Veeco Instruments Inc (VECO) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Veeco Instruments Inc stock $11.16, price $37.19, that is 70.0% below the price, quality 37 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $17.13 – $83.04 · fair‑value band $6.98 – $15.61 · the $37.19 price screens above the $11.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Veeco Instruments Inc., together with its subsidiaries, develops, manufactures, sells, and supports semiconductor and thin film process equipment primarily to make electronic devices in the United States, Europe, the Middle East, and Africa, China, Rest of the Asia-Pacific, and internationally.
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It offers laser annealing, ion beam deposition and etch, metal organic chemical vapor deposition, single wafer wet processing and surface preparation, molecular beam epitaxy, advanced packaging lithography, atomic layer deposition, and other deposition systems.
The company's process equipment systems are used in the production of a range of microelectronic components, including logic, dynamic random-access memory, photonics devices, power electronics, radio frequency filters and amplifiers, magnetic heads for hard disk drives, and other semiconductor devices.
In addition, it markets and sells its products to integrated device manufacturers and foundries; outsourced semiconductor assembly and test companies; and hard disk drive and photonics manufacturers, as well as research centers and universities.
Veeco Instruments Inc. was founded in 1945 and is headquartered in Plainview, New York.
Stock analysis
Veeco Instruments Inc (VECO) currently trades at $37.19, while our model-based Fair Value estimate is $11.16, 70% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $14.37 per share, and 0 of the 24 models we run sit above the $37.19 price.
Bear case: the Earnings-Based group reads lowest at $3.98, and 24 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $6.98 (bear) to $15.61 (bull), the price of $37.19 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 37/100 (below-average quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Veeco Instruments Inc reported revenue of $664M in FY2025 versus $583M in FY2021, a compound +3.3%/yr. Reported net income was $35.4M in FY2025, compounding +8.0%/yr from FY2021.
Key figures
Market cap $2.5B Mid · P/E ratio 100.5 · P/S ratio 3.64 · EPS (TTM) $0.3700 · Net margin 3.4% · Return on equity 2.6% · Return on assets (EBIT) 5.1% (5-year average) · Operating margin 6.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (low confidence).
What moves the price
The share trades about 55% below its 52-week high and 41% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −2% fair-value upside, at −70%, VECO screens richer than that median.
Fair Value models
Bear$6.98Fair Value $11.16Bull$15.61
Price $37.19 · Downside -70.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.3163 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF$7.50$11.50$16.9480
Growth DCF$7.55$11.01$15.4279
Owner Earnings$3.78$6.04$9.1176
All 24 models by family
DCF Models
FCF DCF$7.50$11.50$16.9480
Owner Earnings$3.78$6.04$9.1176
5Y Revenue Exit$5.39$8.50$12.3772
5Y EBITDA Exit$9.57$16.35$24.2674
5Y P/E Exit$8.88$15.05$21.5370
10Y Revenue Exit$6.01$8.92$12.6967
10Y EBITDA Exit$8.62$13.97$21.1167
10Y P/E Exit$8.21$13.13$19.1763
Earnings-Based
Graham-Dodd$3.94$12.61$16.8164
Lynch FV$2.79$3.98$5.1861
PEG = 1.0$2.79$3.98$5.1857
EPV$3.22$3.81$4.3174
Multiples
P/E Multiple$12.18$16.24$20.2963
P/S Multiple$7.39$9.86$12.3258
P/B Multiple$21.83$29.10$36.3855
EV/EBIT$8.98$12.49$16.0066
EV/EBITDA$11.91$16.40$20.8967
EV/Revenue$3.78$6.06$8.3453
Asset-Based
NCAV (Graham)$4.38$6.64$8.3054
Growth DCF
Growth DCF$7.55$11.01$15.4279
Rev-Margin DCF$5.39$8.58$12.3172
Economic Profit
Residual Income$10.12$9.92$10.2571
ROIC Compounder$3.22$3.81$4.3172
Growth Earnings
Growth-Adj P/E$9.89$14.12$18.3667
The fair value above starts from this blend and is adjusted for dilution from new shares.
In the last 6 months, 7 officers or directors sold shares worth $27.0M and none bought.
SaleWilliam John MillerCEO, Director6× since Dec 2, 2025: 450,000 shares, avg. $50.74$22.8MAug 17, 2026
SaleJohn P KiernanSVP & CHIEF FINANCIAL OFFICER35,000 shares at $51.05$1.8MAug 10, 202610b5-1 plan
SaleSusan WilkersonSVP, GLOBAL SALES & SERVICE3× since Dec 10, 2025: 84,229 shares, avg. $51.46$4.3MJun 11, 2026
SaleGordon HunterDirector5× since May 8, 2026: 78,718 shares, avg. $62.24$4.9MJun 9, 2026
SaleAdrian DevasahayamSVP - PRODUCT LINE DEVELOPMENT2× since May 26, 2026: 15,407 shares, avg. $63.89$984,369Jun 9, 2026
SaleRichard A DamoreDirector43,701 shares at $60.71$2.7MMay 14, 2026
SaleThomas St DennisDirector1,400 shares at $61.93$86,702May 11, 2026
Plus one other filing such as a grant, option exercise or tax withholding. It is not a market purchase or sale.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−7.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.9%
Start year 2020 (pandemic). Over 10 years: +3.4% a year
Revenue growth 32 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+3.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.8%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 5%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+30.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+24.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +27.5% a year for the price and +21.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (90 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Limited durable advantages and weak returns on equity and assets form the main weakness, while placements of molecular beam epitaxy systems in quantum research represent the chief growth area.
Main risk: Dependence on core semiconductor equipment orders leaves the business exposed to industry spending cycles that could reduce demand and constrain revenue growth.
Veeco just won orders for its molecular beam epitaxy systems to support quantum dot research at Sparrow Quantum in Denmark and Yeungnam University in South Korea. These add to more than thirty systems already placed worldwide for quantum work, extending the company's reach into an emerging area alongside its core semiconductor equipment. Our models see the stock as overvalued, so does the quantum push create real scale or stay a small sideline?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Semiconductor Equipment & Materials · 235 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Veeco Instruments Inc (VECO) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $11.16 versus a price of $37.19, about 70% lower (overvalued).
What is the fair value of VECO?
Our model-based fair value for Veeco Instruments Inc is $11.16 (as of Nov 8, 2026), built from audited fundamentals. The current price: $37.19.
What is the quality score of VECO?
Veeco Instruments Inc has a Quality Score of 37/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Veeco Instruments Inc (VECO)?
Our model-based price target is the fair value of $11.16 (as of Nov 8, 2026) from 24 valuation models. Cautious scenario $6.98, optimistic scenario $15.61. It is a calculation from audited fundamentals, not an analyst target.
What is the Veeco Instruments Inc stock forecast for 2026?
Our models put fair value at $11.16, about 70% lower versus a price of $37.19 (overvalued). Cautious scenario $6.98, optimistic scenario $15.61. The calculation is refreshed regularly with new filings.
What is the revenue of Veeco Instruments Inc (VECO)?
Veeco Instruments Inc reported trailing-twelve-month revenue of about $683M (latest available figure, as of Nov 8, 2026).
What growth is priced into Veeco Instruments Inc (VECO)?
For today's price to be fair in a discounted-cash-flow model, Veeco Instruments Inc would have to grow free cash flow by +30.5 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.9 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of VECO use?
Our models discount Veeco Instruments Inc at 10.8 %: a base by market capitalisation (mid), damped by beta 1.42, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Veeco Instruments Inc that is +30.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.8 %) and the same formula as our fair value.
How much growth has Veeco Instruments Inc (VECO) delivered so far?
Over the past 5 years revenue at Veeco Instruments Inc grew +7.9 % a year. The price currently implies free-cash-flow growth of +30.5 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Veeco Instruments Inc (VECO) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Veeco Instruments Inc (+30.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Veeco Instruments Inc (VECO)?
The free-cash-flow yield on the price is 1.84 %: that much free cash flow Veeco Instruments Inc produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Veeco Instruments Inc (VECO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Veeco Instruments Inc it is $11.16 per share (as of Nov 8, 2026), against a price of $37.19. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Veeco Instruments Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, VECO trades above its calculated fair value: price $37.19, fair value $11.16, a gap of about −70% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VECO?
No. The price is what the market pays today ($37.19); the fair value is what the company's own numbers justify ($11.16). For Veeco Instruments Inc the two are $26.03 per share apart. That gap is exactly why we show both numbers side by side.
How much is Veeco Instruments Inc worth?
The market values Veeco Instruments Inc at about $2.5B (market capitalisation, as of Nov 8, 2026). Per share that is $37.19; our models calculate a fair value of $11.16 per share.
What do the bullish and bearish scenarios say about VECO?
Our models span a range for Veeco Instruments Inc: cautious scenario $6.98, base $11.16, optimistic $15.61 per share (as of Nov 8, 2026, price $37.19). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VECO?
Veeco Instruments Inc trades at a price-to-earnings ratio of 100.5 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $11.16 is built from several models across several years. Other multiples: PEG 0.8, P/B 2.8, P/S 3.6, EV/EBITDA 51.7.
What is the PEG ratio of VECO?
The PEG ratio of Veeco Instruments Inc is 0.81 (P/E divided by earnings growth, as of Nov 8, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Veeco Instruments Inc (VECO)?
Balance-sheet figures for Veeco Instruments Inc (as of Nov 8, 2026): return on equity 2.6%, debt of 0.26 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is VECO from its 52-week high?
Veeco Instruments Inc trades at $37.19, about 55% below its 52-week high of $83.04 and 41% above the low of $26.39 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $11.16 is for.
Which stocks are comparable to Veeco Instruments Inc?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Veeco Instruments Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $37.19, calculated fair value $11.16 (−70%), Quality Score 37/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VECO calculated?
We run Veeco Instruments Inc through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $11.16 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Veeco Instruments Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Veeco Instruments Inc (VECO)?
The closing price on Nov 6, 2026 was $37.19. Our model-based fair value is $11.16, about 70% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Veeco Instruments Inc right now?
The price sits above even our optimistic bull case ($15.61). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range ($6.98 to $15.61) leaves room in how you read the outcome.
Key figures of Veeco Instruments Inc
How large is the market capitalisation of Veeco Instruments Inc (VECO)?
The market capitalisation of Veeco Instruments Inc is $2.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Veeco Instruments Inc (VECO)?
The price-to-sales ratio of Veeco Instruments Inc is 3.64 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Veeco Instruments Inc (VECO)?
Earnings per share at Veeco Instruments Inc are $0.3700 (price ÷ EPS = P/E 100.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Veeco Instruments Inc (VECO)?
The net margin of Veeco Instruments Inc is 3.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Veeco Instruments Inc (VECO)?
The return on equity (ROE) of Veeco Instruments Inc is 2.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Veeco Instruments Inc (VECO)?
On an EBIT basis the return on assets of Veeco Instruments Inc is 5.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Veeco Instruments Inc (VECO)?
The operating margin of Veeco Instruments Inc is 6.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Veeco Instruments Inc (VECO)?
Revenue at Veeco Instruments Inc is growing +16.5% versus a year earlier (3y avg +0.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Veeco Instruments Inc (VECO)?
Earnings per share at Veeco Instruments Inc are growing −8.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Veeco Instruments Inc (VECO) carry?
The net debt of Veeco Instruments Inc is $94.4M (fiscal year 2025, ≈ 2.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 8, 2026