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Onto Innovation

ONTO NYSE Semiconductor Materials & Equipment Financials FY2016–FY2025

Onto Innovation's revenue rose 1.8% to $1.0 billion in fiscal 2025. Its operating margin was 13.2%, down from 18.9% a year earlier. Free cash flow was $300 million, up 40.2%. It paid out $75 million in dividends and buybacks, 25% of free cash flow. The diluted share count fell 0.8%.

Last close · Oct 23, 2026

$198.68

0.0%
Value it Compare
Revenue Total sales reported in the income statement.
$1.0B
1.8% vs prior year
Operating margin Operating income as a share of revenue.
13.2%
5.7 pts
Net income Profit after all expenses, interest and tax.
$137M
32.2%
Free cash flow Cash from operations minus capital spending.
$300M
40.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.8%
7.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$9.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
74.7x
On $2.66 EPS (TTM)

About these figures. Onto Innovation has no borrowings (its balance sheets have no debt line), so debt is counted as zero.

What Onto Innovation does

No business description yet.

Legal name
ONTO INNOVATION INC.
Fiscal year ends
January 3, 2026
Latest annual report
—
Accession · CIK
0001193125-26-066937
0000704532

Revenue and margins

Onto Innovation had $1.0B of revenue in fiscal 2025, up 1.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 5.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $300M in fiscal 2025, 29.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Onto Innovation returned $75.0M to shareholders in fiscal 2025, 25% of free cash flow. The diluted share count fell 0.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Onto Innovation yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $640M and divides by 49.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 74.7x · peers 67.4x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Onto Innovation can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $511M$548M$698M$852M$640M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA —−1.8x−3.8x−3.4x−3.3x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 6.1x7.1x8.7x8.7x5.8x
Quick ratio 4.6x5.1x6.5x7.0x4.4x
Total assets $1.6B$1.8B$1.9B$2.1B$2.4B
Total liabilities $224M$198M$173M$191M$267M
Shareholders' equity $1.4B$1.6B$1.7B$1.9B$2.1B
Net debt (− = net cash) −$511M−$548M−$698M−$852M−$640M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.3M

1 insider

Of sales under plans

100%

$0.3M

DateInsiderTradeSharesPriceValueFiling
Aug 21, 2026 Susan D LynchDirector Sold plan 1,000 $302.30 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 5 / 96 / 94 / 9
Accruals ratio −2.7%−2.2%−8.5%
Altman Z'' 15.6616.2412.57

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Onto Innovation ONTO $9.9B 1.8% 13.2% 29.8% 8.8% 74.7x 4
FormFactor FORM $7.8B 2.8% 7.3% 1.5% 6.8% 67.5x 5 Compare →
Advanced Energy AEIS $9.2B 21.4% 9.3% 7.0% 13.6% 40.3x 6 Compare →
Teradyne TER $49.3B 13.1% 20.4% 14.1% 23.0% 89.0x 5 Compare →
Entegris ENTG $20.7B −1.4% 14.3% 12.4% 5.8% 67.3x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $221M $259M $325M $306M $557M $789M $1.0B $816M $987M $1.0B
Gross profit $114M $137M $184M $135M $279M $429M $539M $420M $515M $500M
Research and development $31.4M $36.7M $48.2M $48.4M $84.6M $96.1M $112M $104M $114M $132M
Operating income $29.1M $42.8M $66.5M −$5.0M −$26.7M −$156M $237M $116M $187M $133M
Interest expense $0.3M $0.1M $0.3M — — — — — — —
Pretax income $29.1M $43.3M $67.5M −$0.6M −$26.9M −$156M $242M $133M $220M $163M
Income tax −$14.9M $13.1M $9.9M −$18.2M −$4.2M $13.3M $18.2M $11.4M $18.8M $26.1M
Net income $44.0M $30.2M $57.6M $223M $31.0M $142M $223M $121M $202M $137M
Diluted EPS $1.75 $1.17 $2.34 $0.06 $0.63 $2.86 $4.49 $2.46 $4.06 $2.78
Diluted shares 0.03B 0.03B 0.02B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $45.7M $20.6M $103M $18.1M $106M $175M $137M $172M $246M $328M
Capital expenditure $4.0M $5.2M $7.5M $6.8M $3.8M $12.0M $18.4M $22.6M $31.9M $28.5M
Free cash flow $41.7M $15.4M $95.9M $11.3M $102M $163M $118M $149M $214M $300M
Depreciation and amortization $8.3M $6.9M $6.8M $16.4M $67.6M $65.8M $64.7M $67.2M $62.3M $60.4M
Stock-based compensation $7.7M $8.8M $11.4M $10.6M $17.7M $19.5M $24.4M $25.5M $28.6M $27.6M
Acquisitions $0.0M $0.0M $37.2M $0.0M $0.0M $23.8M $4.6M $0.0M $26.8M $436M
Share buybacks $0.0M $27.0M $23.0M $0.7M $52.0M $0.0M $65.3M $3.2M $25.1M $75.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $27.0M $23.0M $0.7M $52.0M $0.0M $65.3M $3.2M $25.1M $75.0M
Balance sheet
Cash and short-term investments $130M $117M $152M $320M $374M $511M $548M $698M $852M $640M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $216M $240M $271M $642M $732M $948M $1.1B $1.3B $1.5B $1.3B
Current liabilities $42.0M $44.1M $59.8M $85.7M $120M $155M $161M $148M $170M $219M
Inventory $38.8M $52.9M $61.9M $176M $191M $243M $324M $328M $287M $298M
Property and equipment, net $44.2M $44.8M $47.9M $98.4M $92.0M $82.1M $92.0M $104M $124M $127M
Total assets $288M $310M $376M $1.4B $1.5B $1.6B $1.8B $1.9B $2.1B $2.4B
Total liabilities $44.1M $47.3M $62.8M $185M $203M $224M $198M $173M $191M $267M
Shareholders' equity $294M $262M $313M $1.3B $1.3B $1.4B $1.6B $1.7B $1.9B $2.1B
Margins
Gross margin 51.6% 52.9% 56.7% 44.1% 50.0% 54.4% 53.6% 51.5% 52.2% 49.7%
Operating margin 13.2% 16.6% 20.5% −1.7% −4.8% −19.8% 23.6% 14.2% 19.0% 13.2%
EBITDA margin 16.9% 19.2% 22.6% 3.7% 7.4% −11.5% 30.0% 22.5% 25.3% 19.2%
Net margin 19.9% 11.7% 17.8% 73.0% 5.6% 18.0% 22.2% 14.9% 20.4% 13.6%
FCF margin 18.9% 6.0% 29.5% 3.7% 18.4% 20.7% 11.8% 18.3% 21.7% 29.8%
Returns
Return on capital 21.7% 19.3% 37.1% −0.7% −2.3% −13.7% 22.3% 10.2% 16.2% 8.8%
Return on capital employed 13.3% 16.7% 22.9% −0.6% −2.0% −11.0% 15.1% 6.8% 10.1% 6.5%
Return on equity 18.3% 10.9% 20.0% 28.3% 2.5% 10.6% 14.8% 7.3% 11.0% 6.8%
Return on assets 16.8% 10.1% 16.8% 24.5% 2.1% 9.1% 13.0% 6.5% 10.0% 6.1%
Growth
Revenue growth 18.0% 17.0% 25.5% −5.7% 81.9% 41.8% 27.4% −18.8% 21.0% 1.8%
Net income growth 1,415.8% −31.4% 90.9% 287.4% −86.1% 358.8% 56.9% −45.8% 66.5% −32.2%
EPS growth 1,358.3% −33.1% 100.0% −97.4% 950.0% 354.0% 57.0% −45.2% 65.0% −31.5%
FCF growth — −63.1% 522.4% −88.2% 800.5% 59.8% −27.5% 26.3% 43.1% 40.2%
Share count change 3.2% 3.1% −5.1% 102.3% −0.6% 0.5% 0.1% −0.9% 0.7% −0.8%
Financial health
Net debt / EBITDA −3.5x −2.4x −2.1x −28.2x −9.1x — −1.8x −3.8x −3.4x −3.3x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage 102.1x 465.3x 200.9x — — — — — — —
Current ratio 5.2x 5.5x 4.5x 7.5x 6.1x 6.1x 7.1x 8.7x 8.7x 5.8x
Quick ratio 4.2x 4.3x 3.5x 5.4x 4.5x 4.6x 5.1x 6.5x 7.0x 4.4x
Capital allocation
Capex / revenue 1.8% 2.0% 2.3% 2.2% 0.7% 1.5% 1.8% 2.8% 3.2% 2.8%
Stock comp / revenue 3.5% 3.4% 3.5% 3.5% 3.2% 2.5% 2.4% 3.1% 2.9% 2.8%
Payouts / FCF 0.0% 175.3% 24.0% 6.6% 50.9% 0.0% 55.2% 2.1% 11.7% 25.0%
Quality scores
Piotroski F-score 7.0 4.0 7.0 4.0 5.0 7.0 5.0 5.0 6.0 4.0
Altman Z'' 11.4 11.0 10.7 9.7 9.2 9.5 13.6 15.7 16.2 12.6
Accruals ratio −0.6% 3.2% −13.3% 22.5% −5.1% −2.1% 5.0% −2.7% −2.2% −8.5%

Source: SEC EDGAR XBRL filings (CIK 0000704532). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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