VEECO INSTRUMENTS INC (VECO)

Special Industry Machinery, NEC

Latest Price

$40.88

TTM P/E

113.57

Normalized P/E

45.84

Div Yield

Book Value

14.85

P/B Ratio

2.75

Valuation metrics

EPS: $0.59

Book value / share: $14.66

Formula: √(22.5 × EPS × BVPS)

Graham Number

$13.95

66% downside

Norm. op. income: $57M (median of 7yr)

Tax rate: 10%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$7.40

82% downside

Base FCF: $46M (median of recent 5yr)

Growth: 17%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$29.50

28% downside

EPS: $0.59

Target P/E: 46×

Formula: EPS × P/E

P/E Fair Value

$27.14

34% downside

100.0% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	9.61M	$728.0M	15.71%	+197.9K	2026-06-30
FMR LLC	9.06M	$686.0M	14.82%	+79.9K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	4.72M	$357.0M	7.72%	+32.6K	2026-06-30
NEUBERGER BERMAN GROUP LLC	3.65M	$274.0M	5.97%	+200.5K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	2.60M	$197.0M	4.26%	-41.5K	2026-06-30
STATE STREET CORP	2.59M	$196.0M	4.24%	+111.6K	2026-06-30
PARADIGM CAPITAL MANAGEMENT INC/NY	2.07M	$156.0M	3.38%	-106.0K	2026-06-30
PRICE T ROWE ASSOCIATES INC /MD/	1.80M	$136.0M	2.95%	+1.68M	2026-06-30
MANUFACTURERS LIFE INSURANCE COMPANY, THE	1.77M	$134.0M	2.90%	-698.3K	2026-06-30
Fisher Asset Management, LLC	1.69M	$127.0M	2.76%	-481.4K	2026-06-30