Veeco Instruments Inc. (VECO) Key Metrics
VECO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.61B
- Enterprise value
- $2.69B
- P/E (TTM)
- 115.5 10-yr median 35.7
- Forward P/E
- 14.3
- PEG ratio
- 0.81
- Price / sales
- 3.8 10-yr median 2.1
- Price / book
- 3.2 10-yr median 2.0
- EV / EBITDA
- 52.0 10-yr median 18.9
- Dividend yield
- —
- Beta
- 1.36
VECO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsVECO valuation Price multiples at each fiscal year-end price.
VECO returns How much profit the business earns on the capital it uses.
VECO per-share figures Results divided by the shares outstanding at year-end.
VECO financial health Debt, liquidity and how easily interest is covered.
VECO efficiency & capital use Working capital cycle and where the cash goes.
VECO valuation history
VECO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
VECO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
VECO cash returned to shareholders
VECO price vs earnings per share
VECO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.73B | $1.65B | $1.67B | $1.22B | $1.53B | $839.6M | $697.3M | $349.4M | $656.0M | $1.15B |
| Enterprise value | $1.60B | $1.62B | $1.67B | $1.23B | $1.57B | $851.7M | $767.3M | $380.2M | $658.0M | $803.7M |
| P/E ratio | 48.9 | 22.4 | — | 7.3 | 58.7 | — | — | — | — | — |
| Price / sales | 2.6 | 2.3 | 2.5 | 1.9 | 2.6 | 1.8 | 1.7 | 0.6 | 1.4 | 3.4 |
| Price / book | 2.0 | 2.1 | 2.5 | 2.1 | 3.5 | 2.1 | 1.9 | 0.8 | 0.8 | 1.9 |
| Price / free cash flow | 37.9 | 36.1 | 49.4 | 14.5 | 56.4 | 23.2 | — | — | 66.4 | — |
| Price / operating cash flow | 27.1 | 25.9 | 27.1 | 11.2 | 22.5 | 19.5 | — | — | 19.2 | — |
| EV / sales | 2.4 | 2.3 | 2.5 | 1.9 | 2.7 | 1.9 | 1.8 | 0.7 | 1.4 | 2.4 |
| EV / EBITDA | 23.4 | 15.4 | 199.3 | 13.9 | 19.6 | 18.1 | — | — | — | — |
| EV / free cash flow | 35.1 | 35.5 | 49.6 | 14.6 | 57.9 | 23.5 | — | — | 66.6 | — |
| Earnings yield | 2.0% | 4.5% | −1.8% | 13.7% | 1.7% | −1.0% | −11.3% | −116.5% | −6.8% | −10.7% |
| Free cash flow yield | 2.6% | 2.8% | 2.0% | 6.9% | 1.8% | 4.3% | −2.6% | −14.4% | 1.5% | −3.1% |
| Dividend yield | — | — | — | — | 0.4% | 0.1% | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | — | 1.0% | 0.7% | 0.7% | 1.0% | 0.3% | 0.4% | 3.3% | 0.4% | 1.2% |
| Share price at fiscal year-end | $28.58 | $26.80 | $31.03 | $18.58 | $28.47 | $17.36 | $14.69 | $7.41 | $14.85 | $29.15 |
| Per share | ||||||||||
| Revenue per share | $10.96 | $11.65 | $12.39 | $9.85 | $10.87 | $9.39 | $8.83 | $11.50 | $10.97 | $8.45 |
| Earnings per share | $0.58 | $1.20 | −$0.56 | $2.54 | $0.49 | −$0.17 | −$1.66 | −$8.63 | −$1.01 | −$3.11 |
| Operating cash flow per share | $1.05 | $1.04 | $1.15 | $1.65 | $1.26 | $0.89 | −$0.16 | −$0.80 | $0.77 | −$0.61 |
| Free cash flow per share | $0.75 | $0.74 | $0.63 | $1.28 | $0.51 | $0.75 | −$0.39 | −$1.07 | $0.22 | −$0.90 |
| Cash per share | $6.44 | $5.59 | $5.68 | $4.61 | $4.17 | $6.60 | $5.15 | $5.52 | $7.41 | $8.75 |
| Book value per share | $14.61 | $12.51 | $12.51 | $8.81 | $8.16 | $8.44 | $7.89 | $9.28 | $19.03 | $15.11 |
| Tangible book value per share | $10.97 | $8.88 | $7.69 | $5.67 | $4.13 | $3.73 | $2.76 | $3.57 | $3.71 | $10.71 |
| Dividends per share | — | — | — | — | $0.10 | $0.01 | — | — | $0.00 | $0.00 |
| Capex per share | $0.30 | $0.29 | $0.52 | $0.38 | $0.76 | $0.14 | $0.23 | $0.27 | $0.55 | $0.29 |
| Debt per share | $4.32 | $5.10 | $5.77 | $4.75 | $4.97 | $6.86 | $6.62 | $6.18 | $7.46 | $0.03 |
| Shares outstanding | 60.6M | 61.6M | 53.8M | 65.6M | 53.6M | 48.4M | 47.5M | 47.2M | 44.2M | 39.3M |
| Change in shares outstanding | −1.6% | +14.6% | −18.0% | +22.3% | +10.9% | +1.9% | +0.7% | +6.7% | +12.3% | −1.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 4.3% | 10.2% | −4.9% | 32.9% | 6.2% | −2.1% | −19.4% | −63.7% | −6.2% | −18.7% |
| Return on invested capital (ROIC) | 4.3% | 9.4% | 8.7% | 11.3% | 12.6% | 4.1% | −6.8% | −50.1% | −9.2% | −32.7% |
| Return on assets (ROA) | 2.7% | 5.9% | −2.6% | 16.5% | 2.9% | −1.0% | −9.2% | −35.6% | −4.2% | −14.8% |
| Return on tangible assets | 3.2% | 7.2% | −3.1% | 18.1% | 3.8% | −1.3% | −13.7% | −64.5% | −6.3% | −20.9% |
| Free cash flow margin | 6.9% | 6.4% | 5.1% | 13.0% | 4.6% | 8.0% | −4.4% | −9.3% | 2.0% | −10.6% |
| Income quality (OCF / net income) | 1.80 | 0.87 | — | 0.65 | 2.60 | — | — | — | — | — |
| Financial health | ||||||||||
| Total debt | $262.0M | $314.3M | $310.5M | $311.6M | $266.7M | $331.6M | $314.6M | $291.3M | $329.5M | $1.2M |
| Cash & short-term investments | $390.2M | $344.3M | $305.4M | $302.4M | $223.9M | $319.4M | $244.5M | $260.5M | $327.5M | $344.2M |
| Net debt | −$128.2M | −$30.0M | $5.0M | $9.2M | $42.8M | $12.2M | $70.0M | $30.9M | $2.0M | −$343.0M |
| Debt / equity | 0.30 | 0.41 | 0.46 | 0.54 | 0.61 | 0.81 | 0.84 | 0.67 | 0.39 | 0.00 |
| Debt / assets | 0.20 | 0.25 | 0.25 | 0.28 | 0.30 | 0.37 | 0.38 | 0.32 | 0.24 | 0.00 |
| Net debt / EBITDA | −1.87 | −0.29 | 0.60 | 0.10 | 0.53 | 0.26 | — | — | — | — |
| Current ratio | 4.75 | 3.98 | 3.24 | 2.59 | 2.90 | 4.00 | 4.03 | 3.25 | 2.67 | 3.49 |
| Quick ratio | 3.20 | 2.69 | 2.15 | 1.79 | 2.00 | 3.01 | 2.90 | 2.27 | 2.13 | 2.96 |
| Interest coverage | 3.9 | 6.1 | 5.9 | 5.2 | 2.0 | 0.9 | -1.8 | -19.3 | -3.3 | -542.4 |
| Working capital | $667.3M | $572.2M | $488.2M | $411.0M | $360.2M | $440.2M | $357.7M | $360.0M | $373.5M | $358.0M |
| Invested capital | $757.3M | $740.7M | $677.5M | $587.0M | $480.4M | $420.5M | $444.5M | $468.6M | $842.7M | $251.6M |
| Tangible asset value | $664.8M | $547.0M | $413.5M | $372.0M | $221.8M | $180.2M | $131.1M | $168.3M | $163.7M | $421.3M |
| Net current asset value | $405.1M | $283.7M | $149.7M | $118.5M | $88.0M | $97.2M | $32.3M | $57.0M | $50.4M | $337.6M |
| Graham number | $13.86 | $18.36 | — | $22.46 | $9.44 | — | — | — | — | — |
| Graham net-net per share | $3.25 | $1.42 | −$0.68 | −$0.59 | −$1.05 | −$0.44 | −$1.67 | −$1.41 | −$1.92 | $6.67 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | $5.6M | $556,000 | — | — | $0 | $0 |
| Share buybacks (net) | — | $16.1M | $11.0M | $8.2M | $9.0M | $2.3M | $3.0M | $11.5M | $2.9M | $13.3M |
| Dividend payout ratio | — | — | — | — | 21.5% | — | — | — | — | — |
| Dividends + buybacks / free cash flow | — | 35.1% | 32.6% | 9.8% | 53.8% | 7.9% | — | — | 29.1% | — |
| Capex / revenue | 2.7% | 2.5% | 4.2% | 3.8% | 7.0% | 1.5% | 2.6% | 2.3% | 5.0% | 3.5% |
| Capex / operating cash flow | 28.4% | 28.4% | 45.3% | 22.7% | 60.0% | 15.8% | — | — | 71.1% | — |
| Capex / depreciation | 0.90 | 0.72 | 1.12 | 0.96 | 1.56 | 0.22 | 0.32 | 0.25 | 0.48 | 0.35 |
| Stock-based compensation / revenue | 5.4% | 5.0% | 4.3% | 3.6% | 2.6% | 2.8% | 3.6% | 3.0% | 5.0% | 4.7% |
| R&D / revenue | 18.0% | 17.4% | 16.9% | 16.0% | 15.2% | 17.4% | 21.6% | 18.0% | 16.9% | 24.4% |
| SG&A / revenue | 14.9% | 13.9% | 13.9% | 13.8% | 14.5% | 16.8% | 19.0% | 17.0% | 20.7% | 23.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 76.8 | 66.5 | 73.4 | 75.9 | 71.7 | 69.2 | 64.5 | 59.3 | 59.1 | 59.0 |
| Days of inventory on hand | 238.8 | 213.9 | 212.7 | 180.0 | 169.5 | 195.9 | 202.2 | 144.9 | 119.9 | 141.3 |
| Days payables outstanding | 45.2 | 37.9 | 45.2 | 46.0 | 41.8 | 38.6 | 42.6 | 47.1 | 44.3 | 48.2 |
| Cash conversion cycle (days) | 270.4 | 242.4 | 241.0 | 209.9 | 199.4 | 226.6 | 224.2 | 157.1 | 134.6 | 152.2 |
| Receivables turnover | 4.75 | 5.49 | 4.97 | 4.81 | 5.09 | 5.27 | 5.66 | 6.16 | 6.18 | 6.18 |
| Payables turnover | 8.07 | 9.62 | 8.08 | 7.94 | 8.73 | 9.46 | 8.58 | 7.75 | 8.24 | 7.58 |
| Inventory turnover | 1.53 | 1.71 | 1.72 | 2.03 | 2.15 | 1.86 | 1.80 | 2.52 | 3.05 | 2.58 |
| Asset turnover | 0.52 | 0.58 | 0.57 | 0.64 | 0.65 | 0.53 | 0.49 | 0.47 | 0.45 | 0.40 |
| Average receivables | $139.7M | $130.7M | $134.1M | $134.3M | $114.6M | $86.1M | $74.1M | $88.0M | $78.4M | $53.8M |
| Average payables | $49.4M | $43.0M | $47.2M | $48.3M | $39.1M | $27.5M | $30.4M | $45.0M | $36.5M | $26.3M |
| Average inventory | $261.0M | $242.2M | $222.3M | $188.9M | $158.4M | $139.5M | $144.7M | $138.3M | $98.7M | $77.3M |
| Intangibles / total assets | 16.6% | 17.9% | 21.1% | 18.2% | 24.0% | 25.4% | 29.8% | 29.9% | 48.8% | 22.8% |
Computed from VECO's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
VECO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Veeco Instruments traded at 48.9 times earnings, against a 10-year median of 35.7. Based on the latest twelve months, the trailing P/E is 115.5 and the forward P/E is 14.3. Veeco Instruments earned a return on equity of 4.3% and a return on invested capital of 4.3% in fiscal 2025. It ended the year with $262.0 million of debt and $390.2 million in cash and short-term investments, a net cash position of $128.2 million. The share count rose 54.0% from 39.3M to 60.6M over 9 years.
See the VECO income statement, the VECO chart for price history, or the VECO stock overview for the latest quote and news.
VECO key metrics FAQ
What is Veeco Instruments's P/E ratio?
Veeco Instruments's trailing P/E ratio is 115.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 14.3. At the end of fiscal 2025 it was 48.9, compared with a 10-year median of 35.7.
What is Veeco Instruments's EV/EBITDA?
Veeco Instruments's enterprise value was 23.4 times EBITDA at the end of fiscal 2025 (enterprise value $1.6 billion, EBITDA $68.5 million); the current EV/EBITDA is 52.0.
What is Veeco Instruments's return on equity?
Veeco Instruments's return on equity (ROE) was 4.3% in fiscal 2025: net income of $35.4 million on average shareholders' equity of $828.1 million.
What is Veeco Instruments's ROIC?
Veeco Instruments's return on invested capital was 4.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Veeco Instruments have?
Veeco Instruments had total debt of $262.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.30 and more cash than debt.
What is Veeco Instruments's free cash flow yield?
Veeco Instruments generated $45.7 million of free cash flow in fiscal 2025, a free cash flow yield of 2.6% on its market value at year-end ($1.7 billion).
What is Veeco Instruments's current ratio?
Veeco Instruments's current ratio was 4.75 at the end of fiscal 2025: current assets were 4.75 times current liabilities.