Onto Innovation Inc.ONTO
NYSE•Technology•Semiconductor Equipment & Materials
Onto Innovation Inc. engages in the design, development, manufacture, and support of process control tools that perform macro-defect inspection and metrology in the United States, Taiwan, South Korea, Japan, China, Southeast Asia, Asia, and Europe. The company offers lithography systems and process control analytical software; and automated and integrated metrology systems, silicon wafer all-surface inspection, macro defect inspection, automated defect classification and pattern analysis, yield analysis, opaque film metrology, 4D business, advanced packaging lithography, process control software, and yield management software products. It also provides process and yield management solutions, and device packaging and test facilities through standalone systems for optical metrology, macro-defect inspection, packaging lithography, and transparent and opaque thin film measurements. In addition, the company offers process control software portfolio that includes solutions for standalone tools, groups of tools, and factory-wide suites. Further, it engages in systems and software, spare parts, and other services, as well as offers software licensing services; and provides advanced product lines, such as FAaST, CnCV, and MBIR. The company's products are used in semiconductor and advanced packaging device manufacturers; silicon wafers; semiconductor integrated circuit fabricators; light emitting diodes; vertical-cavity surface-emitting lasers; micro-electromechanical systems; CMOS image sensors; silicon and compound semiconductor power devices; analog devices; RF filters; data storage; and various industrial and scientific applications. Onto Innovation Inc. was founded in 1940 and is headquartered in Wilmington, Massachusetts.
Onto Innovation Inc. (ONTO) reported trailing twelve months revenue of $1.03B as of March 2026, a 4.4% increase year-over-year. Quarterly revenue reached $291.95M, reflecting continued top-line momentum.
Onto Innovation Inc. generated $159.98M in TTM net income, with quarterly EBITDA of $59.00M. The operating margin contracted from 16.1% to 11.5%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (11.5%) and net margin (11.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 18.5% a year ago, reflecting increased costs or interest expense.
ONTO trades at a P/E of 58.8x (a premium multiple) and a P/S of 9.1x. The price-to-book ratio of 4.4x reflects a moderate premium to book value.
The company generated $22.74M in free cash flow over the trailing twelve months, a 55.7% decrease year-over-year, indicating cash generation ability. The balance sheet shows $2.40B in total assets with no in long-term debt against $2.13B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~16.8% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~9.3% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~24.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 22.7% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation