Veeco Instruments
ConvictionModerate
Sells high-value process systems (laser annealing, ion-beam deposition/etch, advanced-packaging lithography and wet-processing, MOCVD) to chipmakers, foundries, OSATs and HDD makers, plus recurring service/spares/upgrades; asset-light equipment model with lumpy, cyclical system revenue tied to semicap capex.
Revenue
$664.3MFY2025); FY2026 guide $740-800MRev growth
-7.4% YoYin FY2025 ($664.3M vs $717.3M); FY2026 guided +16% at midpoint (H2-weightedGross margin
40.0% GAAP / 41.0% non-GAAPFY2025), down from 42.4%/43.3% in FY2024; Q1 FY2026 compressed to 35.3%/36.2% on a trough-mix quarterOp margin
~5.4% GAAP / ~12.7% non-GAAPFY2025: $35.7M GAAP / $84.3M non-GAAP op income on $664.3MCapex intensity
Lowestimated ~2-3% of revenue, typical for the equipment model; FY2025 capex not broken out in the releases fetchedMarket cap
~$4.2-4.9BNasdaq: VECO, late-June 2026; ~$4.86B on 2026-06-18; all-time-high close $83.04 on 2026-06-15, 52-week high $86.63). Note: VECO now trades largely as an Axcelis merger-arb at the 0.3575 ACLS exchange ratio, having roughly tripled over the trailing year.The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (Q4/FY2025 results reported 2026-02-25; FY2025 10-K filed 2026-02; Q1 FY2026 results 2026-05-05; price/market-cap late-June 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence