Veeco Instruments (VECO) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Veeco Instruments

NasdaqGS•Technology•Semiconductor Equipment & Materials

$41.04+0.16(<0.01%)Pre-market

Market Cap

$2.61B

P/E

112.2x

P/S

3.8x

P/B

2.9x

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.

How this company scores

AverageMetricSide Score: 52/100

Strongest: Cash & Earnings Quality (25/25); weakest: Growth (2/25).

Profitability7/25

Growth2/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowLow leverageCash-backed earningsConsistent free cash flow

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 112.2x5y range 5.6x – 112.2x

Currently above its 18-quarter median.

P/S · 3.8x5y range 1.4x – 3.8x

Currently above its 20-quarter median.

P/B · 2.9x5y range 1.4x – 3.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 68.0% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $2.61B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $682.72M
Q. Revenue: $193.48M
TTM EBITDA: $48.21M
TTM Op. Income: $18.38M
Q. Op. Income: $11.85M
TTM Net Income: $23.24M
Q. Net Income: $11.86M
EPS: $0.19
Shares Out.: $61.06M

$682.72M in TTM revenue declined 2.5% YoY, reaching $193.48M last quarter. TTM EBITDA of $48.21M and TTM operating income of $18.38M show growth is flowing through to the bottom line. TTM net income of $23.24M means revenue is converting into profit. Over the past year, TTM revenue is down 3% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 38.7%
EBITDA Margin: 8.7%
Op. Margin: 6.1%
Net Margin: 6.1%

Op. margin of 6.1% is down 1.3% YoY — costs are rising relative to revenue. Net margin at 6.1% and gross margin of 38.7% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 18% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 112.2x
P/S Ratio: 3.8x
P/B Ratio: 2.9x

At 112.2x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 3.8x and P/B of 2.9x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Across the last 8 quarters, P/E has risen for 5 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $1.41B
Cash: $214.46M
Long-Term Debt: $226.54M
Book Value: $902.78M
D/E Ratio: 0.3
Debt/EBITDA: 13.5

With $1.41B in assets and $226.54M in long-term debt, D/E is 0.3and book value is $902.78M — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 5% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $51.43M
TTM Free Cash Flow: $85.17M
FCF Margin: 12.5%
FCF / Net Income: 3.7

TTM FCF of $85.17M on $51.43M in operating cash flow. The FCF / Net Income ratio of 3.7x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 53% — an improving trend.