Veeco Instruments VECO

Nasdaq · Special Industry Machinery, Nec · $2.2B
$33.25−7.64%Nov 5 close · Databento
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VECO Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $33.251D −7.64%3M −32.61%SMA20 $42.90SMA50 $45.23RSI(14) 27.0
33.25
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 27.0

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento
Market cap$2.2B
EV / True FCF140.9x
Revenue$664.3M −7.4%
True FCF (ex-SBC)$16.2M +16.6%
Rule of 400.6%
ROIC3.3%
True FCF Yield0.7%
EPS, diluted$0.59 −52.0%
Modern Valuation (EOD)
Market Cap$2.2B
Enterprise Value$2.3B
EV / True FCF140.94
EV / FCF42.96
EV / Gross Profit8.63
EV / EBIT64.12
EV / Sales3.45
P / E (GAAP)62.18
P / FCF41.29
P / Oper. CF31.67
P / Book2.49
Owner & Cash Yields
True FCF Yield0.7%
FCF Yield2.4%
Owner Earn. Yield0.1%
Earnings Yield1.6%
Shareholder Yield−1.2%
Buyback Yield0.5%
Dividend Yield—
Dividend / sh—
Payout Ratio—
FCF / sh$0.87
EPS (diluted)$0.59
Compounder & Returns
Rule of 400.6%
ROIC3.3%
Cash ROIC (CROIC)5.5%
GP / Assets20.0%
ROE4.0%
ROA2.7%
Gross Margin40.0%
Oper. Margin5.4%
Net Margin5.3%
FCF Margin8.0%
True FCF Margin2.4%
Quality & Dilution
Cash Conversion151%
Accrual Ratio−2.6%
SBC % of FCF69.5%
SBC % of Rev5.6%
Reinvest. Rate196%
Sales Growth Y/Y−7.4%
Sales 3Y CAGR+0.9%
EPS Growth Y/Y−52.0%
FCF Growth Y/Y+16.6%
FCF 3Y CAGR−14.0%
Share Change Y/Y−1.6%
Balance Sheet & Scale
Revenue (FY)$664.3M
Gross Profit (FY)$265.4M
Oper. Income (FY)$35.7M
GAAP Net Income$35.4M
True FCF (ex-SBC)$16.2M
Cash & Equiv$163.5M
Total Debt$252.5M
Net Cash (Debt)$-89.0M
Net Cash % MCap−4.0%
Debt / FCF (yrs)4.7y
Current Ratio4.7561.14M sh
Price & Technicals (EOD)
Perf Week−22.31%
Perf Month−37.89%
Perf Quarter−37.01%
Perf Half Y−42.39%
Perf YTD−28.85%
SMA 20 Dist−22.49%$42.90
SMA 50 Dist−26.48%$45.23
SMA 100 Dist−34.82%$51.01
Window High−59.96%$83.04
Window Low0.00%$33.25
RSI (14) · Vol27.074%v
Income Distribution & Cash Flow ConversionHow every dollar of VECO revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
REVENUE · 100%$664.3MGROSS PROFIT · 40.0%$265.4MCOST OF REV · 60.0%$398.9MOPER. INCOME · 5.4%$35.7MOPEX · 34.6%R&D $119.6M · SG&A $98.9MNET INCOME · 5.3%$35.4M
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$398.9M ($60.0 / $100)
R&D Reinvestment$119.6M ($18.0 / $100)
SG&A & Other OpEx$110.1M ($16.6 / $100)
Tax & Non-Operating$317,000 ($0.0 / $100)
Net Profit Kept$35.4M ($5.3 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$35.4M (5.3% margin)
Operating Cash Flow (OCF)$69.5M(10.5% of rev)
Less: Capital Expenditures−$16.2M(2.4% of rev)
Standard Free Cash Flow (FCF)$53.3M(8.0% margin)
Less: Stock-Based Comp (SBC)−$37.0M(69.5% of FCF)
True FCF (Owner Cash ex-SBC)$16.2M(2.4% of rev)

Operating leverage — margins

GrossOperatingNet
0%40%80%40%5%5%FY21FY22FY23FY24FY25
Unlocked SEC EDGAR Accounting Statements (USD)All 3 statements · Common-size (% of Revenue / Assets) · YoY growth · Tap any core row to explain
Line Item (USD)FY2021FY2022FY2023FY2024FY2025YoY Δ4Y CAGRTrend
Income Statement
Cost of Revenue (COGS)$341.0M$383.0M$381.4M$413.3M$398.9M−3.5%+4.0%
Research & Development (R&D)$88.7M$103.6M$112.9M$124.5M$119.6M−3.9%+7.8%
Selling, General & Admin (SG&A)$84.5M$89.0M$92.8M$99.7M$98.9M−0.8%+4.0%
Total Operating Expenses$185.6M$202.9M$215.1M$237.0M$229.7M−3.1%+5.5%
Interest Expense$28.4M$11.5M$11.8M$11.0M$9.1M−17.3%−24.7%
Income Tax Expense$-358,000$-116.0M$2.0M$-4.9M$4.0M+181.9%—
Diluted Shares53.6M65.6M53.8M61.6M60.6M−1.6%+3.1%
Balance Sheet
Cash & Equivalents$120.5M$155.5M$159.1M$145.8M$163.5M+12.1%+7.9%
Inventory$170.9M$206.9M$237.6M$246.7M$275.3M+11.6%+12.7%
Total Current Assets$549.4M$668.9M$706.3M$764.5M$845.3M+10.6%+11.4%
Total Assets$899.0M$1.1B$1.2B$1.3B$1.3B+5.9%+10.2%
Total Current Liabilities$189.2M$257.9M$218.0M$192.3M$178.1M−7.4%−1.5%
Total Debt (Short + Long Term)$230.5M$294.8M$295.1M$302.7M$252.5M−16.6%+2.3%
Total Liabilities$461.3M$550.4M$556.6M$480.8M$440.3M−8.4%−1.2%
Stockholders' Equity$437.6M$577.8M$672.4M$770.8M$885.5M+14.9%+19.3%
Net Cash / (Net Debt)$-110.0M$-139.4M$-136.0M$-156.9M$-89.0M+43.2%—
Invested Capital$547.6M$717.2M$808.4M$927.6M$974.5M+5.1%+15.5%
Cash Flow & Capital Allocation
Depreciation & Amortization (D&A)$26.1M$25.6M$25.0M$25.1M$20.0M−20.4%−6.4%
Stock-Based Compensation (SBC)$15.2M$23.0M$28.6M$35.9M$37.0M+3.3%+24.8%
Capital Expenditures (CapEx)$40.6M$24.6M$27.9M$18.1M$16.2M−10.6%−20.5%
True FCF (ex-SBC Owner Cash)$11.8M$60.9M$5.2M$9.8M$16.2M+65.4%+8.2%
Share Repurchases (Buybacks)————$11.5M——

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

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