Advanced Energy vs Onto Innovation
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The short version
- Advanced Energy is the larger business, with $1.8B of revenue in fiscal 2025 against $1.0B for Onto Innovation, about 1.8 times as much.
- Advanced Energy grew revenue faster (21.4%, against 1.8%).
- Onto Innovation kept more of each dollar of sales as operating profit (13.2% operating margin, against 9.3%).
- Onto Innovation turned more of its sales into free cash flow (29.8% FCF margin, against 7.0%).
- Advanced Energy earned a higher return on the capital invested in it (13.6%, against 8.8%).
- Investors pay more for each dollar of Onto Innovation’s earnings: a P/E of 74.7x against 40.3x for Advanced Energy.
| Latest fiscal year | AEIS · FY25 | ONTO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.2B | $9.9B |
| Revenue | $1.8B | $1.0B |
| Free cash flow | $126M | $300M |
| Net income | $148M | $137M |
| Growth | ||
| Revenue growth | 21.4% | 1.8% |
| 5-year growth | 4.9% | 12.6% |
| Share count change | 2.1% | −0.8% |
| Profitability | ||
| Gross margin | 37.7% | 49.7% |
| Operating margin | 9.3% | 13.2% |
| Net margin | 8.3% | 13.6% |
| FCF margin | 7.0% | 29.8% |
| Return on capital | 13.6% | 8.8% |
| Return on equity | 11.6% | 6.8% |
| Balance sheet | ||
| Net debt | −$224M | −$640M |
| Net debt / EBITDA | −1.0x | −3.3x |
| Dividends and buybacks | $45.8M | $75.0M |
| Valuation & quality | ||
| P/E | 40.3x | 74.7x |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
AEIS $327M
ONTO $221M
FY17
AEIS $453M
ONTO $259M
FY18
AEIS $719M
ONTO $325M
FY19
AEIS $789M
ONTO $306M
FY20
AEIS $1.4B
ONTO $557M
FY21
AEIS $1.5B
ONTO $789M
FY22
AEIS $1.8B
ONTO $1.0B
FY23
AEIS $1.7B
ONTO $816M
FY24
AEIS $1.5B
ONTO $987M
FY25
AEIS $1.8B
ONTO $1.0B
AEIS
ONTO
Operating margin
FY16
AEIS 38.8%
ONTO 13.2%
FY17
AEIS 44.3%
ONTO 16.6%
FY18
AEIS 23.9%
ONTO 20.5%
FY19
AEIS 6.9%
ONTO −1.7%
FY20
AEIS 12.4%
ONTO −4.8%
FY21
AEIS 10.4%
ONTO −19.8%
FY22
AEIS 12.6%
ONTO 23.6%
FY23
AEIS 6.9%
ONTO 14.2%
FY24
AEIS 2.5%
ONTO 19.0%
FY25
AEIS 9.3%
ONTO 13.2%
AEIS
ONTO
Free cash flow
FY16
AEIS $112M
ONTO $41.7M
FY17
AEIS $174M
ONTO $15.4M
FY18
AEIS $131M
ONTO $95.9M
FY19
AEIS $23.2M
ONTO $11.3M
FY20
AEIS $165M
ONTO $102M
FY21
AEIS $111M
ONTO $163M
FY22
AEIS $125M
ONTO $118M
FY23
AEIS $148M
ONTO $149M
FY24
AEIS $74.0M
ONTO $214M
FY25
AEIS $126M
ONTO $300M
AEIS
ONTO
Return on capital
FY16
AEIS —
ONTO 21.7%
FY17
AEIS —
ONTO 19.3%
FY18
AEIS —
ONTO 37.1%
FY19
AEIS —
ONTO −0.7%
FY20
AEIS 22.8%
ONTO −2.3%
FY21
AEIS 20.0%
ONTO −13.7%
FY22
AEIS 22.9%
ONTO 22.3%
FY23
AEIS 11.4%
ONTO 10.2%
FY24
AEIS 3.6%
ONTO 16.2%
FY25
AEIS 13.6%
ONTO 8.8%
AEIS
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.