Photronics vs Veeco Instruments
Photronics reported revenue of $849 million in fiscal 2025, 1.3 times Veeco Instruments' $664 million in fiscal 2025. Photronics' revenue fell 2.0% in its latest year, and Veeco Instruments' fell 7.4%. Photronics had an operating margin of 24.5%, against 5.4% at Veeco Instruments. Free cash flow was $60 million at Photronics and $53 million at Veeco Instruments. Their fiscal years end in different months (October 31 and December 31), so the periods don't line up exactly.
Side by side
| Photronics | Veeco Instruments | |
|---|---|---|
| Latest fiscal year | FY2025, Oct 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $849M | $664M |
| Revenue growth | −2.0% | −7.4% |
| Revenue growth a year, last 5 years | 6.9% | 7.9% |
| Gross margin | 35.3% | 40.0% |
| Operating margin | 24.5% | 5.4% |
| Net margin | 16.1% | 5.3% |
| Free cash flow | $60M | $53M |
| Free cash flow margin | 7.0% | 8.0% |
| Return on capital | 19.1% | 4.5% |
| Net debt to EBITDA | −2.1x | −3.0x |
| Dividends and buybacks | $97M | $0M |
| Change in diluted share count | −4.0% | −1.6% |
| Last close | $27.36 | $37.19 |
| P/E at the last close | 9.7× | 90.7× |
| Insider trades, last 12 months | sold $23.9 million | sold $37.6 million |
| Piotroski F-score | 6 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
PhotronicsVeeco Instruments
Operating margin
Percent of revenue
PhotronicsVeeco Instruments
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
PhotronicsVeeco Instruments
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Photronics and Veeco Instruments pages.