# Veeco Instruments Inc. (VECO)

> Source: Nexqual · https://nexqual.com/VECO · data as of 2026-10-23 15:03 UTC · cite as "Nexqual, Veeco Instruments Inc. (VECO), nexqual.com/VECO" · informational, not investment advice.

**Price:** USD 42.99 (+4.47% today) · US market open, as of October 23, 2026 at 15:03 UTC; quotes may be delayed. Prev close 41.15 · day 40.89–43.28 · 52w 26–86.63 · market cap $2.62B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $683M, net income $23.2M (3.4% margin), free cash flow $85.2M (SEC filings).
- Valuation: P/E 112.9x (avg 35.6x at the last 2 fiscal year-ends), EV/EBITDA 65.8x, net cash $203M.
- 3 of 80 tracked superinvestors hold VECO (13F, Q2 2026): 1 new, 2 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 15 Form 4 filings, $33.4M; 12 not under a Rule 10b5-1 plan ($17.9M); 8 by opportunistic insiders (5 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +45.1% vs S&P 500 +14.8%; 5Y +77.0% vs S&P 500 +77.5%.
- Next earnings: 2026-11-04, EPS estimate USD 0.43, revenue estimate $213M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $583M | $646M | $666M | $717M | $664M | $683M |
| Gross profit | $242M | $263M | $285M | $304M | $265M | — |
| Operating income | $56.7M | $60.3M | $69.9M | $67.0M | $35.7M | $18.4M |
| Net income | $26.0M | $167M | -$30.4M | $73.7M | $35.4M | $23.2M |
| EPS (diluted) | $0.49 | $2.71 | -$0.56 | $1.23 | $0.59 | — |
| Free cash flow | $27.1M | $83.9M | $33.7M | $45.7M | $53.3M | $85.2M |
| Gross margin | 41.5% | 40.7% | 42.8% | 42.4% | 40.0% | — |
| Operating margin | 9.7% | 9.3% | 10.5% | 9.3% | 5.4% | 2.7% |
| Net margin | 4.5% | 25.8% | -4.6% | 10.3% | 5.3% | 3.4% |
| Revenue growth | +28.4% | +10.8% | +3.1% | +7.6% | -7.4% | — |
| Cash + short-term investments | $224M | $302M | $305M | $344M | $390M | — |
| Total debt | $229M | $275M | $275M | $276M | $226M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 112.9x · P/S 3.8x · EV/EBITDA 65.8x · EV/Sales 3.5x · P/FCF 30.8x · P/B 2.9x · FCF yield 3.25% · Earnings yield 0.89% · Net cash $203M · EV $2.42B
P/E at fiscal year-ends: Dec 2025 48.9x, Dec 2024 22.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold VECO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.06% | $35.2M | Added +18.5% |
| Polen Capital | Polen Capital Management | 0.03% | $3.7M | Added +301.7% |
| Lee Ainslie | Maverick Capital | <0.01% | $465K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 15 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | Miller William John | CEO | 200,000 | $10.8M | 54.1% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-10 | Kiernan John P | SVP & CHIEF FINANCIAL OFFICER | 35,000 | $1.8M | 33.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-11 | Wilkerson Susan | SVP, GLOBAL SALES & SERVICE | 15,506 | $1.1M | 36.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-09 | Devasahayam Adrian | SVP - PRODUCT LINE DEVELOPMENT | 10,000 | $650K | 10.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-09 | Hunter Gordon | Director | 16,974 | $1.2M | 60.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-04 | Hunter Gordon | Director | 6,752 | $431K | 19.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-02 | Miller William John | CEO | 50,000 | $2.9M | 11.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-26 | Hunter Gordon | Director | 17,714 | $1.1M | 33.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26 | Wilkerson Susan | SVP, GLOBAL SALES & SERVICE | 35,723 | $2.2M | 45.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-26 | Devasahayam Adrian | SVP - PRODUCT LINE DEVELOPMENT | 5,407 | $334K | 5.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-14 | Damore Richard A | Director | 43,701 | $2.7M | 28% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-12 | Hunter Gordon | Director | 29,532 | $1.8M | 35.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | St Dennis Thomas | Director | 1,400 | $87K | 2.2% | No | Too little history (no open-market trades in 2025) |
| 2026-05-08 | Hunter Gordon | Director | 7,746 | $455K | 8.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-07 | Miller William John | CEO | 100,000 | $6.0M | 19.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-21 | Northland Capital Markets | Upgrade | Market Perform → Outperform | $66 |
| 2026-08-10 | Citigroup | Target raised | Buy | $60 → $63 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +45.1% | +77.0% |
| S&P 500 (SPY) | +14.8% | +77.5% |
| Per year | +45.2% | +12.1% |
| Volatility (annualized) | 70.5% | 46.4% |
| Max drawdown | -50.8% (Jun 2026→Sep 2026) | -62.4% (Jul 2024→Mar 2025) |

## Peers (Semiconductor Equipment & Materials)
AMBA (Ambarella, Inc.) USD 65.27 +3.41% · COHU (Cohu, Inc.) USD 49.06 +6.05% · IPGP (IPG Photonics Corporation) USD 70.73 +1.90% · UCTT (Ultra Clean Holdings, Inc.) USD 45.64 +2.65% · ACLS (Axcelis Technologies, Inc.) USD 107.55 +2.68% · AXTI (AXT Inc) USD 53.68 +4.11%

## More
Full page: https://nexqual.com/VECO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VECO's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/103145/000110465926019711/veco-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | AXCELIS TECHNOLOGIES INC (ACLS) | "Merger Agreement with Axcelis Technologies, Inc." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Semiconductor | $130.7M | 67.5% | +5.5% |
| Data Storage | $22.2M | 11.5% | +79.7% |
| Compound Semiconductor | $20.5M | 10.6% | +44.6% |
| Scientific & Other | $20.1M | 10.4% | +28.0% |
| Total revenue | $193.5M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asia Pacific Excluding China | $69.8M | 36.1% | -28.9% |
| United States | $59.1M | 30.5% | +170.3% |
| China | $48.1M | 24.9% | +74.9% |
| EMEA | $16.0M | 8.3% | -13.7% |
| Rest Of World | $527,000 | 0.3% | +1125.6% |
| Total revenue | $193.5M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 17% of revenue from unnamed direct customers (10-K, filed 2026-02-25).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.43 | $0.52 | -17.7% | $213.3M | 4 |
| Next quarter (ends 2026-12-31) | $0.60 | $0.71 | -14.4% | $235.1M | 4 |
| Current fiscal year (ends 2026-12-31) | $1.51 | $1.62 | -6.6% | $776.9M | 5 |
| Next fiscal year (ends 2027-12-31) | $2.91 | $3.05 | -4.6% | $1.02B | 5 |