VECO
Veeco Instruments Inc.
$44.57
+2.11% 2026-10-20
Information TechnologyS&P 600
VECOSPY
1W
-8.7%
1M
+4.3%
3M
-19.2%
6M
-6.8%
YTD
+55.9%
1Y
+50.9%
Live chart
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Grades vs sector
Momentum76th pct in sectorB+
Momentum
76th pct in sector
12-1 return: +80.5%
Percentile within its GICS sector across the S&P 1500.
Percentile within its GICS sector across the S&P 1500.
Growth52nd pct in sectorC+
Growth
52nd pct in sector
Revenue growth (YoY): +16.5%
Percentile within its GICS sector across the S&P 1500.
Percentile within its GICS sector across the S&P 1500.
Value38th pct in sectorC-
Value
38th pct in sector
Forward E/P: 6.8% · EBITDA/EV: 2.0%
Percentile within its GICS sector across the S&P 1500.
Percentile within its GICS sector across the S&P 1500.
Profitability20th pct in sectorD
Profitability
20th pct in sector
Profit margin: +3.4% · Return on equity: +2.6%
Percentile within its GICS sector across the S&P 1500.
Percentile within its GICS sector across the S&P 1500.
RevisionsNot enough data yet–
Revisions
Not enough data yet
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.
30-day change in analysts' current-year EPS estimate; graded across covered stocks.
Our models
Not held by any of our 5 live models right now.
Quality Growth
not ranked (outside this model's universe or screens)
Momentum Top 15not ranked (outside this model's universe or screens)
Momentum Blendnot in the current book
New Highs Growthnot ranked (outside this model's universe or screens)
Conviction 20not in the current book
News
More newsWhat Is The True Hidden Price Of KLA Stock?
Trefis · Oct 14
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What Was KLA Telling You Before Its Stock Ran?
Trefis · Oct 08
Why Veeco Instruments Stock Crushed it Last Month
Motley Fool · Oct 07
Management Guided Higher For KLA Stock; Does The Chart Agree?
Trefis · Oct 05
Key stats
Market cap$2.7B
P/E (trailing)120.5
P/E (forward)15.3
52-week range26.00 – 86.63
Revenue growth (YoY, latest qtr)+16.5%
Dividend yield0.00%
Analyst consensusBuy (3)
Mean price target$61.33 (+38%)
Valuation and fundamentals
Valuation & fundamentals
Bottom line
Leans expensive
Model read-out from the numbers below, not advice. Score -1 (DCF counts double).
▼DCF (base case)below the price by 84%
•Forward P/E vs sector15.3x vs median 16.9x
•Piotroski F-score6/9
▲Altman Z3.9 (safe)
▲Net debt / EBITDA-4.6x
▲Analyst target+38% (3 analysts)
Discounted cash flow
CyclicalValued on average-cycle margins
Semiconductor Materials & Equipment profits swing with the business cycle, so one year's cash flow can be far above or below normal. Instead of the last 12 months' free cash flow (0.1B, a 12% margin), the DCF and reverse DCF use the average free-cash-flow margin over FY2016–FY2025 (10 years: 2.3%) times current revenue = 0.0B. On trailing cash flow the base case would be $26; on mid-cycle cash flow it is $7. Glossary
Bear
$6
-87%
growth 4% · disc. 12.0% · term. 2.0%
Base
$7
-84%
growth 9% · disc. 11.0% · term. 2.5%
Bull
$9
-80%
growth 12% · disc. 10.0% · term. 3.0%
Starting cash flow is mid-cycle: 2.3% average margin × current revenue = 0.0B (last 12 months: 0.1B at a 12% margin). On trailing cash flow the base case would be $26.
Reverse DCFfor context, not a signal
A normal DCF guesses future cash flows and works out a price. A reverse DCF runs it backwards: it starts from today's price and asks how fast free cash flow would have to grow to justify it. It tells you what the market is assuming, not whether the stock is cheap or expensive, and it is not a buy or sell signal. Glossary
Today's price assumes free cash flow grows about 40% a year for 10 years.
Implied
+40%/yr
FCF, last 3 yrs
-14%/yr
FCF, last 5 yrs
+8%/yr
Revenue, last 3 yrs
+1%/yr
Revenue, last 5 yrs
+8%/yr
Same inputs as the DCF above: mid-cycle free cash flow 0.0B, 11.0% discount rate, 2.5% growth after year 10, net cash and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–
Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-06-30). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.36 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.
Multiples vs Information Technology
P/E (trailing)
pricier
sector median 35.9× · 92nd pct
120.5×pricier
Forward P/E
cheaper
sector median 16.9× · 42nd pct
15.3×cheaper
EV / EBITDA
pricier
sector median 20.8× · 90th pct
66.6×pricier
Price / sales
cheaper
sector median 4.6× · 43rd pct
4.0×cheaper
Price / book
cheaper
sector median 5.1× · 29th pct
3.0×cheaper
FCF yield
pricier
sector median 3.5% · 46th pct
3.1%pricier
Forward EPS $2.91 vs trailing $0.37 (+685% expected growth). Forward P/E uses analysts' next-12-month estimate.
Backlog (remaining performance obligations)
RPO
$376.5M
as of 2026-06-30
vs a year ago
+846%
YoY
× TTM revenue
0.55×
coverage
Contracted revenue not yet recognized, from SEC filings (XBRL tag RevenueRemainingPerformanceObligation).
Quality & financial health
Gross margin
37.9%
Operating margin
2.7%
FCF margin
12.5%
Net margin
3.4%
Return on equity
2.6%
Return on invested capital
2.5%
Net debt / EBITDA
-4.6×
Current ratio
3.9×
Interest cover
2.1×
Cash conversion (OCF/NI)
4.3×
Piotroski F-score 6/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✗ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✓ Current ratio improved✓ No share dilution✗ Gross margin improved✗ Asset turnover improved
Altman Z-score 3.9 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.
Analysts
Mean target
$61
+38%
Analysts
3
Buy
Range
$55–$66
low – high
● price · ◆ mean target
Annual history
| FY | Revenue | Net income | Free cash flow |
|---|---|---|---|
| 2025 | $664.3M | $35.4M | $53.3M |
| 2024 | $717.3M | $73.7M | $45.7M |
| 2023 | $666.4M | $-30.4M | $33.7M |
| 2022 | $646.1M | $166.9M | $83.9M |
| 2021 | $583.3M | $26.0M | $27.1M |
| 2020 | $454.2M | $-8.4M | $36.2M |
From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +0.9%.
Earnings
Next report: 2026-11-04 · during market · EPS est 0.43
EstimateActual (beat)Actual (miss)
| Report | EPS est | Actual | Surprise |
|---|---|---|---|
| 2026-08-05 | 0.28 | 0.33 | +16.1% |
| 2026-05-05 | 0.23 | 0.14 | -39.2% |
| 2026-02-25 | 0.26 | 0.24 | -8.0% |
| 2025-11-05 | 0.28 | 0.36 | +28.5% |
| 2025-08-06 | 0.23 | 0.36 | +59.8% |
| 2025-05-07 | 0.32 | 0.37 | +15.5% |
| 2025-02-12 | 0.40 | 0.41 | +2.0% |
| 2024-11-06 | 0.45 | 0.46 | +2.0% |
Quarterly revenue
| Quarter | Revenue | YoY |
|---|---|---|
| 2026-03-31 | $158.3M | -5.4% |
| 2025-12-31 | $165.0M | – |
| 2025-09-30 | $165.9M | – |
| 2025-06-30 | $166.1M | – |
| 2025-03-31 | $167.3M | – |
Analyst actions
Northland Capital Markets
PT $66
2026-09-21 · up
Market Perform → OutperformPT $66
Citigroup
PT $63
2026-08-10 · main
Buy → BuyPT $63
Barclays
PT $55
2026-05-19 · main
Equal-Weight → Equal-WeightPT $55
Citigroup
PT $60
2026-05-06 · main
Buy → BuyPT $60
Citigroup
PT $40
2026-02-26 · main
Buy → BuyPT $40
Citigroup
PT $36
2025-11-12 · main
Buy → BuyPT $36
Insider trades
Miller William John
$315.5K
Director, CEO · 2026-08-17
SELL$315.5K
Miller William John
$6.7M
Director, CEO · 2026-08-17
SELL$6.7M
Miller William John
$3.9M
Director, CEO · 2026-08-17
SELL$3.9M
Kiernan John P
$1.0M
SVP & CHIEF FINANCIAL OFFICER · 2026-08-10
SELL$1.0M
Kiernan John P
$525.0K
SVP & CHIEF FINANCIAL OFFICER · 2026-08-10
SELL$525.0K
Kiernan John P
$110.2K
SVP & CHIEF FINANCIAL OFFICER · 2026-08-10
SELL$110.2K
Kiernan John P
$42.8K
SVP & CHIEF FINANCIAL OFFICER · 2026-08-10
SELL$42.8K
Kiernan John P
$87.3K
SVP & CHIEF FINANCIAL OFFICER · 2026-08-10
SELL$87.3K
None
–
None · None
SELL–
Stats refreshed 2026-10-20 17:52:38 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now
coteau
Coteau Systematic Strategies publishes stock research and model portfolios. It doesn't manage money or give investment advice. Results are hypothetical unless marked Live. Data: Yahoo Finance (delayed) and SEC EDGAR.