Research · Sep 3, 2026
[VECO] Veeco Instruments Thesis 2026: Laser Annealing Captures HBM + Advanced Logic Convergence
Veeco Instruments FY2025 revenue ~$735M flat YoY masks meaningful mix shift: laser annealing grew ~$310M (from ~$260M FY2024) driven by HBM (~$70M, up from ~$45M) and advanced logic 3nm/2nm dopant activation (~$170M); offset by China weakness (~10% rev vs. 22% FY2023) and EV-driven SiC MOCVD softness. Adj. EBITDA ~$130M at ~17.7% margin. FY2026 thesis: HBM3E ramp + HBM4 development drives laser annealing higher (toward $130-160M HBM-specific by FY2027); advanced logic gate-all-around adoption at TSMC/Samsung/Intel sustains dopant annealing growth; key risks: China continued compression, memory cycle reversal, Applied Materials competitive entry into laser annealing.