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VECO

Veeco Instruments Inc.

VECO

Veeco Instruments Inc. • NASDAQ
$29.25 ▲ 0.09% (+0.03)
Market Cap $1.76 B
52w High $34.45
52w Low $16.92
Dividend Yield 0%
P/E 35.25
Volume 171.11K
Outstanding Shares 60.16M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $165.881M ▼ $56.251M ▼ $10.596M ▼ 6.388% ▼ $0.18 ▼ $18.91M ▼
Q2-2025 $166.104M ▼ $56.357M ▲ $11.733M ▼ 7.064% ▼ $0.2 ▼ $20.013M ▼
Q1-2025 $167.292M ▼ $54.319M ▼ $11.947M ▼ 7.141% ▼ $0.21 ▼ $22.525M ▲
Q4-2024 $182.131M ▼ $70.106M ▲ $14.965M ▼ 8.217% ▼ $0.27 ▼ $13.116M ▼
Q3-2024 $184.807M $54.876M $21.951M 11.878% $0.4 $33.692M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $369.352M ▲ $1.29B ▲ $413.941M ▼ $875.97M ▲
Q2-2025 $354.792M ▲ $1.275B ▼ $418.509M ▼ $856.196M ▲
Q1-2025 $353.293M ▲ $1.279B ▲ $466.966M ▼ $811.858M ▲
Q4-2024 $344.314M ▲ $1.252B ▼ $480.807M ▼ $770.77M ▲
Q3-2024 $320.762M $1.273B $526.353M $746.519M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $10.596M ▼ $15.533M ▲ $-12.126M ▼ $820K ▲ $4.233M ▼ $12.955M ▲
Q2-2025 $11.733M ▼ $9.042M ▼ $9.535M ▼ $-4.706M ▲ $13.922M ▼ $5.447M ▼
Q1-2025 $11.947M ▼ $19.992M ▼ $14.523M ▲ $-5.276M ▼ $29.248M ▲ $13.237M ▼
Q4-2024 $14.965M ▼ $28.385M ▲ $-45.717M ▼ $-254K ▼ $-17.667M ▼ $23.206M ▲
Q3-2024 $21.439M $17.614M $-29.611M $895K $-10.967M $13.623M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Compound Semiconductor
Compound Semiconductor
 $20.00M ▲$20.00M ▲$10.00M ▼$10.00M ▲
Data Storage
Data Storage
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Scientific And Other
Scientific And Other
 $10.00M ▲$30.00M ▲$20.00M ▼$20.00M ▲
Semiconductor
Semiconductor
 $120.00M ▲$110.00M ▼$120.00M ▲$120.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing a clear upward trend rather than big swings. Gross profit has also improved, suggesting the company is generally maintaining or slightly improving its pricing power and cost control. Operating income has been consistently positive and gradually higher, which points to better scale and more efficient operations over time. Earnings, however, have been a bit uneven. There were years with strong profit, a year with a noticeable loss, and then a recovery back to solid profitability most recently. That pattern hints at one‑off factors or the inherent lumpiness of semiconductor equipment demand rather than a broken business, but it does remind us that results can be volatile from year to year in this industry.

Balance Sheet

Balance Sheet The balance sheet looks sturdier now than it did a few years ago. Total assets have grown, and shareholders’ equity has increased meaningfully, which suggests the company has been building net worth rather than eroding it. Debt has stayed fairly stable, not rising aggressively, while equity has climbed. That combination usually means a gradually less leveraged, more resilient financial structure. Cash on hand has been relatively steady at a moderate level – not overflowing, but sufficient to provide day‑to‑day flexibility. Overall, the company appears to be on firmer financial footing than earlier in the period, with a balance sheet that can better support R&D and growth projects, but still with some reliance on debt capital.

Cash Flow

Cash Flow The company has generated positive operating cash flow every year in the period shown, which is an important sign that the underlying business is consistently bringing in cash rather than consuming it. While the absolute amounts are not huge, they are steady, which matters in a cyclical sector. Free cash flow has also been positive in each year, even after funding capital spending. Capital expenditures have been relatively modest and manageable against cash generated from operations. This indicates a business that is capital‑intensive but not overwhelming its own capacity to fund investment. The pattern points to disciplined spending and a business model that can largely support itself without constantly needing fresh external financing, while still investing in its tools and technology base.

Competitive Edge

Competitive Edge Veeco operates in specialized corners of the semiconductor equipment market rather than trying to compete head‑on across every tool category. Its strength lies in being a leader in specific, technically demanding areas: laser annealing for advanced logic chips, MOCVD tools for compound semiconductors, and wet processing and lithography for advanced packaging. In many of these niches, its tools are qualified as the standard for key customers, which makes switching to a rival expensive and risky for those customers. That “tool of record” status, combined with a solid patent portfolio and long‑standing collaborations with top chipmakers, gives Veeco a real moat in its chosen niches. On the flip side, the company still operates in a highly cyclical, competitive industry dominated by much larger players. It likely faces customer concentration risk and the usual semiconductor capital‑equipment cycle: periods of strong demand followed by slowdowns. Its specialized focus helps it stand out, but also ties it closely to the success and timing of a few fast‑moving technology trends like advanced logic, microLEDs, and advanced packaging.

Innovation and R&D

Innovation and R&D Innovation is clearly at the core of Veeco’s strategy. The company has built leading positions in several advanced technologies: laser annealing systems that support next‑generation transistor structures, MOCVD platforms tailored for compound semiconductors and microLEDs, and wet processing tools critical for 2.5D/3D and other advanced packaging schemes. Recent product launches, such as new generations of MOCVD and laser annealing systems, plus partnerships with major players (for example in advanced packaging and compound semiconductors), show that R&D is translating into commercial tools, not just lab projects. The roadmap is tightly aligned with structural growth areas like AI/high‑performance computing, microLED displays, and more complex packaging. The company’s future success, however, depends on its ability to keep this innovation engine running fast enough. Semiconductor technologies can shift quickly, and the announced merger with Axcelis adds both opportunity (broader technology and product set) and integration risk. Sustained, well‑targeted R&D and smooth integration will be crucial to preserve and extend Veeco’s technological edge.

Summary

Veeco today looks like a focused, niche semiconductor equipment provider with improving financial quality and meaningful technology strengths. Revenues and margins have trended upward over several years, even though net earnings have been choppy at times, reflecting both industry cyclicality and possible one‑off items. The balance sheet has strengthened, with higher equity and stable debt, and cash flows have been consistently positive and sufficient to fund the company’s relatively moderate investment needs. Strategically, Veeco’s competitive edge lies in owning critical tools in fast‑growing, technically demanding areas such as advanced logic annealing, compound semiconductor growth, and advanced packaging processes. This specialization, backed by patents and deep customer integration, creates switching costs and supports a defensible position in its chosen markets. Looking forward, the company is tightly tied to some of the most important trends in semiconductors: AI computing, new transistor architectures, microLED displays, and advanced packaging. That alignment offers considerable opportunity but also exposes Veeco to the usual risks of timing, technology shifts, customer concentration, and the challenges of integrating its planned merger. Overall, the data describe a company with a stronger financial base than a few years ago, a clear innovation track, and meaningful but manageable strategic execution risks.

NEWS

November 5, 2025 · 4:05 PM UTC

Veeco Reports Third Quarter 2025 Financial Results

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November 5, 2025 · 9:02 AM UTC

Veeco Receives Propel®300 MOCVD System Order From Leading GaN-on-Si Power Semiconductor IDM

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October 28, 2025 · 9:02 AM UTC

Veeco Announces Multiple Orders for Wet Processing and Lithography Systems to Support Advanced Packaging and Silicon Photonics at a Leading Semiconductor Foundry

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October 22, 2025 · 9:02 AM UTC

Veeco Announces Date for Third Quarter Financial Results and Conference Call

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October 14, 2025 · 9:02 AM UTC

Veeco Receives Multiple Lumina Systems Order from Leading Optical Communications Laser Manufacturer

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