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Onto Innovation Inc. (ONTO) stock

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NYSE: ONTO NYSE Semiconductor Materials & Equipment Next results ~November 9, 2026

C Fundamentals grade

Onto Innovation Inc. is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$160

Cash-flow model

Base case. Range ~$130–$210 across our lower- and higher-growth cases (2.9%–12.9% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 17% above our base value.

Price used: $191.40, November 2, 2026

Onto Innovation Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds364 adding, 288 cuttingOf 87 active managers that changed their stake, 37 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Onto Innovation files

Where Onto Innovation stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.12bn, up 8.1% on a year earlier, faster than 0.5% a quarter earlier. Free-cash-flow margin held at 22.5%. Operating margin narrowed to 12.0% from 18.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $126 a share, against a share price of $223. At that price, our model says the market is pricing in about 19.7% a year of cash-flow growth for five years, faster than the 7.3% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 9, 2026 (estimated)

Onto Innovation Inc.'s trailing-twelve-month revenue grew 8.1% year on year, with a free-cash-flow margin of 22.5%. Where it lags: long-term debt as % of assets of 39.8% ranks 13 of 13 semiconductor materials & equipment companies we cover.

Our discounted-cash-flow model values the business at ~$160 per share in the base case (~$130–$210 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 5.9% while net income fell 33.7%: a 40pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 7.5 points higher than a quarter earlier.
  • Strong cash generation. 22.5% of revenue turned into free cash flow, against a median of 17.5% for semiconductor materials & equipment companies we cover.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 17.6% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Margins narrowing. Operating margin is down 6.4 points on a year ago.
  • High earnings multiple. The shares trade at 72 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 73% and a beta of 3.3 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 39.8% ranks 13 of 13 semiconductor materials & equipment companies we cover (median 22.0%).
  • Below peers: days sales outstanding. Days sales outstanding of 110 days ranks 15 of 16 semiconductor materials & equipment companies we cover (median 79 days).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$1.93 against an average estimate of $1.69: beat by 14.1%
Revenue
$343m, up 35.3% on a year earlier
Share reaction
+11.7% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
revenue $380m to $400m (third quarter ending September 30, 2026); gross margin 57.3% to 57.8% (third quarter ending September 30, 2026)
Next report
November 9, 2026; average EPS estimate $2.30

Onto Innovation's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.0%
  • 1 week-6.0%
  • 1 month-41.6%
  • This year+21.2%
  • 1 year+41.8%
  • 5 years+127.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.1B
Operating margin
12.0%
Net margin
11.8%
EPS (TTM, diluted)
$2.67

Growth

Revenue growth
+8.1%
Change in growth rate
+7.5 pts
Share count change
+0.3%

Cash

Free cash flow (TTM)
$252M
FCF margin
22.5%
Stock pay % of revenue
2.8%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Partnership
  3. Announcement
  4. Announcement
  5. Deal
  6. Results
  7. Guidance
  8. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Onto Innovation Inc. valuation models and calculator

What the price is pricing in

The share price implies about 19.9% a year of cash-flow growth for five years.That is faster than the 7.3% a year revenue growth Onto Innovation has delivered.

  • Priced in19.9%
  • Last 12 months8.1%
  • 3 years a year7.7%
  • 5 years a year7.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($206.64, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$160
Price used
$206.64close November 3, 2026
Implied change
▼ 21%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Onto Innovation Inc.'s free cash flow after stock-based pay with after-tax interest added back ($216M, FY2026 Q2 TTM), growing 43.5% and 15.7% in the next two years (forecasts, guidance and its record), then back to 7.9% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$130–~$210 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Onto Innovation Inc.'s free cash flow after stock-based pay ( $216M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Onto Innovation Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.7 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$160 ~$130–$210 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$79–$160 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$190 ~$160–$250 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$30 ~$21–$42 Left out: out of range vs price (0.15x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$29 ~$27–$33 Left out: out of range vs price (0.15x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$160 ~$120–$190 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Onto Innovation Inc. with Semiconductor Materials & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −2%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $72$95$125$165$216$283
8.5% $57$74$95$124$161$208
10% $48$61$78$99$127$163

Valuation multiples over time Market data may be delayed

At fiscal year end 2019202020212022202320242025Now
Share price$36.54$48.02$101.23$68.09$152.90$170.66$165.87$191.40
Market value$1.8bn$2.4bn$5.0bn$3.4bn$7.5bn$8.5bn$8.2bn$9.5bn
+ Net debt (− = net cash)−$131m−$137m−$170m−$176m−$234m−$213m−$346m$219m
Enterprise value$1.7bn$2.2bn$4.9bn$3.2bn$7.3bn$8.3bn$7.8bn$9.7bn
Multiples
Price / sales 5.9x4.3x6.4x3.4x9.2x8.6x8.1x8.5x
Price / earnings 8.1x76.6x35.4x15.2x62.2x42.0x59.8x71.6x
Price / free cash flow 160.3x23.3x30.8x28.6x50.5x39.6x27.3x37.6x
EV / EBITDA n/m——13.1x56.9x41.3x50.8x62.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

75 /100

Strong moat

How hard Onto Innovation's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 14.9% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 51.8%, moving by 2.7 percentage points (standard deviation) across 10 years.

  • Durability 4 / 20

    Operating margin has been a median 14.8%; its worst year was -11.2%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 19.0% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 0.2% over five years; stock-based pay has been a median 3.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 9, 2026, after the close. Analysts expect revenue of $392m and EPS of $2.30 (range $2.28 to $2.38) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $8.11 +64% $1.4bn +43%
Next $11.70 +44% $1.9bn +31%

Next year's EPS estimate has moved +17.6% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +12.7% on 90 days ago. In the last 30 days, 2 analysts raised Onto Innovation Inc.'s forecast and 0 cut it.

Consensus EPS forecast Onto Innovation Inc., last 90 days
$6.00 $8.00 $10.00 $12.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.20 Current fiscal year, 60 days ago: $8.10 Current fiscal year, 30 days ago: $8.12 Current fiscal year, 7 days ago: $8.11 Current fiscal year, Now: $8.11 $8.11 Next fiscal year, 90 days ago: $9.95 Next fiscal year, 60 days ago: $11.65 Next fiscal year, 30 days ago: $11.76 Next fiscal year, 7 days ago: $11.70 Next fiscal year, Now: $11.70 $11.70

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.20$9.95
60 days ago $8.10$11.65
30 days ago $8.12$11.76
7 days ago $8.11$11.70
Now $8.11$11.70

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.69 $1.93 +14.1%
Mar 2026 $1.42 $1.42 +0.3%
Dec 2025 $1.26 $1.26 −0.2%
Sept 2025 $0.87 $0.92 +5.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Revenue third quarter ending September 30, 2026 $380m to $400m
    “Revenue of $380 million to $400 million” source
  • GAAP diluted earnings per share third quarter ending September 30, 2026 $1.54 to $1.70 GAAP
    “GAAP diluted earnings per share of $1.54 to $1.70” source
  • Non-GAAP diluted earnings per share third quarter ending September 30, 2026 $2.18 to $2.38 Non-GAAP
    “Non-GAAP diluted earnings per share of $2.18 to $2.38” source
  • Gross margin third quarter ending September 30, 2026 57.3% to 57.8%
    “Gross margin of 57.3% to 57.8%” source
  • GAAP operating margin third quarter ending September 30, 2026 21.4% to 22.4% GAAP
    “GAAP operating margin of 21.4% to 22.4%” source
  • Non-GAAP operating margin third quarter ending September 30, 2026 31.5% to 32.5% Non-GAAP
    “Non-GAAP operating margin of 31.5% to 32.5%” source

How earlier guidance turned out

  • GAAP diluted earnings per share, second quarter ending June 30, 2026 guided $1.09 to $1.18 Above range: $1.21
  • GAAP operating margin, second quarter ending June 30, 2026 guided 17.8% to 18.7% Within range: 18.520731%
  • Gross margin, second quarter ending June 30, 2026 guided 56% to 56.5% Below range: 53.406736%
  • Revenue, second quarter ending June 30, 2026 guided $320m to $330m Above range: $343m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Onto Innovation Inc.'s revenue by +43.5% next year and +15.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+47.8%, weight 55%) , management guidance (+78.7%, weight 19%) and the company's own record (+7.9%, weight 26%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy12100%
Hold00%
Sell00%

Monthly trend

  1. Oct 20263912
  2. Sep 20262911
  3. Aug 20262911
  4. Jul 20262810

Counts of recommendations published by analysts covering Onto Innovation Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.3%
of tradable shares
Days to cover
3.04
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.7%
of shares
Employees
1,867
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +41.8%

$134.96 on October 31, 2025 to $191.40

ThenNowEffect
Revenue (last 12 months) $1.0bn $1.1bn +8.1%
Net margin 19.3% 11.8% −38.6%
P/E multiple 33.4x 71.6x +114.4%
Share count 49m 50m −0.3%

Biggest factor: p/e multiple.

Last 3 years +61.0%

$118.90 on November 3, 2023 to $191.40

ThenNowEffect
Revenue (last 12 months) $897m $1.1bn +24.8%
Net margin 19.3% 11.8% −38.7%
P/E multiple 33.9x 71.6x +111.3%
Share count 49m 50m −0.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ONTO+113%−33%+125%+9%−5%+21%
Industry peers (median)+65%−39%+29%−4%+43%+28%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ONTO83%42%75%58%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ONTO−21%−44%−22%−33%−61%−49%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 28, 2019: 63% from July 16, 2024 to May 9, 2025. Getting back needed a 169% gain, reached on April 8, 2026, 334 days after the low.

Price behaviour

52-week range
$124.09 – $378.45
From 52-week high
−49.4%
vs 50-day average
−27.1%
vs 200-day average
−26.6%
Volatility (1 year)
73%
Beta vs S&P 500
3.28

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±11.6%
After a week
6 up, 6 down
typical move ±14.4%
After a month
6 up, 6 down
typical move ±14.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +11.7% +0.5% +22.4% −2.9%
May 5, 2026 −1.8% +2.2% −7.2% −8.3%
April 16, 2026 +12.3% +1.5% +12.9% +5.0%
February 19, 2026 −1.6% +0.5% −1.0% −9.0%
November 6, 2025 +2.5% −1.0% −4.4% +18.2%
August 7, 2025 +14.3% +0.7% +22.3% +15.1%
May 8, 2025 −29.3% +0.6% −21.7% −20.6%
February 6, 2025 −10.8% −0.6% −17.1% −41.1%
October 31, 2024 −15.1% −1.5% −15.0% −17.6%
August 8, 2024 +17.6% +2.8% +28.6% +10.1%
May 9, 2024 +8.8% +0.7% +8.6% +5.9%
February 8, 2024 +13.6% +0.6% +11.3% +13.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Onto Innovation Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.02× the last 60 days’ realised volatility .
  • Calls are priced 2 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ONTO Onto Innovation Inc. Grade C $192.74

Own 100 shares, sell the $230 call expiring December 18, 2026 (46 days) for $8.00 a share — $800 per contract.

Previous session · Bid $8.00, ask $10.40, quoted Mon 2 Nov, 17:32 New York time with ONTO at $192.74. Option prices move with the shares: check the live chain at your broker before trading.

  • If ONTO ends below $230: you keep your shares and the $800 — 4.2% extra on the position, 32.9% a year at that pace.
  • If it ends above $230: your shares are sold at $230, a total return of 23.5% including the premium — at or above our value of ~$160.
$4.5k $0 −$3.7k Our value $160 Break-even $184.74 Price $192.74
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$800
Annualised
32.9%
Break-even
$184.74
Max gain
$4,526.5
Chance of selling
~32%

Results are expected around November 5, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $165 put and sell the $230 call, both expiring December 18, 2026 (46 days).

  • Net cost of $2.20 a share ($220 per contract of 100 shares).
  • Worst case at expiry: -15.5%, if the shares fall below $165 (-14.4% from today).
  • Best case at expiry: +18.2%, if the shares rise above $230 (+19.3%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $160: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Onto Innovation Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Onto Innovation Inc.
$800M $900M $1B $1.1B $1.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $850.3M Revenue (TTM), FY23 Q4: $815.9M Revenue (TTM), FY24 Q1: $845.5M Revenue (TTM), FY24 Q2: $897.2M Revenue (TTM), FY24 Q3: $942.2M Revenue (TTM), FY24 Q4: $987.3M Revenue (TTM), FY25 Q1: $1B Revenue (TTM), FY25 Q2: $1B Revenue (TTM), FY25 Q3: $1B Revenue (TTM), FY25 Q4: $1B Revenue (TTM), FY26 Q1: $1B Revenue (TTM), FY26 Q2: $1.1B $1.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $850.3M
FY23 Q4 $815.9M
FY24 Q1 $845.5M
FY24 Q2 $897.2M
FY24 Q3 $942.2M
FY24 Q4 $987.3M
FY25 Q1 $1B
FY25 Q2 $1B
FY25 Q3 $1B
FY25 Q4 $1B
FY26 Q1 $1B
FY26 Q2 $1.1B
Revenue growth, TTM YoY Onto Innovation Inc.
-20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -13.0% Revenue growth, TTM YoY, FY23 Q4: -18.8% Revenue growth, TTM YoY, FY24 Q1: -12.2% Revenue growth, TTM YoY, FY24 Q2: -0.0% Revenue growth, TTM YoY, FY24 Q3: 10.8% Revenue growth, TTM YoY, FY24 Q4: 21.0% Revenue growth, TTM YoY, FY25 Q1: 21.2% Revenue growth, TTM YoY, FY25 Q2: 15.5% Revenue growth, TTM YoY, FY25 Q3: 6.4% Revenue growth, TTM YoY, FY25 Q4: 1.8% Revenue growth, TTM YoY, FY26 Q1: 0.5% Revenue growth, TTM YoY, FY26 Q2: 8.1% 8.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -13.0%
FY23 Q4 -18.8%
FY24 Q1 -12.2%
FY24 Q2 -0.0%
FY24 Q3 10.8%
FY24 Q4 21.0%
FY25 Q1 21.2%
FY25 Q2 15.5%
FY25 Q3 6.4%
FY25 Q4 1.8%
FY26 Q1 0.5%
FY26 Q2 8.1%
Operating margin (TTM) Onto Innovation Inc.
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 17.5% Operating margin (TTM), FY23 Q4: 14.2% Operating margin (TTM), FY24 Q1: 15.3% Operating margin (TTM), FY24 Q2: 17.1% Operating margin (TTM), FY24 Q3: 18.3% Operating margin (TTM), FY24 Q4: 19.0% Operating margin (TTM), FY25 Q1: 20.2% Operating margin (TTM), FY25 Q2: 18.4% Operating margin (TTM), FY25 Q3: 16.1% Operating margin (TTM), FY25 Q4: 13.2% Operating margin (TTM), FY26 Q1: 10.0% Operating margin (TTM), FY26 Q2: 12.0% 12.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 17.5%
FY23 Q4 14.2%
FY24 Q1 15.3%
FY24 Q2 17.1%
FY24 Q3 18.3%
FY24 Q4 19.0%
FY25 Q1 20.2%
FY25 Q2 18.4%
FY25 Q3 16.1%
FY25 Q4 13.2%
FY26 Q1 10.0%
FY26 Q2 12.0%
FCF margin (TTM) Onto Innovation Inc.
15% 20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 15.4% FCF margin (TTM), FY23 Q4: 18.3% FCF margin (TTM), FY24 Q1: 18.6% FCF margin (TTM), FY24 Q2: 20.4% FCF margin (TTM), FY24 Q3: 23.5% FCF margin (TTM), FY24 Q4: 21.7% FCF margin (TTM), FY25 Q1: 24.1% FCF margin (TTM), FY25 Q2: 23.0% FCF margin (TTM), FY25 Q3: 26.1% FCF margin (TTM), FY25 Q4: 29.8% FCF margin (TTM), FY26 Q1: 23.2% FCF margin (TTM), FY26 Q2: 22.5% 22.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 15.4%
FY23 Q4 18.3%
FY24 Q1 18.6%
FY24 Q2 20.4%
FY24 Q3 23.5%
FY24 Q4 21.7%
FY25 Q1 24.1%
FY25 Q2 23.0%
FY25 Q3 26.1%
FY25 Q4 29.8%
FY26 Q1 23.2%
FY26 Q2 22.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Onto Innovation took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1B
  2. Other income $30M · 3.0%
  3. Cost of revenue $505M · 50.3%
  4. Gross profit $500M · 49.7%
  5. Research and development $132M · 13.1%
  6. Selling, general and admin $177M · 17.6%
  7. Other operating costs $57.8M · 5.8%
  8. Operating income $133M · 13.2%
  9. Income tax $26.1M · 2.6%
  10. Net income $137M · 13.6%

Shares of revenue. Source: Onto Innovation's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2010 2010 Jan 2011 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Jan 2022 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Jan 2026 LTM Jun 2026
Income
Revenue 77 188 230 183 144 166 187 221 255 274 306 556 789 1,005 816 987 1,005 1,120
Gross profit 36 101 122 84 63 76 90 114 135 148 135 278 429 539 420 515 500 564
EBITDA −7 46 51 14 −13 −2 14 37 63 56 1 −13 −142 246 128 200 154 156
Operating income −13 41 46 5 −22 −12 5 29 59 51 −5 −27 −156 237 116 187 133 135
Net income −16 56 29 4 −14 −31 3 44 33 45 223 31 142 223 121 202 137 133
Diluted EPS −$0.43 $1.22 $0.61 $0.10 −$0.30 −$0.65 $0.06 $0.88 $0.64 $0.87 $0.06 $0.63 $2.86 $4.49 $2.46 $4.06 $2.78 $2.67
Growth (year on year)
Revenue — +145.2% +22.3% −20.5% −21.1% +15.3% +12.6% +18.0% +15.4% +7.3% +11.7% +81.9% +41.8% +27.4% −18.8% +21.0% +1.8% +8.1%
EBITDA — — +11.0% −73.2% −194.9% — — +166.2% +69.2% −11.6% −98.4% — — — −47.8% +55.7% −23.0% −24.4%
Operating income — — +10.7% −88.0% −496.3% — — +485.1% +103.8% −13.8% −109.9% — — — −51.0% +61.2% −29.0% −29.5%
Net income — — −48.7% −84.4% −416.8% — — — −25.3% +37.0% +395.2% −86.1% +358.8% +56.9% −45.7% +66.5% −32.2% −33.7%
Diluted EPS — — −49.8% −84.4% −421.1% — — — −27.4% +37.0% −93.1% +950.0% +354.0% +57.0% −45.2% +65.0% −31.5% −33.9%
Margins
Gross margin 47.1% 53.9% 53.1% 45.9% 43.4% 45.6% 47.9% 51.6% 52.8% 54.2% 44.1% 50.0% 54.4% 53.6% 51.5% 52.2% 49.7% 50.4%
EBITDA margin −9.5% 24.3% 22.1% 7.4% −9.0% −1.1% 7.5% 16.9% 24.8% 20.4% 0.3% −2.3% −18.0% 24.5% 15.7% 20.3% 15.3% 14.0%
Operating margin −17.4% 22.0% 19.9% 3.0% −15.0% −7.0% 2.7% 13.2% 23.2% 18.7% −1.6% −4.8% −19.8% 23.5% 14.2% 19.0% 13.2% 12.0%
Net margin −21.3% 29.7% 12.5% 2.4% −9.8% −18.7% 1.6% 19.9% 12.9% 16.5% 73.0% 5.6% 18.0% 22.2% 14.9% 20.4% 13.6% 11.8%
Free-cash-flow margin −8.6% 13.0% 22.3% 10.4% −5.6% −3.9% −0.1% 18.9% 21.2% 10.1% 3.7% 18.4% 20.7% 11.8% 18.3% 21.7% 29.8% 22.5%
Cash flow
Cash from operations −6 28 54 24 −2 −1 2 46 64 35 18 106 175 137 172 246 328 266
Capital spending 1 3 3 5 6 6 2 4 10 8 7 4 12 18 23 32 29 14
Free cash flow −7 25 51 19 −8 −6 −0 42 54 28 11 102 163 118 149 214 300 252
Stock-based pay 2 3 4 6 8 7 6 8 6 6 11 18 20 24 26 29 28 31
Free cash flow after stock pay −9 22 47 13 −16 −13 −7 34 48 21 1 84 144 94 124 185 272 221
Balance sheet
Cash 44 66 98 63 45 35 38 47 68 112 131 137 170 176 234 213 346 1,253
Total debt 0 10 7 5 0 0 0 0 0 0 0 0 — 0 0 0 — 1,472
Net debt (negative = net cash) −44 −56 −90 −58 −45 −35 −38 −47 −68 −112 −131 −137 −170 −176 −234 −213 −346 219
Diluted shares 37m 46m 47m 48m 47m 48m 49m 50m 52m 52m 50m 49m 50m 50m 49m 50m 49m 50m
Returned to shareholders
Buybacks 0 2 4 9 5 5 2 — 27 21 1 52 0 65 3 25 75 205
Total returned 0 2 4 9 5 5 2 — 27 21 1 52 0 65 3 25 75 205

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $3.7bn
Short-term assets $2.6bnLonger-term assets $1.1bn
What it owes, and who funded it · $3.7bn
Short-term liabilities $272mLonger-term liabilities $1.5bnShareholders' equity $1.9bn
  • Short-term assets cover short-term liabilities $2.6bn of assets due within a year against $272m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.6bn short-term assets against $1.5bn of longer-dated liabilities.
  • More cash than debt $1.3bn of cash against $1.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 77% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $266m of operating cash flow against $1.5bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Onto Innovation Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$205M
Returned to shareholders
81%
of free cash flow
Buybacks, last 3 fiscal years
$103M
Diluted share count
+0.3%
year over year
Total shareholder yield
2.2%
dividends 0.0% + buybacks 2.2% of market value
R&D spending
12.7%
of revenue
Days sales outstanding
110 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductor materials & equipment
Last 12 months unless stated ONTO ACMR KLIC NVMI ACLS VECO Median
Revenue, last 12 months $1.1bn $1.0bn $950m $881m $866m $683m $994m
Revenue growth, last 12 months 8.1% 27.3% 44.4% 31.0% −3.3% −2.5% 15.8%
Revenue growth, 3-year average 7.7% 31.1% 4.8% 99.1% −5.4% 2.1% 7.8%
Revenue growth, latest quarter 35.3% 36.0% 122.6% — 10.6% 16.5% 33.7%
Gross margin 50.4% 43.8% 48.2% 57.4% 43.0% 37.9% 47.7%
Operating margin 12.0% 13.3% 13.2% 28.8% 10.3% 2.7% 13.2%
Operating margin, 3-year average 15.9% 16.1% 0.9% 27.3% 17.2% 7.6% 16.0%
Net margin 11.8% 14.5% 12.2% 29.4% 10.7% 3.4% 10.9%
Cash from operations / revenue 23.8% −0.6% 5.8% 27.9% 8.7% 14.6% 18.6%
Free-cash-flow margin 22.5% −11.5% 4.3% 24.7% 7.6% 12.5% 15.0%
Free-cash-flow margin, 3-year average 22.0% −8.7% 10.0% 26.8% 11.7% 8.1% 11.9%
Stock pay / revenue 2.8% 2.5% 2.9% 3.0% 2.5% 5.3% 2.4%
Change in share count 0.3% 3.9% −1.0% 2.1% −3.7% 2.3% 0.8%

Median of all 20 companies we cover in semiconductor materials & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 semiconductor materials & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 8.1% 15.8% 14 of 20
Change in growth rate Growth +7.5pp +7.5pp 10 of 20
Gross margin Profitability 50.4% 48.2% 8 of 19
Operating margin Profitability 12.0% 13.2% 11 of 19
Net margin Profitability 11.8% 11.1% 9 of 20
Free-cash-flow margin Cash generation 22.5% 17.5% 7 of 20
Stock pay as % of revenue Cash generation 2.8% 2.5% 13 of 20
Long-term debt as % of assets Balance sheet 39.8% 22.0% 13 of 13
Change in share count Balance sheet 0.3% 0.9% 8 of 19
Days sales outstanding Balance sheet 110 days 79 days 15 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 3, 2026
Products and services
Line of business Revenue Share YoY
Systems and Software Revenue $848M 84.3% ▼ 0.3%
Parts Revenue $84.2M 8.4% ▲ 9.9%
Service Revenue $73.2M 7.3% ▲ 21.5%
Geography
Region Revenue Share YoY
Taiwan $319M 31.7% ▲ 3.7%
South Korea $279M 27.8% ▼ 2.2%
United States $121M 12.0% ▲ 16.3%
Japan $95.4M 9.5% ▲ 67.4%
China $70.7M 7.0% ▼ 39.3%
Southeast Asia $64.3M 6.4% ▼ 0.9%
Europe $55.6M 5.5% ▲ 7.5%

From Onto Innovation Inc.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$18.4B
Institutions reporting
687
Shares held vs prior quarter
▲ 1.6%
Positions opened / closed
160 / 53

Top buyers and sellers, Q2 2026: 364 institutions bought and 288 sold ; the biggest buyer was Invesco Ltd (+719K shares) and the biggest seller Jane Street Group, LLC (−601K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.1B 5.5M 11.3% ▼ 0.5%
Vanguard Portfolio Management LLC $1B 2.7M 5.6% ▼ 0.6%
Vanguard Capital Management LLC $851M 2.2M 4.6% ▲ 1.1%
State Street Corp $588M 1.6M 3.2% ▲ 3.7%
Geode Capital Management, LLC $543M 1.4M 2.9% ▲ 18.4%
Invesco Ltd. $512M 1.4M 2.8% ▲ 113.6%
Paradigm Capital Management Inc $417M 1.1M 2.3% ▼ 0.1%
Point72 Asset Management, L.P. $368M 972K 2.0% ▼ 19.2%
FMR LLC $334M 883K 1.8% ▲ 6.6%
Price T Rowe Associates Inc $323M 853K 1.8% ▲ 40.9%
Voya Investment Management LLC $285M 754K 1.5% ▼ 17.8%
Pictet Asset Management Holding SA $271M 716K 1.5% ▲ 4284.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Onto Innovation Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $902,300 2 trades by 2 insiders · 100% under pre-set plans
Net ▼ $902,300 net selling
Insider Date Trade Shares Price Value
Miller David Brian Director September 29, 2026 Sell pre-set plan 2,000 $300.00 $600,000
Lynch Susan D Director August 21, 2026 Sell pre-set plan 1,000 $302.30 $302,300

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in Onto Innovation Inc. disclosed in the last 12 months; 5 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded May 12, 2025, filed June 9, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (partial), $1,001 - $15,000, traded May 9, 2025, filed June 9, 2025
  • Tom Malinowski(D-NJ 7):Sale (full), $1,001 - $15,000, traded May 1, 2020, filed March 5, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 5, 2026
  • April 16, 2026
  • February 19, 2026
  • November 6, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Onto Innovation Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Onto Innovation Inc. in brief

What does Onto Innovation Inc. do?
Onto Innovation Inc. is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in December.
What is Onto Innovation Inc.'s stock ticker?
Onto Innovation Inc. trades under the ticker ONTO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Onto Innovation Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Onto Innovation Inc. reported revenue of $1.1B, 8.1% higher than a year earlier, according to its SEC filings.
What is Onto Innovation Inc.'s free cash flow?
Onto Innovation Inc.'s free-cash-flow margin is 22.5% of revenue over the trailing twelve months, ranking 7 of the 20 semiconductor materials & equipment companies we cover.
What is Onto Innovation Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Onto Innovation Inc.'s free cash flow after stock-based pay gives ~$160 per share in the base case, and ~$130–$210 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Onto Innovation Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Onto Innovation Inc. buying back stock, and does it pay a dividend?
Onto Innovation Inc. spent $205M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.3% over the year.
What is Onto Innovation Inc.'s market cap?
On November 2, 2026, Onto Innovation Inc.'s market capitalisation was about $9.5B, with a price-to-earnings ratio of 71.6 and net debt of $219M. Market figures come from third-party market data and may be delayed.
How much debt does Onto Innovation Inc. have?
Onto Innovation Inc.'s debt-to-equity ratio is 76.5%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Onto Innovation Inc.'s competitors?
In our Semiconductor Materials & Equipment peer group, the companies closest to Onto Innovation Inc. are ACM Research, Inc., Kulicke & Soffa Industries Inc, Nova LTD., Axcelis Technologies Inc and Veeco Instruments Inc. The side-by-side comparison below sets their revenue, margins and growth against Onto Innovation Inc.'s.
Are insiders buying or selling Onto Innovation Inc. stock?
Over the last 12 months, Onto Innovation Inc.'s directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Onto Innovation Inc.'s next earnings date?
Around November 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Onto Innovation Inc. announces its own schedule.