VECO

MKT CAP:$3B

Veeco Instruments Inc.

Market Cap

$3B

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$42.97+$12.43 (+40.70%)

Apr 17, 2026

Company Details

Veeco Instruments Inc., together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices worldwide. The company offers laser annealing, ion beam d...

CEO

William John Miller

IPO Date

Nov 29, 1994

Website

www.veeco.com

Key Metrics TTM

Revenue

$664M

-6.0% YoY

Net Income

$35M

EPS (Diluted)

$0.59

Free Cash Flow

$53M

Revenue / Share

$10.96

Gross Margin

40.0%

Operating Margin

5.4%

Net Margin

5.3%

FCF Margin

8.0%

P/S

4.7x

P/E

89.0x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$664M-7.4%EPS $0.59

Q4 2025

Feb 25, 2026

$165M-9.4%EPS $0.02

Q3 2025

Nov 5, 2025

$166MEPS $0.17

Q2 2025

Aug 6, 2025

$166M-5.6%EPS $0.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$153M	$64M	$18M
Q1 22	$156M	$66M	$17M
Q2 22	$164M	$64M	$13M
Q3 22	$172M	$70M	$18M
Q4 22	$154M	$63M	$13M
Q1 23	$154M	$62M	$10M
Q2 23	$162M	$68M	$14M
Q3 23	$177M	$77M	$22M
Q4 23	$174M	$79M	$24M
Q1 24	$174M	$75M	$22M
Q2 24	$176M	$75M	$17M
Q4 24	$182M	$74M	$4M
Q1 25	$167M	$68M	$14M
Q2 25	$166M	$69M	$12M
Q3 25	$166M	$67M	$11M
Q4 25	$165M	$61M	-$1M

Valuation

Quarter	P/S	P/E
Q4 21	5.4x	121.0x
Q1 22	5.2x	85.4x
Q2 22	5.1x	78.4x
Q3 22	4.9x	68.2x
Q4 22	4.9x	18.9x
Q1 23	4.9x	19.4x
Q2 23	4.9x	46.8x
Q3 23	4.9x	41.0x
Q4 23	4.7x	—
Q1 24	4.6x	—
Q2 24	4.5x	38.0x
Q4 24	4.5x	42.9x
Q1 25	4.5x	49.5x
Q2 25	4.6x	58.8x
Q3 25	4.6x	64.0x
Q4 25	4.7x	89.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$17M	$8M
Q1 22	$25M	$14M
Q2 22	$3M	-$1M
Q3 22	$47M	$41M
Q4 22	$33M	$30M
Q1 23	$14M	$7M
Q2 23	$11M	$7M
Q3 23	$7M	$659.0K
Q4 23	$29M	$19M
Q1 24	$9M	$3M
Q2 24	$8M	$6M
Q4 24	$28M	$23M
Q1 25	$20M	$13M
Q2 25	$9M	$5M
Q3 25	$16M	$13M
Q4 25	$25M	$22M

Capital Expenditures

Quarter	CapEx
Q4 21	$9M
Q1 22	$11M
Q2 22	$5M
Q3 22	$6M
Q4 22	$3M
Q1 23	$7M
Q2 23	$4M
Q3 23	$6M
Q4 23	$11M
Q1 24	$6M
Q2 24	$3M
Q4 24	$5M
Q1 25	$7M
Q2 25	$4M
Q3 25	$3M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+10.1%	+5.5%
Q1 22	+17.0%	+12.6%
Q2 22	+12.1%	+13.6%
Q3 22	+14.4%	+15.3%
Q4 22	+0.5%	+3.7%
Q1 23	-1.9%	+2.7%
Q2 23	-1.4%	-2.1%
Q3 23	+3.2%	+0.5%
Q4 23	+13.1%	+6.6%
Q1 24	+13.7%	+6.1%
Q2 24	+8.8%	+7.6%
Q4 24	+2.7%	+14.9%
Q1 25	-3.8%	+2.3%
Q2 25	-4.8%	+0.8%
Q3 25	-5.7%	-2.5%
Q4 25	-9.4%	-6.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$4M	2.3%
Q1 22	$4M	2.9%
Q2 22	$6M	3.8%
Q3 22	$6M	3.6%
Q4 22	$6M	3.9%
Q1 23	$7M	4.6%
Q2 23	$8M	4.9%
Q3 23	$7M	4.2%
Q4 23	$6M	3.6%
Q1 24	$8M	4.6%
Q2 24	$9M	5.2%
Q4 24	$9M	5.0%
Q1 25	$9M	5.5%
Q2 25	$10M	5.8%
Q3 25	$9M	5.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	$22M	$21M
Q1 22	$24M	$23M
Q2 22	$26M	$23M
Q3 22	$27M	$22M
Q4 22	$26M	$21M
Q1 23	$28M	$23M
Q2 23	$27M	$24M
Q3 23	$29M	$23M
Q4 23	$29M	$23M
Q1 24	$30M	$25M
Q2 24	$32M	$25M
Q4 24	$31M	$25M
Q1 25	$29M	$25M
Q2 25	$32M	$24M
Q3 25	$29M	$27M
Q4 25	$31M	$23M

Revenue Segments

Quarter	Compound Semiconductor	Data Storage	Scientific & Other	Semiconductor	Scientific And Other
Q4 21	$35M	$36M	$16M	$65M	—
Q1 22	$37M	$22M	$20M	$78M	—
Q2 22	$31M	$22M	$14M	$98M	—
Q3 22	$28M	$28M	$16M	$100M	—
Q4 22	$25M	$17M	$18M	$94M	—
Q1 23	$21M	$22M	—	$93M	$18M
Q2 23	$24M	$14M	—	$106M	$17M
Q3 23	$26M	$34M	—	$98M	$20M
Q4 23	$16M	$19M	—	$115M	$23M
Q1 24	$21M	$18M	—	$120M	$15M
Q2 24	$18M	$34M	—	$110M	$14M
Q4 24	$23M	$14M	—	$112M	$33M
Q1 25	$14M	$7M	—	$124M	$22M
Q2 25	$14M	$12M	—	$124M	$16M

Revenue by Geography

Quarter	China	Emea	Rest Of World	Rest of APAC	United States	Asia Pacific Excluding China
Q4 21	$38M	$19M	$113.0K	$40M	$56M	—
Q1 22	$30M	$21M	$227.0K	$57M	$47M	—
Q2 22	$28M	$27M	$983.0K	$49M	$58M	—
Q3 22	$36M	$18M	$152.0K	$64M	$54M	—
Q4 22	$29M	$22M	$66.0K	$65M	$38M	—
Q1 23	$61M	$23M	$54.0K	$39M	$31M	—
Q2 23	$50M	$18M	$85.0K	$58M	$36M	—
Q3 23	$41M	$26M	$109.0K	—	$58M	$52M
Q1 24	$64M	$8M	$600.0K	—	$28M	$73M
Q2 24	$65M	$24M	$22.0K	—	$43M	$44M
Q4 24	$71M	$20M	$32.0K	—	$35M	$56M
Q1 25	$71M	$12M	$25.0K	—	$24M	$60M
Q2 25	$27M	$19M	$43.0K	—	$22M	$98M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$128M	$103M	$231M
Q2 22	$117M	$113M	$230M
Q3 22	$169M	$102M	$271M
Q4 22	$155M	$147M	$302M
Q1 23	$141M	$112M	$253M
Q2 23	$181M	$106M	$286M
Q3 23	$156M	$130M	$287M
Q4 23	$159M	$147M	$305M
Q1 24	$174M	$123M	$297M
Q2 24	$174M	$131M	$305M
Q3 24	$163M	$158M	$321M
Q4 24	$146M	$199M	$344M
Q1 25	$175M	$178M	$353M
Q2 25	$189M	$166M	$355M
Q3 25	$193M	$176M	$369M
Q4 25	$163M	$227M	$390M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	55M	+2.0%	+13.6%
Q1 22	65M	+18.8%	+23.1%
Q2 22	59M	-8.9%	+10.2%
Q3 22	65M	+9.6%	+21.0%
Q4 22	66M	+0.8%	+19.6%
Q1 23	60M	-8.9%	-8.3%
Q2 23	53M	-11.7%	-11.1%
Q3 23	60M	+12.8%	-8.5%
Q4 23	60M	+0.3%	-8.9%
Q1 24	61M	+1.6%	+1.5%
Q2 24	63M	+2.9%	+18.3%
Q4 24	60M	-3.3%	+1.4%
Q1 25	60M	-0.4%	+0.7%
Q2 25	60M	+0.0%	-0.9%
Q3 25	61M	+1.2%	-2.5%
Q4 25	61M	-0.6%	+0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$140.2K	1K
Q1 22	$143.4K	1K
Q2 22	$150.3K	1K
Q3 22	$157.6K	1K
Q4 22	$126.0K	1K
Q1 23	$125.7K	1K
Q2 23	$132.4K	1K
Q3 23	$145.3K	1K
Q4 23	$143.1K	1K
Q1 24	$143.6K	1K
Q2 24	$144.8K	1K
Q4 24	$148.0K	1K
Q1 25	$135.9K	1K
Q2 25	$134.9K	1K
Q3 25	$134.8K	1K
Q4 25	$130.4K	1K

Revenue / Employee