Veeco Instruments Inc. (VECO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-78.3%

$8.10

vs $37.27 price

Levered DCF

$6.22

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.4

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	47.63×	20.46×	-55.41×	5.55×	53.72×	-102.12×	-8.85×	-0.86×
P/B	1.91×	1.96×	2.48×	1.6×	3.19×	2.06×	1.86×	0.8×
P/S	2.55×	2.11×	2.5×	1.44×	2.4×	1.85×	1.66×	0.64×
EV / EBITDA	26.16×	16.01×	216.74×	12.3×	19.28×	22.17×	-41.1×	-1.17×
Gross margin	40.0%	42.4%	42.8%	40.7%	41.5%	42.8%	37.7%	35.7%
Operating margin	5.4%	9.3%	10.5%	9.3%	9.7%	5.0%	-9.4%	-76.6%
Net margin	5.3%	10.3%	-4.6%	25.8%	4.5%	-1.8%	-18.8%	-75.1%
Current ratio	4.75×	3.98×	3.24×	2.59×	2.9×	4×	4.03×	3.25×
Debt / equity	0.3×	0.41×	0.46×	0.54×	0.61×	0.81×	0.84×	0.66×
Interest coverage	3.91×	6.06×	5.94×	5.24×	2×	0.91×	-1.79×	-19.31×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.0%	9.6%	-4.5%	28.9%	5.9%	-2.1%	-21.0%	-93.0%
Return on invested capital	2.8%	6.1%	6.9%	6.7%	7.9%	3.0%	-5.6%	-52.6%
Return on assets	2.7%	5.9%	-2.5%	14.8%	2.9%	-0.9%	-9.6%	-45.2%
Free cash flow yield	2.7%	3.0%	2.0%	9.0%	1.9%	4.3%	-2.6%	-14.4%
Earnings yield	2.1%	4.9%	-1.8%	18.0%	1.9%	-1.0%	-11.3%	-116.5%
Enterprise value	$1.8B	$1.7B	$1.8B	$1.1B	$1.5B	$1B	$882.5M	$424.5M
Net debt / EBITDA	1.44×	1.61×	18.07×	1.78×	1.83×	4.3×	-8.63×	-0.21×
Cash conversion cycle (days)	281	248	257	227	215	239	218	174