Latest Ratios: P/E Ratio 97.4x · EV/EBITDA 92.8x · ROE 4.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.5B | $1.7B | $1.7B | $1.7B | $1.2B | $1.5B | $840M | $697M | $349M | $656M | $1.1B |
| Enterprise Value | $3.6B | $1.8B | $1.8B | $1.8B | $1.4B | $1.7B | $1.0B | $883M | $425M | $652M | $871M |
| P/E Ratio → | 97.44 | 48.44 | 21.79 | — | 6.86 | 58.10 | — | — | — | — | — |
| P/S Ratio | 5.28 | 2.61 | 2.30 | 2.50 | 1.89 | 2.62 | 1.85 | 1.66 | 0.64 | 1.35 | 3.45 |
| P/B Ratio | 3.93 | 1.96 | 2.14 | 2.48 | 2.11 | 3.49 | 2.06 | 1.86 | 0.80 | 0.78 | 1.93 |
| P/FCF | 76.78 | 37.89 | 36.12 | 49.44 | 14.53 | 56.36 | 23.18 | — | — | 66.44 | — |
| P/OCF | 54.98 | 27.14 | 25.87 | 27.05 | 11.24 | 22.54 | 19.52 | — | — | 19.21 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.75 | 2.54 | 2.73 | 2.13 | 2.87 | 2.29 | 2.10 | 0.78 | 1.34 | 2.62 |
| EV / EBITDA | 92.76 | 47.01 | 19.75 | 19.18 | 16.01 | 20.23 | 19.55 | — | — | — | — |
| EV / EBIT | 100.91 | 37.63 | 22.78 | — | 22.01 | 29.52 | 63.99 | — | — | — | — |
| EV / FCF | — | 39.96 | 39.81 | 53.94 | 16.40 | 61.78 | 28.76 | — | — | 66.02 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.0% | 40.0% | 42.4% | 42.8% | 40.7% | 41.5% | 42.8% | 37.7% | 35.7% | 38.0% | 40.0% |
| Operating Margin | 5.4% | 5.4% | 9.3% | 10.5% | 9.3% | 9.7% | 5.0% | -9.4% | -76.6% | -13.2% | -36.2% |
| Net Profit Margin | 5.3% | 5.3% | 10.3% | -4.6% | 25.8% | 4.5% | -1.8% | -18.8% | -75.1% | -9.2% | -36.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.3% | 4.3% | 10.2% | -4.9% | 32.9% | 6.2% | -2.1% | -19.4% | -63.7% | -6.2% | -18.7% |
| ROA | 2.7% | 2.7% | 5.9% | -2.6% | 16.5% | 2.9% | -1.0% | -9.2% | -35.6% | -4.2% | -14.8% |
| ROIC | 2.8% | 2.8% | 5.7% | 6.7% | 6.9% | 7.1% | 2.9% | -5.5% | -46.2% | -8.3% | -23.6% |
| ROCE | 3.2% | 3.2% | 6.5% | 7.4% | 7.6% | 7.8% | 3.1% | -5.5% | -43.6% | -7.2% | -17.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.29 | 0.29 | 0.41 | 0.46 | 0.54 | 0.61 | 0.81 | 0.84 | 0.66 | 0.33 | 0.00 |
| Debt / EBITDA | 6.64 | 6.64 | 3.41 | 3.27 | 3.63 | 3.22 | 6.23 | — | — | — | — |
| Net Debt / Equity | — | 0.11 | 0.22 | 0.23 | 0.27 | 0.34 | 0.49 | 0.49 | 0.17 | -0.00 | -0.46 |
| Net Debt / EBITDA | 2.43 | 2.43 | 1.83 | 1.60 | 1.82 | 1.78 | 3.79 | — | — | — | — |
| Debt / FCF | — | 2.07 | 3.69 | 4.50 | 1.87 | 5.42 | 5.58 | — | — | -0.42 | — |
| Interest Coverage | 5.31 | 5.31 | 7.23 | -1.41 | 5.43 | 2.00 | 0.66 | -2.53 | -19.16 | -3.57 | -535.95 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.75 | 4.75 | 3.98 | 3.24 | 2.59 | 2.90 | 4.00 | 4.03 | 3.25 | 2.67 | 3.49 |
| Quick Ratio | 3.20 | 3.20 | 2.69 | 2.15 | 1.79 | 2.00 | 3.01 | 2.90 | 2.27 | 2.13 | 2.96 |
| Cash Ratio | 2.19 | 2.19 | 1.79 | 1.40 | 1.17 | 1.18 | 2.18 | 2.07 | 1.63 | 1.47 | 2.40 |
| Asset Turnover | — | 0.50 | 0.57 | 0.54 | 0.57 | 0.65 | 0.51 | 0.51 | 0.60 | 0.35 | 0.44 |
| Inventory Turnover | 1.45 | 1.45 | 1.68 | 1.60 | 1.85 | 2.00 | 1.78 | 1.96 | 2.23 | 2.50 | 2.59 |
| Days Sales Outstanding | — | 60.82 | 68.16 | 69.77 | 79.50 | 80.04 | 81.36 | 61.81 | 51.98 | 74.56 | 63.70 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 2.1% | 4.6% | — | 14.6% | 1.7% | — | — | — | — | — |
| FCF Yield | 1.3% | 2.6% | 2.8% | 2.0% | 6.9% | 1.8% | 4.3% | — | — | 1.5% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.3% | 0.4% | 1.2% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.3% | 0.4% | 1.2% |
| Shares Outstanding | — | $61M | $62M | $54M | $66M | $54M | $48M | $47M | $47M | $44M | $39M |
Cyclical Revenue and Export Controls
According to current market data, VECO trades at a forward P/E of 43.46, which appears disconnected from its recent revenue contraction and suggests that investors are pricing in a significant recovery in logic node demand that has yet to materialize in the reported financial results.
The elevated P/S ratio of 6.52 relative to historical norms indicates that the market is assigning a growth premium to the company's LSA technology despite the current cyclical trough. This valuation warrants caution, as it implies an aggressive growth trajectory that may be difficult to sustain if semiconductor capital expenditure remains suppressed by geopolitical export constraints.
Based on reported financial statements, VECO's ROIC has deteriorated from 2.2% in 2023Q4 to -0.2% in 2026Q1, signaling that the company is currently failing to generate returns above its cost of capital as it navigates a challenging period of operational and market-driven margin compression.
The decline in ROIC reflects the company's struggle to maintain profitability on its high fixed-cost base during revenue downturns. Investors should monitor whether the company can improve its asset utilization as it pivots toward advanced logic architectures, as current returns suggest a structural inability to compound capital efficiently in the current environment.
As reported in recent filings, VECO's cash conversion cycle has expanded to 268 days in 2026Q1, primarily driven by a high days inventory outstanding of 245 days, which indicates significant inefficiency in managing product turnover compared to more agile semiconductor equipment peers.
The extended inventory cycle suggests that the company is holding substantial finished goods or evaluation systems that are not converting to revenue as quickly as anticipated. This inefficiency ties up capital that could otherwise be deployed for R&D, potentially limiting the company's ability to out-innovate competitors in the specialized thermal processing space.
According to the latest quarterly balance sheet data, VECO maintains a modest debt-to-equity ratio of 0.29, which provides a necessary buffer against cyclical revenue volatility and distinguishes the company from more highly leveraged peers in the semiconductor manufacturing equipment sector.
While the company's interest coverage has turned negative in 2026Q1, the low absolute debt level suggests that the firm is not at immediate risk of insolvency. This conservative capital structure is a critical defensive feature, allowing the company to sustain its R&D investments even when operating cash flows are under pressure.
Investors frequently misapply the P/E ratio to VECO, failing to account for the distortive impact of stock-based compensation and cyclical R&D spending, which obscures the company's true underlying earning power and leads to an inaccurate assessment of its valuation relative to peers.
Because VECO's earnings are highly sensitive to the timing of customer acceptance and R&D tax credits, the P/E ratio often provides a misleading picture of operational health. A more appropriate metric for this business model would be EV/EBITDA or a normalized free cash flow yield, which better captures the cash-generating potential of its niche technology platforms.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VECO stock.
Veeco Instruments Inc.'s current P/E ratio is 97.4x. The historical average is 35.9x. This places it at the 100th percentile of its historical range.
Veeco Instruments Inc.'s current EV/EBITDA is 92.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.7x.
Veeco Instruments Inc.'s return on equity (ROE) is 4.3%. The historical average is -1.2%.
Based on historical data, Veeco Instruments Inc. is trading at a P/E of 97.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Veeco Instruments Inc. has 40.0% gross margin and 5.4% operating margin.
Veeco Instruments Inc.'s Debt/EBITDA ratio is 6.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.