NASDAQ : VECO
Veeco Instruments Inc. — Financial statements
Technology · Semiconductor Equipment & Materials · United States
Last price 42.8 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.62B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Veeco Instruments Inc. (VECO) reported revenue of 682.72M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 682.72M | 664.29M | 717.30M | 666.43M | 646.14M | 583.28M |
| Cost of Revenue | 424.25M | 398.88M | 413.30M | 381.38M | 382.99M | 341.00M |
| Gross Profit | 258.48M | 265.41M | 304.00M | 285.06M | 263.15M | 242.27M |
| Selling, General & Admin | 103.60M | 98.91M | 99.66M | 92.76M | 88.95M | 84.54M |
| Research & Development | 122.78M | 119.64M | 124.51M | 112.85M | 103.56M | 88.68M |
| Amortization of Goodwill & Intangibles | 2.81M | 3.14M | 6.98M | 8.48M | 10.02M | 12.28M |
| Other Operating Expenses | -155.00K | 36.00K | -1.02M | 1.03M | 317.00K | 68.00K |
| Operating Expenses | 229.03M | 221.72M | 230.13M | 215.12M | 202.85M | 185.56M |
| Operating Income | 29.44M | 43.69M | 73.87M | 69.94M | 60.30M | 56.71M |
| Interest Expense | -8.60M | -9.14M | -11.04M | -11.77M | -11.51M | -28.36M |
| Interest & Investment Income | 13.54M | 13.47M | 12.90M | 10.58M | 2.20M | 2.34M |
| Other Non Operating Income (Expenses) | -1.00K | |||||
| EBT Excluding Unusual Items | 34.38M | 48.02M | 75.72M | 68.75M | 50.98M | 30.69M |
| Merger & Restructuring Charges | -12.38M | -8.91M | ||||
| Gain (Loss) on Sale of Investments | -980.00K | |||||
| Asset Writedown | -28.13M | |||||
| Other Unusual Items | 1.32M | 272.00K | 21.24M | -97.09M | -4.03M | |
| Pretax Income | 23.32M | 39.39M | 68.83M | -28.34M | 50.98M | 25.68M |
| Income Tax Expense | 79.00K | 4.00M | -4.88M | 2.03M | -115.96M | -358.00K |
| Net Income | 23.24M | 35.39M | 73.71M | -30.37M | 166.94M | 26.04M |
| Net Income to Common | 23.24M | 35.39M | 73.71M | -30.37M | 166.94M | 26.04M |
| Shares Outstanding (Basic) | 60.47M | 59.30M | 56.43M | 53.77M | 49.91M | 49.07M |
| Shares Outstanding (Diluted) | 63.03M | 60.59M | 61.60M | 53.77M | 65.61M | 53.64M |
| EPS (Basic) | 0.38 | 0.60 | 1.31 | -0.56 | 3.35 | 0.53 |
| EPS (Diluted) | 0.37 | 0.59 | 1.23 | -0.56 | 2.71 | 0.49 |
| Free Cash Flow | 85.17M | 53.29M | 45.70M | 33.74M | 83.88M | 27.10M |
| Free Cash Flow Per Share | 1.35 | 0.88 | 0.74 | 0.63 | 1.28 | 0.51 |
| Gross Margin | 37.86% | 39.95% | 42.38% | 42.77% | 40.73% | 41.54% |
| Operating Margin | 4.31% | 6.58% | 10.30% | 10.50% | 9.33% | 9.72% |
| Profit Margin | 3.40% | 5.33% | 10.28% | -4.56% | 25.84% | 4.46% |
| Free Cash Flow Margin | 12.47% | 8.02% | 6.37% | 5.06% | 12.98% | 4.65% |
| EBITDA | 49.27M | 63.71M | 99.01M | 94.91M | 85.94M | 82.77M |
| EBITDA Margin | 7.22% | 9.59% | 13.80% | 14.24% | 13.30% | 14.19% |
| D&A For EBITDA | 19.82M | 20.02M | 25.14M | 24.97M | 25.64M | 26.06M |
| EBIT | 29.44M | 43.69M | 73.87M | 69.94M | 60.30M | 56.71M |
| EBIT Margin | 4.31% | 6.58% | 10.30% | 10.50% | 9.33% | 9.72% |
| Effective Tax Rate | 0.34% | 10.15% | ||||
| Advertising Expenses | 400.00K | 400.00K | 400.00K | 300.00K | 300.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 214.46M | 163.47M | 145.59M | 158.78M | 154.93M | 119.75M |
| Short-Term Investments | 214.94M | 226.76M | 198.72M | 146.66M | 147.49M | 104.18M |
| Cash & Short-Term Investments | 429.40M | 390.23M | 344.31M | 305.44M | 302.41M | 223.93M |
| Receivables | 171.80M | 145.52M | 133.94M | 127.39M | 140.73M | 127.90M |
| Inventory | 292.50M | 275.30M | 246.74M | 237.63M | 206.91M | 170.86M |
| Prepaid Expenses | 21.48M | 24.49M | 20.62M | 16.07M | 8.90M | 22.07M |
| Restricted Cash | 224.00K | 339.00K | 547.00K | 725.00K | ||
| Other Current Assets | 15.10M | 9.80M | 18.70M | 19.40M | 9.40M | 3.90M |
| Total Current Assets | 930.27M | 845.34M | 764.53M | 706.28M | 668.90M | 549.39M |
| Property, Plant & Equipment | 133.90M | 133.25M | 140.29M | 142.84M | 133.75M | 128.56M |
| Long-Term Investments | 2.00M | |||||
| Goodwill | 214.96M | 214.96M | 214.96M | 214.96M | 181.94M | 181.94M |
| Other Intangible Assets | 4.38M | 5.70M | 8.83M | 43.95M | 23.89M | 33.91M |
| Long-Term Deferred Tax Assets | 124.05M | 122.94M | 120.19M | 117.90M | 116.35M | 1.64M |
| Other Long-Term Assets | 6.90M | 3.61M | 2.77M | 3.12M | 3.35M | 1.55M |
| Total Assets | 1.41B | 1.33B | 1.25B | 1.23B | 1.13B | 898.98M |
| Accounts Payable | 57.48M | 55.34M | 43.52M | 42.38M | 52.05M | 44.46M |
| Accrued Expenses | 29.49M | 24.73M | 35.10M | 33.13M | 37.03M | 44.83M |
| Current Portion of Long-Term Debt | 26.50M | 20.17M | ||||
| Current Portion of Leases | 4.17M | 4.16M | 3.76M | 4.03M | 3.33M | 4.44M |
| Current Income Taxes Payable | 1.72M | 3.05M | 2.09M | 2.43M | 1.86M | |
| Current Unearned Revenue | 123.68M | 74.16M | 64.99M | 118.03M | 127.22M | 63.14M |
| Other Current Liabilities | 20.42M | 16.61M | 16.33M | 20.47M | 15.67M | 30.49M |
| Total Current Liabilities | 236.97M | 178.06M | 192.28M | 218.03M | 257.90M | 189.20M |
| Long-Term Debt | 226.54M | 226.01M | 249.70M | 274.94M | 254.49M | 229.44M |
| Long-Term Leases | 30.47M | 31.84M | 34.32M | 31.53M | 33.58M | 32.83M |
| Long-Term Deferred Tax Liabilities | 492.00K | 532.00K | 689.00K | 6.55M | 1.28M | 4.79M |
| Other Long-Term Liabilities | 17.21M | 3.85M | 3.82M | 25.54M | 3.10M | 5.08M |
| Total Liabilities | 511.68M | 440.29M | 480.81M | 556.60M | 550.36M | 461.35M |
| Common Stock | 611.00K | 604.00K | 569.00K | 564.00K | 517.00K | 507.00K |
| Additional Paid-In Capital | 1.31B | 1.31B | 1.23B | 1.20B | 1.08B | 1.12B |
| Retained Earnings | -411.53M | -423.06M | -458.45M | -532.17M | -501.80M | -681.28M |
| Comprehensive Income & Other | 1.21M | 1.79M | 1.52M | 1.61M | 928.00K | 1.48M |
| Shareholders' Equity | 902.78M | 885.51M | 770.77M | 672.44M | 577.82M | 437.63M |
| Total Liabilities & Equity | 1.41B | 1.33B | 1.25B | 1.23B | 1.13B | 898.98M |
| Total Debt | 261.19M | 262.01M | 314.27M | 310.50M | 311.57M | 266.71M |
| Net Cash (Debt) | 168.21M | 128.22M | 30.04M | -5.05M | -9.16M | -42.78M |
| Net Cash Per Share | 2.67 | 2.12 | 0.49 | -0.09 | -0.14 | -0.80 |
| Filing Date Shares Outstanding | 61.13M | 60.39M | 57.94M | 56.37M | 51.66M | 50.65M |
| Total Common Shares Outstanding | 61.13M | 60.39M | 56.83M | 56.36M | 51.66M | 50.65M |
| Working Capital | 693.30M | 667.28M | 572.25M | 488.25M | 411.00M | 360.18M |
| Book Value Per Share | 14.77 | 14.66 | 13.56 | 11.93 | 11.19 | 8.64 |
| Tangible Book Value | 683.43M | 664.85M | 546.97M | 413.53M | 371.99M | 221.78M |
| Tangible Book Value Per Share | 11.18 | 11.01 | 9.63 | 7.34 | 7.20 | 4.38 |
| Land | 5.06M | 5.06M | 5.06M | 5.06M | 5.06M | 5.06M |
| Buildings | 61.96M | 61.75M | 61.50M | 61.68M | 64.20M | 63.95M |
| Machinery | 208.25M | 198.90M | 190.81M | 181.18M | 155.53M | 145.66M |
| Leasehold Improvements | 55.73M | 55.21M | 53.76M | 52.91M | 54.76M | 45.98M |
| Order Backlog | 554.90M | 409.60M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 23.24M | 35.39M | 73.71M | -30.37M | 166.94M | 26.04M |
| Depreciation & Amortization | 19.82M | 20.02M | 25.14M | 24.97M | 25.64M | 26.06M |
| Asset Writedown & Restructuring Costs | 28.13M | |||||
| Loss (Gain) From Sale of Investments | 404.00K | 980.00K | ||||
| Stock-Based Compensation | 35.91M | 37.05M | 35.88M | 28.56M | 22.99M | 15.25M |
| Provision & Write-off of Bad Debts | 14.00K | 316.00K | ||||
| Other Operating Activities | -4.45M | -2.79M | -28.71M | 96.70M | -117.08M | 17.20M |
| Change in Accounts Receivable | -28.81M | -11.59M | -6.55M | 13.27M | -12.83M | -26.66M |
| Change in Inventory | -41.66M | -28.56M | -8.31M | -35.16M | -37.29M | -24.80M |
| Change in Accounts Payable | 14.23M | 4.23M | -338.00K | -8.81M | -13.12M | 20.23M |
| Change in Unearned Revenue | 77.78M | 9.18M | -53.04M | -9.63M | 64.09M | -4.10M |
| Change in Income Taxes | -35.00K | 4.93M | 5.86M | -525.00K | 557.00K | 947.00K |
| Change in Other Net Operating Assets | 3.78M | 1.64M | -8.36M | -17.65M | 8.56M | 16.61M |
| Operating Cash Flow | 99.83M | 69.49M | 63.81M | 61.67M | 108.48M | 67.74M |
| Capital Expenditures | -14.66M | -16.20M | -18.11M | -27.93M | -24.60M | -40.64M |
| Sale of Property, Plant & Equipment | 2.03M | 1.73M | ||||
| Cash Acquisitions | -30.37M | |||||
| Investment in Securities | -47.81M | -25.28M | -48.47M | 4.97M | -44.28M | 83.45M |
| Investing Cash Flow | -62.48M | -41.48M | -64.55M | -53.33M | -68.88M | 44.53M |
| Long-Term Debt Issued | 223.20M | |||||
| Long-Term Debt Repaid | -5.23M | -218.99M | -115.60M | |||
| Net Debt Issued (Repaid) | -5.23M | 4.21M | -115.60M | |||
| Issuance of Common Stock | 3.32M | 4.72M | 5.30M | 4.62M | 3.70M | 3.40M |
| Repurchase of Common Stock | -15.21M | -9.07M | -16.06M | -11.01M | -8.25M | -8.99M |
| Other Financing Activities | -885.00K | -1.82M | -2.50M | -835.00K | ||
| Financing Cash Flow | -11.89M | -10.47M | -12.58M | -4.68M | -4.55M | -122.03M |
| Foreign Exchange Rate Adjustments | 10.00K | 101.00K | 10.00K | -16.00K | -53.00K | -52.00K |
| Net Cash Flow | 25.47M | 17.65M | -13.30M | 3.65M | 35.00M | -9.81M |
| Free Cash Flow | 85.17M | 53.29M | 45.70M | 33.74M | 83.88M | 27.10M |
| Free Cash Flow Margin | 12.47% | 8.02% | 6.37% | 5.06% | 12.98% | 4.65% |
| Free Cash Flow Per Share | 1.35 | 0.88 | 0.74 | 0.63 | 1.28 | 0.51 |
| Levered Free Cash Flow | 71.80M | 39.44M | 10.81M | 7.21M | 63.13M | 8.32M |
| Unlevered Free Cash Flow | 77.17M | 45.15M | 17.71M | 14.57M | 70.33M | 26.04M |
| Cash Interest Paid | 7.20M | 8.23M | 9.50M | 11.78M | 10.14M | 12.55M |
| Cash Income Tax Paid | 1.38M | 87.00K | 3.03M | 5.09M | 1.43M | -139.00K |
| Change in Working Capital | 25.29M | -20.18M | -70.74M | -58.50M | 9.98M | -17.78M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.38B | 1.72B | 1.52B | 1.75B | 955.48M | 1.44B |
| Enterprise Value | 2.21B | 1.61B | 1.51B | 1.77B | 993.99M | 1.47B |
| Last Close Price | 38.87 | 28.58 | 26.80 | 31.03 | 18.58 | 28.47 |
| PE Ratio | 104.70 | 48.59 | 20.64 | 5.72 | 55.22 | |
| Forward PE | 16.16 | 21.27 | 16.23 | 18.55 | 15.05 | 19.44 |
| PS Ratio | 3.48 | 2.59 | 2.12 | 2.62 | 1.48 | 2.46 |
| PB Ratio | 2.63 | 1.94 | 1.97 | 2.60 | 1.65 | 3.29 |
| P/TBV Ratio | 3.48 | 2.59 | 2.78 | 4.23 | 2.57 | 6.48 |
| P/FCF Ratio | 27.90 | 32.26 | 33.30 | 51.81 | 11.39 | 53.06 |
| P/OCF Ratio | 23.80 | 24.74 | 23.84 | 28.35 | 8.81 | 21.23 |
| PEG Ratio | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | |
| EV/Sales Ratio | 3.23 | 2.43 | 2.11 | 2.66 | 1.54 | 2.52 |
| EV/EBITDA Ratio | 44.81 | 25.31 | 15.30 | 18.68 | 11.57 | 17.74 |
| EV/EBIT Ratio | 74.99 | 36.91 | 20.51 | 25.34 | 16.48 | 25.90 |
| EV/FCF Ratio | 25.92 | 30.26 | 33.15 | 52.52 | 11.85 | 54.20 |
| Debt / Equity Ratio | 0.29 | 0.30 | 0.41 | 0.46 | 0.54 | 0.61 |
| Debt / EBITDA Ratio | 4.73 | 3.75 | 2.99 | 3.07 | 3.27 | 2.93 |
| Debt / FCF Ratio | 3.07 | 4.92 | 6.88 | 9.20 | 3.71 | 9.84 |
| Net Debt / Equity Ratio | -0.19 | -0.14 | -0.04 | 0.01 | 0.02 | 0.10 |
| Net Debt / EBITDA Ratio | -3.41 | -2.01 | -0.30 | 0.05 | 0.11 | 0.52 |
| Net Debt / FCF Ratio | -1.98 | -2.41 | -0.66 | 0.15 | 0.11 | 1.58 |
| Asset Turnover | 0.51 | 0.52 | 0.58 | 0.56 | 0.64 | 0.65 |
| Inventory Turnover | 1.54 | 1.53 | 1.71 | 1.72 | 2.03 | 2.15 |
| Quick Ratio | 2.54 | 3.01 | 2.49 | 1.99 | 1.72 | 1.86 |
| Current Ratio | 3.93 | 4.75 | 3.98 | 3.24 | 2.59 | 2.90 |
| Return on Equity (ROE) | 2.64% | 4.27% | 10.21% | -4.86% | 32.88% | 6.16% |
| Return on Assets (ROA) | 1.37% | 2.12% | 3.72% | 3.71% | 3.72% | 3.94% |
| Return on Invested Capital (ROIC) | 3.92% | 5.24% | 10.42% | 11.06% | 11.30% | 12.59% |
| Return on Capital Employed (ROCE) | 2.50% | 3.80% | 7.00% | 6.90% | 6.90% | 8.00% |
| Earnings Yield | 0.96% | 2.06% | 4.84% | -1.74% | 17.47% | 1.81% |
| FCF Yield | 3.58% | 3.10% | 3.00% | 1.93% | 8.78% | 1.88% |
| Buyback Yield / Dilution | -3.72% | 1.63% | -14.56% | 18.04% | -22.30% | -10.92% |