Does VEECO INSTRUMENTS INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores VEECO INSTRUMENTS INC. (VECO) 34.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 66, returns on capital 4, balance-sheet safety 44, capital discipline 24.

Is VECO stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $11.69 per share versus a recent price of $52.27 — 347% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has VECO's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 34.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

VEECO INSTRUMENTS INC.

VECO · Industrials · $3.2B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power66

Median gross margin 40.4% over 10y, very stable.

Returns on capital4

Median ROIC 3.2%, above the 9% hurdle in 10% of years.

Balance-sheet safety44

Net debt/EBITDA 1.1x, interest coverage 4x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

347% above value

Owner earnings (normalized): $39.2M
Est. intrinsic value / share: $11.69
Recent price: $52.27
Discount to value: 347% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

VEECO INSTRUMENTS INC. booked $664.3M of revenue in FY2025 in the Industrials sector and kept 40.0% of it as gross profit — a solid-margin business by that measure. After every other cost, 5.3% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $282.3M (FY2009) to $664.3M (FY2025) — about 5.5% a year compounded over 16 years.

It earned 3.4% on invested capital in FY2025, with a median of 3.0% across 17 filed years. The Returns on Capital filter above scores it 4/100.

The balance sheet carried $226.0M of total debt in FY2025 against $39.2M of owner earnings — roughly 5.8 years of owner earnings to retire it all. Balance-Sheet Safety scores it 44/100.

The share count rose 49.7% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (66/100) and Returns on Capital the weakest (4/100), which is how VECO lands at 35/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$664.3M FY2025

Gross marginRevenue kept after cost of goods40.0% FY2025

Return on invested capitalOperating profit on the capital employed3.4% FY2025

Owner earningsCash an owner could take out$39.2M FY2025

Gaps in a line mean that item isn’t in VECO’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale34.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — VECO has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Industrials context

#174 of 309 scored Industrials companies, ranked by Moat Score.

Nearest peers by Moat Score

#172SONO SONOS, INC.34.8 out of 100, No moatNo moat
#173KBR KBR, Inc.34.8 out of 100, No moatNo moat
#175FTEK FUEL TECH, INC.34.5 out of 100, No moatNo moat
#176ASYS AMTECH SYSTEMS INC34.2 out of 100, No moatNo moat

Compare VECO with its nearest peers →All Industrials companies on the Index →

Common questions about VECO

Does VEECO INSTRUMENTS INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores VEECO INSTRUMENTS INC. (VECO) 34.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 66, returns on capital 4, balance-sheet safety 44, capital discipline 24.
Is VECO stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $11.69 per share versus a recent price of $52.27 — 347% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has VECO's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 34.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Embed this score on your site

One iframe, no script. The badge shows VECO’s live Moat Score, updates itself as new filings are scored, and links back here. How it works.

<iframe
  src="https://buylikebuffett.com/embed/VECO"
  width="340" height="150" style="border:0"
  title="VECO Moat Score — The Moat Index"
  loading="lazy"></iframe>

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell VECO. See the disclaimer.