VECO VEECO INSTRUMENTS INC

Overview and Growth

VEECO INSTRUMENTS INC generated $664.29M of revenue in fiscal 2025, with net income of $35.39M and an operating cash inflow of $69.49M. The $664.29M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $717.30M in fiscal 2024, revenue decreased 7.4%, a top-line contraction that reduced operating scale. Diluted earnings per share were $0.59, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $1.23 in fiscal 2024, the current result was 52.0% lower. Revenue equaled 0.5x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $265.41M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 40.0% of revenue, showing how much of the top line remained after direct costs. Operations produced $35.71M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 5.4% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $35.39M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 5.3%, meaning that this portion of revenue remained as net income after all recognized expenses. Pretax income was $39.39M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 5.9%, relating income before taxes directly to revenue. The reported income-tax provision was $4.00M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 10.1%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

Total assets were $1.33B, supported by $440.29M of liabilities and $885.51M of shareholder equity. The near-term balance sheet paired $845.34M of current assets with $178.06M of current liabilities at the reporting date. Current assets covered current liabilities by 4.75x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $163.47M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 91.8% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $226.01M, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.26x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 17.0% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 33.2%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 12.3% of total assets, showing the liquid cash component within the company’s broader resource base.

Cash Flow and Earnings Quality

The company reported $69.49M of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 1.96x of net income, showing how strongly accounting earnings converted into cash from operations. Capital spending was $16.20M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 23.3% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $53.29M of positive free cash flow for the period. The free-cash-flow margin was 8.0%, measuring cash remaining after capital spending against revenue. Free cash flow equaled 4.0% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.