Veeco Instruments Inc. Common Stock (VECO)

FairStock Score: 17/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for durable businesses bought at a sensible price. Veeco makes semiconductor and thin-film process equipment, a cyclical industry with demanding customers and lumpy demand. The record is uneven: in fiscal year 2025 (ended 2025-12-31), revenue was $664.3M and net income was $35.4M, down from fiscal year 2024 (ended 2024-12-31) revenue of $717.3M and net income of $73.7M. Fiscal year 2023 (ended 2023-12-31) was a loss of $30.4M. FairStock's computed Lynch category is TURNAROUND, returned to profit after a loss within the last three years. In the most recent filed quarter, fiscal Q2 2026 (quarter ended 2026-06-30), revenue was $193.5M and net income was $11.9M, better than fiscal Q1 2026 (quarter ended 2026-03-31), when revenue was $158.3M and net loss was $0.324M. That bounce is encouraging, but it does not yet prove durable earning power. Returns remain poor: FairStock calculations show ROE of 2.64%, ROCE of 1.37%, and a Piotroski F-Score of 3/9. The balance sheet is not stretched, with D/E of 0.29 and an Altman Z-Score of 4.08, and trailing free cash flow is $42.9M, but that is only a 1.4% FCF yield. The price is the problem. At the 2026-10-13 close of $48.82, FairStock shows a P/E of 128.47, P/B of 3.31, EV/EBITDA of 59.34, and a Graham Number of $11.13, a margin of safety of negative 338.63%. A turnaround can create value, but here I see a full price and little cushion.

In plain English: Veeco makes machines used to build semiconductors and thin films. The business looks weak right now: sales and profits have been uneven, returns are low, and the latest year's profit fell sharply. At $48.82, the price looks expensive compared with the company's earnings and assets.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer