Veeco Instruments
VECO on Nasdaq. Veeco sells semiconductor manufacturing equipment to chip and electronics makers. Market value $3.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Industrials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.50 of spare cash in the past 12 months. A savings account pays about $4.
You pay 185.8 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 7 cents a year. Above 10 is good.
Quality score: 81 of 100. Price score: 17 of 100. Our list needs 70 on quality and 60 on price.
$55.67 a share, 114% above its 1-year low
Over the past year the price has ranged from $26.00 to $86.63.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $85 million in the past 12 months, $53 million in the year to December 2025.
| Revenue | |||||
| Revenue | $583m | $646m | $666m | $717m | $664m |
| Operating margin | |||||
| Operating margin | 9.7% | 9.3% | 10.5% | 9.3% | 5.4% |
| Debt to equity | |||||
| Debt to equity | 0.52 | 0.48 | 0.41 | 0.36 | 0.26 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.06bn | 0.06bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.26× equity
- Revenue growth, five yearsSlow, 7.9% a year
- Buying back its own sharesNo, 19% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $193 million last quarter, up 16% on a year ago.
- Profit: $12 million, about the same as a year ago.
- It keeps 3 cents of each $1 of sales as operating profit, down from 8 cents a year earlier.
- Spare cash over the past 12 months: $85 million, up from $56 million.
- 11% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $12 million more than cash, down from $37 million a year ago.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $185m |
| December 2024 | $182m |
| March 2025 | $167m |
| June 2025 | $166m |
| September 2025 | $166m |
| December 2025 | $165m |
| March 2026 | $158m |
| June 2026 | $193m |
| Quarter to | Amount |
|---|---|
| September 2024 | $22m |
| December 2024 | $15m |
| March 2025 | $12m |
| June 2025 | $12m |
| September 2025 | $11m |
| December 2025 | $1m |
| March 2026 | -$324,000 |
| June 2026 | $12m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
6 long-term investors we follow own it, unchanged from 6 last quarter. 327 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $70m | <0.1% | Added |
| Barrow HanleyBarrow Hanley team | $66m | 0.2% | Added |
| Boston PartnersBoston Partners team | $34m | <0.1% | Added |
| GMOJeremy Grantham | $24m | <0.1% | Cut |
| Royce & AssociatesChuck Royce | $20m | 0.2% | Cut |
| Polen CapitalDan Davidowitz | $4m | <0.1% | Added |
Largest holders overall
- BlackRock$728mAdded
- FMR$687m
- Vanguard Portfolio Management$357m
- Neuberger Berman Group$275mAdded
- Vanguard Capital Management$197m
- State Street$196mAdded
- Paradigm Capital Management$157mCut
- Price T Rowe Associates$137mAdded
- Manufacturers Life Insurance Company, the$134mCut
- Fisher Asset Management$128mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- FMR LLCPassive investorat least 15.0%+4.9 pts(filed with 1 related holder)Since 31 March 2026
- Vanguard Portfolio ManagementPassive investor7.8%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- MANULIFE INVESTMENT MANAGEMENT (US) LLCPassive investorSold down below 5%Since 31 December 2025
- Wasatch Advisors LPPassive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
FMR LLC Passive investor | at least 15.0%+4.9 pts (filed with 1 related holder) | 31 March 2026 | |
Vanguard Portfolio Management Passive investor | 7.8% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
MANULIFE INVESTMENT MANAGEMENT (US) LLC Passive investor | Sold down below 5% | 31 December 2025 | |
Wasatch Advisors LP Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $38m, $19m of it under preset trading plans.
- Miller William JohnCEO, DirectorSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 200,000
- Price
- $54.18
- Value
- $11m
- KIERNAN JOHN PSVP & CHIEF FINANCIAL OFFICERSoldunder a preset trading plan
- Date
- 10 August 2026
- Shares
- 35,000
- Price
- $51.05
- Value
- $2m
- Wilkerson SusanSVP, GLOBAL SALES & SERVICESold
- Date
- 11 June 2026
- Shares
- 15,506
- Price
- $69.56
- Value
- $1m
- Devasahayam AdrianSVP - PRODUCT LINE DEVELOPMENTSold
- Date
- 9 June 2026
- Shares
- 10,000
- Price
- $65.00
- Value
- $650,000
- HUNTER GORDONDirectorSold
- Date
- 9 June 2026
- Shares
- 16,974
- Price
- $68.80
- Value
- $1m
- HUNTER GORDONDirectorSold
- Date
- 4 June 2026
- Shares
- 6,752
- Price
- $63.78
- Value
- $430,643
- Miller William JohnCEO, DirectorSoldunder a preset trading plan
- Date
- 2 June 2026
- Shares
- 50,000
- Price
- $58.62
- Value
- $3m
- HUNTER GORDONDirectorSold
- Date
- 26 May 2026
- Shares
- 17,714
- Price
- $61.61
- Value
- $1m
- Devasahayam AdrianSVP - PRODUCT LINE DEVELOPMENTSold
- Date
- 26 May 2026
- Shares
- 5,407
- Price
- $61.84
- Value
- $334,369
- Wilkerson SusanSVP, GLOBAL SALES & SERVICESold
- Date
- 26 May 2026
- Shares
- 35,723
- Price
- $61.69
- Value
- $2m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 17 August 2026 | Miller William John CEO, Director | Sold under a preset trading plan | 200,000 | $54.18 | $11m |
| 10 August 2026 | KIERNAN JOHN P SVP & CHIEF FINANCIAL OFFICER | Sold under a preset trading plan | 35,000 | $51.05 | $2m |
| 11 June 2026 | Wilkerson Susan SVP, GLOBAL SALES & SERVICE | Sold | 15,506 | $69.56 | $1m |
| 9 June 2026 | Devasahayam Adrian SVP - PRODUCT LINE DEVELOPMENT | Sold | 10,000 | $65.00 | $650,000 |
| 9 June 2026 | HUNTER GORDON Director | Sold | 16,974 | $68.80 | $1m |
| 4 June 2026 | HUNTER GORDON Director | Sold | 6,752 | $63.78 | $430,643 |
| 2 June 2026 | Miller William John CEO, Director | Sold under a preset trading plan | 50,000 | $58.62 | $3m |
| 26 May 2026 | HUNTER GORDON Director | Sold | 17,714 | $61.61 | $1m |
| 26 May 2026 | Devasahayam Adrian SVP - PRODUCT LINE DEVELOPMENT | Sold | 5,407 | $61.84 | $334,369 |
| 26 May 2026 | Wilkerson Susan SVP, GLOBAL SALES & SERVICE | Sold | 35,723 | $61.69 | $2m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- It isn't cheap on profits: 185.8× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.