VECO Stock Analysis: Veeco Instruments | NASDAQ
Semiconductor Equipment & Materials | NASDAQ, USA | Market Cap: 2.613m USD | 12M Return: 42% | US9224171002 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 34.6M
EPS Trend: -80.9%
Qual. Beats: 1
Rev. Trend: 0.7%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Veeco Instruments Inc. (NASDAQ: VECO) is a U.S.-based developer and manufacturer of semiconductor and thin film process equipment, serving customers across the United States, EMEA, China, and the rest of Asia-Pacific. The company provides a broad portfolio of process systems, including laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition (MOCVD), single wafer wet processing and surface preparation, molecular beam epitaxy (MBE), advanced packaging lithography, and atomic layer deposition (ALD).
Veecos equipment is used to produce a range of microelectronic components such as logic chips, DRAM memory, photonics devices, power electronics, RF filters and amplifiers, and magnetic heads for hard disk drives. The company sells to integrated device manufacturers, foundries, outsourced semiconductor assembly and test (OSAT) firms, hard disk drive and photonics manufacturers, as well as research centers and universities. Veeco is classified within the GICS Information Technology sector, specifically the Semiconductor Materials & Equipment sub-industry, and was founded in 1945, with its headquarters in Plainview, New York.
- Leading-edge logic and DRAM capex fuels equipment orders
- China revenue concentration exposes Veeco to export controls
- Operating leverage drives margin expansion as orders recover
| Net Income: 23.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 1.67 > 1.0 |
| NWC/Revenue: 101.6% < 20% (prev 90.91%; Δ 10.64% < -1%) |
| CFO/TA 0.07 > 3% & CFO 99.8m > Net Income 23.2m |
| Net Debt (-137.1m) to EBITDA (48.4m): -2.83 < 3 |
| Current Ratio: 3.93 > 1.5 & < 3 |
| Outstanding Shares: last quarter (66.8m) vs 12m ago 10.87% < -2% |
| Gross Margin: 37.81% > 18% (prev 41.46%; Δ -3.65% > 0.5%) |
| Asset Turnover: 50.78% > 50% (prev 54.94%; Δ -4.17% > 0%) |
| Interest Coverage Ratio: 3.32 > 6 (EBIT TTM 28.6m / Interest Expense TTM 8.60m) |
| A: 0.49 (Total Current Assets 930.3m - Total Current Liabilities 237.0m) / Total Assets 1.41b |
| B: -0.29 (Retained Earnings -411.5m / Total Assets 1.41b) |
| C: 0.02 (EBIT TTM 28.6m / Avg Total Assets 1.34b) |
| D: 1.76 (Book Value of Equity 902.8m / Total Liabilities 511.7m) |
| Altman-Z'' = 4.26 = AA |
| DSRI: 1.06 (Receivables 148.4m/143.0m, Revenue 682.7m/700.3m) |
| GMI: 1.10 (GM 41.46% / 37.81%) |
| AQI: 0.91 (AQ_t 0.25 / AQ_t-1 0.27) |
| SGI: 0.97 (Revenue 682.7m / 700.3m) |
| TATA: -0.05 (NI 23.2m - CFO 99.8m) / TA 1.41b) |
| Beneish M = -2.96 (Cap -4..+1) = A |
As of October 24, 2026, the stock is trading at USD 42.06 with a total of 770,376 shares traded. Over the past week, the price has changed by -1.61%, over one month by -8.41%, over three months by -22.94% and over the past year by +42.00%.
Current recommended Stop Loss: 38.30 (which is 8.9% or 1.2 ATR below the current price).
Veeco Instruments has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy VECO.
- StrongBuy: 2
- Buy: 0
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 61.3 | 45.8% |
P/E Trailing = 115.5405
P/E Forward = 14.3266
P/S = 3.8278
P/B = 3.1794
P/EG = 0.8072
Revenue TTM = 682.7m USD
EBIT TTM = 28.6m USD
EBITDA TTM = 48.4m USD
Long Term Debt = 226.0m USD (from longTermDebt, last fiscal year)
Short Term Debt = 4.16m USD (from shortTermDebt, last fiscal year)
Debt = 292.3m USD (from shortLongTermDebtTotal, last quarter) + Leases 35.2m
Net Debt = -137.1m USD (calculated: Debt 292.3m - CCE 429.4m)
Enterprise Value = 2.48b USD (2.61b + Debt 292.3m - CCE 429.4m)
Interest Coverage Ratio = 3.32 (Ebit TTM 28.6m / Interest Expense TTM 8.60m)
EV/FCF = 29.07x (Enterprise Value 2.48b / FCF TTM 85.2m)
FCF Yield = 3.44% (FCF TTM 85.2m / Enterprise Value 2.48b)
FCF Margin = 12.47% (FCF TTM 85.2m / Revenue TTM 682.7m)
Net Margin = 3.40% (Net Income TTM 23.2m / Revenue TTM 682.7m)
Gross Margin = 37.81% ((Revenue TTM 682.7m - Cost of Revenue TTM 424.6m) / Revenue TTM)
Gross Margin QoQ = 38.68% (prev 34.81%)
Tobins Q-Ratio = 1.75 (Enterprise Value 2.48b / Total Assets 1.41b)
Interest Expense / Debt = 2.94% (Interest Expense 8.60m / Debt 292.3m)
Taxrate = 0.34% (79.0k / 23.3m)
NOPAT = 28.5m (EBIT 28.6m * (1 - 0.34%))
Current Ratio = 3.93 (Total Current Assets 930.3m / Total Current Liabilities 237.0m)
Debt / Equity = 0.32 (Debt 292.3m / totalStockholderEquity, last quarter 902.8m)
Debt / EBITDA = -2.83 (Net Debt -137.1m / EBITDA 48.4m)
Debt / FCF = -1.61 (Net Debt -137.1m / FCF TTM 85.2m)
Total Stockholder Equity = 887.0m (last 4 quarters mean from totalStockholderEquity)
RoA = 1.73% (Net Income 23.2m / Total Assets 1.41b)
RoE = 2.62% (Net Income TTM 23.2m / Total Stockholder Equity 887.0m)
RoCE = 2.57% (EBIT 28.6m / Capital Employed (Equity 887.0m + L.T.Debt 226.0m))
RoIC = 2.48% (NOPAT 28.5m / Invested Capital 1.15b)
WACC = 13.06% (E(2.61b)/V(2.91b) * Re(14.19%) + D(292.3m)/V(2.91b) * Rd(2.94%) * (1-Tc(0.00)))
Discount Rate = 14.19% (= CAPM, Blume Beta Adj.) -> capped to 12.54%
Shares (quarterly) Correlation: 27.37 | Cagr: 4.29%
[DCF] Terminal Value 64.29% ; FCFF base≈73.3m ; Y1≈84.0m ; Y5≈123.7m
[DCF] Fair Price = 18.78 (EV 1.01b - Net Debt -137.1m = Equity 1.15b / Shares 61.1m; r=13.06% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: -80.91 | EPS CAGR: -22.92% | SUE: 0.91 | # QB: 1
Revenue Correlation: 0.69 | Revenue CAGR: 0.03% | SUE: 2.65 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.43 | Chg30d=+0.00% | Revisions=-50% | Analysts=4
EPS current Year (2026-12-31): EPS=1.51 | Chg30d=+0.00% | Revisions=-57% | GrowthEPS=+13.8% | GrowthRev=+16.9%
EPS next Year (2027-12-31): EPS=2.91 | Chg30d=+0.00% | Revisions=-29% | GrowthEPS=+92.0% | GrowthRev=+31.9%
[Analyst] Revisions Ratio: -64% (up=1, down=10)