Veeco Instruments Inc. — Earnings Quality Grade C
VECO · Technology
Some red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 12 days
AR growth 14.3% exceeds revenue growth -7.4%
Revenue -7.4%, CFFO 8.9%. Cash follows revenue
Expense Quality
Inventory growth 11.6% exceeds COGS -3.5%
CapEx growth -10.6% vs revenue -7.4%. Normal
SG&A/Gross Profit = 37.3%. Normal
Gross margin 40.0%, change -2.4pp. Stable
Cash Flow Quality
CFFO/NI = 1.96. Profits backed by cash
FCF $0.1B, FCF/NI = 1.51
Accruals ratio = -2.6%. Low accruals
Cash $0.4B covers debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 25% of equity. Manageable
Debt/EBITDA = 3.8x. Healthy
Other assets grew 30.6% vs revenue -7.4%
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -2.39 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25