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Axcelis Technologies vs Veeco Instruments: revenue, profit, margins and growth compared

Axcelis Technologies brought in $839M of revenue in fiscal 2025, Veeco Instruments $664.3M in fiscal 2025. Revenue changed by -17.6% at Axcelis Technologies and -7.4% at Veeco Instruments on the year before, so Veeco Instruments grew faster. Axcelis Technologies kept 14.3% of its revenue as net profit, Veeco Instruments 5.3%. Free cash flow was $107M at Axcelis Technologies and $53.3M at Veeco Instruments.

Side by side, latest fiscal year

ACLSVECO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$839M$664.3M
Revenue growth-17.6%-7.4%
Net income$120.2M$35.4M
Net margin14.3%5.3%
Free cash flow$107M$53.3M
Free cash flow margin12.8%8.0%
Earnings per share (diluted)$3.80$0.59
Cash$145.5M$163.5M
Debtn/a$226M
Price to earnings32.484.2
Market value$3.8B$3B
Dividend yieldn/an/a
Rank by revenue in sector#242 of 530 · Technology#277 of 530 · Technology

Over the years

Revenue
ACLS FY2018: $442.6MACLS FY2019: $343MACLS FY2020: $474.6MACLS FY2021: $662.4MACLS FY2022: $920MACLS FY2023: $1.1BACLS FY2024: $1BACLS FY2025: $839MVECO FY2018: $542.1MVECO FY2019: $419.3MVECO FY2020: $454.2MVECO FY2021: $583.3MVECO FY2022: $646.1MVECO FY2023: $666.4MVECO FY2024: $717.3MVECO FY2025: $664.3MFY18FY19FY20FY21FY22FY23FY24FY25
ACLS $839MVECO $664.3M
Net income
ACLS FY2018: $45.9MACLS FY2019: $17MACLS FY2020: $50MACLS FY2021: $98.7MACLS FY2022: $183.1MACLS FY2023: $246.3MACLS FY2024: $201MACLS FY2025: $120.2MVECO FY2018: -$407.1MVECO FY2019: -$78.7MVECO FY2020: -$8.4MVECO FY2021: $26MVECO FY2022: $166.9MVECO FY2023: -$30.4MVECO FY2024: $73.7MVECO FY2025: $35.4MFY18FY19FY20FY21FY22FY23FY24FY25
ACLS $120.2MVECO $35.4M
Net margin
ACLS FY2018: 10.4%ACLS FY2019: 5.0%ACLS FY2020: 10.5%ACLS FY2021: 14.9%ACLS FY2022: 19.9%ACLS FY2023: 21.8%ACLS FY2024: 19.7%ACLS FY2025: 14.3%VECO FY2018: -75.1%VECO FY2019: -18.8%VECO FY2020: -1.8%VECO FY2021: 4.5%VECO FY2022: 25.8%VECO FY2023: -4.6%VECO FY2024: 10.3%VECO FY2025: 5.3%FY18FY19FY20FY21FY22FY23FY24FY25
ACLS 14.3%VECO 5.3%
Revenue growth
ACLS FY2019: -22.5%ACLS FY2020: +38.4%ACLS FY2021: +39.6%ACLS FY2022: +38.9%ACLS FY2023: +22.9%ACLS FY2024: -10.0%ACLS FY2025: -17.6%VECO FY2019: -22.6%VECO FY2020: +8.3%VECO FY2021: +28.4%VECO FY2022: +10.8%VECO FY2023: +3.1%VECO FY2024: +7.6%VECO FY2025: -7.4%FY19FY20FY21FY22FY23FY24FY25
ACLS -17.6%VECO -7.4%
Free cash flow
ACLS FY2018: $42.3MACLS FY2019: -$25.6MACLS FY2020: $62.3MACLS FY2021: $141.5MACLS FY2022: $204.9MACLS FY2023: $136.2MACLS FY2024: $128.6MACLS FY2025: $107MVECO FY2018: -$50.4MVECO FY2019: -$18.3MVECO FY2020: $36.2MVECO FY2021: $27.1MVECO FY2022: $83.9MVECO FY2023: $33.7MVECO FY2024: $45.7MVECO FY2025: $53.3MFY18FY19FY20FY21FY22FY23FY24FY25
ACLS $107MVECO $53.3M

Fiscal years as each company reports them; the two may end in different months.

Questions about Axcelis Technologies and Veeco Instruments

Which is bigger by revenue, Axcelis Technologies or Veeco Instruments?

Axcelis Technologies is bigger by revenue: $839M in fiscal 2025, against $664.3M for Veeco Instruments in fiscal 2025.

Which keeps more of its revenue as profit, Axcelis Technologies or Veeco Instruments?

Axcelis Technologies had a net margin of 14.3% in fiscal 2025; Veeco Instruments had 5.3% in fiscal 2025.

Which grew revenue faster, Axcelis Technologies or Veeco Instruments?

In their latest fiscal years revenue changed by -17.6% at Axcelis Technologies and -7.4% at Veeco Instruments.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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