Veeco InstrumentsFRA:VEO +0.30%56 ROC (Joel Greenblatt) % is 0.64% as of Mar. 2026, which is 58% below its 10-year median of 1.52. GuruFocus rates FRA:VEO with a GF Score™ of 56/100 and a GF Value™ of €26.32 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 1,027 Semiconductors companies, Veeco Instruments ranks worse than 50.15% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Veeco Instruments's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 0.64%.
The historical rank and industry rank for Veeco Instruments's ROC (Joel Greenblatt) % or its related term are showing as below:
FRA:VEO'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -275.19 Med: 1.52 Max: 25.12
Current: 8.19
During the past 13 years, Veeco Instruments's highest ROC (Joel Greenblatt) % was 25.12%. The lowest was -275.19%. And the median was 1.52%.
FRA:VEO's ROC (Joel Greenblatt) % is ranked worse than 50.15% of 1027
companies
in the Semiconductors industry
Industry Median: 8.34
vs FRA:VEO: 8.19
Veeco Instruments's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Veeco Instruments ROC (Joel Greenblatt) % Related Terms
Veeco Instruments ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Veeco Instruments's ROC (Joel Greenblatt) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:VEO vs IPGP, AXTI, ACLS: ROC (Joel Greenblatt) % Comparison
For the Semiconductor Equipment & Materials subindustry, Veeco Instruments's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Veeco Instruments ROC (Joel Greenblatt) % vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Veeco Instruments's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Veeco Instruments's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a ROC (Joel Greenblatt) % of 0.64% mean?
Veeco Instruments (FRA:VEO) has a ROC (Joel Greenblatt) % of 0.64% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Veeco Instruments and its competitors. This is 58% below median its historical median of 1.52. According to the industry distribution chart, Veeco Instruments ranks #515 out of 1027 companies in the Semiconductors industry, placing it in the top 50.1%.
Is Veeco Instruments' ROC (Joel Greenblatt) % too high?
Veeco Instruments' current ROC (Joel Greenblatt) % of 0.64% is 58% below median its 10-year median of 1.52. The Semiconductors industry median ROC (Joel Greenblatt) % is 8.34. Veeco Instruments' value of 0.64% is 92.3% below this industry median. Based on the distribution chart, Veeco Instruments ranks #515 out of 1027 companies in the Semiconductors industry, which is below the industry midpoint. Overall, Veeco Instruments has a GF Score™ of 56/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Veeco Instruments' ROC (Joel Greenblatt) % compare to IPGP and AXTI?
According to the Semiconductors industry distribution chart, Veeco Instruments ranks #515 out of 1027 companies for ROC (Joel Greenblatt) %. This places Veeco Instruments in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 8.34. Veeco Instruments' value of 0.64% is 92.3% below this benchmark. While the company's 10-year median is 1.52 vs. the industry median of 8.34, Veeco Instruments has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for a Semiconductors company?
The median ROC (Joel Greenblatt) % among Semiconductors companies is 8.34, based on 1,027 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Veeco Instruments's current ROC (Joel Greenblatt) % of 0.64% is 92.3% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Veeco Instruments and its competitors. For the Semiconductors industry, the median ROC (Joel Greenblatt) % is 8.34 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Veeco Instruments's current ROC (Joel Greenblatt) % is 0.64%, which is 58% below median its own 10-year median of 1.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Veeco Instruments stock overvalued right now?
Based on GuruFocus' analysis, Veeco Instruments (FRA:VEO) is currently considered Significantly Overvalued. The stock's GF Value™ is €26.32, compared to a current price of €49.96 — trading 89.8% above its estimated fair value. The current ROC (Joel Greenblatt) % is 0.64%, which is 58% below median its 10-year median of 1.52 and 92.3% below the Semiconductors industry median of 8.34. Veeco Instruments' overall GF Score™ is 56/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Veeco Instruments (FRA:VEO), the current ROC (Joel Greenblatt) % is 0.64% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Veeco Instruments (FRA:VEO) Overvalued in 2026?
Based on GuruFocus' analysis, Veeco Instruments stock appears to be overvalued.
The current stock price of €49.96 is trading 89.8% above its estimated GF Value™ of €26.32.
GuruFocus considers Veeco Instruments to be Significantly Overvalued.
Key valuation signals for FRA:VEO:
ROC (Joel Greenblatt) %: 0.64% (58% below median its 10-year median of 1.52)
GF Value™: €26.32 vs. price of €49.96 (89.8% above fair value)
Industry Position: 92.3% below the Semiconductors median (#515 of 1027)
No single metric tells the full story. See the FRA:VEO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Veeco Instruments Inc is a United States-based company engaged in designing, developing, and manufacturing thin-film process equipment, mainly used for producing electronic devices. The company focuses on semiconductor process equipment that addresses a range of challenging materials engineering problems for its customers. Its products include Laser Processing Systems, Lithography Systems, Ion Beam Systems, SiC CVD Systems, MOCVD Systems, Wet Processing Systems, MBE Technologies, Atomic Layer Deposition Systems, Physical Vapor Deposition Systems, Dicing and Lapping Systems, as well as Gas & Vapor Delivery Systems. The maximum of the company's revenue is generated from sales to the Semiconductor Industry and within China.
56GF Score
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