VEECO INSTRUMENTS INC VECO
Headquartered in Plainview, New York, we were organized as a Delaware corporation in 1989. We are a manufacturer of advanced semiconductor process equipment that solves an array of challenging materials engineering problems for our customers. Our comprehensive collection of ion beam, laser annealing, metal organic chemical vapor deposition ("MOCVD"), chemical vapor deposition ("CVD"), advanced packaging lithography, single wafer wet processing, molecular beam epitaxy ("MBE"), and atomic layer deposition ("ALD") technologies play an integral role in the fabrication of key devices that are enabling the 4th industrial revolution of all things connected. Such devices include leading advanced node application processors for AI chips, high-performance computing, mobile devices, high-speed data communications, and radio frequency ("RF") filters and power amplifiers for fifth generation ("5G") networks and mobile electronics, photonics devices for 3D sensing, advanced displays, and thin film magnetic heads for hard disk drives in data storage. In close partnership with our customers, we combine decades of applications and materials know-how with leading-edge systems engineering to deliver high-volume manufacturing solutions with competitive cost of ownership. Serving a global and highly interconnected customer base, we have comprehensive sales and service operations across the Asia-Pacific, Europe, and North America regions to ensure real-time close collaboration and responsiveness.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $664.3M | $717.3M | $666.4M | $646.1M | $583.3M | $454.2M | $419.3M | $542.1M | $475.7M | $331.7M |
| Cost of revenue | $398.9M | $413.3M | $381.4M | $383.0M | $341.0M | $259.9M | $261.2M | $348.4M | $299.5M | $198.6M |
| Gross profit | $265.4M | $304.0M | $285.1M | $263.1M | $242.3M | $194.3M | $158.2M | $193.7M | $176.2M | $133.1M |
| R&D | $119.6M | $124.5M | $112.9M | $103.6M | $88.7M | $79.0M | $90.6M | $97.8M | $82.0M | $81.0M |
| SG&A | $98.9M | $99.7M | $92.8M | $89.0M | $84.5M | $76.3M | $79.7M | $92.1M | $100.2M | $77.6M |
| Total operating expenses | $229.7M | $237.0M | $215.1M | $202.9M | $185.6M | $171.7M | $197.8M | $609.2M | $248.1M | $253.3M |
| Operating income | $35.7M | $67.0M | $69.9M | $60.3M | $56.7M | $22.6M | -$39.6M | -$415.5M | -$71.9M | -$120.2M |
| Interest expense | $9.1M | $11.0M | $11.8M | $11.5M | $28.4M | $24.7M | $22.1M | $21.5M | $19.5M | $222.0K |
| Pre-tax income | $39.4M | $68.8M | -$28.3M | $51.0M | $25.7M | -$8.5M | -$78.0M | -$433.8M | -$89.0M | -$119.2M |
| Income tax | $4.0M | $4.9M | $2.0M | $116.0M | $358.0K | $73.0K | $777.0K | $26.7M | $37.6M | $2.8M |
| Net income | $35.4M | $73.7M | -$30.4M | $166.9M | $26.0M | -$8.4M | -$78.7M | -$407.1M | -$51.4M | -$122.0M |
| EPS, basic | 0.60 | 1.31 | -0.56 | 3.35 | 0.53 | -0.17 | -1.66 | -8.63 | -1.16 | -3.10 |
| EPS, diluted | 0.59 | 1.23 | -0.56 | 2.71 | 0.49 | -0.17 | -1.66 | -8.63 | -1.16 | -3.10 |
| Shares, diluted (wtd. avg.) | $60.6M | $61.6M | $53.8M | $65.6M | $53.6M | $48.4M | $47.5M | $47.2M | $44.2M | $39.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $163.5M | $145.6M | $159.1M | $155.5M | $120.5M | $130.3M | $130.0M | $213.1M | $280.6M | $277.4M |
| Short-term investments | $226.8M | $198.7M | $146.7M | $147.5M | $104.2M | $189.8M | $115.3M | $48.2M | $47.8M | $66.8M |
| Receivables | $110.7M | $96.8M | $103.0M | $124.2M | $109.6M | $80.0M | $45.7M | $66.8M | $98.9M | $58.0M |
| Inventory | $275.3M | $246.7M | $237.6M | $206.9M | $170.9M | $145.9M | $133.1M | $156.3M | $120.3M | $77.1M |
| Total current assets | $845.3M | $764.5M | $706.3M | $668.9M | $549.4M | $586.9M | $475.9M | $520.1M | $597.1M | $501.5M |
| Property, plant and equipment | $108.6M | $113.8M | $118.5M | $107.3M | $99.7M | $65.3M | $75.7M | $80.3M | $85.1M | $60.6M |
| Goodwill | $215.0M | $215.0M | $215.0M | $181.9M | $181.9M | $181.9M | $181.9M | $184.3M | $307.1M | $114.9M |
| Other intangibles | $5.7M | $8.8M | $43.9M | $23.9M | $33.9M | $46.2M | $61.5M | $85.1M | $369.8M | $58.4M |
| Total assets | $1.33B | $1.25B | $1.23B | $1.13B | $899.0M | $898.1M | $818.1M | $900.8M | $1.39B | $758.5M |
| Accounts payable | $55.3M | $43.5M | $42.4M | $52.0M | $44.5M | $33.7M | $21.3M | $39.6M | $50.3M | $22.6M |
| Short-term debt | — | $26.5M | — | $20.2M | — | — | — | — | — | $368.0K |
| Total current liabilities | $178.1M | $192.3M | $218.0M | $257.9M | $189.2M | $146.7M | $118.2M | $160.1M | $224.3M | $143.5M |
| Long-term debt | $226.0M | $249.7M | $274.9M | $254.5M | $229.4M | $321.1M | $300.1M | $287.4M | $275.6M | $826.0K |
| Total liabilities | $440.3M | $480.8M | $556.6M | $550.4M | $461.3M | $489.7M | $443.6M | $463.0M | $547.4M | $163.9M |
| Retained earnings | -$423.1M | -$458.5M | -$532.2M | -$501.8M | -$681.3M | -$707.3M | -$698.9M | -$620.0M | -$212.9M | -$168.6M |
| Total equity | $885.5M | $770.8M | $672.4M | $577.8M | $437.6M | $408.4M | $374.5M | $437.8M | $840.1M | $601.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $69.5M | $63.8M | $61.7M | $108.5M | $67.7M | $43.0M | -$7.4M | -$37.7M | $35.0M | -$23.8M |
| Depreciation and amortisation | $20.0M | $25.1M | $25.0M | $25.6M | $26.1M | $30.7M | $34.4M | $50.0M | $50.1M | $32.6M |
| Stock-based compensation | $37.0M | $35.9M | $28.6M | $23.0M | $15.2M | $12.7M | $15.3M | $16.1M | $24.4M | $15.7M |
| Capital expenditure | $16.2M | $18.1M | $27.9M | $24.6M | $40.6M | $6.8M | $10.9M | $12.7M | $24.3M | $11.5M |
| Investing cash flow | -$41.5M | -$64.5M | -$53.3M | -$68.9M | $44.5M | -$71.8M | -$75.9M | -$18.3M | -$357.8M | $46.7M |
| Financing cash flow | -$10.5M | -$12.6M | -$4.7M | -$4.5M | -$122.0M | $29.1M | $126.0K | -$11.5M | $325.9M | -$14.6M |
| Buybacks | — | — | — | — | — | — | — | $11.5M | $2.9M | $13.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-019711.
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