VEECO INSTRUMENTS INC
VECO · Special Industry Machinery, NEC · 61.0M shares · +3%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$17M (gross $11M, SBC $29M)
Reference price $69.56 · est. market cap ~$4.2B — last insider sale, 2026-06-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C56Semiconductor process-equipment maker in a soft, cyclical year with falling earnings, supported by strong liquidity and free cash flow.
Strengths
- Strong free cash flow and liquidity — FCF $53.3M (90th), current ratio 4.75 (63rd), quick ratio 3.20
- Low leverage — D/E 0.26
Risks
- Earnings decline — net income -52.0% (31st), ROE 4.0% (60th)
- China export-control exposure — risk factors flag U.S.-China trade/export-license risk to its business
- WFE cyclicality and unfavorable market conditions — qualitative (per 10-K)
Notable findings
- Customer concentration~85% of revenue from one customer/distributor — customers was 85% for fiscal year 2025
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Strong balance sheetStrong balance sheet — $390M cash & investments
- Pending merger On September 30, 2025, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Axcelis Technologies, Inc
- China exposure● Changes in trade policies, export controls, and the ongoing trade dispute between the U
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 15 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$22M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
4.0%
Return on assets
2.7%
ROIC
2.5%
Revenue growth (QoQ)
8.8%
Net-income growth
-52.0%
Debt / equity
0.3×
Net debt / EBITDA
-2.9×
Current ratio
4.7×
Free cash flow
$53M
EBITDA
$56M
Tangible book value
$665M
Cash & investments
$390M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | Wilkerson Susan | Sell | 16K | $69.56 |
| 2026-06-09 | HUNTER GORDON | Sell | 17K | $68.80 |
| 2026-06-09 | Devasahayam Adrian | Sell | 10K | $65.00 |
| 2026-06-04 | HUNTER GORDON | Sell | 6.8K | $63.78 |
| 2026-06-02 | Miller William John | Sell | 50K | $58.62 |
| 2026-05-26 | HUNTER GORDON | Sell | 18K | $61.61 |
| 2026-05-26 | Devasahayam Adrian | Sell | 5.4K | $61.84 |
| 2026-05-26 | Wilkerson Susan | Sell | 36K | $61.69 |
| 2026-05-14 | DAMORE RICHARD A | Sell | 44K | $60.71 |
| 2026-05-12 | HUNTER GORDON | Sell | 30K | $59.41 |
| 2026-05-11 | St Dennis Thomas | Sell | 1.4K | $61.93 |
| 2026-05-08 | HUNTER GORDON | Sell | 7.7K | $58.76 |
| 2026-05-08 | Chand Sujeet | Grant | 2.9K | — |
| 2026-05-08 | Nicolaides Lena | Grant | 2.9K | — |
| 2026-05-08 | St Dennis Thomas | Grant | 2.9K | — |
| 2026-05-08 | BAYLESS KATHLEEN A | Grant | 2.9K | — |
| 2026-05-08 | JACKSON KEITH D | Grant | 2.9K | — |
| 2026-05-08 | DAMORE RICHARD A | Grant | 2.9K | — |
| 2026-05-08 | RAYMOND MARY JANE | Grant | 2.9K | — |
| 2026-05-08 | RAYMOND MARY JANE | Gift | 1.0K | — |
| 2026-05-08 | HUNTER GORDON | Grant | 2.9K | — |
| 2026-05-07 | Miller William John | Sell | 100K | $59.55 |
| 2026-03-20 | Devasahayam Adrian | Grant | 373 | $25.96 |
| 2026-03-20 | Devasahayam Adrian | Option exercise | 27K | — |
| 2026-03-20 | Devasahayam Adrian | Tax withheld | 10K | $31.00 |
| 2026-03-20 | Wilkerson Susan | Option exercise | 27K | — |
| 2026-03-20 | Wilkerson Susan | Tax withheld | 7.0K | $31.00 |
| 2026-03-20 | Wilkerson Susan | Grant | 549 | $25.96 |
| 2026-03-20 | Porshnev Peter | Option exercise | 27K | — |
| 2026-03-20 | Porshnev Peter | Tax withheld | 11K | $31.00 |
| 2026-03-20 | Porshnev Peter | Grant | 593 | $25.96 |
| 2026-03-20 | Miller William John | Option exercise | 140K | — |
| 2026-03-20 | Miller William John | Tax withheld | 61K | $31.00 |
| 2026-03-20 | KIERNAN JOHN P | Option exercise | 30K | — |
| 2026-03-20 | KIERNAN JOHN P | Tax withheld | 15K | $31.00 |
| 2026-03-16 | KIERNAN JOHN P | Tax withheld | 2.3K | $30.95 |
| 2026-03-16 | Porshnev Peter | Tax withheld | 1.1K | $30.95 |
| 2026-03-16 | Porshnev Peter | Option exercise | 2.8K | — |
| 2026-03-16 | Porshnev Peter | Tax withheld | 1.2K | $30.95 |
| 2026-03-16 | Miller William John | Option exercise | 15K | — |
| 2026-03-16 | Miller William John | Tax withheld | 6.6K | $30.95 |
| 2026-03-16 | Miller William John | Option exercise | 16K | — |
| 2026-03-16 | Miller William John | Tax withheld | 7.1K | $30.95 |
| 2026-03-16 | KIERNAN JOHN P | Option exercise | 4.1K | — |
| 2026-03-16 | KIERNAN JOHN P | Tax withheld | 2.0K | $30.95 |
| 2026-03-16 | KIERNAN JOHN P | Option exercise | 4.7K | — |
| 2026-03-16 | Devasahayam Adrian | Option exercise | 2.7K | — |
| 2026-03-16 | Devasahayam Adrian | Tax withheld | 983 | $30.95 |
| 2026-03-16 | Devasahayam Adrian | Option exercise | 2.8K | — |
| 2026-03-16 | Devasahayam Adrian | Tax withheld | 1.0K | $30.95 |
| 2026-03-16 | Wilkerson Susan | Option exercise | 2.7K | — |
| 2026-03-16 | Wilkerson Susan | Tax withheld | 675 | $30.95 |
| 2026-03-16 | Wilkerson Susan | Option exercise | 2.8K | — |
| 2026-03-16 | Wilkerson Susan | Tax withheld | 682 | $30.95 |
| 2026-03-16 | Porshnev Peter | Option exercise | 2.7K | — |
| 2026-03-13 | Devasahayam Adrian | Tax withheld | 1.2K | $31.46 |
| 2026-03-13 | Miller William John | Option exercise | 15K | — |
| 2026-03-13 | Porshnev Peter | Option exercise | 2.8K | — |
| 2026-03-13 | Porshnev Peter | Tax withheld | 1.3K | $31.46 |
| 2026-03-13 | Miller William John | Tax withheld | 6.4K | $31.46 |
| 2026-03-13 | Wilkerson Susan | Option exercise | 2.8K | — |
| 2026-03-13 | Wilkerson Susan | Tax withheld | 831 | $31.46 |
| 2026-03-13 | Devasahayam Adrian | Option exercise | 2.8K | — |
| 2026-03-13 | KIERNAN JOHN P | Option exercise | 3.1K | — |
| 2026-03-13 | KIERNAN JOHN P | Tax withheld | 1.7K | $31.46 |
| 2026-03-10 | Porshnev Peter | Option exercise | 32K | — |
| 2026-03-10 | Devasahayam Adrian | Option exercise | 32K | — |
| 2026-03-10 | Wilkerson Susan | Option exercise | 32K | — |
| 2026-03-10 | Miller William John | Option exercise | 168K | — |
| 2026-03-10 | KIERNAN JOHN P | Option exercise | 42K | — |
| 2026-03-03 | Miller William John | Sell | 25K | $31.24 |
| 2026-03-03 | Miller William John | Sell | 25K | $32.00 |
| 2025-12-10 | Wilkerson Susan | Sell | 33K | $31.88 |
| 2025-12-05 | Miller William John | Sell | 25K | $32.00 |
| 2025-12-02 | Miller William John | Sell | 25K | $29.10 |
| 2025-10-02 | Devasahayam Adrian | Sell | 3.9K | $34.00 |
| 2025-10-01 | Miller William John | Sell | 25K | $32.00 |
| 2025-09-23 | Devasahayam Adrian | Sell | 4.0K | $30.00 |
| 2025-09-15 | Devasahayam Adrian | Sell | 4.0K | $26.00 |
| 2025-09-09 | Miller William John | Sell | 25K | $25.00 |
| 2025-09-09 | Miller William John | Sell | 25K | $25.00 |
| 2025-06-30 | Devasahayam Adrian | Grant | 926 | $17.27 |
| 2025-06-30 | Wilkerson Susan | Grant | 926 | $17.27 |
| 2025-06-30 | Porshnev Peter | Grant | 926 | $17.27 |
| 2025-06-05 | Devasahayam Adrian | Sell | 11K | $20.50 |
| 2025-05-12 | KIERNAN JOHN P | Sell | 2.5K | $20.64 |
| 2025-05-09 | JACKSON KEITH D | Grant | 8.3K | — |
| 2025-05-09 | BAYLESS KATHLEEN A | Grant | 8.3K | — |
| 2025-05-09 | RAYMOND MARY JANE | Grant | 8.3K | — |
| 2025-05-09 | St Dennis Thomas | Grant | 8.3K | — |
| 2025-05-09 | HUNTER GORDON | Grant | 8.3K | — |
| 2025-05-09 | Nicolaides Lena | Grant | 8.3K | — |
| 2025-05-09 | DAMORE RICHARD A | Grant | 8.3K | — |
| 2025-05-09 | Chand Sujeet | Grant | 8.3K | — |
| 2025-04-10 | KIERNAN JOHN P | Sell | 2.5K | $18.81 |
| 2025-03-24 | KIERNAN JOHN P | Tax withheld | 11K | $21.16 |
| 2025-03-24 | Porshnev Peter | Option exercise | 14K | — |
| 2025-03-24 | Porshnev Peter | Tax withheld | 6.1K | $21.16 |
| 2025-03-24 | Miller William John | Option exercise | 69K | — |
| 2025-03-24 | Miller William John | Tax withheld | 30K | $21.16 |
| 2025-03-24 | Wilkerson Susan | Option exercise | 14K | — |
| 2025-03-24 | Wilkerson Susan | Tax withheld | 3.5K | $21.16 |
| 2025-03-24 | KIERNAN JOHN P | Option exercise | 23K | — |
| 2025-03-24 | Devasahayam Adrian | Option exercise | 14K | — |
| 2025-03-24 | Devasahayam Adrian | Tax withheld | 5.2K | $21.16 |
| 2025-03-17 | Miller William John | Tax withheld | 6.1K | $21.48 |
| 2025-03-17 | Porshnev Peter | Tax withheld | 1.2K | $21.48 |
| 2025-03-17 | KIERNAN JOHN P | Tax withheld | 2.3K | $21.48 |
| 2025-03-17 | Wilkerson Susan | Tax withheld | 709 | $21.48 |
| 2025-03-17 | Devasahayam Adrian | Tax withheld | 1.1K | $21.48 |
| 2025-03-14 | KIERNAN JOHN P | Tax withheld | 2.1K | $21.30 |
| 2025-03-14 | Porshnev Peter | Option exercise | 2.7K | — |
| 2025-03-14 | Porshnev Peter | Tax withheld | 1.2K | $21.30 |
| 2025-03-14 | Devasahayam Adrian | Option exercise | 2.7K | — |
| 2025-03-14 | Devasahayam Adrian | Tax withheld | 1.0K | $21.30 |
| 2025-03-14 | Wilkerson Susan | Option exercise | 2.7K | — |
| 2025-03-14 | Wilkerson Susan | Tax withheld | 737 | $21.30 |
| 2025-03-14 | Miller William John | Option exercise | 15K | — |
| 2025-03-14 | Miller William John | Tax withheld | 6.6K | $21.30 |
| 2025-03-14 | KIERNAN JOHN P | Option exercise | 4.1K | — |
| 2025-03-13 | Miller William John | Option exercise | 15K | — |
| 2025-03-13 | Miller William John | Tax withheld | 6.5K | $21.40 |
| 2025-03-13 | KIERNAN JOHN P | Option exercise | 3.1K | — |
| 2025-03-13 | KIERNAN JOHN P | Tax withheld | 1.7K | $21.40 |
| 2025-03-13 | Devasahayam Adrian | Option exercise | 2.8K | — |
| 2025-03-13 | Devasahayam Adrian | Tax withheld | 1.2K | $21.40 |
| 2025-03-13 | Porshnev Peter | Option exercise | 2.8K | — |
| 2025-03-13 | Porshnev Peter | Tax withheld | 1.3K | $21.40 |
| 2025-03-13 | Wilkerson Susan | Option exercise | 2.8K | — |
| 2025-03-13 | Wilkerson Susan | Tax withheld | 831 | $21.40 |
| 2025-03-10 | KIERNAN JOHN P | Sell | 2.5K | $20.68 |
| 2025-02-10 | KIERNAN JOHN P | Sell | 2.5K | $24.51 |
| 2025-01-10 | KIERNAN JOHN P | Sell | 2.5K | $27.63 |
| 2024-12-31 | Devasahayam Adrian | Grant | 40 | $22.78 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-07 | 2026-05-07 | 0001104659-26-057170 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001104659-26-055640 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001104659-26-055672 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001104659-26-019711 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001104659-26-019672 ↗ |
| 8-K | 2026-02-06 | 2026-02-06 | 0001104659-26-011541 ↗ |
| 8-K | 2026-02-02 | 2026-01-22 | 0001104659-26-008917 ↗ |
| 8-K | 2026-01-28 | 2026-01-28 | 0001104659-26-007486 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001104659-25-107012 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001104659-25-107052 ↗ |
| 8-K | 2025-10-07 | 2025-10-07 | 0001104659-25-097338 ↗ |
| 8-K | 2025-10-01 | 2025-09-30 | 0001104659-25-095312 ↗ |