Veeco Instruments Inc
VECO Nasdaq Special Industry Machinery, Nec Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$664M
7.4%
vs prior year
Operating margin
Operating income as a share of revenue.
5.4%
4.0 pts
Net income
Profit after all expenses, interest and tax.
$35.4M
52.0%
Free cash flow
Cash from operations minus capital spending.
$53.3M
16.6%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.4%
5.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.36 EPS (TTM)
What Veeco Instruments Inc does
No business description yet.
- Legal name
- VEECO INSTRUMENTS INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001104659-26-019711
0000103145
Revenue and margins
Veeco Instruments Inc had $664M of revenue in fiscal 2025, down 7.4% on the year before.
FY16
Revenue $332M
FY17
Revenue $485M
FY18
Revenue $542M
FY19
Revenue $419M
FY20
Revenue $454M
FY21
Revenue $583M
FY22
Revenue $646M
FY23
Revenue $666M
FY24
Revenue $717M
FY25
Revenue $664M
Q3 '23
Revenue $177M
Q4 '23
Revenue $174M
Q1 '24
Revenue $174M
Q2 '24
Revenue $176M
Q3 '24
Revenue $185M
Q4 '24
Revenue $182M
Q1 '25
Revenue $167M
Q2 '25
Revenue $166M
Q3 '25
Revenue $166M
Q4 '25
Revenue $165M
Q1 '26
Revenue $158M
Q2 '26
Revenue $193M
FY16
Gross 40.0%
Operating −36.1%
Net −36.7%
FCF −10.6%
FY17
Gross 36.4%
Operating −14.8%
Net −10.6%
FCF 2.2%
FY18
Gross 35.7%
Operating −76.6%
Net −75.1%
FCF −9.3%
FY19
Gross 37.7%
Operating −9.4%
Net −18.8%
FCF −4.4%
FY20
Gross 42.8%
Operating 5.0%
Net −1.8%
FCF 8.0%
FY21
Gross 41.5%
Operating 9.7%
Net 4.5%
FCF 4.6%
FY22
Gross 40.7%
Operating 9.3%
Net 25.8%
FCF 13.0%
FY23
Gross 42.8%
Operating 10.5%
Net −4.6%
FCF 5.1%
FY24
Gross 42.4%
Operating 9.3%
Net 10.3%
FCF 6.4%
FY25
Gross 40.0%
Operating 5.4%
Net 5.3%
FCF 8.0%
Gross
Operating
Net
FCF
Q3 '23
Gross 43.3%
Operating 12.6%
Net 13.9%
FCF 0.4%
Q4 '23
Gross 45.2%
Operating 13.9%
Net 12.4%
FCF 10.8%
Q1 '24
Gross 43.2%
Operating 12.6%
Net 12.5%
FCF 1.9%
Q2 '24
Gross 42.9%
Operating 9.5%
Net 8.5%
FCF 3.1%
Q3 '24
Gross 42.9%
Operating 13.2%
Net 11.9%
FCF 7.4%
Q4 '24
Gross 40.6%
Operating 2.1%
Net 8.2%
FCF 12.7%
Q1 '25
Gross 40.9%
Operating 8.5%
Net 7.1%
FCF 7.9%
Q2 '25
Gross 41.4%
Operating 7.4%
Net 7.1%
FCF 3.3%
Q3 '25
Gross 40.8%
Operating 6.4%
Net 6.4%
FCF 7.8%
Q4 '25
Gross 36.7%
Operating −0.8%
Net 0.7%
FCF 13.1%
Q1 '26
Gross 35.3%
Operating −1.7%
Net −0.2%
FCF 1.8%
Q2 '26
Gross 38.7%
Operating 6.1%
Net 6.1%
FCF 24.7%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$122M
FY17
Net income −$51.4M
FY18
Net income −$407M
FY19
Net income −$78.7M
FY20
Net income −$8.4M
FY21
Net income $26.0M
FY22
Net income $167M
FY23
Net income −$30.4M
FY24
Net income $73.7M
FY25
Net income $35.4M
Q3 '23
Net income $24.6M
Q4 '23
Net income $21.6M
Q1 '24
Net income $21.9M
Q2 '24
Net income $14.9M
Q3 '24
Net income $22.0M
Q4 '24
Net income $15.0M
Q1 '25
Net income $11.9M
Q2 '25
Net income $11.7M
Q3 '25
Net income $10.6M
Q4 '25
Net income $1.1M
Q1 '26
Net income −$0.3M
Q2 '26
Net income $11.9M
FY16
Diluted EPS −$3.10
FY17
Diluted EPS −$1.16
FY18
Diluted EPS −$8.63
FY19
Diluted EPS −$1.66
FY20
Diluted EPS −$0.17
FY21
Diluted EPS $0.49
FY22
Diluted EPS $2.71
FY23
Diluted EPS −$0.56
FY24
Diluted EPS $1.23
FY25
Diluted EPS $0.59
Q3 '23
Diluted EPS $0.42
Q4 '23
Diluted EPS $0.46
Q1 '24
Diluted EPS $0.37
Q2 '24
Diluted EPS $0.25
Q3 '24
Diluted EPS $0.36
Q4 '24
Diluted EPS $0.25
Q1 '25
Diluted EPS $0.20
Q2 '25
Diluted EPS $0.20
Q3 '25
Diluted EPS $0.17
Q4 '25
Diluted EPS $0.02
Q1 '26
Diluted EPS −$0.01
Q2 '26
Diluted EPS $0.18
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital −36.7%
Return on equity −20.3%
Return on assets −16.1%
FY17
Return on capital −7.2%
Return on equity −7.1%
Return on assets −4.8%
FY18
Return on capital −70.6%
Return on equity −63.7%
Return on assets −35.6%
FY19
Return on capital −7.3%
Return on equity −19.4%
Return on assets −9.2%
FY20
Return on capital 4.3%
Return on equity −2.1%
Return on assets −1.0%
FY21
Return on capital 12.8%
Return on equity 6.2%
Return on assets 2.9%
FY22
Return on capital 11.0%
Return on equity 32.9%
Return on assets 16.5%
FY23
Return on capital 8.6%
Return on equity −4.9%
Return on assets −2.6%
FY24
Return on capital 9.5%
Return on equity 10.2%
Return on assets 5.9%
FY25
Return on capital 4.4%
Return on equity 4.3%
Return on assets 2.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $53.3M in fiscal 2025, 8.0% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$35.3M
FY17
Free cash flow $10.7M
FY18
Free cash flow −$50.4M
FY19
Free cash flow −$18.3M
FY20
Free cash flow $36.2M
FY21
Free cash flow $27.1M
FY22
Free cash flow $83.9M
FY23
Free cash flow $33.7M
FY24
Free cash flow $45.7M
FY25
Free cash flow $53.3M
Q3 '23
Free cash flow $0.7M
Q4 '23
Free cash flow $18.8M
Q1 '24
Free cash flow $3.4M
Q2 '24
Free cash flow $5.5M
Q3 '24
Free cash flow $13.6M
Q4 '24
Free cash flow $23.2M
Q1 '25
Free cash flow $13.2M
Q2 '25
Free cash flow $5.4M
Q3 '25
Free cash flow $13.0M
Q4 '25
Free cash flow $21.7M
Q1 '26
Free cash flow $2.8M
Q2 '26
Free cash flow $47.7M
FY16
Cash from operations −$23.8M
Capital spending $11.5M
FY17
Cash from operations $35.0M
Capital spending $24.3M
FY18
Cash from operations −$37.7M
Capital spending $12.7M
FY19
Cash from operations −$7.4M
Capital spending $10.9M
FY20
Cash from operations $43.0M
Capital spending $6.8M
FY21
Cash from operations $67.7M
Capital spending $40.6M
FY22
Cash from operations $108M
Capital spending $24.6M
FY23
Cash from operations $61.7M
Capital spending $27.9M
FY24
Cash from operations $63.8M
Capital spending $18.1M
FY25
Cash from operations $69.5M
Capital spending $16.2M
Cash from operations
Capital spending
Q3 '23
Cash from operations $7.1M
Capital spending $6.4M
Q4 '23
Cash from operations $29.5M
Capital spending $10.7M
Q1 '24
Cash from operations $9.4M
Capital spending $6.0M
Q2 '24
Cash from operations $8.5M
Capital spending $3.0M
Q3 '24
Cash from operations $17.6M
Capital spending $4.0M
Q4 '24
Cash from operations $28.4M
Capital spending $5.2M
Q1 '25
Cash from operations $20.0M
Capital spending $6.8M
Q2 '25
Cash from operations $9.0M
Capital spending $3.6M
Q3 '25
Cash from operations $15.5M
Capital spending $2.6M
Q4 '25
Cash from operations $24.9M
Capital spending $3.3M
Q1 '26
Cash from operations $7.9M
Capital spending $5.1M
Q2 '26
Cash from operations $51.4M
Capital spending $3.7M
Cash from operations
Capital spending
Dividends, buybacks and share count
Veeco Instruments Inc returned — to shareholders in fiscal 2025. The diluted share count fell 1.6%.
FY16
Dividends —
Buybacks $13.3M
FY17
Dividends —
Buybacks $2.9M
FY18
Dividends —
Buybacks $11.5M
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.04B
FY17
Diluted shares 0.04B
FY18
Diluted shares 0.05B
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.07B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably Veeco Instruments Inc can carry it.
FY16
Cash $344M
Debt $1.2M
FY17
Cash $328M
Debt $276M
FY18
Cash $260M
Debt $287M
FY19
Cash $245M
Debt $300M
FY20
Cash $319M
Debt $321M
FY21
Cash $224M
Debt $229M
FY22
Cash $302M
Debt $275M
FY23
Cash $305M
Debt $275M
FY24
Cash $344M
Debt $276M
FY25
Cash $390M
Debt $226M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $224M | $302M | $305M | $344M | $390M |
| Debt incl. finance leases | $229M | $275M | $275M | $276M | $226M |
| Net debt / EBITDA | 0.1x | −0.3x | −0.3x | −0.7x | −2.9x |
| Debt / equity | 0.5x | 0.5x | 0.4x | 0.4x | 0.3x |
| Interest coverage | 2.0x | 5.2x | 5.9x | 6.1x | 3.9x |
| Current ratio | 2.9x | 2.6x | 3.2x | 4.0x | 4.7x |
| Quick ratio | 2.0x | 1.8x | 2.1x | 2.7x | 3.2x |
| Total assets | $899M | $1.1B | $1.2B | $1.3B | $1.3B |
| Total liabilities | $461M | $550M | $557M | $481M | $440M |
| Shareholders' equity | $438M | $578M | $672M | $771M | $886M |
| Net debt (− = net cash) | $5.5M | −$27.8M | −$30.5M | −$68.1M | −$164M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Current ratio rose | — | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ |
| Gross margin rose | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ |
| F-score | — / 3 | 3 / 9 | 3 / 9 | 4 / 9 | 5 / 9 | 6 / 9 | 4 / 9 | 6 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | −12.9% | −8.1% | −32.3% | −8.3% | −6.0% | −4.6% | 5.8% | −7.8% | 0.8% | −2.6% |
| Altman Z'' | 5.16 | 2.53 | −1.73 | 0.64 | 1.69 | 1.58 | 2.40 | 2.85 | 3.85 | 4.55 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $332M | $485M | $542M | $419M | $454M | $583M | $646M | $666M | $717M | $664M |
| Gross profit | $133M | $176M | $194M | $158M | $194M | $242M | $263M | $285M | $304M | $265M |
| Research and development | $81.0M | $82.0M | $97.8M | $90.6M | $79.0M | $88.7M | $104M | $113M | $125M | $120M |
| Operating income | −$120M | −$71.9M | −$416M | −$39.6M | $22.6M | $56.7M | $60.3M | $69.9M | $67.0M | $35.7M |
| Interest expense | $0.2M | $19.5M | $21.5M | $22.1M | $24.7M | $28.4M | $11.5M | $11.8M | $11.0M | $9.1M |
| Pretax income | −$119M | −$89.0M | −$434M | −$78.0M | −$8.5M | $25.7M | $51.0M | −$28.3M | $68.8M | $39.4M |
| Income tax | $2.8M | −$37.6M | −$26.7M | $0.8M | −$0.1M | −$0.4M | −$116M | $2.0M | −$4.9M | $4.0M |
| Net income | −$122M | −$51.4M | −$407M | −$78.7M | −$8.4M | $26.0M | $167M | −$30.4M | $73.7M | $35.4M |
| Net income to common | −$122M | −$51.4M | −$407M | −$78.7M | −$8.4M | $26.0M | $167M | −$30.4M | $73.7M | $35.4M |
| Diluted EPS | −$3.10 | −$1.16 | −$8.63 | −$1.66 | −$0.17 | $0.49 | $2.71 | −$0.56 | $1.23 | $0.59 |
| Diluted shares | 0.04B | 0.04B | 0.05B | 0.05B | 0.05B | 0.05B | 0.07B | 0.05B | 0.06B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | −$23.8M | $35.0M | −$37.7M | −$7.4M | $43.0M | $67.7M | $108M | $61.7M | $63.8M | $69.5M |
| Capital expenditure | $11.5M | $24.3M | $12.7M | $10.9M | $6.8M | $40.6M | $24.6M | $27.9M | $18.1M | $16.2M |
| Free cash flow | −$35.3M | $10.7M | −$50.4M | −$18.3M | $36.2M | $27.1M | $83.9M | $33.7M | $45.7M | $53.3M |
| Depreciation and amortization | $32.7M | $50.1M | $50.0M | $34.4M | $30.7M | $26.1M | $25.6M | $25.0M | $25.1M | $20.0M |
| Stock-based compensation | $15.7M | $24.4M | $16.1M | $15.3M | $12.7M | $15.2M | $23.0M | $28.6M | $35.9M | $37.0M |
| Acquisitions | — | $402M | $2.7M | — | — | — | — | $30.4M | — | — |
| Share buybacks | $13.3M | $2.9M | $11.5M | — | — | — | — | — | — | — |
| Dividends and buybacks | $13.3M | $2.9M | $11.5M | — | — | — | — | — | — | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $344M | $328M | $260M | $245M | $319M | $224M | $302M | $305M | $344M | $390M |
| Total debt | $1.2M | $276M | $287M | $300M | $321M | $229M | $275M | $275M | $276M | $226M |
| Current assets | $502M | $597M | $520M | $476M | $587M | $549M | $669M | $706M | $765M | $845M |
| Current liabilities | $144M | $224M | $160M | $118M | $147M | $189M | $258M | $218M | $192M | $178M |
| Inventory | $77.1M | $120M | $156M | $133M | $146M | $171M | $207M | $238M | $247M | $275M |
| Property and equipment, net | $60.6M | $85.1M | $80.3M | $75.7M | $65.3M | $99.7M | $107M | $118M | $114M | $109M |
| Goodwill | $115M | $307M | $184M | $182M | $182M | $182M | $182M | $215M | $215M | $215M |
| Intangible assets | $58.4M | $370M | $85.1M | $61.5M | $46.2M | $33.9M | $23.9M | $43.9M | $8.8M | $5.7M |
| Total assets | $759M | $1.4B | $901M | $818M | $898M | $899M | $1.1B | $1.2B | $1.3B | $1.3B |
| Total liabilities | $164M | $547M | $463M | $444M | $490M | $461M | $550M | $557M | $481M | $440M |
| Shareholders' equity | $602M | $840M | $438M | $375M | $408M | $438M | $578M | $672M | $771M | $886M |
| Margins | ||||||||||
| Gross margin | 40.0% | 36.4% | 35.7% | 37.7% | 42.8% | 41.5% | 40.7% | 42.8% | 42.4% | 40.0% |
| Operating margin | −36.1% | −14.8% | −76.6% | −9.4% | 5.0% | 9.7% | 9.3% | 10.5% | 9.3% | 5.4% |
| EBITDA margin | −26.3% | −4.5% | −67.4% | −1.2% | 11.7% | 14.2% | 13.3% | 14.2% | 12.8% | 8.4% |
| Net margin | −36.7% | −10.6% | −75.1% | −18.8% | −1.8% | 4.5% | 25.8% | −4.6% | 10.3% | 5.3% |
| FCF margin | −10.6% | 2.2% | −9.3% | −4.4% | 8.0% | 4.6% | 13.0% | 5.1% | 6.4% | 8.0% |
| Returns | ||||||||||
| Return on capital | −36.7% | −7.2% | −70.6% | −7.3% | 4.3% | 12.8% | 11.0% | 8.6% | 9.5% | 4.4% |
| Return on capital employed | −19.5% | −6.2% | −56.1% | −5.7% | 3.0% | 8.0% | 6.9% | 6.9% | 6.3% | 3.1% |
| Return on equity | −20.3% | −7.1% | −63.7% | −19.4% | −2.1% | 6.2% | 32.9% | −4.9% | 10.2% | 4.3% |
| Return on assets | −16.1% | −4.8% | −35.6% | −9.2% | −1.0% | 2.9% | 16.5% | −2.6% | 5.9% | 2.7% |
| Return on tangible equity | −28.5% | −31.5% | −241.8% | −60.1% | −4.7% | 11.7% | 44.9% | −7.3% | 13.5% | 5.3% |
| Growth | ||||||||||
| Revenue growth | — | 45.8% | 11.8% | −22.6% | 8.3% | 28.4% | 10.8% | 3.1% | 7.6% | −7.4% |
| Net income growth | — | — | — | — | — | — | 541.1% | −118.2% | — | −52.0% |
| EPS growth | — | — | — | — | — | — | 453.1% | −120.7% | — | −52.0% |
| FCF growth | — | — | −570.0% | — | — | −25.2% | 209.5% | −59.8% | 35.4% | 16.6% |
| Share count change | — | 12.3% | 6.7% | 0.7% | 1.9% | 10.9% | 22.3% | −18.0% | 14.6% | −1.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | — | — | 0.0x | 0.1x | −0.3x | −0.3x | −0.7x | −2.9x |
| Debt / equity | 0.0x | 0.3x | 0.7x | 0.8x | 0.8x | 0.5x | 0.5x | 0.4x | 0.4x | 0.3x |
| Interest coverage | −541.3x | −3.7x | −19.3x | −1.8x | 0.9x | 2.0x | 5.2x | 5.9x | 6.1x | 3.9x |
| Current ratio | 3.5x | 2.7x | 3.2x | 4.0x | 4.0x | 2.9x | 2.6x | 3.2x | 4.0x | 4.7x |
| Quick ratio | 3.0x | 2.1x | 2.3x | 2.9x | 3.0x | 2.0x | 1.8x | 2.1x | 2.7x | 3.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.5% | 5.0% | 2.3% | 2.6% | 1.5% | 7.0% | 3.8% | 4.2% | 2.5% | 2.4% |
| Stock comp / revenue | 4.7% | 5.0% | 3.0% | 3.6% | 2.8% | 2.6% | 3.6% | 4.3% | 5.0% | 5.6% |
| Payouts / FCF | — | 26.8% | — | — | — | — | — | — | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | 3.0 | 3.0 | 4.0 | 5.0 | 6.0 | 4.0 | 6.0 | 6.0 | 6.0 |
| Altman Z'' | 5.2 | 2.5 | −1.7 | 0.6 | 1.7 | 1.6 | 2.4 | 2.8 | 3.8 | 4.6 |
| Accruals ratio | −12.9% | −8.1% | −32.3% | −8.3% | −6.0% | −4.6% | 5.8% | −7.8% | 0.8% | −2.6% |
Source: SEC EDGAR XBRL filings (CIK 0000103145). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.