VECO
Veeco Instruments Inc.
VECO's fundamentals are mixed, but it looks expensive: trading at 101x earnings, about three times its usual 30x. Analysts expect strong earnings growth.
VECO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Strong | |
| Healthy |
VECO's revenue, cash flow and balance sheet are currently healthy, and its profitability is stable.
VECO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 15x | $40.33 | — |
| Cheap | 18x | $7.36 | -82% |
| Fair | 29x | $11.70 | -71% |
| Expensive | 86x | $34.57 | -14% |
| Current | 101x | $40.33 | — |
Historical ranges are pointers, not guarantees.
VECO's PE is in its expensive range at 101x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its cheap range.
VECO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for VECO, with profitability improving.
VECO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.75 | +587% |
| Q3 2026 | $0.40 | -51% |
| Q2 2026 | $0.36 | -64% |
| Q1 2026 | $0.38 | -64% |
| Q4 2025 | $0.59 | -52% |
| Q3 2025 | $0.82 | -43% |
| Q2 2025 | $1.01 | -33% |
| Q1 2025 | $1.06 | +$1.42 |
| Q4 2024 | $1.23 | +$1.79 |
VECO's earnings per share have fallen from their peak: $0.40 over the past year, against $2.71 in late 2022.
VECO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $209.4M | +26% |
| Q2 2026 | $193.5M | +16% |
| Q1 2026 | $158.3M | -5.4% |
| Q4 2025 | $165M | -9.4% |
| Q3 2025 | $165.9M | -10% |
| Q2 2025 | $166.1M | -5.6% |
| Q1 2025 | $167.3M | -4.1% |
| Q4 2024 | $182.1M | +4.7% |
VECO's revenue has picked up after three years of holding roughly level: $209M last quarter, up 26% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.7% | +0.4 points |
| Q2 2026 | 6.1% | -1.3 points |
| Q1 2026 | -1.7% | -10 points |
| Q4 2025 | -0.8% | -3 points |
| Q3 2025 | 6.4% | -6.8 points |
| Q2 2025 | 7.5% | -2.1 points |
| Q1 2025 | 8.5% | -4.2 points |
| Q4 2024 | 2.1% | -12 points |
VECO's operating margin was 6.7% last quarter, about level with the same quarter a year ago.
VECO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $53.6M | +314% |
| Q2 2026 | $47.7M | +776% |
| Q1 2026 | $2.8M | -79% |
| Q4 2025 | $21.7M | -6.7% |
| Q3 2025 | $13M | -4.9% |
| Q2 2025 | $5.4M | -1% |
| Q1 2025 | $13.2M | +293% |
| Q4 2024 | $23.2M | +24% |
VECO generated $126M in free cash flow over the past year, up 129% from the year before.
VECO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -628K shares |
| 1 year | +8.5% | +5.2M shares |
| 3 years | +11% | +6.5M shares |
| 5 years | +23% | +12.2M shares |
| Available history | +39% | +18.7M shares |
VECO has 66M diluted shares, up 8.5% from a year ago.
VECO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.3x | Very low |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.1x | Healthy |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.9x | Very low |
| Q4 2024 | 1.4x | Healthy |
VECO's net debt is less than a year of its operating earnings (EBITDA).
VECO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.4 | Neutral |
| Stochastic | 19.7 | Oversold |
VECO's weekly RSI is 43 (neutral) and its Stochastic is 20 (oversold).
VECO PE vs Technology Sector
| Metric | VECO | Sector median | Relative |
|---|---|---|---|
| PE | 101x | 28x | 262% above |
| PE % | 84 | 35 | 49 pts above |
VECO is trading at 101x earnings, a 262% premium to the Technology sector's median of 28x.
VECO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $45.1 | 11% below |
| 20 week MA | $48.0 | 16% below |
| 50 week MA | $44.7 | 9.7% below |
| 100 week MA | $34.3 | 18% above |
| 200 week MA | $32.1 | 26% above |
VECO has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 26% above its 200-week average.
VECO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.8 | $19.0 | +28% |
| 2021 | $19.0 | $26.9 | +41% |
| 2022 | $26.9 | $18.4 | -32% |
| 2023 | $18.4 | $31.0 | +69% |
| 2024 | $31.0 | $27.6 | -11% |
| 2025 | $27.6 | $29.3 | +6.1% |
| 2026 YTD | $29.3 | $40.3 | +38% |
VECO has finished higher in four of the last six years. It's up 38% so far in 2026.