Shareholders being diluted. Shares outstanding up 18% from December 2022 to July 2026.
Veeco Instruments had 18% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Veeco Instruments had 18% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Sales growing faster than profits. Since 2022: revenue +2.8%, operating profit −41%.
Since 2022, Veeco Instruments's revenue changed +2.8% while operating profit fell 41%: costs rose faster than sales.
Cash flow well above reported profit. Free cash flow is 3.7× reported profit.
Free cash flow is 3.7× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Revenue is falling. Revenue fell 2.5% in the 12 months to June 2026 vs the 12 months before.
Veeco Instruments's revenue fell 2.5% in the 12 months to June 2026 vs the 12 months before.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 31 → 33
Share price -14.7%+2
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Veeco Instruments
Is Veeco Instruments getting weaker?
Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is unchanged at 38/100 since Oct 28, 2026.
How is Veeco Instruments valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 33/100 against 1,711 technology peers.EBITDA yield 1.8% vs a peer median of 4.2% (weaker than 70% of peers).EBITDA yield 1.8% vs peers 4.2% (weaker than 70% of peers).
Is Veeco Instruments growing?
More slowly than most of its peers. Growth scores 15/100 against 1,711 technology peers.Earnings per share growth -62.2% vs a peer median of 11.1% (weaker than 95% of peers).Earnings per share growth -62.2% vs peers 11.1% (weaker than 95% of peers).
How profitable is Veeco Instruments?
Less profitable than most of its peers. Profitability scores 33/100 against 1,711 technology peers.Return on invested capital 1.6% vs a peer median of 6.8% (weaker than 68% of peers).Return on invested capital 1.6% vs peers 6.8% (weaker than 68% of peers).
How risky is Veeco Instruments?
Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings.Current ratio 3.93× vs a peer median of 1.83× (stronger than 85% of peers).Current ratio 3.93× vs peers 1.83× (stronger than 85% of peers).Beta 1.36 vs a peer median of 0.87 (weaker than 78% of peers).Beta 1.36 vs peers 0.87 (weaker than 78% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
655.3M USD
682.7M USD
+4.2%
Net income (12 months)
23.1M USD
23.2M USD
+0.5%
Operating margin
2.9%
2.7%
−0.2 pts
Free cash flow (12 months)
42.9M USD
85.2M USD
+98.6%
Debt
226.3M USD
226.5M USD
+0.1%
Cash
179.5M USD
214.5M USD
+19.5%
Shares outstanding
61.0M
61.1M
+0.2%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Valuations in Semiconductor Equipment & Materials are near the top of their range since Feb 2021.
84% of months since Feb 2021 were valued lower than now.
81% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +95% vs the whole market, against a usual +84%.
Feb 2021Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Feb 2021; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
41.5%
40.7%
42.8%
42.4%
40.0%
▼ 2.4 pts
Operating margin
9.7%
9.3%
10.5%
9.3%
5.4%
▼ 4.0 pts
Net margin
4.5%
25.8%
-4.6%
10.3%
5.3%
▼ 4.9 pts
Return on assets (ROA)
2.9%
14.8%
-2.5%
5.9%
2.7%
▼ 3.2 pts
Return on equity (ROE)
5.9%
28.9%
-4.5%
9.6%
4.0%
▼ 5.6 pts
Free cash flow margin
4.6%
13.0%
5.1%
6.4%
8.0%
▲ 1.7 pts
Current ratio
2.90×
2.59×
3.24×
3.98×
4.75×
▲ 19%
Quick ratio
2.00×
1.79×
2.15×
2.69×
3.20×
▲ 19%
Debt to equity
0.52×
0.48×
0.41×
0.36×
0.26×
▼ 29%
Interest coverage
2.00×
5.24×
5.94×
6.06×
3.91×
▼ 36%
VECO price history
Price history is added with the daily price update and will appear after the next one.