A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
ONTO INNOVATION INC.
ONTO
$13.4B
Mkt Cap
$272.62
-6.40%
ONTO INNOVATION INC. (ONTO) has a current P/E ratio of 82.9, compared to its historical median P/E of 52.6. The stock is currently considered Expensive based on its historical valuation range.
ONTO INNOVATION INC. (ONTO) has a 5-year average return on invested capital (ROIC) of 10.5%. This indicates solid capital allocation.
ONTO INNOVATION INC. (ONTO) has a market capitalization of $13.6B. It is classified as a large-cap stock.
ONTO INNOVATION INC. (ONTO) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.55%.
Based on historical P/E analysis, ONTO INNOVATION INC. (ONTO) appears expensive. The current P/E of 82.9 is 58% above its historical median of 52.6. The estimated fair value CAGR (P/E method) is 51.7%.
ONTO INNOVATION INC. (ONTO) operates in the Measuring & Controlling Devices, Nec industry, within the Technology sector.
ONTO INNOVATION INC. (ONTO) reported annual revenue of $1.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Onto Innovation is a worldwide leader in the design, development, manufacture and support of metrology and inspection tools for the semiconductor industry, serving silicon wafer manufacturers, IC fabricators, and advanced packaging manufacturers. The company's product portfolio includes optical metrology and inspection systems for patterned and unpatterned wafers, macro defect inspection of 2D and 3D wafer features, wafer and panel substrate lithography systems, and process control analytical software, with applications spanning front-end bare silicon wafer production and back-end advanced packaging and test facilities. The company's systems measure critical dimensions, device structures, topography, shape, thin film compositions, and optical properties, featuring sophisticated software and production-worthy automation; its advanced process control software suite enhances productivity across standalone tools, groups of tools, and factory-wide systems. Onto Innovation serves diverse end-markets including logic ICs, memory (NAND, 3D-NAND, DRAM), analog devices, MEMS sensors, CMOS image sensors, LEDs, VCSELs, power semiconductors, and specialty applications, with particular focus on advanced nodes (transistor dimensions below 10nm) where metrology systems are purchased during new node development and capacity expansion. The company's business model is capital equipment sales with recurring service and software revenue; it operates globally with manufacturing facilities in Asia and maintains worldwide customer service and applications support. In the fourth quarter of 2025, Onto Innovation acquired Semilab USA, adding three advanced product lines—FAaST, CnCV, and MBIR—that enhance capabilities in inline wafer contamination monitoring, materials characterization, and surface charge metrology.
【Strong AI-driven momentum continuing】 Management expects revenue growth exceeding 30% in 2026, driven by insatiable end-market demand for high-performance compute and supporting process technologies, with advanced packaging revenue projected to grow more than 50% and advanced nodes business expected to grow approximately 25%, outpacing average WFE growth expectations in the low 20s. The company anticipates continued sequential revenue growth in the second half of 2026 of more than 15%, supported by rising customer expansions, accelerating new product adoption including the Dragonfly G5 with a pipeline of over 15 distinct applications across over 10 customers, and a growing backlog that has nearly doubled to record levels of approximately two quarters. Management expects continued gross and operating margin expansion throughout 2026 despite headwinds from certain material costs and fuel charges, supported by accelerated offshoring activities, smooth Semilab integration, and disciplined forecasting and spending controls. Looking into 2027, the company expects to outgrow WFE and anticipates stronger demand from existing customers as they ramp production, with more significant impact expected from Dragonfly G5 adoption and a rich pipeline of growth opportunities in both existing and new markets.
| Metric | Target | Period |
|---|---|---|
| Revenue | greater than $1.3 billion | FY2026 |
| Revenue growth | more than 30% | FY2026 |
| Advanced packaging revenue growth | more than 50% | FY2026 |
| Advanced nodes revenue growth | approximately 25% | FY2026 |
| Q2 2026 Revenue | $320 million-$330 million | Q2 FY2026 |
| Q2 2026 Gross margin | 56%-56.5% | Q2 FY2026 |
| Q2 2026 Operating expenses | $90 million-$92 million | Q2 FY2026 |
Revenue (FY2026): “This translates to 2026 revenue greater than $1.3 billion.”
Revenue growth (FY2026): “In total, we expect revenue growth of more than 30% in 2026.”
Advanced packaging revenue growth (FY2026): “Considering all of these growth drivers, we believe our advanced packaging revenue will grow more than 50% in 2026.”
Advanced nodes revenue growth (FY2026): “With this broad-based strength in logic, DRAM, and early signs of recovery in NAND, we now expect our advanced nodes business to grow approximately 25% in 2026, ahead of the average WFE growth expectations in the low 20%s.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2026 | FY2024 | FY2023 | FY2022 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 1.0B | 1.0B | 987M | 816M | 1.0B | 556M |
| Net Income | 160M | 137M | 202M | 121M | 223M | 31M |
| EPS | $3.24 | $2.78 | $4.06 | $2.46 | $4.49 | $0.63 |
| Free Cash Flow | 233M | 300M | 214M | 149M | 118M | 102M |
| ROIC | 9.1% | 7.6% | 14.7% | 9.2% | 18.6% | 2.5% |
| Gross Margin | 50.7% | 49.7% | 52.2% | 51.5% | 53.6% | 50.0% |
| Debt/Equity | 0.00 | 0.13 | 0.06 | 0.07 | 0.08 | 0.08 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 153M | 133M | 187M | 116M | 237M | -27M |
| Operating Margin | 14.8% | 13.2% | 19.0% | 14.2% | 23.5% | -4.8% |
| ROE | 7.5% | 6.5% | 11.0% | 7.3% | 14.0% | 2.5% |
| Shares Outstanding | 50M | 49M | 50M | 49M | 50M | 49M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 144M | 166M | 187M | 221M | 255M | 274M | 306M | 556M | 1.0B | 816M | 987M | 1.0B | 1.0B |
| Gross Margin | 43.4% | 45.6% | 47.9% | 51.6% | 52.8% | 54.2% | 44.1% | 50.0% | 53.6% | 51.5% | 52.2% | 49.7% | 50.7% |
| R&D | 33M | 34M | 33M | 31M | 38M | 40M | 48M | 85M | 112M | 104M | 114M | 132M | 131M |
| SG&A | 22M | 24M | 22M | 23M | 28M | 34M | 53M | 65M | 70M | 80M | 80M | 107M | 104M |
| EBIT | -22M | -12M | 5.0M | 29M | 59M | 51M | N/A | -27M | 237M | 116M | 187M | 133M | 153M |
| Op. Margin | -15.0% | -7.0% | 2.7% | 13.2% | 23.2% | 18.7% | N/A | -4.8% | 23.5% | 14.2% | 19.0% | 13.2% | 14.8% |
| Net Income | -14M | -31M | 2.9M | 44M | 33M | 45M | 223M | 31M | 223M | 121M | 202M | 137M | 160M |
| Net Margin | -9.8% | -18.7% | 1.6% | 19.9% | 12.9% | 16.5% | 73.0% | 5.6% | 22.2% | 14.9% | 20.4% | 13.6% | 15.5% |
| Non-Recurring | 9.1M | 4.9M | 259K | -478K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -6.6% | -16.1% | 2.7% | 26.7% | 33.1% | 28.0% | N/A | 2.5% | 18.6% | 9.2% | 14.7% | 7.6% | 9.1% |
| ROE | -6.7% | -16.1% | 1.6% | 20.4% | 11.8% | 13.0% | 27.5% | 2.5% | 14.0% | 7.3% | 11.0% | 6.5% | 7.5% |
| ROA | -5.4% | -12.8% | 1.3% | 16.8% | 11.0% | 12.4% | 23.9% | 2.1% | 12.4% | 6.5% | 10.0% | 5.8% | 6.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -2.4M | -635K | 1.6M | 46M | 64M | 35M | 18M | 106M | 137M | 172M | 246M | 328M | 260M |
| Free Cash Flow | -8.1M | -6.4M | -275K | 42M | 54M | 28M | 11M | 102M | 118M | 149M | 214M | 300M | 233M |
| Owner Earnings | -19M | -17M | -14M | 30M | 53M | 22M | -8.8M | 21M | 48M | 79M | 155M | 240M | 63M |
| CapEx | 5.7M | 5.8M | 1.8M | 4.0M | 10M | 7.5M | 6.8M | 3.8M | 18M | 23M | 32M | 29M | 27M |
| Maint. CapEx | 8.8M | 9.8M | 9.1M | 8.3M | 5.9M | 6.8M | 16M | 68M | 65M | 67M | 62M | 60M | 169M |
| Growth CapEx | 0 | 0 | 0 | 0 | 4.3M | 696K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 8.8M | 9.8M | 9.1M | 8.3M | 5.9M | 6.8M | 16M | 68M | 65M | 67M | 62M | 60M | 169M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 37.5% | 3.6% | 6.9% | 13.1% | 13.0% | N/A | 10.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 5.0M | 5.3M | 1.7M | 0 | 27M | 21M | 744K | 52M | 65M | 3.2M | 25M | 75M | 75M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.1% | 2.2% | N/A | 0.0% | 0.3% | N/A | 0.6% |
| Stock-Based Comp | 7.7M | 6.8M | 6.2M | 7.7M | 5.7M | 6.1M | 11M | 18M | 24M | 26M | 29M | 28M | 27M |
| Debt Repayment | 5.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -93M | -65M | -83M | N/A | N/A | N/A | -204M | -274M | -417M | -578M | -737M | N/A | -654M |
| Cash & Equiv. | 45M | 35M | 38M | 47M | 68M | 112M | 131M | 137M | 176M | 234M | 213M | 346M | 654M |
| Long-Term Debt | 0 | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.00 | 0.10 | 0.00 | 0.18 | 0.18 | 0.16 | 0.09 | 0.08 | 0.08 | 0.07 | 0.06 | 0.13 | 0.00 |
| Interest Coverage | -33.3 | -30.0 | 17.2 | 102.1 | 297.9 | 256.7 | N/A | -138.2 | 1588.7 | 795.1 | 839.0 | 11077.3 | 11077.3 |
| Equity | 207M | 180M | 187M | 244M | 262M | 362M | 1.3B | 1.3B | 1.6B | 1.7B | 1.9B | 2.1B | 2.1B |
| Total Assets | 263M | 223M | 236M | 288M | 310M | 418M | 1.4B | 1.5B | 1.8B | 1.9B | 2.1B | 2.4B | 2.4B |
| Total Liabilities | 55M | 44M | 48M | 44M | 47M | 56M | 185M | 203M | 198M | 173M | 191M | 267M | 264M |
| Intangibles | 7.9M | 4.3M | 1.9M | 412K | 2.2M | 7.4M | 372M | 222M | 222M | 167M | 127M | 298M | 278M |
| Retained Earnings | -38M | -69M | -66M | -22M | 9.1M | -6.8M | -4.9M | 26M | 363M | 482M | 665M | 744M | 778M |
| Working Capital | 142M | 120M | 133M | 174M | 196M | 306M | 556M | 612M | 974M | 1.1B | 1.3B | 1.0B | 1.1B |
| Current Assets | 191M | 158M | 178M | 216M | 240M | 351M | 642M | 732M | 1.1B | 1.3B | 1.5B | 1.3B | 1.3B |
| Current Liabilities | 49M | 38M | 45M | 42M | 44M | 45M | 86M | 120M | 161M | 148M | 170M | 219M | 214M |
| Per Share Data | |||||||||||||
| EPS | -0.31 | -0.65 | 0.06 | 0.88 | 0.64 | 0.87 | 4.45 | 0.63 | 4.49 | 2.46 | 4.06 | 2.78 | 3.24 |
| Owner EPS | -0.41 | -0.36 | -0.28 | 0.59 | 1.01 | 0.43 | -0.18 | 0.42 | 0.96 | 1.61 | 3.12 | 4.88 | 1.27 |
| Book Value | 4.47 | 3.75 | 3.87 | 4.84 | 5.06 | 6.98 | 25.19 | 25.68 | 32.10 | 35.26 | 38.77 | 42.70 | 42.86 |
| Cash Flow/Share | -0.05 | -0.01 | 0.03 | 0.91 | 1.24 | 0.68 | 0.36 | 2.15 | 2.75 | 3.49 | 4.95 | 6.67 | 6.61 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 46.4M | 47.9M | 48.4M | 50.3M | 51.8M | 51.8M | 50.2M | 49.2M | 49.7M | 49.3M | 49.7M | 49.2M | 49.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | 605.2 | 76.4 | 23.1 | 63.1 | 42.0 | N/A | 84.2 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | 160.6 | 23.2 | 27.8 | 51.2 | 39.7 | N/A | 58.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 84.6 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | 0.9 | 1.9 | 2.1 | 4.4 | 4.4 | N/A | 6.4 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | 3.6 | 3.1 | 4.9 | 6.5 | 9.6 | N/A | 13.2 |
| FCF Yield | N/A | N/A | N/A | N/A | N/A | N/A | 1.0% | 4.3% | 3.6% | 2.0% | 2.5% | N/A | 1.7% |
| Market Cap | N/A | N/A | N/A | N/A | N/A | N/A | 1.2B | 2.4B | 3.3B | 7.6B | 8.5B | N/A | 13.6B |
| Avg. Price | N/A | N/A | N/A | N/A | N/A | N/A | 34.17 | 34.87 | 77.45 | 106.97 | 190.26 | N/A | 272.62 |
| Year-End Price | N/A | N/A | N/A | N/A | N/A | N/A | 36.31 | 48.15 | 66.00 | 155.29 | 170.66 | N/A | 272.62 |
ONTO INNOVATION INC. passes 2 of 9 quality checks, indicating weak fundamentals.
ONTO INNOVATION INC. trades at 82.9x trailing earnings, compared to its 15-year median P/E of 52.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 48.8x vs a median of 33.7x. The company's 5-year average ROIC is 10.5% with a gross margin of 51.4%. Total shareholder yield (buybacks) is 0.6%. At current prices, the estimated annualized return to fair value is +26.0%.
ONTO INNOVATION INC. (ONTO) has a net profit margin of 13.6%. This is a healthy margin.
ONTO INNOVATION INC. (ONTO) generated $300 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ONTO INNOVATION INC. (ONTO) has a debt-to-equity ratio of 0.13. This indicates a conservatively financed balance sheet.
ONTO INNOVATION INC. (ONTO) reported earnings per share (EPS) of $2.78 in its most recent fiscal year.
ONTO INNOVATION INC. (ONTO) has a return on equity (ROE) of 6.5%. This indicates moderate shareholder returns.
ONTO INNOVATION INC. (ONTO) has a 5-year average gross margin of 51.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for ONTO INNOVATION INC. (ONTO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ONTO INNOVATION INC. (ONTO) has a book value per share of $42.70, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects revenue growth exceeding 30% in 2026, driven by insatiable end-market demand for high-performance compute and supporting process technologies, with advanced packaging revenue projected to grow more than 50% and advanced nodes business expected to grow approximately 25%, outpacing average WFE growth expectations in the low 20s. The company anticipates continued sequential revenue growth in the second half of 2026 of more than 15%, supported by rising customer expansions, accelerating new product adoption including the Dragonfly G5 with a pipeline of over 15 distinct applications across over 10 customers, and a growing backlog that has nearly doubled to record levels of approximately two quarters. Management expects continued gross and operating margin expansion throughout 2026 despite headwinds from certain material costs and fuel charges, supported by accelerated offshoring activities, smooth Semilab integration, and disciplined forecasting and spending controls. Looking into 2027, the company expects to outgrow WFE and anticipates stronger demand from existing customers as they ramp production, with more significant impact expected from Dragonfly G5 adoption and a rich pipeline of growth opportunities in both existing and new markets.
Based on recent SEC filings and earnings calls, ONTO INNOVATION INC. (ONTO) has provided the following forward guidance: Revenue: greater than $1.3 billion (FY2026); Revenue growth: more than 30% (FY2026); Advanced packaging revenue growth: more than 50% (FY2026); Advanced nodes revenue growth: approximately 25% (FY2026); Q2 2026 Revenue: $320 million-$330 million (Q2 FY2026), plus 2 additional metrics.
Q2 2026 Revenue (Q2 FY2026): “We previously announced on April 16th, our Q2 revenue expectation of $320 million-$330 million, representing at the midpoint a 10% increase to previous analyst expectations and 28% year-over-year growth.”
Q2 2026 Gross margin (Q2 FY2026): “We currently expect Q2 gross margin in the range of 56%-56.5%.”
Q2 2026 Operating expenses (Q2 FY2026): “Operating expenses of $90 million-$92 million.”