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Makes specialized deposition, etch and laser-annealing equipment used to build chips, LEDs and photonics devices.
Makes specialized deposition, etch and laser-annealing equipment used to build chips, LEDs and photonics devices.
Sells deposition and etch tools in orders tied to customers' factory plans, then earns steadier income from spare parts and service on its installed base. Its MOCVD machines, which grow crystal layers on compound-semiconductor wafers, serve LED, power and photonics makers, so demand follows those investment cycles.
Moat: narrow (process know-how, customer qualification). Niche deposition/etch tools qualified into specific process steps; small scale versus WFE majors.
Headquarters: Plainview, New York, US · Founded: 1945 · Employees: 1,265
Size VECO (VECO) is a United States Information Technology company (Electronic Production Equipment) with a market value of $2.27B, the 1715th largest of 3,117 United States companies the cockpit tracks. Shares closed at $37.19 on 6 Nov 2026.
Performance Over six months the shares fell 37.4%, against -25.9% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 2.5% over the last twelve months (peer median +15.2%); the operating margin is 4.3% (peer median 6.0%).
Valuation It trades at 13.3× forward earnings against a peer median of 29.3× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 37% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +29 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.1 points below its cost of capital (11.2% WACC).
Backlog Backlog (remaining performance obligations) was $426M at 30 Sep 2026, up 815% on a year earlier — 0.6 years of trailing revenue. Backlog detail →
Credit VECO has 1 bond outstanding ($230M).
Short interest Short interest is 9.4% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $683M | $664M | $717M | $666M | $646M |
| Revenue growth | — | -7% | +8% | +3% | — |
| Gross profit | $256M | $262M | $297M | $277M | $253M |
| EBITDA | $48.9M | $63.7M | $98.0M | $97.0M | $86.3M |
| Net income | $23.2M | $35.8M | $73.7M | -$30.4M | $167M |
| Free cash flow | $85.2M | $52.4M | $43.9M | $33.7M | $83.9M |
| Capital expenditure | $14.7M | $16.2M | $18.1M | $27.9M | $24.6M |
| Total debt | $261M | $262M | $314M | $310M | $312M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| VECO VECO | $2.27B | -37% | -3% | 4% | 13.3× | 37.1% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| Aixtron AIXA.DE | $3.84B | -45% | -9% | 16% | 42.6× | 5.7% |
| ASM International ASM.AS | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% |
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | VECO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.7% | -19.7% | 7th lowest of 21 |
| 6-month return | -37.4% | -25.9% | 7th lowest of 21 |
| Distance from 52-week high | -57.1% | -55.2% | 11th highest of 21 |
| Revenue growth (TTM) | -2.5% | +15.2% | 2nd lowest of 21 |
| Operating margin | 4.3% | 6.0% | 9th lowest of 21 |
| Forward P/E | 13.3× | 29.3× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 37.1% | 3.5% | most demanding of 10 |
| Growth delivered (Del g) | +7.9% | +8.9% | 5th lowest of 10 |
| Hurdle (Req g minus delivered) | +29.2 pp | -9.1 pp | most demanding of 10 |
| ROIC minus cost of capital | -8.1 pp | -2.6 pp | 4th lowest of 21 |
| EV / EBITDA | 43.1× | 12.9× | 2nd most expensive of 7 |
| Net debt / EBITDA | -3.4× | -0.6× | 2nd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| VECO VECO | United States | $2.27B | -37% | -3% | 4% | 13.3× | 37.1% | +7.9% |
| Universal Microwave Technology 3491.TWO | Taiwan | $2.26B | -36% | +36% | 27% | 42.9× | n/a | n/a |
| Alps Alpine 6770.T | Japan | $2.23B | -24% | +5% | 3% | 10.8× | -3.8% | +7.3% |
| Shenzhen H&T Intelligent Control 002402.SZ | China | $2.23B | -49% | +2% | 6% | 41.3× | n/a | n/a |
| Foxconn Technology 2354.TW | Taiwan | $2.23B | -11% | +13% | 2% | 13.3× | n/a | n/a |
| Nippon Electric Glass 5214.T | Japan | $2.32B | -44% | +3% | 8% | 22.6× | 2.4% | +5.1% |
| XiaMen HongXin Electron-tech 300657.SZ | China | $2.21B | -18% | +4% | 8% | 28.2× | n/a | n/a |
| Benchmark Electronics BHE | United States | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% | +5.3% |
| Xiamen Intretech 002925.SZ | China | $2.16B | -3% | +39% | 9% | 32.1× | n/a | n/a |
| Shenzhen Zesum Technology 301486.SZ | China | $2.41B | -42% | +57% | 3% | 99.2× | n/a | n/a |
| Sinomag Technology 300835.SZ | China | $2.54B | +10% | +18% | 6% | 75.2× | n/a | n/a |
| Shenzhen SED Industry 000032.SZ | China | $2.03B | -36% | +5% | 1% | 42.9× | 7.0% | +8.9% |
| AXT AXTI | United States | $2.55B | -67% | +89% | 20% | 16.2× | n/a | n/a |
| Plug Power PLUG | United States | $2.03B | -54% | +11% | -68% | n/a | n/a | n/a |
| Kitron KIT.OL | Norway | $2.02B | -20% | +54% | 10% | 22.0× | -0.6% | +16.9% |
| LG Display 034220.KS | South Korea | $2.61B | -42% | -7% | 2% | n/a | -13.4% | +1.2% |
| Forehope Electronic (Ningbo) 688362.SS | China | $2.67B | -19% | +19% | 0% | 86.7× | n/a | n/a |
| Marketech International 6196.TW | Taiwan | $2.68B | +8% | +44% | 7% | 13.0× | 6.3% | +15.5% |
| Zhejiang Jiemei Electronic & Technology 002859.SZ | China | $2.71B | -21% | +26% | 13% | 47.3× | n/a | n/a |
| Shenzhen Microgate Technology 300319.SZ | China | $1.86B | +12% | +11% | 8% | 30.5× | 22.5% | +10.3% |
| DBG Technology 300735.SZ | China | $1.81B | -28% | +17% | 2% | 26.0× | 3.5% | +31.6% |
VECO has 1 bond outstanding with $230M face value.
VECO reported $426M of remaining performance obligations at 30 Sep 2026, up 815% from a year earlier and up 13% from the previous quarter. That is 0.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.23.