Veeco Instruments Inc.

veeco.com

What Do They Do?

Manufactures semiconductor process equipment, including laser annealing, ion-beam and advanced-packaging systems, for chipmakers making logic, memory and other electronic devices.

How Do They Make Money?

Veeco sells systems, upgrades, components and spare parts, with most system sales completed at delivery; for some new systems, customer acceptance comes first. Maintenance and service contracts bring in revenue over their term, and installation brings it in as work is performed.

revenue

Segment	Share	How money arrives
Semiconductor Sold outright	72% FY2022: 57%	Sold outright
Compound Semiconductor Sold outright	9.0% FY2022: 19%	Sold outright
Data Storage Sold outright	5.9% FY2022: 14%	Sold outright
Scientific & Other Sold outright	13% FY2022: 11%	Sold outright

Who Are Their Customers?

Chipmakers and foundries, outsourced assembly and test firms and other component makers, and research centers and universities buy Veeco equipment. Its sales and service facilities support customers worldwide.

Do Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.

Operating income, FY2025

5% of revenue

▼ −47% vs FY2024 ($67M, 9%)

Net income, FY2025

5% of revenue

▼ −52% vs FY2024 ($73.7M, 10%)

Free cash flow, FY2025

8% of revenue

▲ +17% vs FY2024 ($45.7M, 6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +16%; vs $166.1M in Q2 FY2025
Net income: ▲ +1%; vs $11.7M in Q2 FY2025

Semiconductor share of revenue vs 74.6% in Q2 FY2025

Aug 5, 2026 Veeco issued third-quarter and revised full-year revenue guidance It expects third-quarter revenue of $200 million to $220 million and revised fiscal 2026 revenue of $780 million to $810 million.

Growing. Revenue grew 14% in 4 years, from $583.3M in FY2021 to $664.3M in FY2025, about 3% a year.

Silicon-carbide deposition The older report described an acquisition intended to accelerate entry into silicon-carbide epitaxy equipment; the latest describes a silicon-carbide chemical vapor deposition system for research and development.

Revenue over time

Semiconductor Compound Semiconductor Data Storage Scientific & Other

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Aixtron, Applied Materials, Canon, Grand Plastics Technology, Mattson Technology, Screen Semiconductor Solutions, Shanghai Micro Electronics Equipment, and Suss MicroTec

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