olivLaw · US equity research
CVD Equipment Corporation CVV
Special Industry Machinery, NEC · SIC 3559 · Vertical: Special Industry Machinery, NEC (SIC 3559)
CVD Equipment Corporation designs and manufactures chemical vapor deposition and thermal process equipment used to develop advanced materials for aerospace, silicon carbide semiconductors and research. The company is in the middle of a strategic transformation after selling its SDC division and remaining with a debt-free balance sheet but declining orders, so its future direction depends on which path it chooses.
At the close of 04 Nov 2026, CVD Equipment Corporation (CVV) stock was 3.85 USD (−0.26% on the day), with market capitalisation 26.8 m USD, P/E 2.7 on diluted EPS of 1.45 USD over the last 12 months, beta 1.40, 52-week range 2.98–8.34 USD. Latest reported quarter (Q2 2026): revenue of 2.0 m USD (−42.6% YoY), net income of 12.6 m USD, diluted EPS 1.81 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.1
- weak (30–45)
- Bollinger (20, 2)
- 3.65 – 4.22
- in the lower half of the band · %B 0.35 · band width 14.3%
- SMA 50 / 200
- 4.73 / 5.57
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.22 / -0.28
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.0% | −2.0% | −8.1 pp | — |
| 3 months | −53.0% | −2.2% | −50.8 pp | — |
| 6 months | −52.2% | +4.3% | −56.4 pp | — |
| Year to date | +24.6% | +10.6% | +14.0 pp | — |
| 1 year | +4.9% | +10.5% | −5.6 pp | +23.7% |
| 3 years | −30.8% | +73.7% | −104.4 pp | +27.4% |
| 5 years | −21.3% | +61.7% | −83.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.2 m | 7.4 m | 6.3 m | 3.4 m | 7.4 m | 5.0 m | 1.8 m | 2.0 m |
| Cost of revenue | 6.4 m | 5.5 m | 4.6 m | 2.9 m | 5.0 m | 3.9 m | 1.7 m | 1.6 m |
| Gross profit | 1.8 m | 2.0 m | 1.7 m | 481.0 k | 2.4 m | 1.1 m | 147.0 k | 329.0 k |
| Research & development | 644.0 k | 572.0 k | 734.0 k | 639.0 k | 594.0 k | 725.0 k | 727.0 k | 685.0 k |
| Operating income | 77.0 k | 35.0 k | -320.0 k | -1.4 m | 308.0 k | -1.3 m | -1.8 m | -1.6 m |
| Depreciation & amortisation | 169.0 k | 208.0 k | 185.0 k | 169.0 k ≈ | 163.0 k ≈ | 166.0 k | 123.0 k | 145.0 k ≈ |
| Interest expense | 5.0 k | 5.0 k | 3.0 k | 3.0 k | 3.0 k | 3.0 k | 1.0 k | 0 ≈ |
| Pre-tax income | 208.0 k | 151.0 k | -213.0 k | -1.3 m | 384.0 k | -1.3 m | -1.7 m | -1.4 m |
| Income tax | 5.0 k | 19.0 k | 16.0 k | 0 ≈ | 0 ≈ | -13.0 k | — | — |
| Net income | 203.0 k | 132.0 k | 360.0 k | -1.1 m | 384.0 k | -1.3 m | -1.7 m | 12.6 m |
| Diluted EPS | 0.03 | 0.02 ≈ | 0.05 | -0.15 | 0.06 | -0.18 ≈ | -0.24 | 1.81 |
| Operating cash flow | 32.0 k ≈ | 2.3 m | -2.3 m | -3.2 m ≈ | 1.4 m ≈ | 397.0 k | -852.0 k | -425.0 k ≈ |
| Capex | 37.0 k ≈ | -113.0 k | 45.0 k | 4.0 k ≈ | 0 ≈ | -1.0 k | 13.0 k | 1.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 11-quarter history (min 5.1, median 14.1, max 55.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 24.3 m | 19.6 m | 16.9 m | 16.4 m | 25.8 m | 24.1 m | 26.9 m | 25.8 m |
| Revenue YoY | −40.8% | −19.3% | −13.9% | −2.8% | +56.9% | −6.6% | +11.5% | −4.1% |
| Net income | -5.2 m | -6.3 m | -6.1 m | 4.7 m | -224.0 k | -4.2 m | -1.9 m | -1.6 m |
| Net income YoY | −198.9% | unavailable | unavailable | unavailable | −104.7% | unavailable | unavailable | unavailable |
| Diluted EPS | -0.80 | -0.96 | -0.91 | 0.71 | -0.03 | -0.62 | -0.28 | -0.23 |
| Diluted EPS YoY | −197.6% | unavailable | unavailable | unavailable | −104.2% | unavailable | unavailable | unavailable |
| net % | -21.4% | -32.2% | -35.9% | 28.9% | -0.9% | -17.3% | -7.1% | -6.1% |
| Free cash flow | -2.0 m | -2.1 m | -2.7 m | -4.5 m | -471.0 k | -624.0 k | -1.6 m | -3.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.7 m USD
- Financial debt
- 181.0 k USD
- Net debt
- -8.6 m USD
- Equity
- 24.7 m USD
- Total assets
- 27.5 m USD
- Debt / equity
- 0.01x
- Current ratio
- 6.06x
- ROE
- -6.3%
- ROA
- -5.4%
- FCF margin
- -14.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 16.9 m | 16.4 m | 25.8 m | 24.1 m | 26.9 m | 25.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Cost of revenue | 14.0 m | 13.4 m | 19.2 m | 19.0 m | 20.8 m | 18.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Gross profit | 2.9 m | 3.1 m | 6.6 m | 5.1 m | 6.1 m | 7.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Research & development | 372.6 k | 1.8 m | 1.9 m | 2.6 m | 2.6 m | 2.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Operating income | -7.8 m | -4.7 m | -1.8 m | -4.9 m | -2.4 m | -1.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Depreciation & amortisation | 1.4 m | 742.0 k | 867.0 k | 792.0 k | 684.0 k | 683.0 k | SEC (XBRL)· 30 Mar 2026verified |
| EBITDA | -6.4 m ≈ | -3.9 m ≈ | -956.0 k ≈ | -4.1 m ≈ | -1.7 m ≈ | -1.2 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Interest expense | 444.3 k | 261.0 k | 8.0 k | 23.0 k | 19.0 k | 13.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Pre-tax income | -7.6 m | 4.8 m | -220.0 k | -4.2 m | -1.9 m | -1.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | -1.5 m | 28.0 k | 4.0 k | -14.0 k | 24.0 k | 3.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Net income | -6.1 m | 4.7 m | -224.0 k | -4.2 m | -1.9 m | -1.6 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | -0.91 | 0.71 | -0.03 | -0.62 | -0.28 | -0.23 | SEC (XBRL)· 30 Mar 2026verified |
| Weighted average diluted shares | 6.6 m | 6.7 m | 6.7 k | 6.8 m | 6.8 m | 6.9 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 7.7 m | 16.7 m | 14.4 m | 14.0 m | 12.6 m | 8.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Receivables | 1.0 m | 1.4 m | 3.8 m | 1.9 m | 2.1 m | 1.3 m | SEC (XBRL)· 14 May 2026verified |
| Inventories | 1.1 m | 1.2 m | 2.5 m | 4.5 m | 2.1 m | 285.0 k | SEC (XBRL)· 14 May 2026verified |
| Current assets | 11.8 m | 23.1 m | 23.7 m | 22.8 m | 20.0 m | 16.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Property, plant & equipment, net | 28.8 m | 12.3 m | 12.6 m | 12.2 m | 11.7 m | 10.5 m | SEC (XBRL)· 14 May 2026verified |
| Intangibles (excl. goodwill) | 288.7 k | 183.0 k | 119.0 k | 9.0 k | — | — | SEC (XBRL)· 28 Mar 2024verified |
| Total assets | 40.9 m | 35.5 m | 37.9 m | 35.0 m | 31.7 m | 27.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Accounts payable | 817.9 k | 1.2 m | 1.5 m | 1.2 m | 679.0 k | 250.0 k | SEC (XBRL)· 14 May 2026verified |
| Short-term debt | — | 1.8 m | 77.0 k | 81.0 k | 87.0 k | 181.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Long-term debt | 13.1 m | 0 | 349.0 k | 268.0 k | 181.0 k | — | SEC (XBRL)· 19 Mar 2025verified |
| Current liabilities | 3.7 m | 6.3 m | 8.2 m | 8.6 m | 6.1 m | 2.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | 16.8 m | 6.3 m | 8.5 m | 8.8 m | 6.3 m | 2.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Equity | 24.1 m † | 29.2 m † | 29.4 m † | 26.2 m † | 25.4 m † | 24.7 m † | SEC (XBRL)· 30 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.1 m | -4.3 m | 194.0 k | -206.0 k | -1.5 m | -3.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Capex | 1.6 m | 236.0 k | 665.0 k | 418.0 k | 106.0 k | 48.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Free cash flow | -2.7 m ≈ | -4.5 m ≈ | -471.0 k ≈ | -624.0 k ≈ | -1.6 m ≈ | -3.7 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Investing cash flow | -1.6 m | 22.8 m | -708.0 k | -133.0 k | 144.0 k | -99.0 k | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 1.7 m | -9.6 m | -1.8 m | -1.0 k | -82.0 k | -87.0 k | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 26.8 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 34.04 – 50.85 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E34.04 – 50.85 (Mid 44.67)7 companies used · median multiple 30.9x · quartiles 23.5x – 35.2xACLS, ACMR, ASYS, CRCT, ERII, LRCX, SOTK
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 62.0% | 100 (vs peers) | 13% |
| FCF conversion · Quality | 4.6% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | -0.0% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -627.7x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 11.5x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 2.7x | 100 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.7% | 22 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation65/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CVD EQUIPMENT CORPORATION (CVV). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 25.8 m USD in 2025; YoY growth -4.1%; net margin 62.0%; ROE 32.7%.
The estimated value range is 34.04–50.85 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 44.67 USD, the price of 3.85 USD leaves a potential of 1,060.1% (value / price − 1) and a margin of safety of 91.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 62.0%
- Current ratio: 11.5x
- P/E (TTM): 2.7x
- The price is below the estimated value range
What contradicts it
- FCF conversion: 4.6%
- Revenue CAGR 3Y: -0.0%
- Interest coverage: -627.7x
- FCF yield: 1.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Special Industry Machinery, NEC (SIC 3559) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LRCXLam Research Corporation | 288.2 bn | 34.4 | 70.1% | 32.3% | +26.0% | +48% / +222% |
| ACLSAxcelis Technologies Inc | 2.8 bn | 30.9 | 8.9% | 10.7% | −17.6% | +11% / −26% |
| VECOVeeco Instruments Inc | 2.2 bn | 100.5 | 2.6% | 3.4% | −7.4% | +23% / +26% |
| CRCTCricut, Inc. | 1.9 bn | 20.9 | 25.9% | 12.7% | −0.5% | +87% / +29% |
| AZTAAzenta, Inc. | 1.7 bn | — | -7.7% | -20.0% | +3.6% | +10% / −31% |
| ACMRACM Research, Inc. | 629.9 m | 21.0 | 10.6% | 14.5% | +15.2% | +33% / +167% |
| ERIIEnergy Recovery, Inc. | 366.0 m | 26.0 | 8.6% | 12.7% | −6.9% | −50% / −62% |
| ASYSAmtech Systems, Inc. | 216.2 m | 46.7 | 4.8% | 4.9% | −21.6% | +57% / +60% |
| VELOVelo3D, Inc. | 181.5 m | — | -61.5% | -89.6% | +12.1% | +6% / −99% |
| SOTKSono Tek Corp | 71.0 m | 36.0 | 10.1% | 9.3% | +2.0% | +24% / −10% |
| TRTTrio-Tech International | 51.5 m | — | -0.1% | -0.1% | +71.6% | +16% / +103% |
| CVVCvd Equipment Corporation | 26.8 m | 2.7 | 32.7% | 62.0% | −4.1% | +5% / −31% |
| ASMLAsml Holding NV | — | — | 50.5% | 29.4% | +15.6% | +41% / +119% |
1- and 3-year price returns: for CVV from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.16 Total return -44% · Per year -44% | 3.84 Total return -0% · Per year -0% | 5.79 Total return 50% · Per year 50% |
| 3 years | 1.91 Total return -50% · Per year -21% | 3.83 Total return -0% · Per year -0% | 6.38 Total return 66% · Per year 18% |
| 5 years | 1.69 Total return -56% · Per year -15% | 3.83 Total return -1% · Per year -0% | 7.03 Total return 83% · Per year 13% |
- Exit P/E± 0.96
- Net margin± 0.67
- Annual revenue growth± 0.58
- Annual dilution± 0.06
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CVD Equipment Corporation designs and manufactures chemical vapor deposition and thermal process equipment used to develop advanced materials for aerospace, silicon carbide semiconductors and research. The company is in the middle of a strategic transformation after selling its SDC division and remaining with a debt-free balance sheet but declining orders, so its future direction depends on which path it chooses.
SWOT
Strengths
- The company has more than four decades of experience in chemical vapor deposition equipment and a debt-free balance sheet after the SDC sale 2.
- The PVT system architecture offers precise control and run-to-run repeatability, supporting demand in silicon carbide 1.
- The company maintains an application laboratory where customers can bring their own process tools for collaborative work with its engineers 3.
Weaknesses
- Revenue and orders have declined in recent years and backlog has fallen considerably 12.
- The customer base is concentrated, so losing a major customer would have a significant impact on results 1.
- After the SDC sale, the company has no other segment large enough to offset the volatility of system orders 2.
Opportunities
- If demand for silicon carbide and power electronics accelerates, PVT systems could become a new source of orders 12.
- Capital from the SDC sale could fund acquisitions of product lines or businesses, as management has indicated 2.
- Outsourced fabrication could lower fixed costs and improve operational flexibility 1.
Threats
- Tariffs and trade restrictions could raise component costs and reduce the competitiveness of products 1.
- Larger, better-financed competitors could launch more advanced products or cut prices 1.
- The bankruptcy of a customer, such as the buyer of the 0.8 million USD system order, could affect backlog and cash flows 23.
Risks
- Customer concentrationhigh
A small number of customers generate a large share of revenue, and cancelled or delayed orders can materially affect results 1.
- Customer bankruptcyhigh
The customer that placed a system order filed a prepackaged Chapter 11 proceeding after quarter-end, and the company is evaluating the impact on the order and backlog 23.
- Tariffs and supply chainsmedium
Components made outside the U.S. could become more expensive or harder to obtain because of trade policy and logistics disruptions 1.
- Long sales cyclelow
The lengthy sales cycle makes revenue forecasting difficult, while fixed operating costs can keep weighing on results 1.
Investment thesis
What would need to be true (bull case)
- If the transformation reduces fixed costs and demand for silicon carbide and advanced materials recovers, the company could benefit from its solid balance sheet and the capital left after the SDC sale 12.
- Its technical know-how and PVT systems could give it a good position in a growing segment if power electronics and aerospace customers resume investment 13.
- Available capital could enable strategic acquisitions that diversify revenue, if management finds suitable opportunities 2.
What would break the thesis
- Orders and backlog have declined considerably, and revenue from continuing operations in the second quarter of 2026 was roughly half of the prior year level 12.
- Dependence on a few customers and the risk that one of them fails could weigh on revenue stability 13.
- Without the SDC division, the company is left with a single segment exposed to investment cycles, and losses from continuing operations persist 2.
What to watch
- Development of orders and backlog after the reduction in activityQ3 2026
- Decision on strategic alternatives for the CVD Equipment segment2026
- Impact of the customer bankruptcy on the 0.8 million USD system orderQ3 2026
- Effect of tariffs and supply chain costs on gross marginsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
CVD Equipment Corporation has served the advanced materials markets with chemical vapor deposition, physical vapor transport and thermal process equipment for over 40 years, headquartered in Central Islip, New York 12. Revenue in fiscal 2025 was 25.8 million USD, down 4.1% 1, and revenue from continuing operations in the second quarter of 2026 fell 42.6% 23. After the sale of the SDC division, completed on April 1, 2026, the company reports one reportable segment, CVD Equipment 2.
From November 2025 the company moved its CVD Equipment business from vertically integrated fabrication to outsourced fabrication of certain components to reduce fixed costs, and its board approved a transformation strategy that includes exploring strategic alternatives such as asset sales or acquisitions 12. The customer base is concentrated: two customers accounted for 27.6% and 13.7% of total revenue in 2025 1.
The sales cycle is long, from several months to over a year, and many systems are customized with prices up to several million dollars, so backlog is not necessarily representative of future sales 1. Bookings in the first half of 2026 were 2.9 million USD, compared with 2.3 million USD in the first half of 2025 2.
Segments
CVD Equipment
The CVD Equipment segment designs and manufactures chemical vapor deposition, physical vapor transport and thermal process systems for aerospace, semiconductors, battery energy storage and research 2. In 2025 it generated 18.1 million USD, or 70.0% of revenue, with declines tied to lower system orders 1.
Market context
Target markets include aerospace, where ceramic matrix composites are used in next-generation jet engines, silicon carbide power electronics, electric vehicle battery materials and industrial applications 13. Demand depends on research funding, university budgets and manufacturer investment, and trade tariffs and supply chains can change order volumes 12.
In 2025 orders were hit by tariff uncertainty, reduced university funding and a U.S. government shutdown 1. If the economic and geopolitical environment stays uncertain, system orders could remain weak, while spare parts and non-system orders may offer some stability 12.
Trends
- Tariffs and trade policyheadwind
U.S. tariffs and retaliatory measures by other countries could make the company's equipment less cost competitive and reduce gross margins, since a significant share of components is made in China and other regions 12.
- Silicon carbide and power electronicstailwind
PVT systems are positioned for silicon carbide crystal growth, relevant to electric vehicles and power supplies for AI data centers, and the company plans to evaluate expanding its offering in this market 12.
- Aerospace composite materialstailwind
Customers use the company's systems to produce ceramic matrix composites for next-generation gas turbine engines aimed at reducing fuel consumption 1.
- Economic uncertainty and fundingheadwind
Inflation, elevated interest rates and geopolitical instability could delay customer investment decisions and reduce equipment orders 2.
Competitive position
The company states that it faces significant competition worldwide from diversified companies with far greater financial resources and research capabilities, as well as from smaller emerging equipment makers that often offer similar products at lower prices 1. Universities and research laboratories that build their own equipment are also competitors 1.
The company describes its small size and limited resources relative to larger rivals as a disadvantage, which could affect prices, orders and market share if competitors launch more advanced products 1.
- Diversified industrial equipment groups
Companies with broad product portfolios that compete with the CVD range and have far larger research and manufacturing resources 1.
- Emerging processing equipment makers
Smaller companies that sometimes offer partly similar products at lower prices, using innovative technology for specialized markets 1.
- Universities and research laboratories
Institutions that may build their own equipment instead of buying external systems 1.
- Silicon carbide crystal growth equipment suppliers
Competitors in crystal growth systems for power electronics, a segment where the company intends to expand 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Proxy statement25 Sept 2026
- Current report10 Sept 2026Exit or disposal costs · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Current report12 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report14 May 2026
- Current report14 May 2026Results of operations · Financial statements and exhibits
- Current report07 Apr 2026Acquisition or disposition of assets · Financial statements and exhibits
- Annual report30 Mar 2026
- Current report30 Mar 2026Results of operations · Financial statements and exhibits
- Current report24 Mar 2026Material agreement · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CVD Equipment Corporation · 30 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CVD Equipment Corporation · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CVD Equipment Corporation · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.