Veeco Instruments Inc., together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally. It offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, advanced packaging lithography, atomic layer deposition, and other deposition systems. The company's process equipment systems are used in the production of a range of microelectronic components, including logic, dynamic random-access memory, photonics devices, power electronics, radio frequency filters and amplifiers, magnetic heads for hard disk drives, and other semiconductor devices. In addition, it markets and sells its products to integrated device manufacturers and foundries; outsourced semiconductor assembly and test companies; and hard disk drive and photonics manufacturers, as well as research centers and universities. Veeco Instruments Inc. was founded in 1945 and is headquartered in Plainview, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $664M | $69M | $35M | $53M | 4.0% | -7.4% | -52.0% |
| 2024 | $717M | $105M | $74M | $46M | 9.6% | 7.6% | -342.7% |
| 2023 | $666M | $8M | $-30M | $34M | -4.5% | 3.1% | -118.2% |
| 2022 | $646M | $88M | $167M | $84M | 28.9% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 646.14 | 666.44 | 717.30 | 664.29 |
| Cost Of Revenue | - | 382.99 | 381.38 | 413.30 | 398.88 |
| Gross Profit | - | 263.15 | 285.06 | 304 | 265.41 |
| Operating Expense | - | 202.85 | 215.12 | 208.89 | 220.79 |
| Operating Income | - | 60.30 | 69.94 | 95.11 | 44.62 |
| EBITDA | - | 88.14 | 8.40 | 105.02 | 68.54 |
| EBIT | - | 62.50 | -16.57 | 79.88 | 48.52 |
| Pretax Income | - | 50.98 | -28.34 | 68.83 | 39.39 |
| Tax Provision | - | -115.96 | 2.03 | -4.88 | 4 |
| Net Income | - | 166.94 | -30.37 | 73.71 | 35.39 |
| Net Income Common Stockholders | - | 177.77 | -30.37 | 75.77 | 35.77 |
| Total Expenses | - | 585.84 | 596.50 | 622.19 | 619.68 |
| Interest Expense | - | 11.51 | 11.77 | 11.04 | 9.14 |
| Interest Income | - | 2.20 | 10.58 | 12.90 | 13.47 |
| Research And Development | - | 103.56 | 112.85 | 124.51 | 119.64 |
| Selling General And Administration | - | 88.95 | 92.76 | 99.66 | 98.91 |
| Normalized EBITDA | - | 88.14 | 8.40 | 133.15 | 77.45 |
| Normalized Income | - | 166.94 | -30.37 | 95.94 | 43.39 |
| Market Cap | 3,124.08 | 3,124.08 | 3,124.08 | 3,124.08 | 3,124.08 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Veeco Instruments Inc.this co. | VECO | $3.1B | 88.28β premium | 3.53 | 4.0% | 47.02 |
| Adeia Inc. | ADEA | $3.3B | 30.21 | 6.98 | 23.1% | 15.47 |
| NCR Atleos Corporation | NATL | $3.3B | 20.28 | 8.15 | 40.2% | 7.78 |
| Diebold Nixdorf, Incorporated | DBD | $3.2B | 31.51 | 2.71 | 8.6% | 10.50 |
| Photronics, Inc. | PLAB | $3.1B |
| - |
| - |
| - |
| - |
| - |
| 22.60 |
| 2.63 |
| 11.6% |
| 8.67 |
| Q2 Holdings, Inc. | QTWO | $3.1B | 59.35 | 4.66 | 7.9% | 27.00 |
| Sunrun Inc. | RUN | $2.9B | 6.67 | 0.96 | 14.4% | 31.05 |
| Calix, Inc. | CALX | $2.9B | 154.71 | 3.22 | 2.1% | 68.20 |
| Knowles Corporation | KN | $2.7B | 59.25 | 3.38 | 5.7% | 23.84 |
| Peer Median | - | 30.86 | 3.30 | 10.1% | 19.65 | |