VECOVEECO INSTRUMENTS INC
Special Industry Machinery, NEC
- Revenue
- $664M
- 7.4% YoY
- Operating margin
- 5.4%
- 42% YoY
- EBITDA
- $56M
- 40% YoY
- Market cap
- $2.4B
- Employees
- 1,265
- $525K revenue each
- Net debt / EBITDA
- 0.2×
- $12M net debt
- AI in 10-K
- 5.0
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo196% of net incomeCash flow under 80% of net income
- Dilutive SBCNo6% of revenueOver 10% of revenue
- Payouts exceed cash flowNo16% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo15% of assetsOver 40% of assets
- Shareholder dissentNo93% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$525K · 70th pctBottom quartile of its SIC industry
- Quiet on AINo5.0 per 10K words · 83rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.4B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$38M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $583M | $646M | $666M | $717M | $664M | 7.4% |
| Operating income | $57M | $60M | $70M | $67M | $36M | 47% |
| Net income | $26M | $167M | −$30M | $74M | $35M | 52% |
| Operating cash flow | $68M | $108M | $62M | $64M | $69M | 8.9% |
| Capex | $41M | $25M | $28M | $18M | $16M | 11% |
| Stock-based comp | $15M | $23M | $29M | $36M | $37M | 3.3% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Dec 31, 2025 | DEFM14A | Axcelis Technologies, Inc. | $10.15 | 14.7% |
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $38M · 26
- Net
- −$38M
Pay vs performance
No pay-versus-performance disclosure yet.