Veeco Instruments

VECO

Semiconductors · Technology

Price

$52.27

-2.09 (-3.84%)

Market Cap

$3.19B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+13.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 53.6M (2021) → 60.6M (2025)

Veeco Instruments Inc., together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices worldwide. The company offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, and atomic layer deposition and other deposition systems, as well as packaging lithography equipment. Its process equipmen

Winston Score History

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1 trades / 12mo

0 Congressional buys and 1 sell on VECO in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-9.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-93.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$120M/ year

→ Flat (-4% vs prior year)

18.0% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

2.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$163M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Veeco Instruments's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

37.1%

Modest — 37.1% gross margin

Operating Margin

-0.9%

Losing money on operations — -0.9%

ROCE

-0.1%

Weak — -0.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-7.4%

Shrinking sales (-7.4% YoY)

EPS YoY

-54.2%

Earnings shrinking (-54.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

196%

Turns 196% of profit into real cash

FCF Margin

8.0%

Modest free cash flow (8.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.29

Conservative — low debt load (0.29)

Interest Cover

3.91x

Tight — interest eats into profit (3.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

85.9x

Expensive — P/E 85.9

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+50.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (85.9 → 35.2)

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Dividends

Not applicable for this business.

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