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 |
| Operating 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 |
| Research And Development | - | 103.56 | 112.85 | 124.51 | 119.64 |
| Selling General And Administration | - | 88.95 | 92.76 | 99.66 | 98.91 |
| Total Expenses | - | 585.84 | 596.50 | 622.19 | 619.68 |
| Operating Income | - | 60.30 | 69.94 | 95.11 | 44.62 |
| Total Operating Income As Reported | - | 60.30 | 69.94 | 66.98 | 35.71 |
| EBITDA | - | 88.14 | 8.40 | 105.02 | 68.54 |
| Normalized EBITDA | - | 88.14 | 8.40 | 133.15 | 77.45 |
| EBIT | - | 62.50 | -16.57 | 79.88 | 48.52 |
| Interest Income | - | 2.20 | 10.58 | 12.90 | 13.47 |
| Interest Expense | - | 11.51 | 11.77 | 11.04 | 9.14 |
| Net Interest Income | - | -9.31 | -1.19 | 1.85 | 4.33 |
| Other Non Operating Income Expenses | -5.01 | - | -97.09 | - | -0.65 |
| Other Income Expense | -5.01 | - | -97.09 | -28.13 | -9.56 |
| Interest Income Non Operating | - | 2.20 | 10.58 | 12.90 | 13.47 |
| Interest Expense Non Operating | - | 11.51 | 11.77 | 11.04 | 9.14 |
| Net Non Operating Interest Income Expense | - | -9.31 | -1.19 | 1.85 | 4.33 |
| Pretax Income | - | 50.98 | -28.34 | 68.83 | 39.39 |
| Tax Provision | - | -115.96 | 2.03 | -4.88 | 4 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | -5.91 | -0.91 |
| Net Income Continuous Operations | - | 166.94 | -30.37 | 73.71 | 35.39 |
| Net Income From Continuing And Discontinued Operation | - | 166.94 | -30.37 | 73.71 | 35.39 |
| Net Income From Continuing Operation Net Minority Interest | - | 166.94 | -30.37 | 73.71 | 35.39 |
| Net Income | - | 166.94 | -30.37 | 73.71 | 35.39 |
| Net Income Common Stockholders | - | 177.77 | -30.37 | 75.77 | 35.77 |
| Net Income Including Noncontrolling Interests | - | 166.94 | -30.37 | 73.71 | 35.39 |
| Normalized Income | - | 166.94 | -30.37 | 95.94 | 43.39 |
| Diluted NI Availto Com Stockholders | - | 177.77 | -30.37 | 75.77 | 35.77 |
| Basic Average Shares | - | 49.91 | 53.77 | 56.43 | 59.30 |
| Diluted Average Shares | - | 65.61 | 53.77 | 61.60 | 60.59 |
| Reconciled Depreciation | - | 25.64 | 24.97 | 25.14 | 20.02 |
| Reconciled Cost Of Revenue | - | 367.36 | 364.89 | 395.14 | 382 |
| Total Unusual Items | - | 0 | 0 | -28.13 | -8.91 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | -28.13 | -8.91 |
| Special Income Charges | - | 0 | 0 | -28.13 | -8.91 |
| Write Off | - | 0 | 0 | 28.13 | 0 |
| Restructuring And Mergern Acquisition | - | 0 | 0 | 0 | 8.91 |
| Depreciation Amortization Depletion Income Statement | - | 10.02 | 8.48 | 6.98 | 3.14 |
| Depreciation And Amortization In Income Statement | - | 10.02 | 8.48 | 6.98 | 3.14 |
| Other Operating Expenses | - | 0.32 | 1.03 | -22.26 | -0.89 |
| Otherunder Preferred Stock Dividend | - | -10.83 | 0 | -2.05 | -0.38 |
| Amortization | - | 10.02 | 8.48 | 6.98 | 3.14 |
| Amortization Of Intangibles Income Statement | - | 10.02 | 8.48 | 6.98 | 3.14 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Veeco Instruments Inc.this co. | VECO | $3.9B | 109.79β premium | 4.39 | 4.0% | 58.12 |
| Impinj, Inc. | PI | $4.1B | - | 19.82 | -5.2% | 595.65 |
| Life360, Inc. | LIF | $3.9B | 25.68 | 7.07 | 27.5% | 112.98 |
| Extreme Networks, Inc. | EXTR | $3.9B | - | 59.05 | -11.4% | 98.02 |
| Badger Meter, Inc. | BMI | $3.7B | 26.37 |
| - |
| - |
| - |
| - |
| - |
| 5.24 |
| 19.9% |
| 16.10 |
| Box, Inc. | BOX | $3.7B | 32.14 | -12.39 | -38.6% | 27.13 |
| RingCentral, Inc. | RNG | $3.7B | 85.09 | -6.28 | -7.4% | 14.30 |
| Itron, Inc. | ITRI | $3.6B | 11.94 | 2.09 | 17.5% | 9.27 |
| Insight Enterprises, Inc. | NSIT | $3.6B | 22.81 | 2.18 | 9.5% | 11.55 |
| Peer Median | - | 26.02 | 3.71 | 2.2% | 21.61 | |