Onto Innovation
ONTO · Semiconductor Materials & Equipment
$198.68
0.0%Teradyne
TER · Semiconductor Materials & Equipment
$308.85
0.0%The short version
- Teradyne is the larger business, with $3.2B of revenue in fiscal 2025 against $1.0B for Onto Innovation, about 3.2 times as much.
- Teradyne grew revenue faster (13.1%, against 1.8%).
- Teradyne kept more of each dollar of sales as operating profit (20.4% operating margin, against 13.2% operating margin).
- Onto Innovation turned more of its sales into free cash flow (29.8% FCF margin, against 14.1% FCF margin).
- Teradyne earned a higher return on the capital invested in it (23.0%, against 8.8%).
- Investors pay more for each dollar of Teradyne’s earnings: a P/E of 89.0x against 74.7x for Onto Innovation.
| Latest fiscal year | ONTO · FY25 | TER · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.9B | $49.3B |
| Revenue | $1.0B | $3.2B |
| Free cash flow | $300M | $450M |
| Net income | $137M | $554M |
| Growth | ||
| Revenue growth | 1.8% | 13.1% |
| 5-year growth | 12.6% | 0.4% |
| Share count change | −0.8% | −2.2% |
| Profitability | ||
| Gross margin | 49.7% | 58.2% |
| Operating margin | 13.2% | 20.4% |
| Net margin | 13.6% | 17.4% |
| FCF margin | 29.8% | 14.1% |
| Return on capital | 8.8% | 23.0% |
| Return on equity | 6.8% | 19.7% |
| Balance sheet | ||
| Net debt | −$640M | −$93.8M |
| Net debt / EBITDA | −3.3x | −0.1x |
| Dividends and buybacks | $75.0M | $778M |
| Valuation & quality | ||
| P/E | 74.7x | 89.0x |
| Piotroski F-score | 4 | 5 |
FY16
ONTO $221M
TER $1.8B
FY17
ONTO $259M
TER $2.1B
FY18
ONTO $325M
TER $2.1B
FY19
ONTO $306M
TER $2.3B
FY20
ONTO $557M
TER $3.1B
FY21
ONTO $789M
TER $3.7B
FY22
ONTO $1.0B
TER $3.2B
FY23
ONTO $816M
TER $2.7B
FY24
ONTO $987M
TER $2.8B
FY25
ONTO $1.0B
TER $3.2B
ONTO
TER
FY16
ONTO 13.2%
TER −3.6%
FY17
ONTO 16.6%
TER 24.6%
FY18
ONTO 20.5%
TER 22.6%
FY19
ONTO −1.7%
TER 24.1%
FY20
ONTO −4.8%
TER 29.7%
FY21
ONTO −19.8%
TER 32.4%
FY22
ONTO 23.6%
TER 26.4%
FY23
ONTO 14.2%
TER 18.7%
FY24
ONTO 19.0%
TER 21.1%
FY25
ONTO 13.2%
TER 20.4%
ONTO
TER
FY16
ONTO $41.7M
TER $370M
FY17
ONTO $15.4M
TER $521M
FY18
ONTO $95.9M
TER $363M
FY19
ONTO $11.3M
TER $444M
FY20
ONTO $102M
TER $684M
FY21
ONTO $163M
TER $966M
FY22
ONTO $118M
TER $415M
FY23
ONTO $149M
TER $426M
FY24
ONTO $214M
TER $474M
FY25
ONTO $300M
TER $450M
ONTO
TER
FY16
ONTO 21.7%
TER −2.8%
FY17
ONTO 19.3%
TER 14.0%
FY18
ONTO 37.1%
TER 31.9%
FY19
ONTO −0.7%
TER 47.4%
FY20
ONTO −2.3%
TER 57.6%
FY21
ONTO −13.7%
TER 64.5%
FY22
ONTO 22.3%
TER 44.3%
FY23
ONTO 10.2%
TER 25.1%
FY24
ONTO 16.2%
TER 26.6%
FY25
ONTO 8.8%
TER 23.0%
ONTO
TER
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.