Veeco Instruments Inc. logo VECO - Veeco Instruments Inc.

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BUY 19
HOLD 15
SELL 2
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| PRICE TARGET: $55.00 DETAILS
HIGH: $55.00
LOW: $55.00
MEDIAN: $55.00
CONSENSUS: $55.00
DOWNSIDE: 7.64%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Revenue
Revenue 664.3 717.3 666.4 646.1 583.3 454.2 419.3 542.1 484.8 332.5 477.0 392.9 331.7 516.0 979.1 933.2 380.1 442.8 402.5 441.0 410.2 390.4 279.3 298.9 449.3 386.7 246.6 206.8 165.4 96.8 72.4 49.4 43.1
Cost of Revenue 398.9 413.3 381.4 383.0 341.0 259.9 261.2 348.4 300.4 199.6 299.8 258.0 228.6 300.9 504.8 489.4 228.6 266.2 245.0 246.9 236.1 238.7 152.3 183.0 260.1 216.0 119.9 107.1 86.9 53.5 38.3 27.8 24.5
Gross Profit 265.4 304.0 285.1 263.1 242.3 194.3 158.2 193.7 184.3 132.9 177.2 134.9 103.1 215.1 474.3 443.8 151.6 176.6 157.5 194.1 174.1 151.8 127.0 115.8 189.1 170.6 126.7 99.7 78.5 43.3 34.1 21.6 18.6
Operating Expenses
R&D Expenses 119.6 124.5 112.9 103.6 88.7 79.0 90.6 97.8 82.0 81.0 78.5 81.2 81.4 95.2 96.6 71.4 57.4 60.4 61.2 61.9 60.4 58.3 48.9 53.9 59.7 53.9 31.5 27.4 18.4 9.8 7.1 0 0
SG&A Expenses 98.9 99.7 92.8 89.0 84.5 76.3 79.7 92.1 100.2 77.6 90.2 89.8 85.5 73.1 95.1 91.8 85.5 92.8 91.0 93.1 84.7 82.5 68.0 75.9 90.6 78.9 52.4 42 33.3 19.5 16.8 16.3 15.3
Other Expenses 11.2 12.9 9.5 10.3 12.3 16.5 27.5 (0.4) 0.4 (0.2) 0.7 3.2 1.0 0.4 4.5 3.3 8.1 83.4 10.7 15.5 16.8 18.9 14.1 112.7 15.4 15.6 5.8 4.7 1.6 1.6 1.2 1.4 1.3
Operating Expenses 229.7 237.0 215.1 202.9 185.6 171.7 197.8 222.2 217.7 177.9 196.4 184.1 172.4 173.2 196.2 166.4 151.0 236.6 162.8 170.5 161.9 159.8 130.9 242.5 165.7 148.3 89.7 74.1 53.3 30.9 25.1 17.7 16.6
Operating Income
Operating Income 35.7 67.0 69.9 60.3 56.7 22.6 (39.6) (415.5) (63.8) (120.4) (23.2) (79.2) (71.8) 37.2 276.3 277.6 (7.4) (70.6) (12.1) 22.5 11.1 (11.6) (9.3) (137.9) 20.3 22.3 37 25.6 25.2 12.4 9 3.9 2
Interest Expense 9.1 11.0 11.8 11.5 28.4 24.7 22.1 21.5 19.5 0.2 0.5 0.7 0.6 1.5 4.6 6.6 6.8 6.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 13.5 12.9 10.6 2.2 2.3 1.6 4.7 3.2 2.3 1.2 1.1 1.6 1.2 2.5 3.8 0 0 2.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 51.7 105.0 8.4 88.1 82.8 47.0 (21.5) (362.3) (19.4) (86.6) 17.7 (53.1) (52.2) 55.9 289.6 282.3 10.0 (35.0) 17.6 57.8 43.5 21.5 20.9 (98.7) 46.0 37.9 52.9 36.0 43.3 36.2 12.8 5.3 3.3
EBIT 48.5 79.9 (16.6) 62.5 56.7 16.3 (55.9) (412.3) (69.5) (119.0) (22.2) (77.6) (70.6) 39.7 276.7 279.2 (6.6) (64.2) (5.3) 23.6 12.2 (8.0) (3.9) (126.6) 23.4 22.3 42.9 28.8 40.8 34.2 11.3 3.9 2
Income Before Tax 39.4 68.8 (28.3) 51.0 25.7 (8.5) (78.0) (433.8) (80.9) (119.4) (22.6) (78.4) (71.2) 38.2 272.1 271.0 (14.3) (69.4) (14.3) 18.5 3.5 (20.0) (9.7) (143.9) 20.9 4.8 32.4 18.1 19.7 12.8 9.2 1.4 1.8
Income Tax Expense 4.0 (4.9) 2.0 (116.0) (0.4) (0.1) 0.8 (26.7) (36.1) 2.8 9.3 (11.4) (28.9) 11.7 81.6 10.5 1.3 1.9 3.7 5.0 4.4 42.5 (7.4) (20.5) 6.0 4.3 12 5.4 7.4 4.8 2.4 (0.8) 2.4
Net Income 35.4 73.7 (30.4) 166.9 26.0 (8.4) (78.7) (407.1) (44.8) (122.2) (32.0) (66.9) (42.3) 30.9 128.0 361.8 (15.6) (71.1) (17.4) 14.9 (0.9) (62.6) (9.7) (123.7) 10.3 (17.9) 20.4 12.7 12.3 8 6.8 1.5 (0.4)
Per Share Data
EPS (Basic) 0.60 1.31 -0.56 3.35 0.53 -0.17 -1.66 -8.63 -1.01 -3.11 -0.80 -1.70 -1.09 0.80 3.23 9.16 -0.48 -2.27 -0.56 0.49 -0.03 -2.11 -0.33 -4.25 0.40 -0.75 1.07 0.73 1.35 1.89 1.13 -0.05 -0.20
EPS (Diluted) 0.59 1.23 -0.56 2.71 0.49 -0.17 -1.66 -8.63 -1.01 -3.11 -0.80 -1.70 -1.09 0.79 3.11 8.51 -0.48 -2.27 -0.56 0.48 -0.03 -2.11 -0.33 -4.25 0.39 -0.71 1.02 0.70 1.30 1.86 1.09 -0.05 -0.20
Shares Outstanding 59.3 56.4 53.8 49.9 49.1 48.4 47.5 47.2 44.2 39.3 39.7 39.4 38.8 38.5 39.7 39.5 32.6 31.3 31.0 30.5 29.9 29.6 29.3 29.1 25.9 23.8 20.6 18.8 8.7 6.4 5.4 1.9 2.0
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Current Assets
Cash & Cash Equivalents 163.5 145.6 158.8 154.9 119.7 129.6 129.3 212.3 279.7 277.4 148.6 103.8 100.3 106.8 214.3 203.2 63.4 29.4 23.5 18.5 21.2 17.6 2.3 0.4
Short-Term Investments 226.8 198.7 146.7 147.5 104.2 189.8 115.3 48.2 47.8 66.8 135 0 0 0 0 0 26.9 0 0 0 0 0 0 0
Net Receivables 110.7 133.9 127.4 140.7 127.9 101.2 71.0 77.2 99.0 58.0 84.4 59.7 85.9 69.9 68.8 88.4 96.2 80.0 43 44.9 19.8 19 12.7 9
Inventory 275.3 246.7 237.6 206.9 170.9 145.9 133.1 156.3 120.3 77.1 77.6 94.9 110.6 97.6 86.2 101.4 100.1 56.7 53.3 39.1 21.3 15.8 10.7 8.4
Other Current Assets 69.1 39.5 19.7 18.9 1.1 1.1 12.3 16.7 24.4 14.0 3.1 8.6 3.1 24.7 31.5 46.8 45.3 66.5 7.3 6 2.8 2.1 2.4 0.9
Total Current Assets 845.3 764.5 706.3 668.9 549.4 586.9 475.9 520.1 597.0 501.5 456.4 267.0 309.0 314.9 419.3 462.5 342.2 211 127.1 96.9 65.1 54.5 28.1 18.7
Non-Current Assets
Property, Plant & Equipment 133.3 140.3 142.8 133.7 128.6 75.5 90.2 80.3 85.1 60.6 59.4 64.4 73.5 72.7 55.9 78.5 60.1 41.9 37.2 21.5 9.8 7.4 7.4 8
Goodwill 215.0 215.0 215.0 181.9 181.9 181.9 181.9 184.3 307.1 114.9 52.0 38.8 0 0 0 125.6 0 0 0 0 0 0 0 0
Intangible Assets 5.7 8.8 43.9 23.9 33.9 46.2 61.5 85.1 369.8 58.4 21.8 59.2 188.2 91.8 84.4 14.6 9.5 5.5 4.2 4.3 4.4 4.6 4.7 4.8
Long-Term Investments 0 0 0 0 0 0 0 21 21 21 (3.1) (2.2) 3.5 12.4 17.5 23.5 (45.3) 0 0 0 0 0 0 0
Other Non-Current Assets 3.6 2.8 3.1 3.4 3.5 6.0 7.0 8.1 4.3 0.0 30.1 0.2 (0.4) 86.5 0.9 4.0 11.5 6.9 4.3 5 1 0.9 0.7 1.1
Total Non-Current Assets 480.5 487.0 522.8 459.3 349.6 311.1 342.2 380.7 790.3 257.0 148.9 162.5 267.9 281.6 187.6 293.0 81.0 54.3 45.7 30.8 15.2 12.9 12.8 13.9
Total Assets 1,325.8 1,251.6 1,229.0 1,128.2 899.0 898.1 818.1 900.8 1,387.3 758.5 605.4 429.5 576.9 596.5 606.8 755.5 423.3 265.3 172.8 127.7 80.3 67.4 40.9 32.6
Current Liabilities
Account Payables 55.3 43.5 42.4 52.0 44.5 33.7 21.3 39.6 50.3 22.6 24.9 29.6 25.5 19.6 13.1 19.7 32.7 27.7 15.8 21.4 11.9 8.7 7.4 3.9
Short-Term Debt 0 26.5 0 20.2 0 0 0 0 0 0.4 0.2 0.2 0.4 0.3 0.3 3.5 1.4 8.2 0.8 0.2 0.1 0 0 3.1
Deferred Revenue 0 65.0 118.0 127.2 63.1 67.2 54.9 72.7 109.0 85.0 2.5 1.3 1.2 2.1 6.0 14.6 0 0 0 0 0 0 0 0
Other Current Liabilities 122.7 6.6 25.3 7.1 7.6 2.7 7.2 8.2 130.4 7.1 90.3 48.3 1.7 3.7 5.2 8.6 3.1 25.3 25 20.9 9.6 8.3 4.6 5
Total Current Liabilities 178.1 192.3 218.0 257.9 189.2 146.7 118.2 160.1 223.5 143.5 139.1 98.5 92.2 57.4 68.2 104.5 121.8 61.2 41.6 42.5 21.6 17 12 12
Non-Current Liabilities
Long-Term Debt 257.8 249.7 274.9 254.5 229.4 321.1 300.1 287.4 275.6 0.8 101.0 108.7 229.6 229.9 230.3 215.5 14.6 8.8 16.9 17.1 2.6 0 0 21.9
Deferred Tax Liabilities 0.5 0.7 6.6 1.3 4.8 5.2 5.6 5.7 36.8 13.2 5.0 4.5 0 0 0 10.2 2.7 2.7 0.9 0.7 0.3 0.1 0.2 0
Other Non-Current Liabilities 3.9 3.8 25.5 3.1 5.1 10.3 9.3 9.9 10.6 6.4 1.2 (7.9) 2.8 2.8 0.8 1.4 1.3 0.2 0.2 (14.4) (2.2) 0.5 0.4 0.4
Total Non-Current Liabilities 262.2 288.5 338.6 292.5 272.1 343.0 325.4 303.0 323.1 20.4 107.2 115.6 232.4 232.7 231.1 227.1 18.6 11.7 18 3.4 0.7 0.6 0.6 22.3
Total Liabilities 440.3 480.8 556.6 550.4 461.3 489.7 443.6 463.0 546.6 163.9 246.3 214.1 324.6 290.1 299.2 331.5 140.4 72.9 59.6 45.9 22.3 17.6 12.6 34.3
Stockholders' Equity
Common Stock 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.2 0.2 0 0 0 0 0 0
Retained Earnings (423.1) (458.5) (532.2) (501.8) (681.3) (707.3) (698.9) (620.0) (213.4) (168.6) (224.3) (202.8) (127.5) (65.0) (55.2) 68.5 58.2 72.5 49.8 30.2 9.6 1.6 (5.2) (6.7)
Accumulated Other Comprehensive Income 1.8 1.5 1.6 0.9 1.5 1.8 1.9 1.8 1.8 1.8 7.1 7.2 8.1 5.3 0.6 (3.8) (2.1) (0.6) (15.9) (10.3) (6.5) (5.3) (4.3) (2.6)
Total Stockholders' Equity 885.5 770.8 672.4 577.8 437.6 408.4 374.5 437.8 840.7 594.6 359.1 214.7 252.4 306.3 307.6 424.0 282.9 192.4 113.2 81.8 58 49.8 28.3 (1.7)
Total Liabilities & Equity 1,325.8 1,251.6 1,229.0 1,128.2 899.0 898.1 818.1 900.8 1,387.3 758.5 605.4 429.5 576.9 596.5 606.8 755.5 423.3 265.3 172.8 127.7 80.3 67.4 40.9 32.6
Debt Metrics
Total Debt 257.8 314.3 310.5 311.6 266.7 331.6 314.6 287.4 275.6 1.2 101.2 108.9 229.9 230.3 230.6 219.1 16.1 17 17.1 2.5 2.7 0 0 25
Net Debt 94.4 168.7 151.7 156.6 147.0 201.9 185.3 75.1 (4.1) (276.2) (47.4) 5.1 129.7 123.4 16.3 15.9 (47.4) (12.4) (6.4) (16) (18.5) (17.6) (2.3) 24.6
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Operating Activities
Net Income 35.4 73.7 (30.4) 166.9 26.0 (8.4) (78.7) (407.1) (44.8) (122.2) (0.9) (62.6) (9.7) (123.7) 10.3 0.5 20.4 12.7 12.3 8 6.8 2.2 (0.4)
Depreciation & Amortization 25.1 25.1 25.0 25.6 26.1 30.7 34.4 50.0 50.1 32.6 29.8 31.3 24.9 27.9 22.7 15.6 5.8 4.7 1.6 1.6 1.2 1.4 1.3
Stock-Based Compensation 35.9 35.9 28.6 23.0 15.2 12.7 15.3 16.1 24.4 15.7 0.1 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (20.2) (70.7) (58.5) 10.0 (17.8) (13.7) (16.8) (56.0) 26.6 (20.2) 14.6 (9.6) 6.1 (6.5) (31.8) (31.7) (11.5) (10.1) (10.4) (2) (6) (1.9) (0.3)
Other Non-Cash Items (3.7) 8.6 99.2 1.0 18.8 22.1 38.1 386.9 11.7 69.3 0.4 1.4 1.9 6.0 34.0 66.4 (0.5) 1.1 0.8 0.2 (0.1) (0.6) (0.5)
Operating Cash Flow 63.8 63.8 61.7 108.5 67.7 43.0 (7.4) (37.7) 34.1 (23.8) 44.9 1.0 21.8 (2.2) 21.7 10.3 14 10.8 6.8 7.2 2 0.8 0.1
Investing Activities
Capital Expenditure (18.1) (18.1) (27.9) (24.6) (40.6) (6.8) (10.9) (12.7) (24.3) (11.5) (11.7) (15.5) (8.1) (8.6) (19.2) (17.8) (10.5) (8.1) (9.1) (3.8) (1) (0.4) (0.4)
Acquisitions 0 2.0 (30.4) 44.3 40.6 6.8 10.9 (2.7) (401.8) 9.5 (15.0) (10.5) (131.1) 0 (59.6) (13.8) 3.1 0 0 0 0 0 0
Purchases of Investments (202.7) (202.7) (177.9) (104.0) (247.3) (248.0) (193.0) (93.0) (282.9) (103.4) (0.1) 0 (3.5) (2.6) (308.2) (436.0) (395.9) 0 0 0 0 0 0
Sales/Maturities of Investments 154.2 154.2 182.9 59.7 330.7 173.5 127.3 90.1 348.9 152.3 0 8.8 8.6 8.6 311.6 460.0 345 0 0 0 0 0 0
Other Investing Activities 2.0 0 0 (44.3) (38.9) 2.7 (10.2) (3.0) 2.3 (0.2) 2.3 4.4 2.8 5.5 67.9 3.0 (3.3) 0 (4.4) 0 0 (0.1) 0
Investing Cash Flow (64.5) (64.5) (53.3) (68.9) 44.5 (71.8) (75.9) (18.3) (357.8) 46.7 (24.6) (12.7) (131.2) 2.9 (75.4) (4.7) (61.6) (8.1) (13.5) (3.8) (1) (0.5) (0.4)
Financing Activities
Net Debt Issuance (5.2) 0 1.7 0 (115.6) 38.9 0 0 334.6 (0.3) (0.4) (0.3) (0.3) 11.5 185.3 (9.3) (5.1) 9.6 6.8 (0.2) (0.1) 1.9 (0.3)
Stock Repurchased 0 0 0 0 0 0 0 (11.5) (2.9) (13.3) 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (12.1) (17.9) (11.0) (8.2) (9.8) (12.6) (3.0) (3.1) (8.7) (2.6) 0 0 0 (1.3) (0.1) 3.6 (0.1) (2.1) (10.2) (14.1) 0 0 0.2
Financing Cash Flow (12.6) (12.6) (4.7) (4.5) (122.0) 29.1 0.1 (11.5) 325.9 (14.6) 1.8 5.4 2.7 12.0 191.2 25.6 53.2 1.4 1.9 0.1 14.4 1.9 (0.1)
Cash Position
Net Change in Cash (13.3) (13.3) 3.6 35 (9.8) 0.3 (83.1) (67.5) 2.3 8.2 24.2 (6.6) (107.5) 11.1 139.7 33.6 5.9 3.1 (5) 3.6 15.3 2 (0.6)
Cash at Beginning 159.1 159.1 155.5 120.5 130.3 130.0 213.1 280.6 277.4 269.2 100.3 106.8 214.3 203.2 63.4 29.9 23.5 20.4 23.5 17.6 2.3 0.4 1.1
Cash at End 145.8 145.8 159.1 155.5 120.5 130.3 130.0 213.1 279.7 277.4 124.5 100.3 106.8 214.3 203.2 63.4 29.4 23.5 18.5 21.2 17.6 2.4 0.5
Free Cash Flow 45.7 45.7 33.7 83.9 27.1 36.2 (18.3) (50.4) 9.9 (35.3) 33.2 (14.5) 13.7 (10.8) 2.6 (7.5) 3.5 2.7 (2.3) 3.4 1 0.4 (0.3)
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Income Statement
Revenue 664.3 717.3 666.4 646.1 583.3 454.2 419.3 542.1 484.8 332.5 477.0 392.9 331.7 516.0 979.1 933.2 380.1 442.8 402.5 441.0 410.2 390.4 279.3 298.9 449.3 386.7 246.6 206.8 165.4 96.8 72.4 49.4 43.1
Gross Profit 265.4 304.0 285.1 263.1 242.3 194.3 158.2 193.7 184.3 132.9 177.2 134.9 103.1 215.1 474.3 443.8 151.6 176.6 157.5 194.1 174.1 151.8 127.0 115.8 189.1 170.6 126.7 99.7 78.5 43.3 34.1 21.6 18.6
Operating Income 35.7 67.0 69.9 60.3 56.7 22.6 (39.6) (415.5) (63.8) (120.4) (23.2) (79.2) (71.8) 37.2 276.3 277.6 (7.4) (70.6) (12.1) 22.5 11.1 (11.6) (9.3) (137.9) 20.3 22.3 37 25.6 25.2 12.4 9 3.9 2
Net Income 35.4 73.7 (30.4) 166.9 26.0 (8.4) (78.7) (407.1) (44.8) (122.2) (32.0) (66.9) (42.3) 30.9 128.0 361.8 (15.6) (71.1) (17.4) 14.9 (0.9) (62.6) (9.7) (123.7) 10.3 (17.9) 20.4 12.7 12.3 8 6.8 1.5 (0.4)
EPS (Diluted) 0.59 1.23 -0.56 2.71 0.49 -0.17 -1.66 -8.63 -1.01 -3.11 -0.80 -1.70 -1.09 0.79 3.11 8.51 -0.48 -2.27 -0.56 0.48 -0.03 -2.11 -0.33 -4.25 0.39 -0.71 1.02 0.70 1.30 1.86 1.09 -0.05 -0.20
Balance Sheet
Cash & Equivalents 163.5 145.6 158.8 154.9 119.7 129.6 129.3 212.3 279.7 277.4 148.6 103.8 100.3 106.8 214.3 203.2 63.4 29.4 23.5 18.5 21.2 17.6 2.3 0.4
Total Assets 1,325.8 1,251.6 1,229.0 1,128.2 899.0 898.1 818.1 900.8 1,387.3 758.5 605.4 429.5 576.9 596.5 606.8 755.5 423.3 265.3 172.8 127.7 80.3 67.4 40.9 32.6
Total Debt 257.8 314.3 310.5 311.6 266.7 331.6 314.6 287.4 275.6 1.2 101.2 108.9 229.9 230.3 230.6 219.1 16.1 17 17.1 2.5 2.7 0 0 25
Stockholders' Equity 885.5 770.8 672.4 577.8 437.6 408.4 374.5 437.8 840.7 594.6 359.1 214.7 252.4 306.3 307.6 424.0 282.9 192.4 113.2 81.8 58 49.8 28.3 (1.7)
Cash Flow
Operating Cash Flow 63.8 63.8 61.7 108.5 67.7 43.0 (7.4) (37.7) 34.1 (23.8) 44.9 1.0 21.8 (2.2) 21.7 10.3 14 10.8 6.8 7.2 2 0.8 0.1
Capital Expenditure (18.1) (18.1) (27.9) (24.6) (40.6) (6.8) (10.9) (12.7) (24.3) (11.5) (11.7) (15.5) (8.1) (8.6) (19.2) (17.8) (10.5) (8.1) (9.1) (3.8) (1) (0.4) (0.4)
Free Cash Flow 45.7 45.7 33.7 83.9 27.1 36.2 (18.3) (50.4) 9.9 (35.3) 33.2 (14.5) 13.7 (10.8) 2.6 (7.5) 3.5 2.7 (2.3) 3.4 1 0.4 (0.3)