VECO
VEECO INSTRUMENTS INC
Next earnings Aug 4, 2026 · consensus $0.29 EPS, $182M rev
Last earnings -2.7% on 2026-05-05
$57.49
▼ -17.24%$57.49▲ +180.17%
over 1Y
L $19.94H $83.04
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-17.2%
1W-23.8%
1M-5.8%
3M+67.3%
YTD+88.2%
1Y+180.2%
Hold
Conviction
Horizon
Long (>12mo)
Street · 10 analysts
Buy
Veeco has a sound balance sheet but is in a cyclical down year, and 135x earnings on trough profits prices in a recovery that hasn't arrived.
Revenue $664M · FY2025
The read
Middling fundamentals and a rich price (~92% above fair value) leave little margin of safety — a wait-and-see.
Veeco Instruments makes specialized semiconductor and thin-film process equipment, a cyclical capital-equipment business tied to chipmakers' spending. FY2025 was a down year: revenue fell 7.4% to $664M, gross profit dropped 12.7% (gross margin 40.0%), operating income fell 46.7% to $35.7M, and net income halved to $35.4M (EPS $0.59). The multi-year record is volatile — net income of $26.0M, $167M, -$30.4M, $73.7M and $35.4M from FY2021-2025 — underscoring how sharply results swing with the semi-equipment cycle.
The balance sheet is a genuine strength and keeps this out of negative territory. Liabilities/equity is a conservative 0.50x, with $163M cash against $226M long-term debt (down 9.5%), equity up 14.9%, and positive operating cash flow of $69.5M (up 8.9%) that comfortably exceeds $16.2M of capex. The company also sustains meaningful R&D ($120M) to stay competitive in advanced-node and emerging applications. So Veeco can weather the down-cycle without financial stress.
Is VECO a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~90d expiry
- Long 100 shares @ ~57.49
- Short call 60 @ ~10.49 est
debit $4,700max +$1,300max −$4,699BE 47.00
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $583M | $646M | $666M | $717M | $664M |
| Gross profit | $242M | $263M | $285M | $304M | $265M |
| Operating income | $56.7M | $60.3M | $69.9M | $67.0M | $35.7M |
| Net income | $26.0M | $167M | -$30.4M | $73.7M | $35.4M |
| Diluted EPS | $0.49 | $2.71 | -$0.56 | $1.23 | $0.59 |
| Net margin | 4.5% | 25.8% | -4.6% | 10.3% | 5.3% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$3.60B
EV / EBITDA64.6
EV / Sales5.4
EV / FCF67.5
P / FCF65.8
PEG (trailing)—
Earnings yield1.0%
FCF yield1.5%
Quality & risk
ROIC (est.)2.5%
Free cash flow$53.3M
Total debt$253M
Net cash-$89.0M
Altman Z-Score5.53 safe
Piotroski F-Score5/9
Capital returns
Buyback yield0.3%
Dividend yield (est.)—
Shareholder yield0.3%
Shares Δ YoY+4.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRoutine disclosure cadence — no material red flags in recent filings.
Recent filings
all on EDGAR ↗4Period ending 2026-06-112026-06-12open ↗144Filing2026-06-11open ↗4Period ending 2026-06-092026-06-10open ↗4Period ending 2026-06-092026-06-10open ↗144Filing2026-06-09open ↗144Filing2026-06-09open ↗4Period ending 2026-06-042026-06-08open ↗144Filing2026-06-04open ↗4Period ending 2026-06-022026-06-02open ↗144Filing2026-06-02open ↗SDFiling2026-05-29open ↗4Period ending 2026-05-262026-05-28open ↗
Frequently asked
- Is VEECO INSTRUMENTS INC (VECO) a buy?
- VECO currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Veeco has a sound balance sheet but is in a cyclical down year, and 135x earnings on trough profits prices in a recovery that hasn't arrived.
- What is VECO's fair value?
- A Modified-Graham model based on VECO's SEC fundamentals estimates a fair value of about $4.51. It is an estimate from reported earnings, not a price target.
- Is VECO overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, VECO currently appears overvalued relative to its SEC-grounded earnings power.
- What is VEECO INSTRUMENTS INC's quality score?
- VECO scores 49.21168712988105/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000103145, latest 10-Q filed 2026-05-05) · EODHD · Proprietary analysis · as of 6/21/2026, 9:02:22 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 5:02 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.