At a glance
Veeco Instruments Inc is worth $2.68B, about 74 times its fiscal 2025 earnings. Revenue fell 7.4% to $664.3M in fiscal 2025, with 5.3% kept as profit; over 5 years it has grown 7.9% a year. It pays no dividend. The stock returned +51.3% over the past year with dividends reinvested and +12.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.2% in the 2020 crash (S&P 500: 33.7%) and 46.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 15 months after the lows.
The business in plain English
Veeco Instruments, based in Plainview, New York, makes equipment used to build semiconductors. Its machines deposit ultra-thin films onto silicon wafers (the discs chips are built on), etch material away, flash-heat wafers with lasers and clean wafer surfaces. Customers include chipmakers, contract manufacturers known as foundries, and firms that package and test chips. Veeco earns money from equipment sales and service. Its tools help make AI processors, coatings for masks used in extreme ultraviolet (EUV) chip printing, 5G radio parts, lasers and hard disk drive heads.
Sales fall into four end markets. In fiscal 2025 (ended December 31, 2025), Semiconductor customers accounted for $476.6 million, or 71.7% of $664.3 million in revenue. Scientific & Other, covering research such as quantum computing plus optical coatings, was 13.4%. Compound Semiconductor (chips made from materials such as gallium nitride, used in power electronics, lasers and radio parts) was 9%, and Data Storage was 5.9%.
Asia Pacific outside China made up 49.7% of fiscal 2025 revenue and China 27.4%, against 15.3% for the US and 7.6% for Europe, the Middle East and Africa. On September 30, 2025, Veeco agreed to be acquired by Axcelis Technologies. Stockholders of both companies approved the deal on February 6, 2026, but it still needed certain regulatory approvals as of the February 25, 2026 annual report.
Price history
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VECO +51.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Semiconductor | $476.6M | 71.7% |
| Scientific And Other | $88.9M | 13.4% |
| Compound Semiconductor | $59.6M | 9% |
| Data Storage | $39.2M | 5.9% |
By geography
| Asia Pacific Excluding China | $330.2M | 49.7% |
| CN | $181.8M | 27.4% |
| US | $101.4M | 15.3% |
| EMEA | $50.8M | 7.6% |
| Rest Of World | $118K | 0% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $193.5M, up 16.5% from a year earlier, and net income was $11.9M (+1.1%).
- For fiscal 2025, revenue was $664.3M (-7.4% year over year; +7.9% a year from FY2020 to FY2025) with a 5.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.9% good |
|---|---|
| Operating margin | 5.4% watch |
| Free cash flow margin | 8% watch |
| Return on equity (FY2025) | 4% weak |
| Return on assets (FY2025) | 2.7% weak |
| Net cash (cash minus debt) | $202.9M good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $454.2M | $-8.4M | $36.2M |
| FY2021 | $583.3M | $26.0M | $27.1M |
| FY2022 | $646.1M | $166.9M | $83.9M |
| FY2023 | $666.4M | $-30.4M | $33.7M |
| FY2024 | $717.3M | $73.7M | $45.7M |
| FY2025 | $664.3M | $35.4M | $53.3M |
Valuation snapshot
| Market value | $2.68B |
|---|---|
| P/E ratio | 74.3 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Veeco Instruments’s market value went from $1.18B at the end of 2016 to $2.68B on Oct 28, 2026, about 2.3 times as much; since the end of 2025 it is up 56%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.68B | +55.9% |
| 2025 | $1.72B | +13.0% |
| 2024 | $1.52B | -13.0% |
| 2023 | $1.75B | +83.0% |
| 2022 | $955.5M | -33.5% |
| 2021 | $1.44B | +66.9% |
| 2020 | $861.3M | +19.9% |
| 2019 | $718.1M | +102.8% |
| 2018 | $354.1M | -50.6% |
| 2017 | $717.3M | -39.4% |
| 2016 | $1.18B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VECO price data to Oct 28, 2026 | +53.4% | +51.3% | +22.0% | +12.7% | +7.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +53.4% |
| 2025 | +6.6% |
| 2024 | -13.6% |
| 2023 | +67.0% |
| 2022 | -34.7% |
| 2021 | +64.0% |
| 2020 | +18.2% |
| 2019 | +98.2% |
| 2018 | -50.1% |
| 2017 | -49.1% |
| 2016 | +41.8% |
| 2015 | -41.1% |
| 2014 | +6.0% |
| 2013 | +11.6% |
| 2012 | +41.8% |
| 2011 | -51.6% |
| 2010 | +30.0% |
| 2009 | +421.1% |
| 2008 | -62.0% |
| 2007 | -10.8% |
| 2006 | +8.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 79% over that stretch · deepest drop along the way 81%, back to its old high 8.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.1% over that stretch · deepest drop along the way 53.2%, back to its old high 8.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 44.8% over that stretch · deepest drop along the way 46.5%, back to its old high 15.2 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 21 sales ($33.4M), 9 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 17, 2026 | William John Miller CEO, Director | sell (plan) | $6.7M |
| May 7, 2026 | William John Miller CEO, Director | sell | $6.0M |
| Aug 17, 2026 | William John Miller CEO, Director | sell (plan) | $3.9M |
| Jun 2, 2026 | William John Miller CEO, Director | sell (plan) | $2.9M |
| May 14, 2026 | Richard A Damore Director | sell | $2.7M |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 15% | Mar 31, 2026 |
| Vanguard Portfolio Management | 7.79% | Mar 31, 2026 |
| WASATCH ADVISORS LP | 5.6% | Mar 31, 2025 |
| Manulife Financial Corporation | 5.55% | Sep 30, 2025 |
| Vanguard Capital Management | 5.12% | Mar 31, 2026 |
| MANULIFE FINANCIAL CORP | 4.21% | Dec 31, 2025 |
| Wasatch Advisors LP | 2.7% | Sep 30, 2025 |
ETFs with the most weight in VECO
| TINY ProShares Nanotechnology ETF | 3.01% |
| QQQS Invesco NASDAQ Future Gen 200 ETF | 0.53% |
| FSCC Federated Hermes MDT Small Cap Core ETF | 0.34% |
| MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF | 0.3% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.27% |
| OASC OneAscent Small Cap Core ETF | 0.24% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.22% |
| FYX First Trust Small Cap Core AlphaDEX Fund | 0.2% |
What could go wrong
- Axcelis merger could stall or fall apart. As of February 25, 2026, the deal still needed certain regulatory approvals. A long delay or collapse could hurt the share price and results, and the pending deal itself may disrupt the business.
- Deal value rides on Axcelis stock. Veeco holders would get a fixed number of Axcelis shares, so the deal's value moves with Axcelis's price. They would also hold a smaller stake in the combined company and cannot seek a court appraisal.
- US–China trade fights and export controls. China supplied 27.4% of fiscal 2025 revenue. Trade policy changes, export controls and the US–China dispute have already hurt results, and Veeco may not obtain export licenses needed to ship some products.
- Concentrated customers in boom-and-bust industries. Veeco depends on a concentrated group of customers, mostly in a few regions. Its industries are highly cyclical, and some orders depend on demand for consumer electronics and cars, which can swing sharply.
- Lumpy orders and long sales cycles. Sales cycles are long and unpredictable, and the timing of orders and shipments can make quarterly results swing. Customers can also cancel or change backlog orders, meaning orders taken but not yet delivered.
- Reliance on a few key suppliers. Veeco relies on a limited number of suppliers, some the sole source for certain parts, and on outsourcing partners. If they fall short, Veeco could struggle to meet customer demand.
Recent events
- Investor presentation or announcement; Other company announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Shareholder vote results; Investor presentation or announcement
- Other company announcement
- Quarterly results released
For income and retirement investors
Veeco paid no dividends in fiscal 2021 through 2025, so it offered no cash income to investors who rely on dividends. It also spent nothing on share buybacks over those years. Meanwhile, the share count rose 21%, from about 50.5 million on October 27, 2021, to about 61.1 million on July 30, 2026, which spreads profits across more shares. Any return has to come from the share price, or from the value of Axcelis shares if the merger closes.
That price has fallen hard in past downturns. The stock dropped 81% in the 2008 financial crisis, 53.2% in the 2020 COVID crash and 46.5% in the 2022 bear market. It took about 8.8, 8.3 and 15.2 months, respectively, after those lows to regain its earlier peak. For retirees who must draw on savings during a slump, swings like these can turn paper losses into real ones. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Veeco make money?
Veeco makes money from sales and service of the machines chipmakers use to build semiconductors, including laser annealing, ion beam, deposition, lithography and wet processing systems. In fiscal 2025, revenue was $664.3 million. The Semiconductor market supplied 71.7% of that, Scientific & Other 13.4%, Compound Semiconductor 9% and Data Storage 5.9%. Net income was $35.4 million, a 5.3% margin, down 52% from the prior year, while revenue fell 7.4%.
Is Veeco being acquired by Axcelis?
Yes. On September 30, 2025, Veeco agreed to be acquired by Axcelis Technologies and become a wholly owned subsidiary of Axcelis. Stockholders of both companies approved the merger on February 6, 2026. As of Veeco's annual report filed February 25, 2026, the deal still needed certain regulatory approvals and other customary closing conditions. Veeco holders would receive a fixed number of Axcelis shares, so the value they get rises and falls with Axcelis's stock price.
Does Veeco pay a dividend?
No. Veeco paid no dividends and made no share buybacks in fiscal 2021 through 2025, so shareholders received no cash payouts. Any return depends on the share price, which swings hard: in the year to October 28, 2026, the stock rose 51.3% but at one point fell 50.8% from a high. Meanwhile its share count grew 21% between October 27, 2021, and July 30, 2026, spreading earnings over more shares.
What is Veeco's P/E ratio?
Veeco's price-to-earnings (P/E) ratio was 74.3 as of October 28, 2026, based on fiscal 2025 earnings of $0.59 per share. The P/E divides the share price by a year's profit per share, so a high figure means paying a lot for each dollar of earnings. Fiscal 2025 net income fell 52%, which pushes the ratio up. In the quarter ended June 30, 2026, revenue rose 16.5% from a year earlier, while net income rose 1.1%. Market value was about $2.68 billion.
Does Veeco have a lot of debt?
Not relative to its cash. As of June 30, 2026, Veeco had $429.4 million in cash and investments against $226.5 million of total debt, leaving net cash of about $202.9 million. Its debt includes convertible notes, bonds that can turn into stock. Veeco warns that conversion could mean issuing new shares, and that debt terms could limit its ability to raise cash if it must pay noteholders on conversion or repurchase.