Veeco Instruments (VECO) Financials

$58.64 -0.87 (-1.46%)

Closing price 05/15/2026 04:00 PM Eastern

Extended Trading

$58.00 -0.64 (-1.09%)

As of 05/15/2026 07:47 PM Eastern

Annual Income Statements for Veeco Instruments

This table shows Veeco Instruments' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-32	-122	-51	-407	-79	-8.39	26	167	-30	74	35
Consolidated Net Income / (Loss)	-32	-122	-51	-407	-79	-8.39	26	167	-30	74	35
Net Income / (Loss) Continuing Operations	-32	-122	-51	-407	-79	-8.39	26	167	-30	74	35
Total Pre-Tax Income	-23	-119	-89	-434	-78	-8.46	26	51	-28	69	39
Total Operating Income	-23	-120	-72	-416	-40	23	57	60	70	67	36
Total Gross Profit	177	133	176	194	158	194	242	263	285	304	265
Total Revenue	477	332	476	542	419	454	583	646	666	717	664
Operating Revenue	477	332	476	542	419	454	583	646	666	717	664
Total Cost of Revenue	300	199	299	348	261	260	341	383	381	413	399
Operating Cost of Revenue	300	199	299	348	261	260	341	383	381	413	399
Total Operating Expenses	200	253	248	609	198	172	186	203	215	237	230
Selling, General & Admin Expense	90	78	100	92	80	76	85	89	93	100	99
Research & Development Expense	79	81	82	98	91	79	89	104	113	125	120
Amortization Expense	28	19	35	32	17	15	12	10	8.48	6.98	3.14
Other Operating Expenses / (Income)	-0.70	0.22	-0.39	0.37	-0.04	-0.22	0.07	0.32	1.03	-22	-0.89
Impairment Charge	0.13	70	1.14	375	4.02	0.28	-	0.00	0.00	28	0.00
Restructuring Charge	4.68	5.64	30	12	6.40	1.10	-	-	0.00	0.00	8.91
Total Other Income / (Expense), net	0.59	0.96	-17	-18	-38	-31	-31	-9.31	-98	1.85	3.68
Interest Expense	0.46	0.22	19	22	22	25	28	12	12	11	9.14
Interest & Investment Income	1.05	1.18	2.34	3.19	4.68	1.55	2.34	2.20	11	13	13
Other Income / (Expense), net	-	-	-	0.00	-21	-7.84	-5.01	0.00	-97	0.00	-0.65
Income Tax Expense	9.33	2.82	-38	-27	0.78	-0.07	-0.36	-116	2.03	-4.88	4.00
Basic Earnings per Share	($0.80)	($3.10)	($1.16)	($8.63)	($1.66)	($0.17)	$0.53	$3.35	($0.56)	$1.31	$0.60
Weighted Average Basic Shares Outstanding	39.74M	39.34M	44.17M	47.15M	47.48M	48.36M	49.07M	49.91M	53.77M	56.43M	59.30M
Diluted Earnings per Share	($0.80)	($3.10)	($1.16)	($8.63)	($1.66)	($0.17)	$0.49	$2.71	($0.56)	$1.23	$0.59
Weighted Average Diluted Shares Outstanding	39.74M	39.34M	44.17M	47.15M	47.48M	48.36M	53.64M	65.61M	53.77M	61.60M	60.59M
Weighted Average Basic & Diluted Shares Outstanding	40M	39.30M	44.30M	47.20M	49.00M	49.72M	50.65M	51.66M	56.37M	57.94M	60.39M

This table shows Veeco Instruments' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	25	22	22	15	22	15	12	12	11	1.11	-0.32
Consolidated Net Income / (Loss)	25	22	22	15	22	15	12	12	11	1.11	-0.32
Net Income / (Loss) Continuing Operations	25	22	22	15	22	15	12	12	11	1.11	-0.32
Total Pre-Tax Income	23	24	23	17	25	4.36	15	13	12	-0.09	-1.48
Total Operating Income	22	24	22	17	24	3.88	14	12	11	-1.37	-2.66
Total Gross Profit	77	79	75	75	79	74	68	69	68	61	56
Total Revenue	177	174	174	176	185	182	167	166	166	165	158
Operating Revenue	177	174	174	176	185	182	167	166	166	165	158
Total Cost of Revenue	100	95	99	100	106	108	99	97	98	105	103
Operating Cost of Revenue	100	95	99	100	106	108	99	97	98	105	103
Total Operating Expenses	55	54	53	59	55	70	54	56	57	62	58
Selling, General & Admin Expense	23	23	25	25	25	25	25	24	27	23	26
Research & Development Expense	29	29	30	32	32	31	29	32	29	31	30
Amortization Expense	2.12	2.12	1.89	1.83	1.69	1.58	0.82	0.82	0.77	0.72	0.71
Other Operating Expenses / (Income)	0.86	-0.24	-2.86	0.55	-4.32	-16	-0.04	0.05	0.13	-1.02	-0.12
Restructuring Charge	-	-	-	-	-	-	0.00	-	-	-	2.01
Total Other Income / (Expense), net	0.25	-	0.71	0.35	0.32	0.48	0.84	0.25	1.32	1.27	1.18
Interest Expense	2.78	3.07	2.62	2.77	2.88	2.78	2.51	2.29	2.16	2.18	2.10
Interest & Investment Income	3.02	3.07	3.32	3.12	3.20	3.26	3.34	3.20	3.49	3.45	3.28
Income Tax Expense	-2.06	2.55	0.90	2.13	2.71	-11	3.04	0.89	1.28	-1.21	-1.16
Basic Earnings per Share	$0.44	$0.44	$0.39	$0.27	$0.39	$0.26	$0.21	$0.20	$0.18	$0.01	($0.01)
Weighted Average Basic Shares Outstanding	55.35M	53.77M	55.97M	56.28M	56.41M	56.43M	57.75M	59.08M	60.08M	59.30M	60.41M
Diluted Earnings per Share	$0.42	$0.46	$0.37	$0.25	$0.36	$0.25	$0.20	$0.20	$0.17	$0.02	($0.01)
Weighted Average Diluted Shares Outstanding	59.64M	53.77M	60.76M	62.54M	62.65M	61.60M	60.23M	60.24M	60.95M	60.59M	60.41M
Weighted Average Basic & Diluted Shares Outstanding	56.34M	56.37M	56.64M	56.78M	56.78M	57.94M	58.29M	60.16M	60.16M	60.39M	61.03M

This table details how cash moves in and out of Veeco Instruments' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-1.58	8.23	3.10	-67	-83	0.33	-9.81	35	3.65	-13	18
Net Cash From Operating Activities	16	-24	35	-38	-7.42	43	68	108	62	64	69
Net Cash From Continuing Operating Activities	16	-24	35	-38	-7.42	43	68	108	62	64	69
Net Income / (Loss) Continuing Operations	-32	-122	-51	-407	-79	-8.39	26	167	-30	74	35
Consolidated Net Income / (Loss)	-32	-122	-51	-407	-79	-8.39	26	167	-30	74	35
Depreciation Expense	40	33	50	50	34	31	26	26	25	25	20
Amortization Expense	-	-	10	12	13	14	14	0.96	1.12	1.26	1.12
Non-Cash Adjustments To Reconcile Net Income	17	76	36	413	46	-9.40	-11	74	130	4.82	35
Changes in Operating Assets and Liabilities, net	-8.98	-11	-10	-105	-22	16	12	-159	-64	-41	-22
Net Cash From Investing Activities	-7.08	47	-358	-18	-76	-72	45	-69	-53	-65	-41
Net Cash From Continuing Investing Activities	-7.08	47	-358	-18	-76	-72	45	-69	-53	-65	-41
Purchase of Property, Plant & Equipment	-14	-11	-24	-13	-11	-6.80	-41	-25	-28	-18	-16
Acquisitions	-0.07	-	-402	-2.66	-	-	0.00	0.00	-30	0.00	0.00
Purchase of Investments	-86	-103	-283	-93	-193	-248	-247	-104	-178	-203	-224
Sale of Property, Plant & Equipment	3.07	9.51	2.28	0.00	0.65	9.50	1.73	0.00	0.00	2.03	0.00
Sale and/or Maturity of Investments	89	152	349	90	127	174	331	60	183	154	198
Net Cash From Financing Activities	-10	-15	326	-11	0.13	29	-122	-4.55	-4.68	-13	-10
Net Cash From Continuing Financing Activities	-10	-15	326	-11	0.13	29	-122	-4.55	-4.68	-13	-10
Repayment of Debt	-0.31	-0.34	-1.19	0.00	0.00	-81	-116	0.00	-219	0.00	-6.11
Issuance of Debt	-	-	336	0.00	0.00	120	0.00	0.00	223	0.00	0.00
Issuance of Common Equity	2.23	1.66	2.99	3.06	3.11	2.88	3.40	3.70	4.62	5.30	4.72
Other Financing Activities, net	-3.22	-2.60	-8.74	-3.07	-2.98	-13	-8.99	-8.25	-14	-18	-9.07
Effect of Exchange Rate Changes	-0.09	-	-	-	0.03	0.01	-0.05	-0.05	-0.02	0.01	0.10
Cash Interest Paid	0.49	0.23	4.68	9.71	9.41	13	13	10	12	9.50	8.23
Cash Income Taxes Paid	7.09	1.67	1.94	4.80	2.93	0.33	-0.14	1.43	5.10	3.03	0.09

This table details how cash moves in and out of Veeco Instruments' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-24	2.32	15	0.13	-11	-18	29	14	4.23	-30	16
Net Cash From Operating Activities	7.05	29	9.36	8.46	18	28	20	9.04	16	25	7.94
Net Cash From Continuing Operating Activities	7.05	29	9.36	8.46	18	28	20	9.04	16	25	7.94
Net Income / (Loss) Continuing Operations	25	22	22	15	22	15	12	12	11	1.11	-0.32
Consolidated Net Income / (Loss)	25	22	22	15	22	15	12	12	11	1.11	-0.32
Depreciation Expense	6.18	6.35	6.41	6.60	6.15	5.98	5.04	5.10	4.90	4.98	5.04
Amortization Expense	0.31	0.29	0.30	0.32	0.32	0.32	0.26	0.29	0.28	0.29	0.24
Non-Cash Adjustments To Reconcile Net Income	-23	21	-30	5.01	16	14	-13	15	3.99	28	0.36
Changes in Operating Assets and Liabilities, net	-1.15	-20	10	-18	-26	-6.68	15	-23	-4.23	-9.62	2.62
Net Cash From Investing Activities	-30	-26	21	-9.94	-30	-46	15	9.54	-12	-53	18
Net Cash From Continuing Investing Activities	-30	-26	21	-9.94	-30	-46	15	9.54	-12	-53	18
Purchase of Property, Plant & Equipment	-6.40	-11	-5.99	-2.95	-3.99	-5.18	-6.76	-3.60	-2.58	-3.27	-5.10
Purchase of Investments	-41	-67	-29	-35	-61	-78	-45	-25	-60	-93	-13
Sale and/or Maturity of Investments	18	52	53	28	35	38	66	38	51	43	36
Net Cash From Financing Activities	-1.66	-1.05	-15	1.62	0.90	-0.25	-5.28	-4.71	0.82	-1.31	-9.56
Net Cash From Continuing Financing Activities	-1.66	-1.05	-15	1.62	0.90	-0.25	-5.28	-4.71	0.82	-1.31	-9.56
Repayment of Debt	-	-	0.00	-	-	-	0.00	-6.11	-	-	0.00
Issuance of Debt	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Issuance of Common Equity	1.09	0.91	1.32	1.87	1.18	0.94	1.40	1.48	0.93	0.91	1.48
Other Financing Activities, net	-2.75	-1.96	-16	-0.25	-0.29	-1.19	-6.68	-0.07	-0.11	-2.22	-11
Effect of Exchange Rate Changes	-0.01	0.04	-0.04	-0.00	0.14	-0.08	0.01	0.05	0.01	0.04	0.00
Cash Interest Paid	0.67	4.49	0.62	4.06	0.80	4.02	0.71	3.91	0.15	3.47	0.14
Cash Income Taxes Paid	0.88	1.23	0.99	1.54	0.44	0.07	-1.67	1.27	0.48	0.02	0.71

This table presents Veeco Instruments' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	891	759	1,387	901	818	898	899	1,128	1,229	1,252	1,326
Total Current Assets	542	502	597	520	476	587	549	669	706	765	845
Cash & Equivalents	269	277	280	212	129	130	120	155	159	146	163
Short-Term Investments	116	67	48	48	115	190	104	147	147	199	227
Accounts Receivable	50	58	99	77	71	101	128	141	127	134	146
Inventories, net	77	77	120	156	133	146	171	207	238	247	275
Prepaid Expenses	23	16	33	22	15	19	26	18	35	39	34
Plant, Property, & Equipment, net	80	61	85	80	76	65	100	107	118	114	109
Total Noncurrent Assets	269	196	705	300	266	246	250	352	404	373	372
Goodwill	115	115	307	184	182	182	182	182	215	215	215
Intangible Assets	132	58	370	85	62	46	34	24	44	8.83	5.70
Noncurrent Deferred & Refundable Income Taxes	1.38	2.05	3.05	1.87	1.55	1.44	1.64	116	118	120	123
Other Noncurrent Operating Assets	21	21	25	29	21	16	32	30	27	29	28
Total Liabilities & Shareholders' Equity	891	759	1,387	901	818	898	899	1,128	1,229	1,252	1,326
Total Liabilities	176	164	547	463	444	490	461	550	557	481	440
Total Current Liabilities	162	144	224	160	118	147	189	258	218	192	178
Accounts Payable	30	23	50	40	21	34	44	52	42	44	55
Accrued Expenses	49	33	58	46	41	45	80	56	58	55	46
Current Deferred Revenue	76	85	112	73	55	67	63	127	118	65	74
Current Deferred & Payable Income Tax Liabilities	6.21	2.31	3.85	1.26	0.83	0.91	1.86	2.43	0.00	2.09	3.05
Total Noncurrent Liabilities	14	20	323	303	325	343	272	292	339	289	262
Long-Term Debt	1.19	0.83	276	287	300	321	229	254	275	250	226
Noncurrent Deferred & Payable Income Tax Liabilities	11	13	37	5.69	5.65	5.24	4.79	1.29	6.55	0.69	0.53
Other Noncurrent Operating Liabilities	1.54	6.40	11	9.91	20	17	38	37	57	38	36
Total Equity & Noncontrolling Interests	715	595	840	438	375	408	438	578	672	771	886
Total Preferred & Common Equity	715	595	840	438	375	408	438	578	672	771	886
Total Common Equity	715	595	840	438	375	408	438	578	672	771	886
Common Stock	768	764	1,052	1,062	1,072	1,114	1,117	1,079	1,203	1,228	1,307
Retained Earnings	-45	-169	-213	-620	-699	-707	-681	-502	-532	-458	-423
Accumulated Other Comprehensive Income / (Loss)	1.35	1.78	1.81	1.82	1.89	1.85	1.48	0.93	1.61	1.52	1.79

This table presents Veeco Instruments' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	997	1,167	1,228	1,246	1,234	1,235	1,273	1,279	1,275	1,290	1,353
Total Current Assets	650	643	709	721	716	718	761	795	792	810	873
Cash & Equivalents	169	141	181	156	174	174	163	175	189	193	180
Short-Term Investments	102	112	106	130	123	131	158	178	166	176	204
Accounts Receivable	173	138	151	152	141	132	163	148	143	148	172
Inventories, net	188	226	244	252	243	245	242	254	259	263	282
Prepaid Expenses	18	26	27	30	35	36	35	39	35	30	36
Plant, Property, & Equipment, net	108	113	112	118	115	113	113	114	111	109	108
Total Noncurrent Assets	238	411	407	407	403	403	399	370	372	370	372
Goodwill	182	215	215	215	215	215	215	215	215	215	215
Intangible Assets	26	50	48	46	42	40	39	8.01	7.19	6.42	4.99
Noncurrent Deferred & Refundable Income Taxes	1.64	116	115	118	119	118	116	119	120	120	124
Other Noncurrent Operating Assets	29	30	29	28	27	30	30	29	30	29	28
Total Liabilities & Shareholders' Equity	997	1,167	1,228	1,246	1,234	1,235	1,273	1,279	1,275	1,290	1,353
Total Liabilities	556	582	616	602	546	520	526	467	419	414	469
Total Current Liabilities	260	267	282	268	234	204	215	179	155	151	207
Accounts Payable	51	62	63	63	54	47	50	58	50	44	60
Accrued Expenses	65	69	62	66	59	50	57	62	47	50	52
Current Deferred Revenue	122	133	157	139	94	81	80	57	58	57	93
Current Deferred & Payable Income Tax Liabilities	1.57	2.53	0.56	0.48	0.85	-	1.06	1.55	0.62	0.33	1.76
Total Noncurrent Liabilities	295	315	334	334	311	316	311	288	263	263	263
Long-Term Debt	254	255	274	275	249	249	249	250	225	226	226
Noncurrent Deferred & Payable Income Tax Liabilities	4.75	6.94	6.88	6.87	6.50	6.45	6.38	0.66	0.65	0.63	0.51
Other Noncurrent Operating Liabilities	36	53	52	52	56	61	55	37	37	36	36
Total Equity & Noncontrolling Interests	441	586	613	644	688	715	747	812	856	876	884
Total Preferred & Common Equity	441	586	613	644	688	715	747	812	856	876	884
Total Common Equity	441	586	613	644	688	715	747	812	856	876	884
Common Stock	1,072	1,077	1,190	1,197	1,197	1,209	1,218	1,257	1,289	1,298	1,306
Retained Earnings	-631	-493	-578	-554	-510	-495	-473	-447	-435	-424	-423
Accumulated Other Comprehensive Income / (Loss)	0.22	1.40	1.37	1.50	1.48	1.47	1.85	1.63	1.66	1.80	1.32

This table displays calculated financial ratios and metrics derived from Veeco Instruments' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.42%	-30.47%	43.41%	13.96%	-22.64%	8.30%	28.43%	10.78%	3.14%	7.63%	-7.39%
EBITDA Growth	130.42%	-626.61%	87.06%	-3,023.00%	96.19%	539.40%	54.66%	-5.10%	-101.23%	8,851.73%	-39.83%
EBIT Growth	70.67%	-417.23%	40.19%	-478.15%	85.43%	124.32%	251.13%	16.63%	-145.03%	346.70%	-47.67%
NOPAT Growth	70.67%	-417.23%	40.19%	-478.15%	90.47%	157.01%	264.03%	243.35%	-75.20%	46.51%	-55.27%
Net Income Growth	52.23%	-281.60%	57.88%	-692.06%	80.66%	89.34%	410.31%	541.15%	-118.19%	342.74%	-51.99%
EPS Growth	52.94%	-287.50%	62.58%	-643.97%	80.76%	89.76%	388.24%	453.06%	-120.66%	319.64%	-52.03%
Operating Cash Flow Growth	-62.47%	-251.02%	246.76%	-207.84%	80.35%	680.11%	57.46%	60.14%	-43.15%	3.47%	8.90%
Free Cash Flow Firm Growth	100.66%	-1,445.79%	-5,877.42%	105.56%	-44.82%	36.47%	-0.14%	268.31%	-147.74%	125.28%	21.34%
Invested Capital Growth	-4.96%	-22.80%	212.99%	-41.08%	-9.85%	-2.10%	8.05%	24.21%	16.76%	9.48%	2.68%
Revenue Q/Q Growth	-1.45%	-3.96%	10.91%	-6.98%	3.51%	6.01%	2.46%	0.13%	3.11%	1.16%	-2.51%
EBITDA Q/Q Growth	141.38%	2.89%	50.45%	-60.03%	89.18%	17.91%	0.34%	-7.38%	-101.25%	-18.10%	-10.98%
EBIT Q/Q Growth	70.16%	4.03%	-16.30%	-42.54%	64.73%	188.88%	4.05%	-6.56%	-145.90%	-23.26%	-14.40%
NOPAT Q/Q Growth	70.16%	4.03%	-16.30%	-42.54%	76.95%	342.71%	18.50%	204.22%	18.24%	-9.36%	-30.25%
Net Income Q/Q Growth	59.57%	3.92%	-7.68%	-50.28%	58.68%	79.61%	46.83%	261.12%	-139.48%	-8.30%	-28.13%
EPS Q/Q Growth	60.00%	4.32%	-9.43%	-50.09%	59.11%	80.00%	44.12%	222.62%	-156.00%	-14.58%	-28.05%
Operating Cash Flow Q/Q Growth	-77.61%	21.49%	122.32%	-91.94%	65.29%	-0.37%	2.52%	17.32%	-5.55%	-1.69%	-4.74%
Free Cash Flow Firm Q/Q Growth	100.98%	25.46%	0.90%	1,231.75%	119.14%	-60.49%	-7.89%	74.12%	70.63%	9.25%	-12.03%
Invested Capital Q/Q Growth	0.72%	1.01%	-1.24%	-22.17%	-10.58%	0.09%	2.65%	23.77%	1.48%	0.15%	-1.51%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.15%	40.13%	37.05%	35.74%	37.72%	42.78%	41.54%	40.73%	42.77%	42.38%	39.95%
EBITDA Margin	3.48%	-26.38%	-2.38%	-65.26%	-3.21%	13.04%	15.70%	13.45%	-0.16%	13.02%	8.46%
Operating Margin	-4.87%	-36.23%	-15.11%	-76.65%	-9.44%	4.97%	9.72%	9.33%	10.49%	9.34%	5.38%
EBIT Margin	-4.87%	-36.23%	-15.11%	-76.65%	-14.44%	3.24%	8.86%	9.33%	-4.07%	9.34%	5.28%
Profit (Net Income) Margin	-6.70%	-36.79%	-10.80%	-75.10%	-18.78%	-1.85%	4.46%	25.84%	-4.56%	10.28%	5.33%
Tax Burden Percent	141.21%	102.37%	57.75%	93.84%	101.00%	99.14%	101.39%	327.43%	107.16%	107.09%	89.85%
Interest Burden Percent	97.48%	99.20%	123.82%	104.41%	128.74%	-57.48%	49.67%	84.56%	104.37%	102.77%	112.36%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1.39%	-227.43%	0.00%	-7.09%	10.15%
Return on Invested Capital (ROIC)	-4.86%	-29.13%	-9.68%	-46.49%	-6.28%	3.82%	13.50%	39.81%	8.22%	10.67%	4.51%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.86%	-18.77%	-9.13%	827.08%	-152.48%	-104.29%	-1,062.88%	299.11%	276.47%	6.67%	1.66%
Return on Net Nonoperating Assets (RNNOA)	0.46%	10.49%	2.52%	-17.22%	-13.10%	-5.96%	-7.34%	-6.93%	-13.08%	-0.46%	-0.23%
Return on Equity (ROE)	-4.40%	-18.64%	-7.16%	-63.71%	-19.39%	-2.14%	6.16%	32.88%	-4.86%	10.22%	4.27%
Cash Return on Invested Capital (CROIC)	0.22%	-3.40%	-112.83%	5.21%	4.08%	5.93%	5.76%	18.21%	-7.24%	1.62%	1.86%
Operating Return on Assets (OROA)	-2.55%	-14.57%	-6.70%	-36.32%	-7.05%	1.72%	5.75%	5.95%	-2.30%	5.40%	2.72%
Return on Assets (ROA)	-3.51%	-14.80%	-4.79%	-35.58%	-9.16%	-0.98%	2.90%	16.47%	-2.58%	5.94%	2.75%
Return on Common Equity (ROCE)	-4.40%	-18.64%	-7.16%	-63.71%	-19.39%	-2.14%	6.16%	32.88%	-4.86%	10.22%	4.27%
Return on Equity Simple (ROE_SIMPLE)	-4.47%	-20.52%	-6.12%	-92.99%	-21.02%	-2.05%	5.95%	28.89%	-4.52%	9.56%	0.00%
Net Operating Profit after Tax (NOPAT)	-16	-84	-50	-291	-28	16	58	197	49	72	32
NOPAT Margin	-3.41%	-25.36%	-10.58%	-53.65%	-6.61%	3.48%	9.86%	30.56%	7.35%	10.00%	4.83%
Net Nonoperating Expense Percent (NNEP)	-4.00%	-10.36%	-0.55%	-873.57%	146.20%	108.11%	1,076.38%	-259.30%	-268.25%	4.00%	2.84%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	23.16%	5.17%	6.85%	2.89%
Cost of Revenue to Revenue	62.85%	59.87%	62.95%	64.26%	62.28%	57.22%	58.46%	59.27%	57.23%	57.62%	60.05%
SG&A Expenses to Revenue	18.91%	23.41%	21.07%	16.98%	19.02%	16.79%	14.49%	13.77%	13.92%	13.89%	14.89%
R&D to Revenue	16.46%	24.42%	17.24%	18.03%	21.59%	17.39%	15.20%	16.03%	16.93%	17.36%	18.01%
Operating Expenses to Revenue	42.02%	76.35%	52.16%	112.39%	47.16%	37.81%	31.81%	31.39%	32.28%	33.04%	34.58%
Earnings before Interest and Taxes (EBIT)	-23	-120	-72	-416	-61	15	52	60	-27	67	35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	17	-88	-11	-354	-13	59	92	87	-1.07	93	56
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.18	1.99	0.85	0.81	1.92	2.11	3.29	1.65	2.60	1.97	1.94
Price to Tangible Book Value (P/TBV)	1.80	2.81	4.40	2.10	5.48	4.78	6.48	2.57	4.23	2.78	2.59
Price to Revenue (P/Rev)	1.76	3.57	1.51	0.65	1.71	1.90	2.47	1.48	2.62	2.12	2.59
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	55.22	5.72	0.00	20.64	48.59
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.81%	17.47%	0.00%	4.84%	2.06%
Enterprise Value to Invested Capital (EV/IC)	1.41	3.34	0.84	0.82	1.85	2.11	3.26	1.69	2.68	2.07	2.16
Enterprise Value to Revenue (EV/Rev)	0.96	2.53	1.40	0.70	1.84	1.90	2.47	1.44	2.58	2.03	2.34
Enterprise Value to EBITDA (EV/EBITDA)	27.56	0.00	0.00	0.00	0.00	14.56	15.75	10.67	0.00	15.56	27.68
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	58.57	27.90	15.38	0.00	21.70	44.37
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	54.59	25.09	4.70	35.08	20.26	48.47
Enterprise Value to Operating Cash Flow (EV/OCF)	29.01	0.00	18.99	0.00	0.00	20.04	21.30	8.55	27.85	22.77	22.38
Enterprise Value to Free Cash Flow (EV/FCFF)	628.66	0.00	0.00	11.66	42.96	35.11	58.83	10.27	0.00	133.35	117.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.33	0.66	0.80	0.79	0.52	0.48	0.41	0.36	0.26
Long-Term Debt to Equity	0.00	0.00	0.33	0.66	0.80	0.79	0.52	0.44	0.41	0.32	0.26
Financial Leverage	-0.54	-0.56	-0.28	-0.02	0.09	0.06	0.01	-0.02	-0.05	-0.07	-0.14
Leverage Ratio	1.25	1.26	1.50	1.79	2.12	2.19	2.12	2.00	1.89	1.72	1.56
Compound Leverage Factor	1.22	1.25	1.85	1.87	2.72	-1.26	1.06	1.69	1.97	1.77	1.75
Debt to Total Capital	0.21%	0.20%	24.70%	39.63%	44.48%	44.02%	34.40%	32.22%	29.02%	26.38%	20.33%
Short-Term Debt to Total Capital	0.05%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	2.37%	0.00%	2.53%	0.00%
Long-Term Debt to Total Capital	0.17%	0.14%	24.70%	39.63%	44.48%	44.02%	34.40%	29.85%	29.02%	23.85%	20.33%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.79%	99.80%	75.30%	60.37%	55.52%	55.98%	65.60%	67.78%	70.98%	73.62%	79.67%
Debt to EBITDA	0.09	-0.01	-24.33	-0.81	-22.27	5.42	2.51	3.16	-257.68	2.96	4.02
Net Debt to EBITDA	-23.09	3.92	4.66	-0.07	-4.07	0.02	0.05	-0.33	28.91	-0.73	-2.92
Long-Term Debt to EBITDA	0.07	-0.01	-24.33	-0.81	-22.27	5.42	2.51	2.93	-257.68	2.67	4.02
Debt to NOPAT	-0.09	-0.01	-5.48	-0.99	-10.83	20.33	3.99	1.39	5.62	3.85	7.04
Net Debt to NOPAT	23.60	4.08	1.05	-0.09	-1.98	0.07	0.08	-0.14	-0.63	-0.95	-5.12
Long-Term Debt to NOPAT	-0.07	-0.01	-5.48	-0.99	-10.83	20.33	3.99	1.29	5.62	3.48	7.04
Altman Z-Score	3.76	4.50	1.07	-0.95	0.57	1.10	2.13	1.61	2.22	2.68	3.09
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.34	3.49	2.66	3.25	4.03	4.00	2.90	2.59	3.24	3.98	4.75
Quick Ratio	2.68	2.80	1.90	2.11	2.67	2.87	1.86	1.72	1.99	2.49	3.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.73	-9.81	-586	33	18	25	25	90	-43	11	13
Operating Cash Flow to CapEx	145.94%	-1,212.20%	159.15%	-298.23%	-72.51%	0.00%	174.06%	440.92%	220.82%	396.86%	428.97%
Free Cash Flow to Firm to Interest Expense	1.57	-44.17	-30.12	1.52	0.81	0.99	0.86	7.85	-3.66	0.99	1.45
Operating Cash Flow to Interest Expense	34.03	-107.41	1.80	-1.75	-0.34	1.74	2.39	9.43	5.24	5.78	7.61
Operating Cash Flow Less CapEx to Interest Expense	10.71	-116.27	0.67	-2.34	-0.80	1.85	1.02	7.29	2.87	4.32	5.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.52	0.40	0.44	0.47	0.49	0.53	0.65	0.64	0.57	0.58	0.52
Accounts Receivable Turnover	8.70	6.17	6.06	6.15	5.66	5.27	5.09	4.81	4.97	5.49	4.75
Inventory Turnover	4.32	2.57	3.04	2.52	1.80	1.86	2.15	2.03	1.72	1.71	1.53
Fixed Asset Turnover	6.03	4.73	6.53	6.56	5.38	6.44	7.07	6.24	5.90	6.18	5.97
Accounts Payable Turnover	12.44	7.54	8.21	7.75	8.58	9.46	8.73	7.94	8.08	9.62	8.07
Days Sales Outstanding (DSO)	41.93	59.17	60.25	59.33	64.51	69.22	71.69	75.87	73.42	66.49	76.78
Days Inventory Outstanding (DIO)	84.58	142.00	120.26	144.89	202.22	195.92	169.53	180.01	212.73	213.88	238.84
Days Payable Outstanding (DPO)	29.33	48.41	44.44	47.11	42.55	38.58	41.80	45.99	45.19	37.93	45.23
Cash Conversion Cycle (CCC)	97.18	152.76	136.07	157.11	224.18	226.56	199.42	209.90	240.96	242.44	270.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	326	252	787	464	418	409	442	550	642	702	721
Invested Capital Turnover	1.43	1.15	0.92	0.87	0.95	1.10	1.37	1.30	1.12	1.07	0.93
Increase / (Decrease) in Invested Capital	-17	-74	536	-323	-46	-8.76	33	107	92	61	19
Enterprise Value (EV)	458	841	665	380	773	862	1,443	927	1,717	1,453	1,555
Market Capitalization	842	1,184	717	354	718	861	1,438	955	1,748	1,522	1,719
Book Value per Share	$17.45	$14.64	$17.39	$9.16	$7.66	$8.23	$8.67	$11.24	$11.94	$13.58	$14.72
Tangible Book Value per Share	$11.43	$10.37	$3.38	$3.52	$2.68	$3.63	$4.39	$7.23	$7.34	$9.63	$11.05
Total Capital	716	596	1,116	725	675	729	667	852	947	1,047	1,112
Total Debt	1.53	1.19	276	287	300	321	229	275	275	276	226
Total Long-Term Debt	1.19	0.83	276	287	300	321	229	254	275	250	226
Net Debt	-384	-343	-53	26	55	1.06	4.79	-28	-31	-68	-164
Capital Expenditures (CapEx)	11	1.97	22	13	10	-2.70	39	25	28	16	16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5.04	14	44	99	112	120	136	128	182	254	277
Debt-free Net Working Capital (DFNWC)	380	358	373	360	358	440	360	431	488	599	667
Net Working Capital (NWC)	380	358	373	360	358	440	360	411	488	572	667
Net Nonoperating Expense (NNE)	16	38	1.09	116	51	24	31	30	79	-1.98	-3.31
Net Nonoperating Obligations (NNO)	-389	-343	-53	26	44	1.06	4.79	-28	-31	-68	-164
Total Depreciation and Amortization (D&A)	40	33	61	62	47	44	40	27	26	26	21
Debt-free, Cash-free Net Working Capital to Revenue	-1.06%	4.26%	9.35%	18.22%	26.82%	26.47%	23.24%	19.84%	27.38%	35.44%	41.71%
Debt-free Net Working Capital to Revenue	79.71%	108.04%	78.38%	66.42%	85.29%	96.94%	61.75%	66.73%	73.26%	83.47%	100.45%
Net Working Capital to Revenue	79.64%	107.93%	78.38%	66.42%	85.29%	96.94%	61.75%	63.61%	73.26%	79.78%	100.45%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.80)	($3.11)	($1.01)	($8.63)	($1.66)	($0.17)	$0.53	$3.35	($0.56)	$1.31	$0.60
Adjusted Weighted Average Basic Shares Outstanding	39.74M	39.34M	44.17M	47.15M	47.48M	48.36M	49.07M	49.91M	53.77M	56.43M	59.30M
Adjusted Diluted Earnings per Share	($0.80)	($3.11)	($1.01)	($8.63)	($1.66)	($0.17)	$0.49	$2.71	($0.56)	$1.23	$0.59
Adjusted Weighted Average Diluted Shares Outstanding	39.74M	39.34M	44.17M	47.15M	47.48M	48.36M	53.64M	65.61M	53.77M	61.60M	60.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	39.97M	40.60M	48.16M	48.04M	49.00M	49.72M	50.65M	51.66M	56.37M	57.94M	60.39M
Normalized Net Operating Profit after Tax (NOPAT)	-13	-32	-29	-20	-20	17	40	42	49	67	40
Normalized NOPAT Margin	-2.70%	-9.50%	-6.05%	-3.72%	-4.87%	3.69%	6.81%	6.53%	7.35%	9.28%	6.03%
Pre Tax Income Margin	-4.75%	-35.94%	-18.71%	-80.03%	-18.59%	-1.86%	4.40%	7.89%	-4.25%	9.60%	5.93%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-50.07	-541.27	-3.69	-19.31	-2.74	0.60	1.82	5.24	-2.31	6.06	3.84
NOPAT to Interest Expense	-35.05	-378.89	-2.59	-13.52	-1.25	0.64	2.03	17.15	4.16	6.49	3.51
EBIT Less CapEx to Interest Expense	-73.39	-550.13	-4.82	-19.90	-3.20	0.70	0.45	3.10	-4.68	4.61	2.06
NOPAT Less CapEx to Interest Expense	-58.37	-387.75	-3.72	-14.10	-1.72	0.75	0.66	15.02	1.79	5.04	1.74
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-27.85%	-10.94%	-5.58%	-2.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Veeco Instruments' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	60,392,058.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	60,392,058.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.17%	13.09%	13.67%	8.81%	4.20%	4.72%	-4.12%	-5.56%	-10.24%	-9.40%	-5.35%
EBITDA Growth	19.03%	52.76%	76.27%	130.72%	7.15%	-66.97%	-32.37%	-27.62%	-48.92%	-61.68%	-86.51%
EBIT Growth	26.75%	80.58%	124.81%	120.05%	9.31%	-83.96%	-35.82%	-29.93%	-56.63%	-135.19%	-118.79%
NOPAT Growth	40.29%	-85.17%	122.46%	52.78%	-10.87%	-38.40%	-46.73%	-21.45%	-56.53%	-107.17%	-116.49%
Net Income Growth	63.38%	-83.22%	150.02%	117.52%	-10.67%	-30.84%	-45.33%	-21.49%	-51.73%	-92.56%	-102.71%
EPS Growth	55.56%	-77.23%	117.65%	115.53%	-14.29%	-45.65%	-45.95%	-20.00%	-52.78%	-92.00%	-105.00%
Operating Cash Flow Growth	-85.06%	-10.95%	-32.74%	-24.62%	149.70%	-3.73%	113.57%	6.94%	-11.81%	-12.19%	-60.31%
Free Cash Flow Firm Growth	-3,914.07%	-281.65%	55.99%	44.09%	71.02%	32.56%	46.18%	57.78%	54.63%	58.29%	35.46%
Invested Capital Growth	42.39%	16.76%	13.47%	14.22%	10.94%	9.48%	6.37%	6.03%	4.42%	2.68%	2.57%
Revenue Q/Q Growth	9.73%	-1.94%	0.32%	0.80%	5.08%	-1.45%	-8.15%	-0.71%	-0.13%	-0.52%	-4.05%
EBITDA Q/Q Growth	137.37%	7.20%	-6.75%	-17.76%	30.32%	-66.95%	90.91%	-11.98%	-8.02%	-75.21%	-32.78%
EBIT Q/Q Growth	126.69%	8.62%	-8.84%	-24.15%	45.53%	-84.06%	264.73%	-17.18%	-9.93%	-112.93%	-94.73%
NOPAT Q/Q Growth	153.66%	-10.97%	-2.13%	-30.87%	47.99%	-38.47%	-15.37%	1.94%	-18.10%	-110.15%	-94.73%
Net Income Q/Q Growth	128.80%	-11.95%	1.00%	-31.62%	46.89%	-31.83%	-20.17%	-1.79%	-9.69%	-89.49%	-129.08%
EPS Q/Q Growth	126.09%	9.52%	-19.57%	-32.43%	44.00%	-30.56%	-20.00%	0.00%	-15.00%	-88.24%	-150.00%
Operating Cash Flow Q/Q Growth	-37.11%	317.99%	-68.25%	-9.68%	108.33%	61.15%	-29.57%	-54.77%	71.79%	60.47%	-68.17%
Free Cash Flow Firm Q/Q Growth	-29.67%	57.03%	17.87%	-22.17%	32.80%	-0.01%	34.46%	4.15%	27.79%	8.05%	-1.41%
Invested Capital Q/Q Growth	5.35%	1.48%	3.79%	2.93%	2.33%	0.15%	0.84%	2.60%	0.77%	-1.51%	0.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.34%	45.22%	43.22%	42.86%	42.86%	40.62%	40.93%	41.38%	40.81%	36.67%	35.26%
EBITDA Margin	16.21%	17.72%	16.47%	13.44%	16.67%	5.59%	11.62%	10.30%	9.49%	2.36%	1.66%
Operating Margin	12.55%	13.90%	12.63%	9.51%	13.17%	2.13%	8.46%	7.45%	6.36%	-0.83%	-1.68%
EBIT Margin	12.55%	13.90%	12.63%	9.51%	13.17%	2.13%	8.46%	7.05%	6.36%	-0.83%	-1.68%
Profit (Net Income) Margin	13.86%	12.44%	12.52%	8.50%	11.88%	8.22%	7.14%	7.06%	6.39%	0.68%	-0.20%
Tax Burden Percent	109.17%	89.47%	96.06%	87.54%	89.02%	343.63%	79.73%	92.96%	89.23%	-1,185.11%	21.85%
Interest Burden Percent	101.11%	100.00%	103.20%	102.09%	101.33%	112.27%	105.91%	107.72%	112.52%	6.89%	55.79%
Effective Tax Rate	-9.17%	10.53%	3.94%	12.46%	10.98%	-243.63%	20.27%	7.04%	10.77%	0.00%	0.00%
Return on Invested Capital (ROIC)	16.46%	13.92%	13.32%	9.09%	12.47%	7.81%	6.97%	6.87%	5.40%	-0.54%	-1.07%
ROIC Less NNEP Spread (ROIC-NNEP)	10.71%	13.92%	6.75%	7.63%	11.46%	4.51%	5.91%	6.57%	4.15%	-2.32%	-2.25%
Return on Net Nonoperating Assets (RNNOA)	-0.09%	-0.66%	-0.11%	-0.24%	-0.47%	-0.31%	-0.49%	-0.67%	-0.48%	0.33%	0.35%
Return on Equity (ROE)	16.37%	13.26%	13.21%	8.84%	11.99%	7.50%	6.47%	6.20%	4.91%	-0.21%	-0.73%
Cash Return on Invested Capital (CROIC)	-27.28%	-7.24%	-3.43%	-0.55%	1.50%	1.62%	2.81%	2.44%	2.10%	1.86%	0.12%
Operating Return on Assets (OROA)	7.23%	7.86%	7.23%	5.42%	7.41%	1.23%	4.78%	3.94%	3.38%	-0.43%	-0.84%
Return on Assets (ROA)	7.99%	7.03%	7.17%	4.84%	6.69%	4.75%	4.04%	3.94%	3.40%	0.35%	-0.10%
Return on Common Equity (ROCE)	16.37%	13.26%	13.21%	8.84%	11.99%	7.50%	6.47%	6.20%	4.91%	-0.21%	-0.73%
Return on Equity Simple (ROE_SIMPLE)	11.93%	0.00%	-2.51%	11.61%	10.77%	0.00%	7.86%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	24	22	21	15	22	13	11	11	9.42	-0.96	-1.86
NOPAT Margin	13.70%	12.44%	12.14%	8.32%	11.72%	7.32%	6.74%	6.92%	5.68%	-0.58%	-1.18%
Net Nonoperating Expense Percent (NNEP)	5.75%	0.00%	6.57%	1.45%	1.00%	3.30%	1.06%	0.29%	1.25%	1.78%	1.18%
Return On Investment Capital (ROIC_SIMPLE)	-	2.28%	2.20%	-	-	1.27%	1.06%	1.06%	0.85%	-0.09%	-0.17%
Cost of Revenue to Revenue	56.66%	54.78%	56.78%	57.14%	57.14%	59.38%	59.07%	58.62%	59.19%	63.33%	64.74%
SG&A Expenses to Revenue	12.86%	13.51%	14.16%	13.98%	13.69%	13.77%	14.96%	14.40%	16.44%	13.75%	16.43%
R&D to Revenue	16.25%	16.73%	16.99%	18.02%	17.43%	16.99%	17.04%	19.00%	17.48%	18.53%	18.87%
Operating Expenses to Revenue	30.79%	31.32%	30.59%	33.36%	29.69%	38.49%	32.47%	33.93%	34.45%	37.50%	36.94%
Earnings before Interest and Taxes (EBIT)	22	24	22	17	24	3.88	14	12	11	-1.37	-2.66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	29	31	29	24	31	10	19	17	16	3.90	2.62
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.46	2.60	2.88	3.70	2.52	1.97	1.43	1.38	2.09	1.94	2.31
Price to Tangible Book Value (P/TBV)	4.13	4.23	4.60	5.75	3.82	2.78	1.98	1.87	2.80	2.59	3.08
Price to Revenue (P/Rev)	2.45	2.62	2.88	3.77	2.65	2.12	1.64	1.69	2.69	2.59	3.12
Price to Earnings (P/E)	20.59	0.00	0.00	31.87	23.40	20.64	18.23	19.55	37.18	48.59	88.45
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.86%	0.00%	0.00%	3.14%	4.27%	4.84%	5.48%	5.12%	2.69%	2.06%	1.13%
Enterprise Value to Invested Capital (EV/IC)	2.49	2.68	2.94	3.82	2.62	2.07	1.50	1.45	2.30	2.16	2.60
Enterprise Value to Revenue (EV/Rev)	2.43	2.58	2.85	3.73	2.59	2.03	1.49	1.51	2.48	2.34	2.88
Enterprise Value to EBITDA (EV/EBITDA)	18.41	0.00	18.07	23.36	16.10	15.56	12.61	13.49	26.73	27.68	47.16
Enterprise Value to EBIT (EV/EBIT)	26.57	0.00	23.85	30.70	21.04	21.70	17.94	19.28	41.20	44.37	99.88
Enterprise Value to NOPAT (EV/NOPAT)	37.96	35.08	34.06	32.00	23.20	20.26	17.17	18.01	36.68	48.47	99.02
Enterprise Value to Operating Cash Flow (EV/OCF)	24.07	27.85	34.31	48.13	28.29	22.77	14.24	14.06	23.13	22.38	32.87
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	184.06	133.35	54.86	61.21	112.22	117.60	2,268.70
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.43	0.41	0.40	0.39	0.37	0.36	0.31	0.26	0.26	0.26	0.26
Long-Term Debt to Equity	0.43	0.41	0.36	0.35	0.33	0.32	0.31	0.26	0.26	0.26	0.26
Financial Leverage	-0.01	-0.05	-0.02	-0.03	-0.04	-0.07	-0.08	-0.10	-0.12	-0.14	-0.15
Leverage Ratio	2.07	1.89	1.89	1.86	1.81	1.72	1.68	1.60	1.58	1.56	1.55
Compound Leverage Factor	2.09	1.89	1.95	1.89	1.84	1.93	1.77	1.72	1.78	0.11	0.87
Debt to Total Capital	29.88%	29.02%	28.58%	27.82%	26.98%	26.38%	23.54%	20.84%	20.49%	20.33%	20.38%
Short-Term Debt to Total Capital	0.00%	0.00%	2.74%	2.67%	2.59%	2.53%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	29.88%	29.02%	25.83%	25.15%	24.39%	23.85%	23.54%	20.84%	20.49%	20.33%	20.38%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	70.12%	70.98%	71.42%	72.18%	73.02%	73.62%	76.46%	79.16%	79.51%	79.67%	79.62%
Debt to EBITDA	3.22	-257.68	2.54	2.46	2.42	2.96	2.97	2.88	3.58	4.02	5.65
Net Debt to EBITDA	-0.14	28.91	-0.20	-0.26	-0.40	-0.73	-1.23	-1.66	-2.28	-2.92	-3.92
Long-Term Debt to EBITDA	3.22	-257.68	2.29	2.22	2.19	2.67	2.97	2.88	3.58	4.02	5.65
Debt to NOPAT	6.63	5.62	4.78	3.37	3.49	3.85	4.05	3.85	4.91	7.04	11.87
Net Debt to NOPAT	-0.30	-0.63	-0.38	-0.36	-0.57	-0.95	-1.68	-2.21	-3.12	-5.12	-8.24
Long-Term Debt to NOPAT	6.63	5.62	4.33	3.05	3.15	3.48	4.05	3.85	4.91	7.04	11.87
Altman Z-Score	1.97	2.36	2.68	3.60	2.76	2.52	2.18	2.40	3.36	3.00	3.25
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.69	3.24	3.05	3.52	3.54	3.98	4.44	5.10	5.36	4.75	4.23
Quick Ratio	1.64	1.99	1.87	2.14	2.25	2.49	2.80	3.21	3.42	3.01	2.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-164	-70	-58	-71	-47	-48	-31	-30	-22	-20	-20
Operating Cash Flow to CapEx	110.30%	275.59%	236.57%	286.32%	441.34%	548.08%	295.96%	251.52%	602.52%	761.80%	155.50%
Free Cash Flow to Firm to Interest Expense	-59.02	-22.97	-22.09	-25.55	-16.49	-17.09	-12.42	-13.03	-9.96	-9.11	-9.56
Operating Cash Flow to Interest Expense	2.54	9.62	3.57	3.06	6.11	10.21	7.98	3.95	7.18	11.46	3.78
Operating Cash Flow Less CapEx to Interest Expense	0.24	6.13	2.06	1.99	4.73	8.35	5.28	2.38	5.99	9.95	1.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.58	0.57	0.57	0.57	0.56	0.58	0.57	0.56	0.53	0.52	0.50
Accounts Receivable Turnover	3.98	4.97	4.93	4.97	4.50	5.49	4.92	5.10	4.39	4.75	4.09
Inventory Turnover	1.71	1.72	1.66	1.61	1.62	1.71	1.66	1.63	1.59	1.53	1.50
Fixed Asset Turnover	5.70	5.90	6.02	6.22	6.14	6.18	6.20	6.24	6.14	5.97	5.91
Accounts Payable Turnover	6.61	8.08	6.71	7.18	7.08	9.62	7.39	8.51	8.60	8.07	6.82
Days Sales Outstanding (DSO)	91.69	73.42	73.99	73.47	81.07	66.49	74.23	71.62	83.21	76.78	89.17
Days Inventory Outstanding (DIO)	212.93	212.73	220.05	226.02	225.26	213.88	219.73	224.41	229.16	238.84	243.11
Days Payable Outstanding (DPO)	55.24	45.19	54.42	50.81	51.52	37.93	49.42	42.91	42.45	45.23	53.49
Cash Conversion Cycle (CCC)	249.38	240.96	239.62	248.68	254.82	242.44	244.54	253.13	269.92	270.39	278.79
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	632	642	666	685	701	702	708	727	732	721	727
Invested Capital Turnover	1.20	1.12	1.10	1.09	1.06	1.07	1.03	0.99	0.95	0.93	0.91
Increase / (Decrease) in Invested Capital	188	92	79	85	69	61	42	41	31	19	18
Enterprise Value (EV)	1,572	1,717	1,960	2,616	1,836	1,453	1,060	1,055	1,687	1,555	1,888
Market Capitalization	1,584	1,748	1,982	2,646	1,881	1,522	1,163	1,184	1,831	1,719	2,045
Book Value per Share	$11.44	$11.94	$12.29	$12.62	$13.15	$13.58	$14.01	$14.69	$14.56	$14.72	$14.63
Tangible Book Value per Share	$6.81	$7.34	$7.70	$8.12	$8.68	$9.63	$10.16	$10.88	$10.88	$11.05	$10.99
Total Capital	919	947	963	991	1,022	1,047	1,062	1,082	1,102	1,112	1,110
Total Debt	275	275	275	276	276	276	250	225	226	226	226
Total Long-Term Debt	275	275	249	249	249	250	250	225	226	226	226
Net Debt	-12	-31	-22	-30	-45	-68	-104	-129	-144	-164	-157
Capital Expenditures (CapEx)	6.40	11	3.96	2.95	3.99	5.18	6.76	3.60	2.58	3.27	5.10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	166	182	211	236	251	254	262	282	290	277	283
Debt-free Net Working Capital (DFNWC)	453	488	508	541	572	599	616	637	659	667	667
Net Working Capital (NWC)	453	488	482	514	546	572	616	637	659	667	667
Net Nonoperating Expense (NNE)	-0.27	0.00	-0.68	-0.31	-0.29	-1.64	-0.67	-0.23	-1.18	-2.07	-1.54
Net Nonoperating Obligations (NNO)	-12	-31	-22	-30	-45	-68	-104	-129	-144	-164	-157
Total Depreciation and Amortization (D&A)	6.49	6.64	6.70	6.92	6.48	6.30	5.29	5.39	5.19	5.27	5.28
Debt-free, Cash-free Net Working Capital to Revenue	25.70%	27.38%	30.66%	33.57%	35.43%	35.44%	36.96%	40.23%	42.53%	41.71%	43.25%
Debt-free Net Working Capital to Revenue	70.09%	73.26%	73.89%	77.06%	80.71%	83.47%	86.74%	90.91%	96.73%	100.45%	101.74%
Net Working Capital to Revenue	70.09%	73.26%	70.05%	73.29%	76.97%	79.78%	86.74%	90.91%	96.73%	100.45%	101.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.44	$0.44	$0.39	$0.27	$0.39	$0.26	$0.21	$0.20	$0.18	$0.01	($0.01)
Adjusted Weighted Average Basic Shares Outstanding	55.35M	53.77M	55.97M	56.28M	56.41M	56.43M	57.75M	59.08M	60.08M	59.30M	60.41M
Adjusted Diluted Earnings per Share	$0.42	$0.46	$0.37	$0.25	$0.36	$0.25	$0.20	$0.20	$0.17	$0.02	($0.01)
Adjusted Weighted Average Diluted Shares Outstanding	59.64M	53.77M	60.76M	62.54M	62.65M	61.60M	60.23M	60.24M	60.95M	60.59M	60.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	56.34M	56.37M	56.64M	56.78M	56.78M	57.94M	58.29M	60.16M	60.16M	60.39M	61.03M
Normalized Net Operating Profit after Tax (NOPAT)	16	22	21	15	22	2.72	11	11	9.42	-0.96	-0.45
Normalized NOPAT Margin	8.79%	12.44%	12.14%	8.32%	11.72%	1.49%	6.74%	6.92%	5.68%	-0.58%	-0.29%
Pre Tax Income Margin	12.69%	13.90%	13.04%	9.71%	13.34%	2.39%	8.96%	7.60%	7.16%	-0.06%	-0.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.02	7.89	8.42	6.05	8.45	1.40	5.65	5.12	4.88	-0.63	-1.27
NOPAT to Interest Expense	8.75	7.06	8.09	5.29	7.52	4.80	4.50	5.02	4.35	-0.44	-0.89
EBIT Less CapEx to Interest Expense	5.71	4.40	6.91	4.98	7.06	-0.47	2.95	3.55	3.69	-2.13	-3.69
NOPAT Less CapEx to Interest Expense	6.45	3.57	6.57	4.22	6.13	2.93	1.81	3.45	3.16	-1.94	-3.31
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise four-year trend snapshot for Veeco Instruments (VECO) using the latest quarterly data. The bullets highlight the 10 most material points that could impact the stock’s risk/reward profile for retail investors.

Net income available to common shareholders in Q4 2025: $1,114,000, a positive quarterly bottom-line result.
Operating cash flow in Q4 2025: $24,926,000, showing solid cash generation from core operations.
Estimated free cash flow in Q4 2025: about $21,654,000 (OCF of $24,926,000 less capex of $3,272,000), reflecting cash that could be returned to shareholders or reinvested.
Debt reduction in 2025 (long-term debt): declined from about $249.4M in Q1 2025 to $225.7M by Q3 2025 (roughly a $23.7M reduction), improving leverage metrics.
Liquidity position: cash & equivalents around $193.2M and total current assets near $810.3M (as of Q3 2025), indicating solid liquidity headroom.
Equity base held strong in 2025: total equity around $875.97M in Q3 2025, with ongoing equity activity (issuance noted in later cash flow) supporting a robust capital base.
Revenue stability in 2025: quarterly operating revenue hovered in the mid-$160M range (Q1–Q4 2025: $167.29M, $166.10M, $165.88M, $165.02M respectively), suggesting a stable top line.
Gross margin range: gross margin generally in the mid-30s to low-40s percent across 2025 quarters, indicating stable but not expanding profitability (e.g., Q4 2025 gross margin around 36.7%).
Earnings per share (EPS) volatility in 2025: diluted EPS ranged from around $0.17–$0.18 in some quarters to about $0.02 in Q4 2025, reflecting quarterly effects and potential one-offs.
Q4 2025 net cash from financing and overall cash drift: net change in cash for Q4 2025 was -$29,756,000, driven by sizable investing activity and outflows despite positive operating cash flow in the quarter.

05/16/26 07:10 PM ETAI Generated. May Contain Errors.

Veeco Instruments Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Veeco Instruments' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Veeco Instruments' net income appears to be on a downward trend, with a most recent value of $35.39 million in 2025, falling from -$31.98 million in 2015. The previous period was $73.71 million in 2024. See Veeco Instruments' forecast for analyst expectations on what's next for the company.

Veeco Instruments' total operating income in 2025 was $35.71 million, based on the following breakdown:

Total Gross Profit: $265.41 million
Total Operating Expenses: $229.70 million

Over the last 10 years, Veeco Instruments' total revenue changed from $477.04 million in 2015 to $664.29 million in 2025, a change of 39.3%.

Veeco Instruments' total liabilities were at $440.29 million at the end of 2025, a 8.4% decrease from 2024, and a 149.9% increase since 2015.

In the past 10 years, Veeco Instruments' cash and equivalents has ranged from $119.75 million in 2021 to $279.74 million in 2017, and is currently $163.47 million as of their latest financial filing in 2025.

Over the last 10 years, Veeco Instruments' book value per share changed from 17.45 in 2015 to 14.72 in 2025, a change of -15.7%.

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Financial statements for NASDAQ:VECO last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Veeco Instruments (VECO) Financials

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