	-0.17	0.53	3.35	-0.56	1.31	0.6
Diluted EPS	-3.11	-1.01	-8.63	-1.66	-0.17	0.49	2.71	-0.56	1.23	0.59

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Revenue	161.6M	177.4M	173.9M	174.5M	175.9M	184.8M	182.1M	167.3M	166.1M	165.9M	165M	158.3M
Cost of revenue	94.1M	100.5M	95.3M	99.1M	100.5M	105.6M	108.1M	98.8M	97.4M	98.2M	104.5M	102.5M
Gross profit	67.5M	76.9M	78.7M	75.4M	75.4M	79.2M	74M	68.5M	68.7M	67.7M	60.5M	55.8M
Gross margin	41.8%	43.3%	45.2%	43.2%	42.9%	42.9%	40.6%	40.9%	41.4%	40.8%	36.7%	35.3%
Research & development	27.4M	28.8M	29.1M	29.6M	31.7M	32.2M	31M	28.5M	31.6M	29M	30.6M	29.9M
Selling, general & administrative	23.8M	22.8M	23.5M	24.7M	24.6M	25.3M	25.1M	25M	23.9M	27.3M	22.7M	26M
Operating expenses	51.7M	52.5M	52.3M	51.5M	56.8M	53.2M	40.4M	53.5M	55.5M	56.4M	52.2M	55.8M
Operating income	13.7M	22.3M	24.2M	22M	16.7M	24.3M	32M	14.1M	12.4M	10.6M	7.5M	-646K
Operating margin	8.47%	12.6%	13.9%	12.6%	9.51%	13.2%	17.6%	8.46%	7.45%	6.36%	4.57%	-0.41%
Non-operating income, net	-97.1M	—	0	—	—	—	—	—	-653K	—	-8.9M	-2M
Pretax income	-84M	22.5M	24.2M	22.8M	17.1M	24.7M	4.4M	15M	12.6M	11.9M	-94K	-1.5M
Income tax	1.3M	-2.1M	2.5M	896K	2.1M	2.7M	-10.6M	3M	889K	1.3M	-1.2M	-1.2M
Net income	-85.3M	24.6M	21.6M	21.9M	14.9M	22M	15M	11.9M	11.7M	10.6M	1.1M	-324K
Net margin	-52.8%	13.9%	12.4%	12.5%	8.5%	11.9%	8.22%	7.14%	7.06%	6.39%	0.68%	-0.2%
EBITDA	-74.8M	31.5M	33.6M	31.8M	26.4M	33.7M	13.1M	22.5M	20M	18.9M	7.1M	7.7M
EPS	-1.61	0.44	0.39	0.39	0.27	0.39	0.26	0.21	0.2	0.18	0.02	-0.01
Diluted EPS	-1.61	0.42	0.37	0.37	0.25	0.36	0.26	0.2	0.2	0.17	0.02	-0.01

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.1B	—	349.4M	697.5M	839.6M	1.4B	927.3M	1.7B	1.5B	1.7B	3B
Enterprise value	803.7M	—	376.3M	767.5M	851.7M	1.4B	936.4M	1.7B	1.5B	1.6B	2.9B
Shares outstanding	39.3M	44.2M	47.2M	47.5M	48.4M	49.1M	49.9M	53.8M	56.4M	59.3M	59.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	53.7	5.55	—	20.5	47.9	130.7
P/S	3.46	—	0.64	1.66	1.85	2.4	1.44	2.5	2.11	2.55	4.44
P/B	1.93	—	0.8	1.86	2.06	3.19	1.6	2.48	1.96	1.91	3.36
EV/EBITDA	-71.9	—	15.4	-69.5	17.6	18	10.6	199.3	11.1	20.2	58.2
EV/Sales	2.42	—	0.69	1.83	1.88	2.47	1.45	2.51	2.07	2.36	4.2
Earnings yield	—	—	—	—	—	1.86%	18%	—	4.87%	2.09%	0.77%
FCF yield	-3.08%	—	-14.4%	-2.62%	4.31%	1.94%	9.05%	2.02%	3.02%	3.14%	2.4%
PEG	—	—	—	—	—	—	—	—	—	—	-1.25

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	40.1%	37%	35.7%	37.7%	42.8%	41.5%	40.7%	42.8%	42.4%	40%	35.3%
Operating margin	-13.5%	-8.64%	-5.32%	-6.95%	5.27%	9.72%	9.33%	10.5%	13.3%	6.72%	6.68%
Net margin	-36.8%	-10.8%	-75.1%	-18.8%	-1.85%	4.46%	25.8%	-4.56%	10.3%	5.33%	3.4%
ROE	-20.5%	-6.12%	-93%	-21%	-2.05%	5.95%	28.9%	-4.52%	9.56%	4%	2.64%
ROA	-16.1%	-3.7%	-45.2%	-9.62%	-0.93%	2.9%	14.8%	-2.47%	5.89%	2.67%	1.37%
ROIC	-17.8%	-5.21%	-6.2%	-6.56%	5.69%	11.8%	10.3%	10.3%	12.8%	5.29%	3.91%
Return on tangible assets	-29.6%	-153.3%	-112.5%	-23.8%	-1.9%	5.57%	23.3%	-4.27%	9.17%	4%	2.53%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	3.49	2.66	3.25	4.03	4	2.9	2.59	3.24	3.98	4.75	3.93
Quick ratio	2.96	2.13	2.27	2.9	3.01	2	1.79	2.15	2.69	3.2	2.86
Debt / equity	0	0.33	0.66	0.84	0.81	0.61	0.54	0.46	0.41	0.3	0.29
Debt / assets	0	0.2	0.32	0.38	0.37	0.3	0.28	0.25	0.25	0.2	0.19
Net debt / EBITDA	30.7	-4.58	1.11	-6.34	0.25	0.53	0.1	0.6	-0.23	-1.66	-2.27
Interest coverage	-536	-3.57	-19.2	-2.53	0.66	1.91	5.43	-1.41	7.23	5.31	3.63
Effective tax rate	0%	0%	0%	0%	0%	0%	0%	0%	0%	10.1%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.43	10.8	11.5	8.83	9.39	11.9	12.9	12.4	12.7	11.2	11.3
EPS (basic)	-3.11	-1.01	-8.63	-1.66	-0.17	0.53	3.35	-0.56	1.31	0.6	0.6
EPS (diluted)	-3.11	-1.01	-8.63	-1.66	-0.17	0.49	2.71	-0.56	1.23	0.59	0.38
Book value per share	15.1	19	9.28	7.89	8.44	8.92	11.6	12.5	13.7	14.9	14.8
FCF per share	-0.9	0.24	-1.07	-0.39	0.75	0.55	1.68	0.63	0.81	0.9	0.71
Cash per share	8.75	7.41	5.52	5.15	6.6	4.56	6.06	5.68	6.1	6.58	7.02
Capex per share	0.24	—	—	—	—	—	—	—	—	0.27	0.24

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.87%	—	—	—	—	—	—	—	—	2.44%	2.22%
Capex / operating cash flow	-12.6%	—	—	—	—	—	—	—	—	23.3%	25.3%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Yield

—

trailing twelve months

Frequency

Weekly

Last dividend

$0.00

ex-dividend Jun 11, 2014

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 11, 2014	$0.00
Jun 5, 2014	$0.00
May 20, 2014	$0.00
May 16, 2014	$0.00
Apr 2, 2014	$0.00

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Revenue	$161.6M	$177.4M	$173.9M	$174.5M	$175.9M	$184.8M	$182.1M	$167.3M	$166.1M	$165.9M	$165M	$158.3M
YoY change	-1.44%	+3.17%	+13.1%	+13.7%	+8.81%	+4.2%	+4.72%	-4.12%	-5.56%	-10.2%	-9.4%	-5.35%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	344.2M	327.5M	260.5M	244.5M	319.4M	223.9M	302.4M	305.4M	344.3M	390.2M
Receivables	58M	98.9M	66.8M	45.7M	80M	109.6M	124.2M	103M	96.8M	110.7M
Inventory	77.1M	120.3M	156.3M	133.1M	145.9M	170.9M	206.9M	237.6M	246.7M	275.3M
Total current assets	501.5M	597.1M	520.1M	475.9M	586.9M	549.4M	668.9M	706.3M	764.5M	845.3M
Property, plant & equipment	9.8M	30.6M	19.2M	28.3M	12.7M	64.6M	69.5M	81.2M	78.8M	71.5M
Goodwill & intangibles	346.6M	1.4B	538.9M	486.9M	456.3M	431.7M	411.7M	517.8M	447.6M	441.3M
Total assets	758.5M	1.4B	900.8M	818.1M	898.1M	899M	1.1B	1.2B	1.3B	1.3B
Accounts payable	22.6M	50.3M	39.6M	21.3M	33.7M	44.5M	52M	42.4M	43.5M	55.3M
Short-term debt	368K	—	—	4.2M	4.1M	4.4M	23.5M	4M	30.3M	4.2M
Total current liabilities	143.5M	224.3M	160.1M	118.2M	146.7M	189.2M	257.9M	218M	192.3M	178.1M
Long-term debt	826K	275.6M	287.4M	310.4M	327.4M	262.3M	288.1M	306.5M	284M	257.8M
Total liabilities	163.9M	547.4M	463M	443.6M	489.7M	461.3M	550.4M	556.6M	480.8M	440.3M
Shareholders' equity	594.6M	840.1M	437.8M	374.5M	408.4M	437.6M	577.8M	672.4M	770.8M	885.5M
Total debt	1.2M	275.6M	287.4M	314.6M	331.6M	266.7M	311.6M	310.5M	314.3M	262M
Net debt	-276.3M	-4.1M	75.1M	185.3M	201.9M	147M	156.6M	151.7M	168.7M	98.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Cash & short-term investments	286.4M	286.5M	305.4M	296.9M	304.9M	320.8M	344.3M	353.3M	354.8M	369.3M	390.2M	383.3M
Receivables	130.1M	122.4M	103M	106.5M	92.4M	132.3M	96.8M	114.4M	106.5M	116.5M	110.7M	150.5M
Inventory	244.5M	252.1M	237.6M	243.3M	245.1M	242.1M	246.7M	254.1M	259M	263.3M	275.3M	282.2M
Total current assets	709.2M	720.8M	706.3M	715.9M	718.2M	761M	764.5M	794.8M	791.9M	810.3M	845.3M	873.4M
Property, plant & equipment	73.5M	82.1M	81.2M	77.7M	79.4M	77.9M	78.8M	78.3M	75.4M	72.8M	71.5M	70.1M
Goodwill & intangibles	526.3M	522.1M	517.8M	514M	510.4M	507M	447.6M	445.9M	444.3M	442.8M	441.3M	439.9M
Total assets	1.2B	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.4B
Accounts payable	63.2M	63M	42.4M	54M	46.9M	50M	43.5M	57.8M	49.5M	43.6M	55.3M	60.2M
Short-term debt	3.6M	3.8M	4M	30.4M	30.1M	30.1M	30.3M	3.8M	3.9M	4.1M	4.2M	4.1M
Total current liabilities	282.3M	267.8M	218M	234.4M	204M	215.2M	192.3M	178.9M	155.2M	151.2M	178.1M	206.7M
Long-term debt	307.2M	306.8M	306.5M	279.8M	284M	283.8M	284M	283.6M	258.9M	258.4M	257.8M	257.4M
Total liabilities	615.8M	601.8M	556.6M	545.8M	520.1M	526.4M	480.8M	467M	418.5M	413.9M	440.3M	469.3M
Shareholders' equity	612.6M	644.5M	672.4M	687.9M	715M	746.5M	770.8M	811.9M	856.2M	876M	885.5M	883.7M
Total debt	310.8M	310.6M	310.5M	310.1M	314.1M	313.9M	314.3M	287.5M	262.8M	262.4M	262M	261.5M
Net debt	130.3M	154.2M	151.7M	136.1M	140M	150.7M	168.7M	112.6M	73.9M	69.2M	98.5M	82M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-122M	-51.4M	-407.1M	-78.7M	-8.4M	26M	166.9M	-30.4M	73.7M	35.4M
Depreciation & amortization	32.6M	50.1M	50M	34.4M	30.7M	26.1M	25.6M	25M	25.1M	20M
Stock-based compensation	15.7M	24.4M	16.1M	15.3M	12.7M	15.2M	23M	28.6M	35.9M	37M
Change in working capital	-2.7M	34.5M	-47.6M	2.7M	-27.1M	-45.6M	15.4M	-33.6M	-65.7M	-27.4M
Operating cash flow	-75.4M	32.7M	-404.5M	-13.4M	21.4M	34.9M	113.9M	-10.9M	40.4M	69.5M
Capital expenditure	9.5M	—	—	—	—	—	—	—	—	-16.2M
Investing cash flow	67.7M	-333.6M	-5.6M	-65M	-65M	85.2M	-44.3M	-25.4M	-46.4M	-41.5M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-13.3M	-2.9M	-11.5M	0	0	—	—	—	—	—
Financing cash flow	-16.3M	322.9M	-14.5M	-3M	26.2M	-241M	-8.2M	-9.3M	-17.9M	-15.2M
Net change in cash	-23.9M	22M	-424.6M	-81.3M	-17.4M	-121M	61.4M	-45.6M	-23.9M	12.8M
Free cash flow	-35.3M	10.7M	-50.4M	-18.3M	36.2M	27.1M	83.9M	33.7M	45.7M	53.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Net income	-85.3M	24.6M	21.6M	21.9M	14.9M	22M	15M	11.9M	11.7M	10.6M	1.1M	-324K
Depreciation & amortization	6.2M	6.2M	6.3M	6.4M	6.6M	6.2M	6M	5M	5.1M	4.9M	5M	5M
Stock-based compensation	7.9M	7.4M	6.2M	8.1M	9.2M	9.5M	9.1M	9.2M	9.7M	9.1M	9M	8.5M
Change in working capital	-9M	-26.1M	18.6M	-43.8M	-7.7M	-27.7M	13.5M	-27.5M	427K	-9.2M	8.8M	-16.1M
Operating cash flow	-79.3M	10.8M	52.4M	-8.7M	24.7M	7.5M	16.8M	552K	9M	15.5M	24.9M	7.9M
Capital expenditure	—	—	—	—	—	—	—	—	-3.6M	-2.6M	-3.3M	-5.1M
Investing cash flow	7M	-23.2M	-15.5M	26.7M	-7M	-25.6M	-40.5M	21.3M	9.5M	-12.1M	-53.4M	17.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-199.1M	-2.7M	-2M	-16.2M	-248K	-287K	-1.2M	-6.7M	-957K	-111K	-2.2M	-11M
Net change in cash	-271.4M	-15.1M	35M	1.9M	17.4M	-18.4M	-24.9M	15.2M	17.6M	3.3M	-30.7M	14.6M
Free cash flow	7.3M	659K	18.8M	3.4M	5.5M	13.6M	23.2M	13.2M	5.4M	13M	21.7M	2.8M

Veeco Instruments Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement