Is Veeco Instruments, Inc. overvalued or undervalued?

As of 21 November 2025, the valuation grade for Veeco Instruments, Inc. moved from expensive to fair. The company appears fairly valued based on its current metrics. Key ratios include a P/E ratio of 13, an EV to EBITDA of 12.38, and a PEG ratio of 1.07, which suggest that the stock is reasonably priced relative to its earnings growth potential.
In comparison to peers, Littelfuse, Inc. has a much higher P/E ratio of 30.08, indicating it is very expensive, while Universal Display Corp. shows a P/E of 28.20 and is considered very attractive. Despite Veeco's fair valuation, its recent stock performance has lagged behind the S&P 500, with a 3-year return of 43.16% compared to the S&P's 67.17%, and a 5-year return of 69.34% versus 85.61%.