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ACM Research vs Veeco Instruments: revenue, profit, margins and growth compared

ACM Research brought in $901.3M of revenue in fiscal 2025, Veeco Instruments $664.3M in fiscal 2025. Revenue changed by +15.2% at ACM Research and -7.4% at Veeco Instruments on the year before, so ACM Research grew faster. ACM Research kept 10.4% of its revenue as net profit, Veeco Instruments 5.3%. Free cash flow was -$66.6M at ACM Research and $53.3M at Veeco Instruments.

Side by side, latest fiscal year

ACMRVECO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$901.3M$664.3M
Revenue growth+15.2%-7.4%
Net income$94.1M$35.4M
Net margin10.4%5.3%
Free cash flow-$66.6M$53.3M
Free cash flow margin-7.4%8.0%
Earnings per share (diluted)$1.37$0.59
Cash$757.4M$163.5M
Debt$214M$226M
Price to earnings56.484.2
Market value$5.4B$3B
Dividend yieldn/an/a
Rank by revenue in sector#228 of 530 · Technology#277 of 530 · Technology

Over the years

Revenue
ACMR FY2018: $74.6MACMR FY2019: $107.5MACMR FY2020: $156.6MACMR FY2021: $259.8MACMR FY2022: $388.8MACMR FY2023: $557.7MACMR FY2024: $782.1MACMR FY2025: $901.3MVECO FY2018: $542.1MVECO FY2019: $419.3MVECO FY2020: $454.2MVECO FY2021: $583.3MVECO FY2022: $646.1MVECO FY2023: $666.4MVECO FY2024: $717.3MVECO FY2025: $664.3MFY18FY19FY20FY21FY22FY23FY24FY25
ACMR $901.3MVECO $664.3M
Net income
ACMR FY2018: $6.6MACMR FY2019: $18.9MACMR FY2020: $18.8MACMR FY2021: $37.8MACMR FY2022: $39.3MACMR FY2023: $77.3MACMR FY2024: $103.6MACMR FY2025: $94.1MVECO FY2018: -$407.1MVECO FY2019: -$78.7MVECO FY2020: -$8.4MVECO FY2021: $26MVECO FY2022: $166.9MVECO FY2023: -$30.4MVECO FY2024: $73.7MVECO FY2025: $35.4MFY18FY19FY20FY21FY22FY23FY24FY25
ACMR $94.1MVECO $35.4M
Net margin
ACMR FY2018: 8.8%ACMR FY2019: 17.6%ACMR FY2020: 12.0%ACMR FY2021: 14.5%ACMR FY2022: 10.1%ACMR FY2023: 13.9%ACMR FY2024: 13.2%ACMR FY2025: 10.4%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
ACMR 10.4%VECO 5.3%
Revenue growth
ACMR FY2019: +44.1%ACMR FY2020: +45.7%ACMR FY2021: +65.8%ACMR FY2022: +49.7%ACMR FY2023: +43.4%ACMR FY2024: +40.2%ACMR FY2025: +15.2%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
ACMR +15.2%VECO -7.4%
Free cash flow
ACMR FY2018: $5.1MACMR FY2019: $8.4MACMR FY2020: -$18.8MACMR FY2021: -$49.2MACMR FY2022: -$153.3MACMR FY2023: -$137.2MACMR FY2024: $70MACMR FY2025: -$66.6MVECO FY2018: -$50.4MVECO FY2019: -$18.3MVECO FY2020: $36.2MVECO FY2021: $27.1MVECO FY2022: $83.9MVECO FY2023: $33.7MVECO FY2024: $45.7MVECO FY2025: $53.3MFY18FY19FY20FY21FY22FY23FY24FY25
ACMR -$66.6MVECO $53.3M

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

Questions about ACM Research and Veeco Instruments

Which is bigger by revenue, ACM Research or Veeco Instruments?

ACM Research is bigger by revenue: $901.3M in fiscal 2025, against $664.3M for Veeco Instruments in fiscal 2025.

Which keeps more of its revenue as profit, ACM Research or Veeco Instruments?

ACM Research had a net margin of 10.4% in fiscal 2025; Veeco Instruments had 5.3% in fiscal 2025.

Which grew revenue faster, ACM Research or Veeco Instruments?

In their latest fiscal years revenue changed by +15.2% at ACM Research 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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