All told, the market leader facing a secular trend of massive growth is available for ~15x FY15 EPS ex-cash and ~10x FY16 EPS ex-cash; it's just too cheap. Up front, I'll say I do understand the logic behind the recent decline in shares of Veeco Industries : Nearly half of the company's first half revenue came from China, per the 10-Q , and given the tensions surrounding that market and that economy, that implies some caution.