Comprehensive Stock Comparison
Compare Aehr Test Systems (AEHR) vs KLA Corporation (KLAC) vs Teradyne, Inc. (TER) vs Nova Ltd. (NVMI) vs Onto Innovation Inc. (ONTO) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | NVMI | 29.8% revenue growth vs AEHR's -20.2% |
| Value | ONTO | PEG 0.34 vs 1.18 |
| Quality / Margins | KLAC | 35.8% net margin vs AEHR's -22.7% |
| Stability / Safety | KLAC | Beta 1.76 vs AEHR's 2.63 |
| Dividends | KLAC | 0.4% yield, 8-year raise streak, vs TER's 0.2% |
| Momentum (1Y) | AEHR | +288.3% vs ONTO's +48.2% |
| Efficiency (ROA) | KLAC | 27.3% ROA vs AEHR's -7.5%, ROIC 46.5% vs -3.0% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Aehr Test Systems designs and manufactures specialized test and burn-in equipment for semiconductor manufacturers. It generates revenue primarily from sales of its FOX and ABTS test systems — including wafer-level testers, singulated die testers, and packaged part testers — along with recurring sales of consumable contactors and carriers. The company's key advantage is its proprietary full-wafer contact technology that enables burn-in and testing of entire wafers, a capability particularly valuable for high-reliability applications like automotive and aerospace semiconductors.
KLA Corporation is a leading provider of process control and yield management systems for semiconductor manufacturers. It generates revenue primarily from selling inspection, metrology, and process control equipment to chipmakers — with its Semiconductor Process Control segment contributing roughly 85% of total sales. The company's moat comes from its deep expertise in defect detection and measurement, creating mission-critical tools that semiconductor fabs cannot easily replace once integrated into their production lines.
Teradyne is a leading manufacturer of automated test equipment used to verify semiconductor chips and electronic systems before they reach customers. It generates revenue primarily from semiconductor test systems (~70% of sales) and industrial automation robots (~20%), with the remainder from system test and wireless test equipment. The company's moat comes from its deep expertise in complex test methodologies and long-standing relationships with major semiconductor manufacturers who rely on its equipment for quality assurance.
Nova Ltd. is a semiconductor process control systems company that designs and sells metrology equipment used to measure and monitor chip manufacturing processes. It generates revenue primarily from selling its dimensional, films, and materials metrology platforms—which account for the vast majority of sales—to logic, foundry, and memory chip manufacturers worldwide. The company's competitive advantage lies in its deep expertise in complex measurement technologies and strong customer relationships with leading semiconductor manufacturers who rely on its precision tools for advanced process control.
Onto Innovation is a semiconductor equipment company that makes process control tools for defect inspection, optical metrology, and lithography systems used in chip manufacturing. It generates revenue primarily from selling these capital equipment systems — along with software licenses and spare parts — to semiconductor manufacturers and advanced packaging facilities. The company's competitive advantage lies in its integrated portfolio of inspection, metrology, and lithography technologies that help chipmakers improve yields and process control across multiple manufacturing steps.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 5 stocks. BestLagging
Financial Scorecard
KLAC leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). ONTO leads in 1 (Valuation Metrics). 2 tied.
Financial Metrics (TTM)
KLAC is the larger business by revenue, generating $12.7B annually — 259.9x AEHR's $49M. KLAC is the more profitable business, keeping 35.8% of every revenue dollar as net income compared to AEHR's -22.7%. On growth, TER holds the edge at +43.9% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | AEHRAehr Test Systems | KLACKLA Corporation | TERTeradyne, Inc. | NVMINova Ltd. | ONTOOnto Innovation I… |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $49M | $12.7B | $3.2B | $881M | $1.0B |
| EBITDAEarnings before interest/tax | -$10M | $5.8B | $794M | $276M | $215M |
| Net IncomeAfter-tax profit | -$11M | $4.6B | $554M | $259M | $175M |
| Free Cash FlowCash after capex | -$14M | $4.4B | $450M | $218M | $261M |
| Gross MarginGross profit ÷ Revenue | +30.2% | +61.9% | +58.3% | +57.4% | +50.7% |
| Operating MarginEBIT ÷ Revenue | -27.8% | +42.4% | +20.9% | +28.8% | +16.1% |
| Net MarginNet income ÷ Revenue | -22.7% | +35.8% | +17.4% | +29.4% | +17.5% |
| FCF MarginFCF ÷ Revenue | -28.1% | +34.4% | +14.1% | +24.7% | +26.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | -26.5% | +7.2% | +43.9% | +14.3% | -13.5% |
| EPS Growth (YoY)Latest quarter vs prior year | -2.2% | +41.6% | +81.9% | +22.8% | -46.7% |
Valuation Metrics
At 50.2x trailing earnings, KLAC trades at a 45% valuation discount to TER's 92.0x P/E. Adjusting for growth (PEG ratio), ONTO offers better value at 0.41x vs NVMI's 2.11x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | AEHRAehr Test Systems | KLACKLA Corporation | TERTeradyne, Inc. | NVMINova Ltd. | ONTOOnto Innovation I… |
|---|---|---|---|---|---|
| Market CapShares × price | $1.1B | $201.3B | $50.1B | $12.8B | $10.6B |
| Enterprise ValueMkt cap + debt − cash | $1.1B | $205.3B | $50.2B | $12.9B | $10.4B |
| Trailing P/EPrice ÷ TTM EPS | -287.92x | 50.20x | 91.96x | 76.32x | 53.17x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 41.79x | 50.31x | 42.79x | 43.45x |
| PEG RatioP/E ÷ EPS growth rate | — | 1.59x | — | 2.11x | 0.41x |
| EV / EBITDAEnterprise value multiple | — | 36.43x | 61.18x | 63.09x | 41.83x |
| Price / SalesMarket cap ÷ Revenue | 19.44x | 16.56x | 15.71x | 19.11x | 10.77x |
| Price / BookPrice ÷ Book value/share | 9.01x | 43.45x | 18.05x | 15.20x | 5.57x |
| Price / FCFMarket cap ÷ FCF | — | 53.79x | 111.28x | 58.93x | 49.73x |
Profitability & Efficiency
KLAC delivers a 83.4% return on equity — every $100 of shareholder capital generates $83 in annual profit, vs $-8 for AEHR. ONTO carries lower financial leverage with a 0.01x debt-to-equity ratio, signaling a more conservative balance sheet compared to KLAC's 1.30x. On the Piotroski fundamental quality scale (0–9), KLAC scores 9/9 vs AEHR's 1/9, reflecting strong financial health.
| Metric | AEHRAehr Test Systems | KLACKLA Corporation | TERTeradyne, Inc. | NVMINova Ltd. | ONTOOnto Innovation I… |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | -8.5% | +83.4% | +19.8% | +19.7% | +8.7% |
| ROA (TTM)Return on assets | -7.5% | +27.3% | +13.3% | +11.0% | +8.0% |
| ROICReturn on invested capital | -3.0% | +46.5% | +19.8% | +14.9% | +8.6% |
| ROCEReturn on capital employed | -3.2% | +46.1% | +22.5% | +20.7% | +10.1% |
| Piotroski ScoreFundamental quality 0–9 | 1 | 9 | 6 | 8 | 7 |
| Debt / EquityFinancial leverage | 0.09x | 1.30x | 0.12x | 0.25x | 0.01x |
| Net DebtTotal debt minus cash | -$14M | $4.0B | $53M | $78M | -$198M |
| Cash & Equiv.Liquid assets | $25M | $2.1B | $294M | $158M | $213M |
| Total DebtShort + long-term debt | $11M | $6.1B | $347M | $236M | $15M |
| Interest CoverageEBIT ÷ Interest expense | — | 19.31x | 81.33x | 116.20x | — |
Total Returns (with DRIP)
A $10,000 investment in AEHR five years ago would be worth $121,133 today (with dividends reinvested), compared to $24,052 for TER. Over the past 12 months, AEHR leads with a +288.3% total return vs ONTO's +48.2%. The 3-year compound annual growth rate (CAGR) favors NVMI at 69.2% vs AEHR's 3.9% — a key indicator of consistent wealth creation.
| Metric | AEHRAehr Test Systems | KLACKLA Corporation | TERTeradyne, Inc. | NVMINova Ltd. | ONTOOnto Innovation I… |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +68.9% | +19.8% | +54.2% | +26.3% | +30.2% |
| 1-Year ReturnPast 12 months | +288.3% | +116.1% | +191.8% | +83.5% | +48.2% |
| 3-Year ReturnCumulative with dividends | +12.2% | +307.0% | +217.8% | +384.5% | +161.8% |
| 5-Year ReturnCumulative with dividends | +1111.3% | +376.4% | +140.5% | +389.9% | +226.7% |
| 10-Year ReturnCumulative with dividends | +3045.4% | +2213.5% | +1598.0% | +4009.2% | +1455.4% |
| CAGR (3Y)Annualised 3-year return | +3.9% | +59.7% | +47.0% | +69.2% | +37.8% |
Risk & Volatility
KLAC is the less volatile stock with a 1.76 beta — it tends to amplify market swings less than AEHR's 2.63 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. ONTO currently trades 92.9% from its 52-week high vs NVMI's 86.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | AEHRAehr Test Systems | KLACKLA Corporation | TERTeradyne, Inc. | NVMINova Ltd. | ONTOOnto Innovation I… |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.63x | 1.76x | 1.90x | 1.83x | 2.24x |
| 52-Week HighHighest price in past year | $43.13 | $1693.35 | $344.92 | $507.27 | $232.49 |
| 52-Week LowLowest price in past year | $6.27 | $551.33 | $65.77 | $154.00 | $85.88 |
| % of 52W HighCurrent price vs 52-week peak | +86.8% | +90.0% | +92.8% | +86.5% | +92.9% |
| RSI (14)Momentum oscillator 0–100 | 67.7 | 57.1 | 68.4 | 50.4 | 55.6 |
| Avg Volume (50D)Average daily shares traded | 1.0M | 952K | 2.7M | 335K | 713K |
Analyst Outlook
Analyst consensus: AEHR as "Hold", KLAC as "Buy", TER as "Buy", NVMI as "Buy", ONTO as "Buy". Consensus price targets imply 21.2% upside for ONTO (target: $262) vs -33.2% for AEHR (target: $25). For income investors, KLAC offers the higher dividend yield at 0.44% vs TER's 0.15%.
| Metric | AEHRAehr Test Systems | KLACKLA Corporation | TERTeradyne, Inc. | NVMINova Ltd. | ONTOOnto Innovation I… |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy | Buy | Buy | Buy |
| Price TargetConsensus 12-month target | $25.00 | $1672.25 | $277.58 | $489.50 | $261.67 |
| # AnalystsCovering analysts | 2 | 43 | 31 | 12 | 11 |
| Dividend YieldAnnual dividend ÷ price | — | +0.4% | +0.2% | — | — |
| Dividend StreakConsecutive years of raises | — | 8 | 4 | — | — |
| Dividend / ShareAnnual DPS | — | $6.76 | $0.48 | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.1% | +1.1% | +1.4% | +0.2% | +0.2% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Aehr Test Systems (AEHR) | 100 | 1,235.07 | +1135.1% |
| KLA Corporation (KLAC) | 100 | 917.01 | +817.0% |
| Teradyne, Inc. (TER) | 100 | 426.77 | +326.8% |
| Nova Ltd. (NVMI) | 100 | 1,247.32 | +1147.3% |
| Onto Innovation Inc. (ONTO) | 100 | 647.98 | +548.0% |
Aehr Test Systems (AEHR) returned +1.1K% over 5 years vs Teradyne, Inc. (TER)'s +141%. A $10,000 investment in AEHR 5 years ago would be worth $121,133 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Aehr Test Systems (AEHR) | $15M | $59M | +306.6% |
| KLA Corporation (KLAC) | $3.0B | $12.2B | +307.3% |
| Teradyne, Inc. (TER) | $1.8B | $3.2B | +81.9% |
| Nova Ltd. (NVMI) | $164M | $672M | +310.2% |
| Onto Innovation Inc. (ONTO) | $233M | $987M | +324.1% |
Aehr Test Systems's revenue grew from $15M (2016) to $59M (2025) — a 16.9% CAGR. KLA Corporation's revenue grew from $3.0B (2016) to $12.2B (2025) — a 16.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Aehr Test Systems (AEHR) | -46.8% | -6.6% | +85.8% |
| KLA Corporation (KLAC) | 23.6% | 33.4% | +41.6% |
| Teradyne, Inc. (TER) | -2.5% | 17.4% | +801.3% |
| Nova Ltd. (NVMI) | 5.9% | 27.3% | +364.5% |
| Onto Innovation Inc. (ONTO) | 15.9% | 20.4% | +28.7% |
Aehr Test Systems's net margin went from -47% (2016) to -7% (2025). KLA Corporation's net margin went from 24% (2016) to 33% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Aehr Test Systems (AEHR) | 70.5 | 14.8 | -79.0% |
| KLA Corporation (KLAC) | 17.9 | 40 | +123.5% |
| Teradyne, Inc. (TER) | 32.7 | 55.6 | +70.0% |
| Nova Ltd. (NVMI) | 15.9 | 34.3 | +115.7% |
| Onto Innovation Inc. (ONTO) | 24.4 | 41.1 | +68.4% |
Aehr Test Systems has traded in a 15x–71x P/E range over 4 years; current trailing P/E is ~-288x. KLA Corporation has traded in a 17x–40x P/E range over 9 years; current trailing P/E is ~50x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Aehr Test Systems (AEHR) | -0.52 | -0.13 | +75.0% |
| KLA Corporation (KLAC) | 4.49 | 30.37 | +576.4% |
| Teradyne, Inc. (TER) | -0.21 | 3.48 | +1757.1% |
| Nova Ltd. (NVMI) | 0.35 | 5.75 | +1542.9% |
| Onto Innovation Inc. (ONTO) | 1.16 | 4.06 | +250.0% |
Aehr Test Systems's EPS grew from $-0.52 (2016) to $-0.13 (2025). KLA Corporation's EPS grew from $4.49 (2016) to $30.37 (2025) — a 24% CAGR.
Chart 6Free Cash Flow — 5 Years
Aehr Test Systems generated $-12M FCF in 2025 (-323% vs 2021). KLA Corporation generated $4B FCF in 2025 (+92% vs 2021).
AEHR vs KLAC vs TER vs NVMI vs ONTO: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is AEHR or KLAC or TER or NVMI or ONTO a better buy right now?
KLA Corporation (KLAC) offers the better valuation at 50.2x trailing P/E (41.8x forward), making it the more compelling value choice. Analysts rate KLA Corporation (KLAC) a "Buy" — based on 43 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — AEHR or KLAC or TER or NVMI or ONTO?
On trailing P/E, KLA Corporation (KLAC) is the cheapest at 50.2x versus Teradyne, Inc. at 92.0x. On forward P/E, KLA Corporation is actually cheaper at 41.8x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Onto Innovation Inc. wins at 0.34x versus KLA Corporation's 1.32x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — AEHR or KLAC or TER or NVMI or ONTO?
Over the past 5 years, Aehr Test Systems (AEHR) delivered a total return of +1111%, compared to +140.5% for Teradyne, Inc. (TER). A $10,000 investment in AEHR five years ago would be worth approximately $121K today (assuming dividends reinvested). Over 10 years, the gap is even starker: NVMI returned +40.1% versus ONTO's +1455%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — AEHR or KLAC or TER or NVMI or ONTO?
By beta (market sensitivity over 5 years), KLA Corporation (KLAC) is the lower-risk stock at 1.76β versus Aehr Test Systems's 2.63β — meaning AEHR is approximately 50% more volatile than KLAC relative to the S&P 500. On balance sheet safety, Onto Innovation Inc. (ONTO) carries a lower debt/equity ratio of 1% versus 130% for KLA Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — AEHR or KLAC or TER or NVMI or ONTO?
KLA Corporation (KLAC) is the more profitable company, earning 33.4% net margin versus -6.6% for Aehr Test Systems — meaning it keeps 33.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: KLAC leads at 43.1% versus -7.3% for AEHR. At the gross margin level — before operating expenses — KLAC leads at 62.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is AEHR or KLAC or TER or NVMI or ONTO more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Onto Innovation Inc. (ONTO) is the more undervalued stock at a PEG of 0.34x versus KLA Corporation's 1.32x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, KLA Corporation (KLAC) trades at 41.8x forward P/E versus 50.3x for Teradyne, Inc. — 8.5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ONTO: 21.2% to $261.67.
07Which pays a better dividend — AEHR or KLAC or TER or NVMI or ONTO?
In this comparison, KLAC (0.4% yield), TER (0.2% yield) pay a dividend. AEHR, NVMI, ONTO do not pay a meaningful dividend and should not be held primarily for income.
08Is AEHR or KLAC or TER or NVMI or ONTO better for a retirement portfolio?
For long-horizon retirement investors, Teradyne, Inc. (TER) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+1598% 10Y return). Aehr Test Systems (AEHR) carries a higher beta of 2.63 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (TER: +1598%, AEHR: +30.5%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between AEHR and KLAC and TER and NVMI and ONTO?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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