# Veeco Instruments Inc. (VECO) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Technology / Semiconductors & Semiconductor Equipment. Price $44.67, market value $2.7 billion.

## Valuation
- **P/E (trailing): 117.6×** (5-yr avg 33.8×, 3-yr avg 35.1×). Veeco Instruments Inc. trades at 117.6× trailing earnings, well above its own five-year average of 33.8×: investors are paying up relative to the company's past. The Technology median in the September 2026 study was 32.1×. Forward P/E is 15.4×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 4.0×**. Each dollar of revenue is priced at 4.0×.
- **Price / book: 3.0×**. The shares trade at 3.0× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 73.0×**. Enterprise value is 73.0× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 3.1%** (5-yr avg 3.3%). Free cash flow equals 3.1% of the market value, in line with its five-year average of 3.3%.
- **Earnings yield: 0.9%**. The inverse of the P/E: 0.9% of the price is earned each year.

## Profitability
- **Gross margin: 37.9%**. Veeco Instruments Inc. keeps 37.9% of revenue after the direct cost of what it sells.
- **Operating margin: 2.7%**. 2.7% of revenue is left after running the business, which leaves little cushion in a downturn.
- **Net margin: 5.3%**. 5.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 4.0%**. 4.0% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 1.5%**. Return on all capital, debt included, is 1.5%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 1.8%**. Each dollar of assets produces 1.8% of profit.

## Growth
- **Revenue growth (1 yr): -7.4%** (3-yr 0.9%/yr, 5-yr 7.9%/yr). Revenue fell 7.4% over the last year, against 7.9% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -52.0%** (3-yr -39.8%/yr). Earnings per share fell 52.0%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -14.0%/yr**. Free cash flow has compounded at -14.0% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.26**. Debt is 0.26 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 1.6×**. It would take 1.6 years of operating earnings to repay net borrowings, within the comfortable range.
- **Altman Z-score: 5.24**. A Z-score of 5.24 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Veeco Instruments Inc. does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): 87.1%** (YTD 56.3%, 3-mo -23.6%). The shares are up 87.1% over twelve months including dividends.
- **From 52-week high: -48.4%** (82.2% above the low). Trading 48% below its 52-week high, deep in a drawdown.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 42**. An RSI of 42 is neutral.
- **Beta (1 yr): 2.45** (volatility 68%). Beta of 2.45 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=VECO · Page: https://foliofundamentals.com/stocks/veco

Not investment advice.