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Semiconductor equipment & materials · Technology · Fiscal year ends Dec 31
Veeco Instruments reported revenue of $664M in the fiscal year ended Dec 2025, down 7.4% from the year before. Operating income was $36M, an operating margin of 5.4%, and net income was $35M. Operating cash flow of $69M less capital expenditure of $16M left free cash flow of $53M. Net debt was $63M.
Ranks among the 16 semiconductor equipment & materials companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 583 | 646 | 666 | 717 | 664 |
| Cost of revenue | 341 | 383 | 381 | 413 | 399 |
| Gross profit | 242 | 263 | 285 | 304 | 265 |
| Research & development | 88.7 | 104 | 113 | 125 | 120 |
| Selling, general & admin | 84.5 | 89.0 | 92.8 | 99.7 | 98.9 |
| Operating income | 56.7 | 60.3 | 69.9 | 67.0 | 35.7 |
| Interest expense | 28.4 | 11.5 | 11.8 | 11.0 | 9.1 |
| Pre-tax income | 25.7 | 51.0 | −28.3 | 68.8 | 39.4 |
| Income tax | −0.4 | −116 | 2.0 | −4.9 | 4.0 |
| Net income | 26.0 | 167 | −30.4 | 73.7 | 35.4 |
| Diluted EPS | 0.49 | 2.71 | −0.56 | 1.23 | 0.59 |
| Diluted shares | 53.6 | 65.6 | 53.8 | 61.6 | 60.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 120 | 155 | 159 | 146 | 163 |
| Receivables | 110 | 124 | 103 | 96.8 | 111 |
| Inventory | 171 | 207 | 238 | 247 | 275 |
| Current assets | 549 | 669 | 706 | 765 | 845 |
| Net PP&E | 99.7 | 107 | 118 | 114 | 109 |
| Goodwill | 182 | 182 | 215 | 215 | 215 |
| Total assets | 899 | 1,128 | 1,229 | 1,252 | 1,326 |
| Payables | 44.5 | 52.0 | 42.4 | 43.5 | 55.3 |
| Deferred revenue | 16.3 | 127 | 118 | 65.0 | 74.2 |
| Current liabilities | 189 | 258 | 218 | 192 | 178 |
| Short-term debt | – | 20.2 | – | 26.5 | – |
| Long-term debt | 229 | 254 | 275 | 250 | 226 |
| Total liabilities | 461 | 550 | 557 | 481 | 440 |
| Shareholders' equity | 438 | 578 | 672 | 771 | 886 |
| Backlog (remaining obligations) | 33.6 | 192 | 195 | 57.0 | 39.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 67.7 | 108 | 61.7 | 63.8 | 69.5 |
| Capital expenditure | 40.6 | 24.6 | 27.9 | 18.1 | 16.2 |
| Free cash flow | 27.1 | 83.9 | 33.7 | 45.7 | 53.3 |
| Depreciation & amortisation | 26.1 | 25.6 | 25.0 | 25.1 | 20.0 |
| Stock-based compensation | 15.2 | 23.0 | 28.6 | 35.9 | 37.0 |
| Acquisitions | – | – | 30.4 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.8% | 3.1% | 7.6% | −7.4% |
| Operating income growth (YoY) | – | 6.3% | 16.0% | −4.2% | −46.7% |
| EPS growth (YoY) | – | 453.1% | −120.7% | – | −52.0% |
| Gross margin | 41.5% | 40.7% | 42.8% | 42.4% | 40.0% |
| Operating margin | 9.7% | 9.3% | 10.5% | 9.3% | 5.4% |
| Net margin | 4.5% | 25.8% | −4.6% | 10.3% | 5.3% |
| Return on equityBlank when equity is negative | 5.9% | 28.9% | −4.5% | 9.6% | 4.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.0% | 6.9% | 6.9% | 6.3% | 3.1% |
| Free cash flow margin | 4.6% | 13.0% | 5.1% | 6.4% | 8.0% |
| Cash conversion (CFO ÷ net income) | 2.60x | 0.65x | −2.03x | 0.87x | 1.96x |
| Receivable days | 69 | 70 | 56 | 49 | 61 |
| Inventory days | 183 | 197 | 227 | 218 | 252 |
| Payable days | 48 | 50 | 41 | 38 | 51 |
| Interest cover | 2.00x | 5.24x | 5.94x | 6.06x | 3.91x |
| Debt ÷ equity | 0.52x | 0.48x | 0.41x | 0.36x | 0.26x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 110 | 120 | 116 | 131 | 62.5 |
| Current ratio | 2.90x | 2.59x | 3.24x | 3.98x | 4.75x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.