VEECO INSTRUMENTS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VEECO INSTRUMENTS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	332	485	542	419	454	583	646	666	717	664
Cost of revenue	199	299	348	261	260	341	383	381	413	399
Gross profit	133	176	194	158	194	242	263	285	304	265
Research and development	81	82	97.8	90.6	79	88.7	104	113	125	120
Selling, general and administrative	77.6	100	92.1	79.7	76.3	84.5	89	92.8	99.7	98.9
Operating expenses	253	248	609	198	172	186	203	215	237	230
Operating income	-120	-71.9	-416	-39.6	22.6	56.7	60.3	69.9	67	35.7
Interest expense	0.22	19.5	21.5	22.1	24.7	28.4	11.5	11.8	11	9.14
Interest income	1.18	2.34	3.19	4.68	1.55	2.34	2.2	10.6	12.9	13.5
Other non-operating income				-21	-7.84	-5.01		-97.1		-0.65
Pre-tax income	-119	-89	-434	-78	-8.46	25.7	51	-28.3	68.8	39.4
Income tax	2.82	-37.6	-26.7	0.78	-0.07	-0.36	-116	2.03	-4.88	4
Net income	-122	-51.4	-407	-78.7	-8.39	26	167	-30.4	73.7	35.4
EBITDA	-87.5	-21.8	-366	-5.18	53.3	82.8	85.9	94.9	92.1	55.7
EPS, basic	-3.10	-1.16	-8.63	-1.66	-0.17	0.53	3.35	-0.56	1.31	0.60
EPS, diluted	-3.10	-1.16	-8.63	-1.66	-0.17	0.49	2.71	-0.56	1.23	0.59
Shares, basic (weighted)	39.3	44.2	47.2	47.5	48.4	49.1	49.9	53.8	56.4	59.3
Shares, diluted (weighted)	39.3	44.2	47.2	47.5	48.4	53.6	65.6	53.8	61.6	60.6

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	277	280	212	129	130	120	155	159	146	163
Short-term investments	66.8	47.8	48.2	115	190	104	147	147	199	227
Receivables	58	98.9	66.8	45.7	80	110	124	103	96.8	111
Inventory	77.1	120	156	133	146	171	207	238	247	275
Other current assets	16	33.4	22.2	15	19.3	26	18.3	35.5	39.3	34.3
Total current assets	502	597	520	476	587	549	669	706	765	845
Property, plant and equipment	60.6	85.1	80.3	75.7	65.3	99.7	107	118	114	109
Lease right-of-use assets				14.5	10.3	28.8	26.5	24.4	26.5	24.6
Goodwill	115	307	184	182	182	182	182	215	215	215
Intangible assets	58.4	370	85.1	61.5	46.2	33.9	23.9	43.9	8.83	5.7
Other non-current assets	21	25.3	29.1	7.04	6.02	3.55	3.36	3.12	2.77	3.61
Total assets	759	1,387	901	818	898	899	1,128	1,229	1,252	1,326
Accounts payable	22.6	50.3	39.6	21.3	33.7	44.5	52	42.4	43.5	55.3
Accrued liabilities	33.2	58.1	20.5	15.2	26.6	35.7	30	28.3	30.4	21.8
Deferred revenue							127	118	65	74.2
Short-term debt	0.37						20.2		26.5
Total current liabilities	144	224	160	118	147	189	258	218	192	178
Long-term debt	0.83	276	287	300	321	229	254	275	250	226
Lease liabilities				10.3	6.31	32.8	33.6	31.5	34.3	31.8
Other non-current liabilities	6.4	10.6	9.91	9.34	10.3	5.08	3.1	25.5	3.82	3.85
Total liabilities	164	547	463	444	490	461	550	557	481	440
Total debt	1.19	276	287	300	321	229	275	275	276	226
Paid-in capital	763	1,052	1,061	1,071	1,113	1,117	1,078	1,202	1,227	1,306
Retained earnings	-169	-213	-620	-699	-707	-681	-502	-532	-458	-423
Treasury stock	-2.31	-1.28	-5.87
Other comprehensive income	1.78	1.81	1.82	1.89	1.85	1.48	0.93	1.61	1.52	1.79
Shareholders' equity	602	840	438	375	408	438	578	672	771	886
Total equity	602	840	438	375	408	438	578	672	771	886
Total liabilities and equity	759	1,387	901	818	898	899	1,128	1,229	1,252	1,326
Shares outstanding	40.6	48.1	48	49	49.7	50.7	51.7	56.4	56.8	60.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-122	-51.4	-407	-78.7	-8.39	26	167	-30.4	73.7	35.4
Depreciation and amortization	32.7	50.1	50	34.4	30.7	26.1	25.6	25	25.1	20
Stock-based compensation	15.7	24.4	16.1	15.3	12.7	15.2	23	28.6	35.9	37
Deferred income tax	1	-35.4	-27.6	0.36	-0.3	-0.65	-118	-2.21	-8.73	-2.98
Change in receivables	-8.67	4.52
Change in inventory	-6.11	6.24	-24.7	15	-11.5	-24.8	-37.3	-35.2	-8.31	-28.6
Change in payables	-24.5	11.3	-19.7	-26.9	16	20.2	-13.1	-8.81	-0.34	4.23
Cash from operations	-23.8	35	-37.7	-7.42	43	67.7	108	61.7	63.8	69.5
Capital expenditures	-11.5	-24.3	-12.7	-10.9	-6.8	-40.6	-24.6	-27.9	-18.1	-16.2
Acquisitions		-402	-2.66					-30.4
Purchases of investments	-103	-283	-93	-193	-248	-247	-104	-178	-203	-224
Cash from investing	46.7	-358	-18.3	-75.9	-71.8	44.5	-68.9	-53.3	-64.5	-41.5
Debt issued		336
Debt repaid	-0.34	-1.19
Stock issued	0.49	0.43				0.04		0.06	0.37
Share buybacks	-13.3	-2.87	-11.5
Cash from financing	-14.6	326	-11.5	0.13	29.1	-122	-4.55	-4.68	-12.6	-10.5
Exchange rate effect	-0.02	0.04
Net change in cash	8.21	3.14	-67.5	-83.1	0.33	-9.81	35	3.65	-13.3	17.6
Free cash flow	-35.3	10.7	-50.4	-18.3	36.2	27.1	83.9	33.7	45.7	53.3
Interest paid	0.23	4.68	9.71	9.41	12.7	12.6	10.1	11.8	9.5	8.23
Income taxes paid	1.67	1.94	4.8	2.93	0.33	-0.14	1.43	5.1	3.03	0.09

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $49.67 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	37.9%	Gross profit / revenue.
Operating margin	2.7%	Operating income / revenue.
EBITDA margin	5.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.4%	Pre-tax income / revenue.
Net margin	3.4%	Net income / revenue.
FCF margin	12.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.6%	Cash from operations / revenue.
Effective tax rate	0.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.6%	Net income / average total assets.
Return on invested capital (ROIC)	2.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	18.0%	Research and development expense / revenue.
SG&A / revenue	15.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-7.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-12.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-46.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-16.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	9.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-39.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-13.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-52.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-40.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-52.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-39.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-13.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	16.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-14.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.93x	Current assets / current liabilities.
Quick ratio	2.44x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.81x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.25x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.0%	Total debt / total assets.
Liabilities / assets	36.2%	Total liabilities / total assets.
Net debt	-$202.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-5.51x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.14x	Operating income / interest expense.
Working capital	$693.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	15.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$683.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	6.19x	Revenue / average property, plant and equipment.
Inventory turnover	1.45x	Cost of revenue / average inventory.
Days inventory	252 days	365 x average inventory / cost of revenue.
Receivables turnover	4.60x	Revenue / average receivables.
Days sales outstanding	79 days	365 x average receivables / revenue.
Days payables	49 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	282 days	Days inventory + days sales outstanding - days payables.
FCF conversion	366.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.35	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.22	Revenue / diluted weighted shares.
FCF per share	$1.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.49	Cash from operations / diluted weighted shares.
Book value per share	$14.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.18	Tangible book value / shares outstanding.
Cash per share	$7.02	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.04B	Share price x shares outstanding.
Enterprise value	$2.83B	Market cap + total debt - cash - short-term investments.
P/E	131x	Market cap / net income. Only when net income is positive.
P/S	4.45x	Market cap / revenue.
P/B	3.36x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.44x	Market cap / tangible book value, when positive.
P/FCF	35.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	30.4x	Market cap / cash from operations, when positive.
EV/Sales	4.15x	Enterprise value / revenue.
EV/EBIT	154x	Enterprise value / operating income, when both are positive.
EV/EBITDA	77.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	33.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.8%	Free cash flow / market cap.
Earnings yield	0.8%	Net income / market cap (the inverse of P/E).

What was VEECO INSTRUMENTS INC's revenue in fiscal 2025?

VEECO INSTRUMENTS INC reported revenue of $664.3M for fiscal 2025, 7.4% lower than the year before.

Was VEECO INSTRUMENTS INC profitable in fiscal 2025?

Yes. Net income was $35.4M, a net margin of 5.3%.

How much free cash flow did VEECO INSTRUMENTS INC generate in fiscal 2025?

Cash from operations of $69.5M minus capital expenditures of $16.2M left free cash flow of $53.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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