Demonstrações financeiras detalhadas de Veeco Instruments Inc. (VECO): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Veeco Instruments Inc. registou receitas de $664.3M no último exercício, com um CAGR de 5 anos de 7.9%.
Margens dos últimos 12 meses: margem bruta 37.8%, margem operacional 3.3%, margem líquida 3.4%. O fluxo de caixa livre cresceu a CAGR de 4.8% em 5 anos.
Ao preço atual de $41.04, VECO negocia a um P/L de 106.94 e um ROE de 2.62%. A capitalização de mercado é de $2.5B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $332.5M | $484.8M | $542.1M | $419.3M | $454.2M | $583.3M | $646.1M | $666.4M | $717.3M | $664.3M |
| Custo da Receita | $199.6M | $300.4M | $348.4M | $261.2M | $259.9M | $341.0M | $383.0M | $381.4M | $413.3M | $398.9M |
| Lucro Bruto | $132.9M | $184.3M | $193.7M | $158.2M | $194.3M | $242.3M | $263.1M | $285.1M | $304.0M | $265.4M |
| P&D | $81.0M | $82.0M | $97.8M | $90.6M | $79.0M | $88.7M | $103.6M | $112.9M | $124.5M | $119.6M |
| Despesas Gerais e Administrativas | $77.6M | $100.2M | $92.1M | $79.7M | $76.3M | $84.5M | $89.0M | $92.8M | $99.7M | $98.9M |
| Despesas Operacionais | $177.9M | $217.7M | $222.2M | $197.8M | $171.7M | $185.6M | $202.9M | $215.1M | $237.0M | $229.7M |
| Lucro Operacional | -$120.4M | -$63.8M | -$415.5M | -$39.6M | $22.6M | $56.7M | $60.3M | $69.9M | $67.0M | $35.7M |
| EBITDA | -$86.6M | -$19.4M | -$362.3M | -$21.5M | $47.0M | $80.1M | $88.1M | $8.4M | $105.0M | $51.7M |
| Despesas com Juros | $222000 | $19.5M | $21.5M | $22.1M | $24.7M | $28.4M | $11.5M | $11.8M | $11.0M | $9.1M |
| Lucro Antes de Impostos | -$119.4M | -$80.9M | -$433.8M | -$78.0M | -$8.5M | $25.7M | $51.0M | -$28.3M | $68.8M | $39.4M |
| Imposto | $2.8M | -$36.1M | -$26.7M | $777000 | -$73000 | -$358000 | -$116.0M | $2.0M | -$4.9M | $4.0M |
| Lucro Líquido | -$122.2M | -$44.8M | -$407.1M | -$78.7M | -$8.4M | $26.0M | $166.9M | -$30.4M | $73.7M | $35.4M |
| LPA | $-3.11 | $-1.01 | $-8.63 | $-1.66 | $-0.17 | $0.53 | $3.35 | $-0.56 | $1.31 | $0.60 |
| LPA Diluído | $-3.11 | $-1.01 | $-8.63 | $-1.66 | $-0.17 | $0.49 | $2.71 | $-0.56 | $1.23 | $0.59 |
| Ações em Circulação (Diluídas) | $39.3M | $44.2M | $47.2M | $47.5M | $48.4M | $53.6M | $65.6M | $53.8M | $61.6M | $60.6M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $165.9M | $165.0M | $158.3M | $193.5M |
| Lucro Bruto | $66.9M | $61.3M | $55.1M | $74.8M |
| Lucro Operacional | $10.7M | -$1.5M | $1.2M | $11.9M |
| EBITDA | $18.9M | $12.2M | $5.7M | $16.8M |
| Lucro Líquido | $10.6M | $1.1M | -$324000 | $11.9M |
| LPA | $0.18 | $0.02 | $-0.01 | $0.19 |
| LPA Diluído | $0.17 | $0.02 | $-0.01 | $0.18 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $277.4M | $279.7M | $212.3M | $129.3M | $129.6M | $119.7M | $154.9M | $158.8M | $145.6M | $163.5M |
| Investimentos de Curto Prazo | $66.8M | $47.8M | $48.2M | $115.3M | $189.8M | $104.2M | $147.5M | $146.7M | $198.7M | $226.8M |
| Contas a Receber | $58.0M | $99.0M | $77.2M | $71.0M | $101.2M | $127.9M | $140.7M | $127.4M | $133.9M | $145.5M |
| Estoque | $77.1M | $120.3M | $156.3M | $133.1M | $145.9M | $170.9M | $206.9M | $237.6M | $246.7M | $275.3M |
| Ativos Circulantes | $501.5M | $597.0M | $520.1M | $475.9M | $586.9M | $549.4M | $668.9M | $706.3M | $764.5M | $845.3M |
| Imobilizado | $60.6M | $85.1M | $80.3M | $90.2M | $75.5M | $128.6M | $133.7M | $142.8M | $140.3M | $133.3M |
| Ágio | $114.9M | $307.1M | $184.3M | $181.9M | $181.9M | $181.9M | $181.9M | $215.0M | $215.0M | $215.0M |
| Ativos Intangíveis | $58.4M | $369.8M | $85.1M | $61.5M | $46.2M | $33.9M | $23.9M | $43.9M | $8.8M | $5.7M |
| Ativos Totais | $758.5M | $1.39B | $900.8M | $818.1M | $898.1M | $899.0M | $1.13B | $1.23B | $1.25B | $1.33B |
| Contas a Pagar | $22.6M | $50.3M | $39.6M | $21.3M | $33.7M | $44.5M | $52.0M | $42.4M | $43.5M | $55.3M |
| Dívida de Curto Prazo | $368000 | 0 | 0 | 0 | 0 | 0 | $20.2M | 0 | $26.5M | 0 |
| Passivos Circulantes | $143.5M | $223.5M | $160.1M | $118.2M | $146.7M | $189.2M | $257.9M | $218.0M | $192.3M | $178.1M |
| Dívida de Longo Prazo | $826000 | $275.6M | $287.4M | $300.1M | $321.1M | $229.4M | $254.5M | $274.9M | $249.7M | $226.0M |
| Passivos Totais | $163.9M | $546.6M | $463.0M | $443.6M | $489.7M | $461.3M | $550.4M | $556.6M | $480.8M | $440.3M |
| Reservas | -$168.6M | -$213.4M | -$620.0M | -$698.9M | -$707.3M | -$681.3M | -$501.8M | -$532.2M | -$458.5M | -$423.1M |
| Patrimônio Líquido | $594.6M | $840.7M | $437.8M | $374.5M | $408.4M | $437.6M | $577.8M | $672.4M | $770.8M | $885.5M |
| Dívida Total | $1.2M | $275.6M | $287.4M | $314.6M | $331.6M | $266.7M | $311.6M | $310.5M | $314.3M | $262.0M |
| Dívida Líquida | -$343.0M | -$51.9M | $26.9M | $70.0M | $12.2M | $42.8M | $9.2M | $5.0M | -$30.0M | -$128.2M |
| Capital de Giro | $358.0M | $373.5M | $360.0M | $357.7M | $440.2M | $360.2M | $411.0M | $488.2M | $572.2M | $667.3M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $193.2M | $163.5M | $179.5M | $214.5M |
| Ativos Totais | $1.29B | $1.33B | $1.35B | $1.41B |
| Passivos Totais | $413.9M | $440.3M | $469.3M | $511.7M |
| Patrimônio Líquido | $876.0M | $885.5M | $883.7M | $902.8M |
| Dívida Total | $262.4M | $262.0M | $261.5M | $257.0M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | -$122.2M | -$44.8M | -$407.1M | -$78.7M | -$8.4M | $26.0M | $166.9M | -$30.4M | $73.7M | $35.4M |
| Depreciação e Amortização | $32.6M | $50.1M | $50.0M | $34.4M | $30.7M | $26.1M | $25.6M | $25.0M | $25.1M | $25.1M |
| Compensação em Ações | $15.7M | $24.4M | $16.1M | $15.3M | $12.7M | $15.2M | $23.0M | $28.6M | $35.9M | $35.9M |
| Variação Capital de Giro | -$20.2M | $26.6M | -$56.0M | -$16.8M | -$13.7M | -$17.8M | $10.0M | -$58.5M | -$70.7M | -$20.2M |
| Fluxo de Caixa Operacional | -$23.8M | $34.1M | -$37.7M | -$7.4M | $43.0M | $67.7M | $108.5M | $61.7M | $63.8M | $63.8M |
| CapEx | -$11.5M | -$24.3M | -$12.7M | -$10.9M | -$6.8M | -$40.6M | -$24.6M | -$27.9M | -$18.1M | -$18.1M |
| Aquisições | $9.5M | -$401.8M | -$2.7M | $10.9M | $6.8M | $40.6M | $44.3M | -$30.4M | $2.0M | 0 |
| Recompra de Ações | -$13.3M | -$2.9M | -$11.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | -$35.3M | $9.9M | -$50.4M | -$18.3M | $36.2M | $27.1M | $83.9M | $33.7M | $45.7M | $45.7M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $15.5M | $24.9M | $7.9M | $51.4M |
| CapEx | -$2.6M | -$3.3M | -$5.1M | -$3.7M |
| Fluxo de Caixa Livre | $13.0M | $21.7M | $2.8M | $47.7M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $9.1M | 0 | $8.5M | $9.2M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +45.8% | +11.8% | -22.6% | +8.3% | +28.4% | +10.8% | +3.1% | +7.6% | -7.4% |
| Crescimento Lucro Líquido (anual) | | +63.3% | -808.8% | +80.7% | +89.3% | +410.3% | +541.1% | -118.2% | +342.7% | -52.0% |
| Crescimento LPA (anual) | | +67.5% | -754.5% | +80.8% | +89.8% | +411.8% | +532.1% | -116.7% | +333.9% | -54.2% |
| Variação de Ações (anual) | | +12.3% | +6.7% | +0.7% | +1.9% | +10.9% | +22.3% | -18.0% | +14.6% | -1.6% |
| Crescimento FCF (anual) | | +128.0% | -610.4% | +63.7% | +298.0% | -25.2% | +209.5% | -59.8% | +35.4% | +0.0% |
| Margem Bruta | 40.0% | 38.0% | 35.7% | 37.7% | 42.8% | 41.5% | 40.7% | 42.8% | 42.4% | 40.0% |
| Margem Operacional | -36.2% | -13.2% | -76.6% | -9.4% | 5.0% | 9.7% | 9.3% | 10.5% | 9.3% | 5.4% |
| Margem EBITDA | -26.0% | -4.0% | -66.8% | -5.1% | 10.3% | 13.7% | 13.6% | 1.3% | 14.6% | 7.8% |
| Margem Líquida | -36.8% | -9.2% | -75.1% | -18.8% | -1.8% | 4.5% | 25.8% | -4.6% | 10.3% | 5.3% |
| Margem FCF | -10.6% | 2.0% | -9.3% | -4.4% | 8.0% | 4.6% | 13.0% | 5.1% | 6.4% | 6.9% |
| Taxa Efetiva de Imposto | -2.3% | 44.6% | 6.2% | -1.0% | 0.9% | -1.4% | -227.4% | -7.2% | -7.1% | 10.1% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $-0.90 | $0.22 | $-1.07 | $-0.39 | $0.75 | $0.51 | $1.28 | $0.63 | $0.74 | $0.75 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $39.3M | $44.2M | $47.2M | $47.5M | $48.4M | $49.1M | $49.9M | $53.8M | $56.4M | $59.3M |
O que olhar em empresas de Technology
- Crescimento de receita 3a (≥15%/ano) — Valida tração sustentada, não um ano pontual.
- Margem bruta (Depende do sub-setor) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Receita (≥20%) — Caixa real gerada. Muitas tech maquilham lucros não-GAAP.
- ROIC (≥15%) — Eficiência do capital reinvestido — a primeira métrica de Buffett.
- SBC / Receita (<10% saudável) — Stock-based compensation. Diluição silenciosa: >20% destrói valor.
- Dívida Líquida / EBITDA (≤2x (1,5x SaaS)) — Resistência em recessões e subidas de juros.
Rentabilidade
| Retorno sobre patrimônio | 2.62% |
| Retorno sobre capital investido | 1.89% |
| Retorno sobre ativos | 1.64% |
| Margem bruta | 37.81% |
| Margem operacional | 3.26% |
| Margem líquida | 3.40% |
Saúde financeira
| Dívida / Patrimônio | 0.28 |
| Liquidez corrente | 3.93 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 3.06 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | -9.37 | -14.70 | -0.86 | -8.85 | -102.12 | 53.72 | 5.55 | -55.41 | 20.46 | 47.63 |
| P/VP | 1.93 | 0.78 | 0.80 | 1.86 | 2.06 | 3.19 | 1.60 | 2.48 | 1.96 | 1.91 |
| P/V | 3.45 | 1.35 | 0.64 | 1.66 | 1.85 | 2.40 | 1.44 | 2.50 | 2.11 | 2.55 |
| Margem Bruta | 40.0% | 38.0% | 35.7% | 37.7% | 42.8% | 41.5% | 40.7% | 42.8% | 42.4% | 40.0% |
| Margem Operacional | -36.2% | -13.2% | -76.6% | -9.4% | 5.0% | 9.7% | 9.3% | 10.5% | 9.3% | 5.4% |
| Margem Líquida | -36.8% | -9.2% | -75.1% | -18.8% | -1.8% | 4.5% | 25.8% | -4.6% | 10.3% | 5.3% |