TakeoverPE & activists

VECOVEECO INSTRUMENTS INC

Special Industry Machinery, NEC · $2.4B market cap · 1,265 employees

0.7×

Less likely than average to be taken private

Top 26% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    196% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    6% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    16% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    15% of assets
    Over 40% of assets
  • Shareholder dissentNo
    93% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $525K · 70th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    5.0 per 10K words · 83rd pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    0.2× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    2 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Dec 31, 2025DEFM14AAxcelis Technologies, Inc.$10.1514.7%
Oct 1, 20258-KAxcelis Technologies, Inc.——

Key numbers

Revenue
$664MFY2021: $583MFY2022: $646MFY2023: $666MFY2024: $717MFY2025: $664M
7.4% YoY
Operating margin
5.4%FY2021: 9.7%FY2022: 9.3%FY2023: 10.5%FY2024: 9.3%FY2025: 5.4%
42% YoY
EBITDA
$56MFY2021: $83MFY2022: $86MFY2023: $95MFY2024: $92MFY2025: $56M
40% YoY
Net debt / EBITDA
0.2×
$12M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$583M$646M$666M$717M$664M 7.4% FY2021: $583MFY2022: $646MFY2023: $666MFY2024: $717MFY2025: $664M
Operating income$57M$60M$70M$67M$36M 47% FY2021: $57MFY2022: $60MFY2023: $70MFY2024: $67MFY2025: $36M
Net income$26M$167M−$30M$74M$35M 52% FY2021: $26MFY2022: $167MFY2023: −$30MFY2024: $74MFY2025: $35M
Operating cash flow$68M$108M$62M$64M$69M 8.9% FY2021: $68MFY2022: $108MFY2023: $62MFY2024: $64MFY2025: $69M
Capex$41M$25M$28M$18M$16M 11% FY2021: $41MFY2022: $25MFY2023: $28MFY2024: $18MFY2025: $16M
Stock-based comp$15M$23M$29M$36M$37M 3.3% FY2021: $15MFY2022: $23MFY2023: $29MFY2024: $36MFY2025: $37M

13D filers

None on file.

Insider trading

−$38Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $38M · 26 trades

Pay vs performance

No pay-versus-performance disclosure yet.