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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash to Debt 230.39
VECO's Cash to Debt is ranked higher than
73% of the 1013 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 4.92 vs. VECO: 230.39 )
VECO' s 10-Year Cash to Debt Range
Min: 0.44   Max: No Debt
Current: 230.39

Equity to Asset 0.82
VECO's Equity to Asset is ranked higher than
83% of the 1005 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 0.65 vs. VECO: 0.82 )
VECO' s 10-Year Equity to Asset Range
Min: 0.44   Max: 0.87
Current: 0.82

0.44
0.87
F-Score: 4
Z-Score: 6.46
M-Score: -2.78
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 4/10

vs
industry
vs
history
Operating margin (%) -21.65
VECO's Operating margin (%) is ranked lower than
62% of the 989 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 2.37 vs. VECO: -21.65 )
VECO' s 10-Year Operating margin (%) Range
Min: -46.14   Max: 32.58
Current: -21.65

-46.14
32.58
Net-margin (%) -12.74
VECO's Net-margin (%) is ranked lower than
56% of the 989 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.59 vs. VECO: -12.74 )
VECO' s 10-Year Net-margin (%) Range
Min: -41.4   Max: 38.86
Current: -12.74

-41.4
38.86
ROE (%) -5.42
VECO's ROE (%) is ranked higher than
51% of the 984 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 2.33 vs. VECO: -5.42 )
VECO' s 10-Year ROE (%) Range
Min: -40.23   Max: 47.44
Current: -5.42

-40.23
47.44
ROA (%) -4.46
VECO's ROA (%) is ranked lower than
51% of the 998 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.20 vs. VECO: -4.46 )
VECO' s 10-Year ROA (%) Range
Min: -20.44   Max: 31.51
Current: -4.46

-20.44
31.51
ROC (Joel Greenblatt) (%) -80.56
VECO's ROC (Joel Greenblatt) (%) is ranked lower than
67% of the 998 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 4.03 vs. VECO: -80.56 )
VECO' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -80.56   Max: 209.84
Current: -80.56

-80.56
209.84
Revenue Growth (%) -26.90
VECO's Revenue Growth (%) is ranked lower than
56% of the 705 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: -0.60 vs. VECO: -26.90 )
VECO' s 10-Year Revenue Growth (%) Range
Min: -26.9   Max: 19.1
Current: -26.9

-26.9
19.1
» VECO's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q2 2013

VECO Guru Trades in Q2 2013

Steven Cohen 182,750 sh (New)
Ken Fisher 2,482,508 sh (+0.5%)
Robert Karr 940,957 sh (unchged)
Murray Stahl 11,050 sh (-1.78%)
John Hussman 600,000 sh (-7.69%)
FPA Capital Fund 297,600 sh (-10.01%)
First Pacific Advisors 667,700 sh (-10.94%)
Chuck Royce 2,755,612 sh (-26.19%)
Joel Greenblatt 7,860 sh (-87.63%)
» More
Q3 2013

VECO Guru Trades in Q3 2013

Jim Simons 23,160 sh (New)
FPA Capital Fund 297,600 sh (unchged)
Robert Karr 940,957 sh (unchged)
Joel Greenblatt Sold Out
Ken Fisher 2,475,627 sh (-0.28%)
Murray Stahl 10,950 sh (-0.9%)
First Pacific Advisors 644,600 sh (-3.46%)
Chuck Royce 2,631,112 sh (-4.52%)
John Hussman 100,000 sh (-83.33%)
Steven Cohen 8,800 sh (-95.18%)
» More
Q4 2013

VECO Guru Trades in Q4 2013

Robert Karr 2,535,933 sh (+169.51%)
FPA Capital Fund 317,500 sh (+6.69%)
First Pacific Advisors 648,900 sh (+0.67%)
John Hussman Sold Out
Steven Cohen Sold Out
Jim Simons Sold Out
Ken Fisher 2,443,652 sh (-1.29%)
Murray Stahl 9,700 sh (-11.42%)
Chuck Royce 2,330,064 sh (-11.44%)
» More
Q1 2014

VECO Guru Trades in Q1 2014

FPA Capital Fund 241,700 sh (-23.87%)
» More
» Details

Insider Trades

Latest Guru Trades with VECO

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
FPA Capital Fund 2014-03-31 Reduce -23.87%0.29%$32.18 - $43.3 $ 40.816%241700
John Hussman 2013-12-31 Sold Out 0.2%$28.44 - $38.15 $ 40.8127%0
John Hussman 2013-09-30 Reduce -83.33%0.81%$33.16 - $36.41 $ 40.8117%100000
Joel Greenblatt 2013-09-30 Sold Out 0.01%$33.16 - $36.41 $ 40.8117%0
FPA Capital Fund 2013-06-30 Reduce -10.01%0.15%$32.23 - $42.6 $ 40.818%297600
Joel Greenblatt 2013-06-30 Reduce -87.63%0.11%$32.23 - $42.6 $ 40.818%7860
John Hussman 2013-03-31 New Buy0.91%$28.71 - $38.41 $ 40.8127%650000
FPA Capital Fund 2013-03-31 Reduce -21.36%0.32%$28.71 - $38.41 $ 40.8127%330700
Joel Greenblatt 2013-03-31 Reduce -72.22%0.28%$28.71 - $38.41 $ 40.8127%63521
FPA Capital Fund 2012-12-31 Add 24.15%0.29%$26.89 - $31.52 $ 40.8139%420500
FPA Capital Fund 2012-09-30 Reduce -27.15%0.54%$30 - $38.09 $ 40.8118%338700
Joel Greenblatt 2012-06-30 Add 17.67%0.12%$26.4 - $37.34 $ 40.8127%317736
FPA Capital Fund 2012-03-31 Add 105.98%0.77%$21.52 - $33.4 $ 40.8160%464900
John Paulson 2012-03-31 Sold Out 0.44%$21.52 - $33.4 $ 40.8160%0
Joel Greenblatt 2012-03-31 Add 24.24%0.13%$21.52 - $33.4 $ 40.8160%270018
Ronald Muhlenkamp 2011-09-30 Sold Out 1.8369%$26.94 - $47.21 $ 40.8113%0
FPA Capital Fund 2011-09-30 New Buy0.77%$26.94 - $47.21 $ 40.8113%225700
Joel Greenblatt 2011-09-30 Add 24.61%0.18%$26.94 - $47.21 $ 40.8113%228522
Joel Greenblatt 2011-06-30 Add 740.23%1.09%$46.47 - $57.59 $ 40.81-20%183396
Ronald Muhlenkamp 2011-06-30 Reduce -26.69%0.61%$46.47 - $57.59 $ 40.81-20%225075
Joel Greenblatt 2011-03-31 Reduce -75.05%0.99%$42.82 - $52.7 $ 40.81-14%21827
John Paulson 2011-03-31 Add 34.65%0.12%$42.82 - $52.7 $ 40.81-14%3000000
George Soros 2011-03-31 Sold Out $42.82 - $52.7 $ 40.81-14%0
Mario Gabelli 2011-03-31 Sold Out $42.82 - $52.7 $ 40.81-14%0
Premium More recent guru trades are included for Premium Members only!!
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Guru Investment Theses on Veeco Instruments Inc

FPA Capital Comments on Veeco - Oct 31, 2012

We reduced Veeco Instruments (VECO) in the mid-to-high $30s because it approached fair valuation and our channel checks suggested that the metal organic chemical vapor deposition market, used to produce high-brightness LEDs, will remain under pressure for a while longer. We trimmed the position before the stock slid over 20% from its 52-week high.

From FPA Capital’s third quarter commentary.


Check out Robert Rodriguez latest stock trades

FPA Capital Fund on Veeco Instruments - May 28, 2012

Veeco Instruments (VECO), which closed the quarter at $28.60, manufactures equipment used to produce high-brightness Light-Emitting Diodes (LEDs) for TVs and general lighting. VECO has roughly 45% global market share of the tools used to produce LEDs. VECO declined from over $57 to under $25 last year as investors worried about an oversupply of tools and the potential decline in the company’s profitability. We acknowledge the oversupply of tools, but believe the rapid adoption of LEDs for general lighting will absorb most of the excess capacity by the end of next year, if not sooner. Of course we can never have complete certainty about the future, but our analysis suggests that the company can earn over $2.50 in a normal environment, and coupled with the $12 of net cash on the balance sheet we can envision VECO trading back toward the $50 range in the future.
Check out Robert Rodriguez latest stock trades

Ratios

vs
industry
vs
history
P/B 1.90
VECO's P/B is ranked higher than
50% of the 982 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.79 vs. VECO: 1.90 )
VECO' s 10-Year P/B Range
Min: 0.48   Max: 4.99
Current: 1.9

0.48
4.99
P/S 4.77
VECO's P/S is ranked lower than
83% of the 1019 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.65 vs. VECO: 4.77 )
VECO' s 10-Year P/S Range
Min: 0.3   Max: 4.89
Current: 4.77

0.3
4.89
EV-to-EBIT 14.70
VECO's EV-to-EBIT is ranked higher than
75% of the 698 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 20.80 vs. VECO: 14.70 )
VECO' s 10-Year EV-to-EBIT Range
Min: 1.2   Max: 99
Current: 14.7

1.2
99
Shiller P/E 28.60
VECO's Shiller P/E is ranked higher than
60% of the 277 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 29.58 vs. VECO: 28.60 )
VECO' s 10-Year Shiller P/E Range
Min: 14.55   Max: 61.01
Current: 28.6

14.55
61.01

Valuation & Return

vs
industry
vs
history
Price/Net Cash 4.90
VECO's Price/Net Cash is ranked higher than
75% of the 324 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 8.80 vs. VECO: 4.90 )
VECO' s 10-Year Price/Net Cash Range
Min: 2.55   Max: 34.78
Current: 4.9

2.55
34.78
Price/Net Current Asset Value 4.30
VECO's Price/Net Current Asset Value is ranked higher than
73% of the 481 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 7.00 vs. VECO: 4.30 )
VECO' s 10-Year Price/Net Current Asset Value Range
Min: 1.82   Max: 48.74
Current: 4.3

1.82
48.74
Price/Tangible Book 2.80
VECO's Price/Tangible Book is ranked lower than
56% of the 969 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 2.00 vs. VECO: 2.80 )
VECO' s 10-Year Price/Tangible Book Range
Min: 0.94   Max: 9.75
Current: 2.8

0.94
9.75
Price/DCF (Projected) 1.30
VECO's Price/DCF (Projected) is ranked higher than
73% of the 374 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.50 vs. VECO: 1.30 )
VECO' s 10-Year Price/DCF (Projected) Range
Min: 0.52   Max: 5.83
Current: 1.3

0.52
5.83
Price/Median PS Value 2.80
VECO's Price/Median PS Value is ranked lower than
81% of the 952 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.10 vs. VECO: 2.80 )
VECO' s 10-Year Price/Median PS Value Range
Min: 0.24   Max: 2.32
Current: 2.8

0.24
2.32
Forward Rate of Return (Yacktman) 4.35
VECO's Forward Rate of Return (Yacktman) is ranked higher than
83% of the 572 Companies
in the Global Semiconductor Equipment & Materials industry.

( Industry Median: 1.20 vs. VECO: 4.35 )
VECO' s 10-Year Forward Rate of Return (Yacktman) Range
Min: 0.3   Max: 9.5
Current: 4.35

0.3
9.5

Business Description

Industry: Semiconductors » Semiconductor Equipment & Materials
Compare:ASML, AMAT, TOELY, KLAC, LRCX » details
Traded in other countries:VEO.Germany
Veeco Instruments Inc was organized as a Delaware corporation in 1989. The Company trhough its subsidiaries creates Process Equipment solutions that enable technologies for a cleaner and more productive world. The Company designs, manufactures and markets equipment primarily sold to make light emitting diodes and hard-disk drives, as well as for emerging applications such as concentrator photovoltaics, power semiconductors, wireless components, microelectromechanical systems, and other next-generation devices. Its two business segments are LED & Solar and Data Storage. LED & Solar segment designs and manufactures metal organic chemical vapor deposition and molecular beam epitaxy systems and components sold to manufacturers of LEDs, wireless devices, power semiconductors, and concentrator photovoltaics, as well as to R&D applications. Data Storage segment designs and manufactures the critical technologies used to create thin film magnetic heads that read and write data on hard disk drives. These technologies include ion beam etch, ion beam deposition, diamond-like carbon, physical vapor deposition, chemical vapor deposition, and slicing, dicing and lapping systems. The Company sells its products and services worldwide through various strategically located sales and service facilities in the U.S., Europe and Asia Pacific. The Company sells its products to many of the world's major HB LED, solar and hard drive manufacturers as well as to customers in other industries, research centers, and universities. It currently outsources certain functions to third parties, including the manufacture of all or substantially all of its new MOCVD systems, Data Storage systems and ion sources. The Company competes with manufacturers such as Aixtron, Applied Materials, Canon Anelva Corporation, DCA Instruments, Leybold Optics, Oerlikon Balzers, Oxford Instruments, Toyo Nippon Sanso and Riber. The Company is subject to environmental, health and safety regulations in connection with its business operations, including but not limited to regulations related to the development, manufacture, and use of its products.

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