Entegris vs Onto Innovation

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KIRA’s take AI analyst

I put Entegris and Onto Innovation side by side, using each one’s latest annual report. Here is what stands out:

Entegris is the larger business, with $3.2B of revenue in fiscal 2025 against $1.0B for Onto Innovation, about 3.2 times as much.
Onto Innovation grew revenue faster (1.8%, against −1.4%).
Entegris kept more of each dollar of sales as operating profit (14.3% operating margin, against 13.2%).
Onto Innovation turned more of its sales into free cash flow (29.8% FCF margin, against 12.4%).
Onto Innovation earned a higher return on the capital invested in it (8.8%, against 5.8%).
Investors pay more for each dollar of Onto Innovation’s earnings: a P/E of 74.7x against 70.1x for Entegris.

Who comes out ahead

Of the 10 measures where higher (or lower) is clearly better, how many each company leads.

Entegris

ENTG

2/10

Operating marginPiotroski F-score

Onto Innovation

ONTO

8/10

Revenue growth5-year growthGross marginNet marginFCF marginReturn on capitalReturn on equityShare count change

Side by side

Best in the row

Latest fiscal year	ENTG FY25	ONTO FY25
Size
Market cap	$21.5B	$9.9B
Revenue	$3.2B	$1.0B
Free cash flow	$396M	$300M
Net income	$236M	$137M
Growth
Revenue growth	−1.4%	1.8%
5-year growth	11.5%	12.6%
Share count change	0.3%	−0.8%
Profitability
Gross margin	44.4%	49.7%
Operating margin	14.3%	13.2%
Net margin	7.4%	13.6%
FCF margin	12.4%	29.8%
Return on capital	5.8%	8.8%
Return on equity	6.2%	6.8%
Balance sheet
Net debt	$3.4B	−$640M
Net debt / EBITDA	—	−3.3x
Dividends and buybacks	$60.8M	$75.0M
Valuation & quality
P/E	70.1x	74.7x
Piotroski F-score	6	4

Ten years

Revenue

FY16

ENTG $1.2B

ONTO $221M

FY17

ENTG $1.3B

ONTO $259M

FY18

ENTG $1.6B

ONTO $325M

FY19

ENTG $1.6B

ONTO $306M

FY20

ENTG $1.9B

ONTO $557M

FY21

ENTG $2.3B

ONTO $789M

FY22

ENTG $3.3B

ONTO $1.0B

FY23

ENTG $3.5B

ONTO $816M

FY24

ENTG $3.2B

ONTO $987M

FY25

ENTG $3.2B

ONTO $1.0B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ENTG ONTO

Operating margin

FY16

ENTG 13.2%

ONTO 13.2%

FY17

ENTG 18.0%

ONTO 16.6%

FY18

ENTG 18.9%

ONTO 20.5%

FY19

ENTG 15.0%

ONTO −1.7%

FY20

ENTG 21.3%

ONTO −4.8%

FY21

ENTG 24.0%

ONTO −19.8%

FY22

ENTG 14.6%

ONTO 23.6%

FY23

ENTG 14.2%

ONTO 14.2%

FY24

ENTG 16.5%

ONTO 19.0%

FY25

ENTG 14.3%

ONTO 13.2%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ENTG ONTO

Free cash flow

FY16

ENTG $142M

ONTO $41.7M

FY17

ENTG $200M

ONTO $15.4M

FY18

ENTG $202M

ONTO $95.9M

FY19

ENTG $270M

ONTO $11.3M

FY20

ENTG $315M

ONTO $102M

FY21

ENTG $190M

ONTO $163M

FY22

ENTG −$103M

ONTO $118M

FY23

ENTG $188M

ONTO $149M

FY24

ENTG $316M

ONTO $214M

FY25

ENTG $396M

ONTO $300M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ENTG ONTO

Return on capital

FY16

ENTG 11.5%

ONTO 21.7%

FY17

ENTG 11.4%

ONTO 19.3%

FY18

ENTG 22.1%

ONTO 37.1%

FY19

ENTG 11.9%

ONTO −0.7%

FY20

ENTG 18.1%

ONTO −2.3%

FY21

ENTG 22.8%

ONTO −13.7%

FY22

ENTG 7.6%

ONTO 22.3%

FY23

ENTG 6.2%

ONTO 10.2%

FY24

ENTG 6.5%

ONTO 16.2%

FY25

ENTG 5.8%

ONTO 8.8%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ENTG ONTO

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.