Veeco Instruments Inc: Updating Numbers Post-Earnings and Equipment Orders

研报英文原文证据摘录

Veeco Instruments Inc: Updating Numbers Post-Earnings and Equipment Orders

Equity Research

18 May 2026

Veeco Instruments Inc

Updating Numbers Post-Earnings

and Equipment Orders

Compound Semi to grow >200% Y/Y in CY27 with $250M of VECO EQUAL WEIGHT

InP-related orders coming in. Unchanged

U.S. Semiconductors &

Semiconductor Capital NEUTRAL

Equipment

March and June revenue roughly in-line with Street expectations, with a miss on GMs due to Unchanged

lack of an $8M system shipment to a Chinese customer impacted by BIS license restrictions. The Price Target USD 55.00

highlight is the $250M+ in orders from multiple customers for MOCVD, IBD, and wet processing raised 83% from USD 30.00

tools to support InP manufacturing. Initial volumes of shipments will begin in 3Q26 with Price (18-May-26) USD 55.65

significant ramp expected to start in 1Q27. Our estimates remain largely unchanged in CY26, but Potential Upside/Downside -1.2%

move clearly higher in 2027 as these orders flow into the model. We raise our PT to $55. Source: Bloomberg, Barclays Research

VECO: Quarterly and Annual EPS (USD)

Market Cap (USD mn) 3396

2025 2026 2027 Change y/y

Shares Outstanding (mn) 61.03

FY Dec Actual Old New Cons Old New Cons 2026 2027 Free Float (%) 97.07

Q1 0.37A 0.20E 0.14A 0.20A 0.61E 0.71E 0.73E -62% 407% 52 Wk Avg Daily Volume (mn) 0.9

Q2 0.36A 0.34E 0.25E 0.24E 0.56E 0.78E 0.83E -31% 212% Dividend Yield (%) N/A

Q3 0.36A 0.44E 0.50E 0.53E 0.49E 0.94E 0.89E 39% 88% Return on Equity TTM (%) 2.73

Q4 0.24A 0.67E 0.72E 0.70E 0.47E 1.16E 0.94E 200% 61% Current BVPS (USD) 14.48

Source: Bloomberg

Year 1.33A 1.65E 1.61E 1.64E 2.14E 3.58E 2.71E 21% 122%

P/E 41.8 34.6 15.5

Price Performance Exchange-Nasdaq

Consensus numbers are from Bloomberg received on 18-May-2026; 12:50 GMT