FormFactor vs Onto Innovation
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The short version
- Onto Innovation is the larger business, with $1.0B of revenue in fiscal 2025 against $785M for FormFactor.
- FormFactor grew revenue faster (2.8%, against 1.8%).
- Onto Innovation kept more of each dollar of sales as operating profit (13.2% operating margin, against 7.3%).
- Onto Innovation turned more of its sales into free cash flow (29.8% FCF margin, against 1.5%).
- Onto Innovation earned a higher return on the capital invested in it (8.8%, against 6.8%).
- Investors pay more for each dollar of Onto Innovation’s earnings: a P/E of 74.7x against 67.5x for FormFactor.
| Latest fiscal year | FORM · FY25 | ONTO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.8B | $9.9B |
| Revenue | $785M | $1.0B |
| Free cash flow | $11.7M | $300M |
| Net income | $54.4M | $137M |
| Growth | ||
| Revenue growth | 2.8% | 1.8% |
| 5-year growth | 2.5% | 12.6% |
| Share count change | −0.2% | −0.8% |
| Profitability | ||
| Gross margin | 39.3% | 49.7% |
| Operating margin | 7.3% | 13.2% |
| Net margin | 6.9% | 13.6% |
| FCF margin | 1.5% | 29.8% |
| Return on capital | 6.8% | 8.8% |
| Return on equity | 5.5% | 6.8% |
| Balance sheet | ||
| Net debt | −$263M | −$640M |
| Net debt / EBITDA | −2.7x | −3.3x |
| Dividends and buybacks | $26.2M | $75.0M |
| Valuation & quality | ||
| P/E | 67.5x | 74.7x |
| Piotroski F-score | 5 | 4 |
FY16
FORM $384M
ONTO $221M
FY17
FORM $548M
ONTO $259M
FY18
FORM $530M
ONTO $325M
FY19
FORM $590M
ONTO $306M
FY20
FORM $694M
ONTO $557M
FY21
FORM $770M
ONTO $789M
FY22
FORM $748M
ONTO $1.0B
FY23
FORM $663M
ONTO $816M
FY24
FORM $764M
ONTO $987M
FY25
FORM $785M
ONTO $1.0B
FORM
ONTO
FY16
FORM −12.5%
ONTO 13.2%
FY17
FORM 8.4%
ONTO 16.6%
FY18
FORM 6.8%
ONTO 20.5%
FY19
FORM 8.4%
ONTO −1.7%
FY20
FORM 12.1%
ONTO −4.8%
FY21
FORM 12.7%
ONTO −19.8%
FY22
FORM 7.3%
ONTO 23.6%
FY23
FORM 12.5%
ONTO 14.2%
FY24
FORM 8.5%
ONTO 19.0%
FY25
FORM 7.3%
ONTO 13.2%
FORM
ONTO
FY16
FORM $5.9M
ONTO $41.7M
FY17
FORM $68.6M
ONTO $15.4M
FY18
FORM $48.8M
ONTO $95.9M
FY19
FORM $100M
ONTO $11.3M
FY20
FORM $113M
ONTO $102M
FY21
FORM $72.9M
ONTO $163M
FY22
FORM $66.5M
ONTO $118M
FY23
FORM $8.6M
ONTO $149M
FY24
FORM $79.1M
ONTO $214M
FY25
FORM $11.7M
ONTO $300M
FORM
ONTO
FY16
FORM —
ONTO 21.7%
FY17
FORM 10.4%
ONTO 19.3%
FY18
FORM 7.9%
ONTO 37.1%
FY19
FORM 7.9%
ONTO −0.7%
FY20
FORM 15.4%
ONTO −2.3%
FY21
FORM 15.4%
ONTO −13.7%
FY22
FORM 8.4%
ONTO 22.3%
FY23
FORM 12.9%
ONTO 10.2%
FY24
FORM 9.5%
ONTO 16.2%
FY25
FORM 6.8%
ONTO 8.8%
FORM
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.