Onto Innovation Inc. (ONTO) 10-Year Financial Performance & Capital Metrics

ONTO •

TechnologySemiconductorsSemiconductor Test, Metrology and Inspection Equipment

AboutOnto Innovation Inc. engages in the design, development, manufacture, and support of process control tools that performs macro defect inspection and 2D/3D optical metrology, lithography systems, and process control analytical software worldwide. It offers process and yield management solutions, and device packaging and test facilities through standalone systems for macro-defect inspection, packaging lithography, probe card test and analysis, and transparent and opaque thin film measurements; and process control software portfolio that includes solutions for standalone tools, groups of tools, and enterprise-or factory-wide suites. The company also provides spare parts and software licensing services. Its products are used by semiconductor and advanced packaging device manufacturers; silicon wafer; light emitting diode; vertical-cavity surface-emitting laser; micro-electromechanical system; CMOS image sensor; power device; RF filter; data storage; and various industrial and scientific applications. The company was formerly known as Rudolph Technologies, Inc. Onto Innovation Inc. was founded in 1940 and is headquartered in Wilmington, Massachusetts.Show more

Revenue $987M +21.0%
EBITDA $249M +36.1%
Net Income $202M +66.5%
EPS (Diluted) 4.06 +65.0%
Gross Margin 52.19% +1.3%
EBITDA Margin 25.26% +12.4%
Operating Margin 18.95% +33.2%
Net Margin 20.43% +37.5%
ROE 11.01% +51.5%
ROIC 8.63% +47.0%
Debt/Equity 0.01 -30.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 153.9%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 21.7% free cash flow margin
✓Momentum leader: RS Rating 93 (top 7%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y18.47%

5Y26.41%

3Y7.77%

TTM6.38%

Profit (Net Income) CAGR

10Y-

5Y153.93%

3Y12.31%

TTM-4.43%

EPS CAGR

10Y-

5Y129.62%

3Y12.39%

TTM-4.06%

ROCE

10Y Avg10.57%

5Y Avg9%

3Y Avg10.68%

Latest10.09%

Peer Comparison

Semiconductor Test, Metrology and Inspection Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FORMFormFactor, Inc.	7.63B	98.88	111.10	15.16%	6.78%	5.14%	1.04%	0.04
TERTeradyne, Inc.	50.12B	320.03	91.96	13.13%	17.37%	19.82%	0.9%	0.12
NVMINova Ltd.	12.85B	438.86	76.32	29.83%	29.44%	19.66%	1.7%	0.25
CAMTCamtek Ltd.	7.18B	167.39	69.17	36.1%	28.36%	21.35%		0.38
ONTOOnto Innovation Inc.	10.63B	215.89	53.17	21.01%	17.46%	8.74%	2.01%	0.01
KLACKLA Corporation	201.28B	1524.55	50.20	23.89%	35.76%	83.39%	1.86%	1.30
INTTinTEST Corporation	144.21M	11.65	48.54	5.99%	-2.22%	-2.44%	1.73%	0.26
COHUCohu, Inc.	1.41B	30.20	-18.99	12.74%	-16.4%	-9.46%		0.46

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	221.69M	232.78M	255.1M	273.78M	305.9M	556.5M	788.9M	1.01B	815.87M	987.32M
Revenue Growth %	22.33%	5%	9.59%	7.32%	11.73%	81.92%	41.76%	27.42%	-18.83%	21.01%
Cost of Goods Sold+	102.28M	109.23M	120.5M	125.5M	170.87M	278.04M	359.81M	465.96M	395.61M	472.01M
COGS % of Revenue	46.14%	46.92%	47.24%	45.84%	55.86%	49.96%	45.61%	46.36%	48.49%	47.81%
Gross Profit+	119.41M	123.55M	134.59M	148.28M	135.03M	278.45M	429.09M	539.22M	420.25M	515.31M
Gross Margin %	53.86%	53.08%	52.76%	54.16%	44.14%	50.04%	54.39%	53.64%	51.51%	52.19%
Gross Profit Growth %	25.05%	3.47%	8.94%	10.17%	-8.94%	106.22%	54.1%	25.67%	-22.06%	22.62%
Operating Expenses+	86.61M	85.85M	88.31M	97.19M	140.07M	251.78M	272.68M	302.51M	304.18M	328.2M
OpEx % of Revenue	39.07%	36.88%	34.62%	35.5%	45.79%	45.24%	34.56%	30.09%	37.28%	33.24%
Selling, General & Admin	43.23M	38.56M	48.67M	55.71M	81.27M	113.45M	125.19M	135.27M	144.91M	162M
SG&A % of Revenue	19.5%	16.57%	19.08%	20.35%	26.57%	20.39%	15.87%	13.46%	17.76%	16.41%
Research & Development	41.23M	44.96M	46.99M	49.05M	48.36M	84.58M	96.12M	111.95M	104.44M	116.77M
R&D % of Revenue	18.6%	19.32%	18.42%	17.92%	15.81%	15.2%	12.18%	11.14%	12.8%	11.83%
Other Operating Expenses	2.15M	-12.32M	-11.06M	1.53M	10.45M	53.75M	51.37M	55.28M	54.82M	49.44M
Operating Income+	32.79M	52.35M	59.29M	51.08M	-5.04M	26.68M	156.41M	236.71M	116.08M	187.1M
Operating Margin %	14.79%	22.49%	23.24%	18.66%	-1.65%	4.79%	19.83%	23.55%	14.23%	18.95%
Operating Income Growth %	2605.19%	59.63%	13.26%	-13.84%	-109.87%	628.99%	486.3%	51.34%	-50.96%	61.19%
EBITDA+	34.94M	60.64M	66.21M	57.47M	11.37M	94.25M	222.21M	301.38M	183.29M	249.41M
EBITDA Margin %	15.76%	26.05%	25.95%	20.99%	3.72%	16.94%	28.17%	29.98%	22.47%	25.26%
EBITDA Growth %	3039.08%	73.57%	9.18%	-13.2%	-80.22%	729.2%	135.75%	35.63%	-39.18%	36.08%
D&A (Non-Cash Add-back)	2.15M	8.29M	6.92M	6.38M	16.41M	67.58M	65.8M	64.66M	67.21M	62.31M
EBIT	32.79M	37.7M	46.29M	51.08M	-5.04M	26.68M	156.41M	236.71M	116.08M	187.1M
Net Interest Income+	-5.69M	-2.83M	971K	2.21M	3.67M	2.9M	1.16M	5.01M	20.36M	33.49M
Interest Income	71K	35K	8K	10K	3.67M	2.9M	1.16M	5.01M	20.36M	33.49M
Interest Expense	5.76M	2.87M	971K	2.21M	0	0	0	0	0	0
Other Income/Expense	-5.98M	-2.48M	514K	2.26M	4.45M	191K	-725K	4.87M	16.5M	33.34M
Pretax Income+	26.81M	49.87M	59.8M	53.35M	-597K	26.87M	155.68M	241.58M	132.58M	220.45M
Pretax Margin %	12.09%	21.42%	23.44%	19.48%	-0.2%	4.83%	19.73%	24.03%	16.25%	22.33%
Income Tax+	8.86M	12.92M	26.89M	8.25M	-2.51M	-4.16M	13.33M	18.25M	11.42M	18.78M
Effective Tax Rate %	66.97%	74.1%	55.03%	84.53%	-319.93%	115.47%	91.44%	92.45%	91.38%	91.48%
Net Income+	17.96M	36.95M	32.91M	45.1M	1.91M	31.02M	142.35M	223.33M	121.16M	201.67M
Net Margin %	8.1%	15.87%	12.9%	16.47%	0.62%	5.58%	18.04%	22.22%	14.85%	20.43%
Net Income Growth %	486.98%	105.79%	-10.94%	37.03%	-95.76%	1524.35%	358.82%	56.89%	-45.75%	66.45%
Net Income (Continuing)	17.96M	36.95M	32.91M	45.1M	1.91M	31.02M	142.35M	223.33M	121.16M	201.67M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.56	1.16	1.02	1.40	0.06	0.63	2.86	4.49	2.46	4.06
EPS Growth %	500%	107.14%	-12.07%	37.25%	-95.46%	890.57%	353.97%	56.99%	-45.21%	65.04%
EPS (Basic)	0.57	1.19	1.05	1.42	0.06	0.63	2.89	4.52	2.47	4.09
Diluted Shares Outstanding	32.17M	31.79M	32.16M	32.2M	30.01M	49.48M	49.73M	49.76M	49.32M	49.66M
Basic Shares Outstanding	31.41M	31.13M	31.49M	31.67M	29.73M	49.14M	49.24M	49.42M	48.97M	49.34M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	296.6M	262.63M	322.08M	350.91M	641.66M	731.66M	948.09M	1.13B	1.28B	1.48B
Cash & Short-Term Investments	161.48M	125.73M	177.36M	175.07M	320.24M	373.72M	511.34M	547.78M	697.81M	852.33M
Cash Only	161.48M	37.86M	177.36M	175.07M	130.67M	136.72M	169.6M	175.87M	233.51M	212.94M
Short-Term Investments	0	87.87M	0	0	189.56M	237M	341.74M	371.91M	464.3M	639.38M
Accounts Receivable	55.49M	67.3M	72.5M	64.19M	123.66M	149.25M	177.21M	241.4M	226.56M	308.14M
Days Sales Outstanding	91.36	105.53	103.74	85.58	147.55	97.89	81.99	87.65	101.36	113.92
Inventory	71.49M	65.48M	67.52M	96.82M	176.13M	191.22M	243.11M	324.28M	327.77M	286.98M
Days Inventory Outstanding	255.11	218.82	204.52	281.58	376.25	251.02	246.61	254.02	302.41	221.92
Other Current Assets	0	2.7M	7.22M	0	120K	0	0	21.41M	31.13M	30.07M
Total Non-Current Assets+	83.23M	76.07M	63.84M	67.13M	806.92M	736.51M	701.72M	659.99M	626.45M	639.57M
Property, Plant & Equipment	12.35M	11.86M	17.34M	18.87M	122.01M	87.95M	82.09M	91.98M	121.97M	137.81M
Fixed Asset Turnover	17.96x	19.63x	14.71x	14.51x	2.51x	6.33x	9.61x	10.93x	6.69x	7.16x
Goodwill	22.5M	22.5M	22.5M	22.5M	307.15M	306.63M	315.81M	315.81M	315.81M	329.98M
Intangible Assets	12.59M	10.27M	8.63M	7.45M	371.95M	318.36M	277.28M	222.2M	167.38M	127.46M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	820K	593K	492K	5.51M	4.35M	21.34M	21.72M	25.23M	2.45M	1.51M
Total Assets+	379.82M	338.7M	385.92M	418.04M	1.45B	1.47B	1.65B	1.79B	1.91B	2.12B
Asset Turnover	0.58x	0.69x	0.66x	0.65x	0.21x	0.38x	0.48x	0.56x	0.43x	0.47x
Asset Growth %	3.6%	-10.83%	13.94%	8.32%	246.52%	1.35%	12.37%	8.79%	6.4%	10.86%
Total Current Liabilities+	99.59M	35.96M	42.31M	44.99M	85.74M	120.09M	154.53M	160.56M	147.73M	170.09M
Accounts Payable	9.09M	10.24M	13.47M	16.98M	27.74M	40.18M	53.34M	54.53M	49.87M	56.26M
Days Payables Outstanding	32.45	34.23	40.8	49.38	59.25	52.75	54.11	42.71	46.01	43.51
Short-Term Debt	58.11M	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	6.44M	8.32M	11.78M	8.99M	14.62M	29.51M	39.44M	42.65M	24.76M	44.53M
Other Current Liabilities	-375K	3.89M	3.34M	3.69M	16.33M	3.56M	7.51M	6M	31.34M	3.96M
Current Ratio	2.98x	7.30x	7.61x	7.80x	7.48x	6.09x	6.14x	7.07x	8.69x	8.69x
Quick Ratio	2.26x	5.48x	6.02x	5.65x	5.43x	4.50x	4.56x	5.05x	6.47x	7.00x
Cash Conversion Cycle	314.02	290.12	267.45	317.77	464.54	296.16	274.49	298.96	357.75	292.33
Total Non-Current Liabilities+	9.55M	9M	10.46M	11.16M	98.81M	83.33M	69.23M	37.88M	25.45M	21.12M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	19.97M	16.45M	13.75M	16.34M	14.03M	9.74M
Deferred Tax Liabilities	3.15M	20K	179K	162K	67.04M	55.62M	40.28M	7.37M	0	4K
Other Non-Current Liabilities	9.55M	7.85M	9.3M	9.69M	9.34M	9.96M	13.5M	11.32M	8.96M	7.36M
Total Liabilities	109.15M	44.96M	52.77M	56.15M	184.55M	203.43M	223.76M	198.44M	173.18M	191.21M
Total Debt+	58.11M	0	0	0	24.88M	20.93M	17.72M	22.02M	19.52M	15.16M
Net Debt	-103.37M	-37.86M	-177.36M	-175.07M	-105.8M	-115.8M	-151.88M	-153.85M	-213.99M	-197.79M
Debt / Equity	0.21x	-	-	-	0.02x	0.02x	0.01x	0.01x	0.01x	0.01x
Debt / EBITDA	1.66x	-	-	-	2.19x	0.22x	0.08x	0.07x	0.11x	0.06x
Net Debt / EBITDA	-2.96x	-0.62x	-2.68x	-3.05x	-9.31x	-1.23x	-0.68x	-0.51x	-1.17x	-0.79x
Interest Coverage	5.69x	18.25x	61.06x	23.16x	-	-	-	-	-	-
Total Equity+	270.68M	293.74M	333.15M	361.89M	1.26B	1.26B	1.43B	1.6B	1.74B	1.93B
Equity Growth %	1.25%	8.52%	13.42%	8.62%	249.29%	0.06%	12.75%	11.95%	8.78%	10.9%
Book Value per Share	8.42	9.24	10.36	11.24	42.12	25.56	28.68	32.08	35.21	38.78
Total Shareholders' Equity	270.68M	293.74M	333.15M	361.89M	1.26B	1.26B	1.43B	1.6B	1.74B	1.93B
Common Stock	31K	31K	32K	31K	50K	49K	49K	49K	49K	49K
Retained Earnings	-121.66M	-84.71M	-51.87M	-6.77M	-4.86M	26.16M	168.51M	362.76M	482.36M	664.55M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.62M	-2.78M	-1.21M	-1.26M	-598K	4.57M	1.32M	-10.01M	-7.9M	-13.86M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	33.79M	46.63M	64.37M	35.09M	18.15M	105.98M	175.28M	136.7M	171.97M	245.68M
Operating CF Margin %	15.24%	20.03%	25.23%	12.82%	5.93%	19.04%	22.22%	13.6%	21.08%	24.88%
Operating CF Growth %	687.72%	38%	38.04%	-45.48%	-48.29%	484.06%	65.38%	-22.01%	25.8%	42.86%
Net Income	17.96M	36.95M	32.91M	45.1M	1.91M	31.02M	142.35M	223.33M	121.16M	201.67M
Depreciation & Amortization	6.1M	6M	5.93M	6.38M	16.41M	67.58M	65.8M	64.66M	67.21M	62.31M
Stock-Based Compensation	7.6M	4.78M	5.67M	6.06M	10.59M	17.66M	19.54M	24.43M	25.51M	28.58M
Deferred Taxes	3.98M	5.01M	17.21M	2.16M	-4.12M	-11.63M	-12.62M	-33.6M	-22.43M	-26.48M
Other Non-Cash Items	7.25M	4.94M	4.2M	4.6M	28.67M	30.09M	10.84M	14.4M	13.01M	24.08M
Working Capital Changes	-9.1M	-11.04M	-1.54M	-29.21M	-35.31M	-28.74M	-50.63M	-156.52M	-32.49M	-44.48M
Change in Receivables	-4.34M	-9.28M	430K	706K	-9.72M	-25.82M	-27.83M	-65.14M	12.15M	-83.69M
Change in Inventory	-12.53M	4M	-4.22M	-31.55M	-9.34M	-42.41M	-57.17M	-93.91M	-16.46M	19.94M
Change in Payables	2.25M	1.17M	3.2M	3.51M	-12.14M	11.4M	12.14M	1.18M	-4.68M	6.22M
Cash from Investing+	-9.08M	24.47M	-32.52M	33.77M	4.1M	-48.6M	-141.79M	-55.69M	-103.39M	-226.55M
Capital Expenditures	-6.05M	-5.29M	-11.21M	-7.54M	-6.8M	-3.83M	-12.04M	-18.41M	-22.57M	-31.9M
CapEx % of Revenue	2.73%	2.27%	4.39%	2.75%	2.22%	0.69%	1.53%	1.83%	2.77%	3.23%
Acquisitions	0	0	0	0	43.88M	0	-23.8M	-4.64M	0	-26.76M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.7M	-835K	-1M	-5M	0	2.85M	0	0	2.8M	0
Cash from Financing+	-22.97M	-78.11M	-2.75M	-23.91M	-4.2M	-53.7M	2.67M	-68.35M	-9.47M	-35.67M
Debt Issued (Net)	0	-60M	0	0	0	0	0	0	0	0
Equity Issued (Net)	-1000K	-1000K	0	-1000K	-744K	-1000K	0	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-20.67M	-8.04M	0	-21.07M	-744K	0	0	-65.26M	-3.2M	-25.07M
Other Financing	-2.32M	-10.86M	-2.55M	-2.84M	-3.45M	-1.7M	2.67M	-3.09M	-6.28M	-10.6M
Net Change in Cash	1.44M	-6.7M	29.91M	44.62M	18.29M	6.05M	32.88M	6.27M	57.64M	-20.56M
Free Cash Flow+	27.74M	41.34M	53.16M	27.55M	11.34M	102.16M	163.24M	118.3M	149.4M	213.77M
FCF Margin %	12.51%	17.76%	20.84%	10.06%	3.71%	18.36%	20.69%	11.77%	18.31%	21.65%
FCF Growth %	1157.39%	49.04%	28.59%	-48.17%	-58.83%	800.52%	59.8%	-27.53%	26.29%	43.09%
FCF per Share	0.86	1.30	1.65	0.86	0.38	2.06	3.28	2.38	3.03	4.30
FCF Conversion (FCF/Net Income)	1.88x	1.26x	1.96x	0.78x	9.50x	3.42x	1.23x	0.61x	1.42x	1.22x
Interest Paid	2.25M	2.25M	0	0	0	0	0	0	0	0
Taxes Paid	2.01M	10.98M	14.61M	4.3M	0	6.42M	23.77M	58.69M	34.1M	35.51M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.68%	13.09%	10.5%	12.98%	0.23%	2.45%	10.58%	14.78%	7.27%	11.01%
Return on Invested Capital (ROIC)	14.8%	18.56%	21.6%	22.37%	-0.56%	1.73%	9.68%	13.07%	5.87%	8.63%
Gross Margin	53.86%	53.08%	52.76%	54.16%	44.14%	50.04%	54.39%	53.64%	51.51%	52.19%
Net Margin	8.1%	15.87%	12.9%	16.47%	0.62%	5.58%	18.04%	22.22%	14.85%	20.43%
Debt / Equity	0.21x	-	-	-	0.02x	0.02x	0.01x	0.01x	0.01x	0.01x
Interest Coverage	5.69x	18.25x	61.06x	23.16x	-	-	-	-	-	-
FCF Conversion	1.88x	1.26x	1.96x	0.78x	9.50x	3.42x	1.23x	0.61x	1.42x	1.22x
Revenue Growth	22.33%	5%	9.59%	7.32%	11.73%	81.92%	41.76%	27.42%	-18.83%	21.01%

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Onto Innovation Inc. (ONTO) 10-Year Financial Performance & Capital Metrics

ONTO •

TechnologySemiconductorsSemiconductor Test, Metrology and Inspection Equipment

Revenue $987M +21.0%
EBITDA $249M +36.1%
Net Income $202M +66.5%
EPS (Diluted) 4.06 +65.0%
Gross Margin 52.19% +1.3%
EBITDA Margin 25.26% +12.4%
Operating Margin 18.95% +33.2%
Net Margin 20.43% +37.5%
ROE 11.01% +51.5%
ROIC 8.63% +47.0%
Debt/Equity 0.01 -30.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 153.9%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 21.7% free cash flow margin
✓Momentum leader: RS Rating 93 (top 7%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y18.47%

5Y26.41%

3Y7.77%

TTM6.38%

Profit (Net Income) CAGR

10Y-

5Y153.93%

3Y12.31%

TTM-4.43%

EPS CAGR

10Y-

5Y129.62%

3Y12.39%

TTM-4.06%

ROCE

10Y Avg10.57%

5Y Avg9%

3Y Avg10.68%

Latest10.09%

Peer Comparison

Semiconductor Test, Metrology and Inspection Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FORMFormFactor, Inc.	7.63B	98.88	111.10	15.16%	6.78%	5.14%	1.04%	0.04
TERTeradyne, Inc.	50.12B	320.03	91.96	13.13%	17.37%	19.82%	0.9%	0.12
NVMINova Ltd.	12.85B	438.86	76.32	29.83%	29.44%	19.66%	1.7%	0.25
CAMTCamtek Ltd.	7.18B	167.39	69.17	36.1%	28.36%	21.35%		0.38
ONTOOnto Innovation Inc.	10.63B	215.89	53.17	21.01%	17.46%	8.74%	2.01%	0.01
KLACKLA Corporation	201.28B	1524.55	50.20	23.89%	35.76%	83.39%	1.86%	1.30
INTTinTEST Corporation	144.21M	11.65	48.54	5.99%	-2.22%	-2.44%	1.73%	0.26
COHUCohu, Inc.	1.41B	30.20	-18.99	12.74%	-16.4%	-9.46%		0.46

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	221.69M	232.78M	255.1M	273.78M	305.9M	556.5M	788.9M	1.01B	815.87M	987.32M
Revenue Growth %	22.33%	5%	9.59%	7.32%	11.73%	81.92%	41.76%	27.42%	-18.83%	21.01%
Cost of Goods Sold+	102.28M	109.23M	120.5M	125.5M	170.87M	278.04M	359.81M	465.96M	395.61M	472.01M
COGS % of Revenue	46.14%	46.92%	47.24%	45.84%	55.86%	49.96%	45.61%	46.36%	48.49%	47.81%
Gross Profit+	119.41M	123.55M	134.59M	148.28M	135.03M	278.45M	429.09M	539.22M	420.25M	515.31M
Gross Margin %	53.86%	53.08%	52.76%	54.16%	44.14%	50.04%	54.39%	53.64%	51.51%	52.19%
Gross Profit Growth %	25.05%	3.47%	8.94%	10.17%	-8.94%	106.22%	54.1%	25.67%	-22.06%	22.62%
Operating Expenses+	86.61M	85.85M	88.31M	97.19M	140.07M	251.78M	272.68M	302.51M	304.18M	328.2M
OpEx % of Revenue	39.07%	36.88%	34.62%	35.5%	45.79%	45.24%	34.56%	30.09%	37.28%	33.24%
Selling, General & Admin	43.23M	38.56M	48.67M	55.71M	81.27M	113.45M	125.19M	135.27M	144.91M	162M
SG&A % of Revenue	19.5%	16.57%	19.08%	20.35%	26.57%	20.39%	15.87%	13.46%	17.76%	16.41%
Research & Development	41.23M	44.96M	46.99M	49.05M	48.36M	84.58M	96.12M	111.95M	104.44M	116.77M
R&D % of Revenue	18.6%	19.32%	18.42%	17.92%	15.81%	15.2%	12.18%	11.14%	12.8%	11.83%
Other Operating Expenses	2.15M	-12.32M	-11.06M	1.53M	10.45M	53.75M	51.37M	55.28M	54.82M	49.44M
Operating Income+	32.79M	52.35M	59.29M	51.08M	-5.04M	26.68M	156.41M	236.71M	116.08M	187.1M
Operating Margin %	14.79%	22.49%	23.24%	18.66%	-1.65%	4.79%	19.83%	23.55%	14.23%	18.95%
Operating Income Growth %	2605.19%	59.63%	13.26%	-13.84%	-109.87%	628.99%	486.3%	51.34%	-50.96%	61.19%
EBITDA+	34.94M	60.64M	66.21M	57.47M	11.37M	94.25M	222.21M	301.38M	183.29M	249.41M
EBITDA Margin %	15.76%	26.05%	25.95%	20.99%	3.72%	16.94%	28.17%	29.98%	22.47%	25.26%
EBITDA Growth %	3039.08%	73.57%	9.18%	-13.2%	-80.22%	729.2%	135.75%	35.63%	-39.18%	36.08%
D&A (Non-Cash Add-back)	2.15M	8.29M	6.92M	6.38M	16.41M	67.58M	65.8M	64.66M	67.21M	62.31M
EBIT	32.79M	37.7M	46.29M	51.08M	-5.04M	26.68M	156.41M	236.71M	116.08M	187.1M
Net Interest Income+	-5.69M	-2.83M	971K	2.21M	3.67M	2.9M	1.16M	5.01M	20.36M	33.49M
Interest Income	71K	35K	8K	10K	3.67M	2.9M	1.16M	5.01M	20.36M	33.49M
Interest Expense	5.76M	2.87M	971K	2.21M	0	0	0	0	0	0
Other Income/Expense	-5.98M	-2.48M	514K	2.26M	4.45M	191K	-725K	4.87M	16.5M	33.34M
Pretax Income+	26.81M	49.87M	59.8M	53.35M	-597K	26.87M	155.68M	241.58M	132.58M	220.45M
Pretax Margin %	12.09%	21.42%	23.44%	19.48%	-0.2%	4.83%	19.73%	24.03%	16.25%	22.33%
Income Tax+	8.86M	12.92M	26.89M	8.25M	-2.51M	-4.16M	13.33M	18.25M	11.42M	18.78M
Effective Tax Rate %	66.97%	74.1%	55.03%	84.53%	-319.93%	115.47%	91.44%	92.45%	91.38%	91.48%
Net Income+	17.96M	36.95M	32.91M	45.1M	1.91M	31.02M	142.35M	223.33M	121.16M	201.67M
Net Margin %	8.1%	15.87%	12.9%	16.47%	0.62%	5.58%	18.04%	22.22%	14.85%	20.43%
Net Income Growth %	486.98%	105.79%	-10.94%	37.03%	-95.76%	1524.35%	358.82%	56.89%	-45.75%	66.45%
Net Income (Continuing)	17.96M	36.95M	32.91M	45.1M	1.91M	31.02M	142.35M	223.33M	121.16M	201.67M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.56	1.16	1.02	1.40	0.06	0.63	2.86	4.49	2.46	4.06
EPS Growth %	500%	107.14%	-12.07%	37.25%	-95.46%	890.57%	353.97%	56.99%	-45.21%	65.04%
EPS (Basic)	0.57	1.19	1.05	1.42	0.06	0.63	2.89	4.52	2.47	4.09
Diluted Shares Outstanding	32.17M	31.79M	32.16M	32.2M	30.01M	49.48M	49.73M	49.76M	49.32M	49.66M
Basic Shares Outstanding	31.41M	31.13M	31.49M	31.67M	29.73M	49.14M	49.24M	49.42M	48.97M	49.34M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	296.6M	262.63M	322.08M	350.91M	641.66M	731.66M	948.09M	1.13B	1.28B	1.48B
Cash & Short-Term Investments	161.48M	125.73M	177.36M	175.07M	320.24M	373.72M	511.34M	547.78M	697.81M	852.33M
Cash Only	161.48M	37.86M	177.36M	175.07M	130.67M	136.72M	169.6M	175.87M	233.51M	212.94M
Short-Term Investments	0	87.87M	0	0	189.56M	237M	341.74M	371.91M	464.3M	639.38M
Accounts Receivable	55.49M	67.3M	72.5M	64.19M	123.66M	149.25M	177.21M	241.4M	226.56M	308.14M
Days Sales Outstanding	91.36	105.53	103.74	85.58	147.55	97.89	81.99	87.65	101.36	113.92
Inventory	71.49M	65.48M	67.52M	96.82M	176.13M	191.22M	243.11M	324.28M	327.77M	286.98M
Days Inventory Outstanding	255.11	218.82	204.52	281.58	376.25	251.02	246.61	254.02	302.41	221.92
Other Current Assets	0	2.7M	7.22M	0	120K	0	0	21.41M	31.13M	30.07M
Total Non-Current Assets+	83.23M	76.07M	63.84M	67.13M	806.92M	736.51M	701.72M	659.99M	626.45M	639.57M
Property, Plant & Equipment	12.35M	11.86M	17.34M	18.87M	122.01M	87.95M	82.09M	91.98M	121.97M	137.81M
Fixed Asset Turnover	17.96x	19.63x	14.71x	14.51x	2.51x	6.33x	9.61x	10.93x	6.69x	7.16x
Goodwill	22.5M	22.5M	22.5M	22.5M	307.15M	306.63M	315.81M	315.81M	315.81M	329.98M
Intangible Assets	12.59M	10.27M	8.63M	7.45M	371.95M	318.36M	277.28M	222.2M	167.38M	127.46M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	820K	593K	492K	5.51M	4.35M	21.34M	21.72M	25.23M	2.45M	1.51M
Total Assets+	379.82M	338.7M	385.92M	418.04M	1.45B	1.47B	1.65B	1.79B	1.91B	2.12B
Asset Turnover	0.58x	0.69x	0.66x	0.65x	0.21x	0.38x	0.48x	0.56x	0.43x	0.47x
Asset Growth %	3.6%	-10.83%	13.94%	8.32%	246.52%	1.35%	12.37%	8.79%	6.4%	10.86%
Total Current Liabilities+	99.59M	35.96M	42.31M	44.99M	85.74M	120.09M	154.53M	160.56M	147.73M	170.09M
Accounts Payable	9.09M	10.24M	13.47M	16.98M	27.74M	40.18M	53.34M	54.53M	49.87M	56.26M
Days Payables Outstanding	32.45	34.23	40.8	49.38	59.25	52.75	54.11	42.71	46.01	43.51
Short-Term Debt	58.11M	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	6.44M	8.32M	11.78M	8.99M	14.62M	29.51M	39.44M	42.65M	24.76M	44.53M
Other Current Liabilities	-375K	3.89M	3.34M	3.69M	16.33M	3.56M	7.51M	6M	31.34M	3.96M
Current Ratio	2.98x	7.30x	7.61x	7.80x	7.48x	6.09x	6.14x	7.07x	8.69x	8.69x
Quick Ratio	2.26x	5.48x	6.02x	5.65x	5.43x	4.50x	4.56x	5.05x	6.47x	7.00x
Cash Conversion Cycle	314.02	290.12	267.45	317.77	464.54	296.16	274.49	298.96	357.75	292.33
Total Non-Current Liabilities+	9.55M	9M	10.46M	11.16M	98.81M	83.33M	69.23M	37.88M	25.45M	21.12M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	19.97M	16.45M	13.75M	16.34M	14.03M	9.74M
Deferred Tax Liabilities	3.15M	20K	179K	162K	67.04M	55.62M	40.28M	7.37M	0	4K
Other Non-Current Liabilities	9.55M	7.85M	9.3M	9.69M	9.34M	9.96M	13.5M	11.32M	8.96M	7.36M
Total Liabilities	109.15M	44.96M	52.77M	56.15M	184.55M	203.43M	223.76M	198.44M	173.18M	191.21M
Total Debt+	58.11M	0	0	0	24.88M	20.93M	17.72M	22.02M	19.52M	15.16M
Net Debt	-103.37M	-37.86M	-177.36M	-175.07M	-105.8M	-115.8M	-151.88M	-153.85M	-213.99M	-197.79M
Debt / Equity	0.21x	-	-	-	0.02x	0.02x	0.01x	0.01x	0.01x	0.01x
Debt / EBITDA	1.66x	-	-	-	2.19x	0.22x	0.08x	0.07x	0.11x	0.06x
Net Debt / EBITDA	-2.96x	-0.62x	-2.68x	-3.05x	-9.31x	-1.23x	-0.68x	-0.51x	-1.17x	-0.79x
Interest Coverage	5.69x	18.25x	61.06x	23.16x	-	-	-	-	-	-
Total Equity+	270.68M	293.74M	333.15M	361.89M	1.26B	1.26B	1.43B	1.6B	1.74B	1.93B
Equity Growth %	1.25%	8.52%	13.42%	8.62%	249.29%	0.06%	12.75%	11.95%	8.78%	10.9%
Book Value per Share	8.42	9.24	10.36	11.24	42.12	25.56	28.68	32.08	35.21	38.78
Total Shareholders' Equity	270.68M	293.74M	333.15M	361.89M	1.26B	1.26B	1.43B	1.6B	1.74B	1.93B
Common Stock	31K	31K	32K	31K	50K	49K	49K	49K	49K	49K
Retained Earnings	-121.66M	-84.71M	-51.87M	-6.77M	-4.86M	26.16M	168.51M	362.76M	482.36M	664.55M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-2.62M	-2.78M	-1.21M	-1.26M	-598K	4.57M	1.32M	-10.01M	-7.9M	-13.86M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	33.79M	46.63M	64.37M	35.09M	18.15M	105.98M	175.28M	136.7M	171.97M	245.68M
Operating CF Margin %	15.24%	20.03%	25.23%	12.82%	5.93%	19.04%	22.22%	13.6%	21.08%	24.88%
Operating CF Growth %	687.72%	38%	38.04%	-45.48%	-48.29%	484.06%	65.38%	-22.01%	25.8%	42.86%
Net Income	17.96M	36.95M	32.91M	45.1M	1.91M	31.02M	142.35M	223.33M	121.16M	201.67M
Depreciation & Amortization	6.1M	6M	5.93M	6.38M	16.41M	67.58M	65.8M	64.66M	67.21M	62.31M
Stock-Based Compensation	7.6M	4.78M	5.67M	6.06M	10.59M	17.66M	19.54M	24.43M	25.51M	28.58M
Deferred Taxes	3.98M	5.01M	17.21M	2.16M	-4.12M	-11.63M	-12.62M	-33.6M	-22.43M	-26.48M
Other Non-Cash Items	7.25M	4.94M	4.2M	4.6M	28.67M	30.09M	10.84M	14.4M	13.01M	24.08M
Working Capital Changes	-9.1M	-11.04M	-1.54M	-29.21M	-35.31M	-28.74M	-50.63M	-156.52M	-32.49M	-44.48M
Change in Receivables	-4.34M	-9.28M	430K	706K	-9.72M	-25.82M	-27.83M	-65.14M	12.15M	-83.69M
Change in Inventory	-12.53M	4M	-4.22M	-31.55M	-9.34M	-42.41M	-57.17M	-93.91M	-16.46M	19.94M
Change in Payables	2.25M	1.17M	3.2M	3.51M	-12.14M	11.4M	12.14M	1.18M	-4.68M	6.22M
Cash from Investing+	-9.08M	24.47M	-32.52M	33.77M	4.1M	-48.6M	-141.79M	-55.69M	-103.39M	-226.55M
Capital Expenditures	-6.05M	-5.29M	-11.21M	-7.54M	-6.8M	-3.83M	-12.04M	-18.41M	-22.57M	-31.9M
CapEx % of Revenue	2.73%	2.27%	4.39%	2.75%	2.22%	0.69%	1.53%	1.83%	2.77%	3.23%
Acquisitions	0	0	0	0	43.88M	0	-23.8M	-4.64M	0	-26.76M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.7M	-835K	-1M	-5M	0	2.85M	0	0	2.8M	0
Cash from Financing+	-22.97M	-78.11M	-2.75M	-23.91M	-4.2M	-53.7M	2.67M	-68.35M	-9.47M	-35.67M
Debt Issued (Net)	0	-60M	0	0	0	0	0	0	0	0
Equity Issued (Net)	-1000K	-1000K	0	-1000K	-744K	-1000K	0	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-20.67M	-8.04M	0	-21.07M	-744K	0	0	-65.26M	-3.2M	-25.07M
Other Financing	-2.32M	-10.86M	-2.55M	-2.84M	-3.45M	-1.7M	2.67M	-3.09M	-6.28M	-10.6M
Net Change in Cash	1.44M	-6.7M	29.91M	44.62M	18.29M	6.05M	32.88M	6.27M	57.64M	-20.56M
Free Cash Flow+	27.74M	41.34M	53.16M	27.55M	11.34M	102.16M	163.24M	118.3M	149.4M	213.77M
FCF Margin %	12.51%	17.76%	20.84%	10.06%	3.71%	18.36%	20.69%	11.77%	18.31%	21.65%
FCF Growth %	1157.39%	49.04%	28.59%	-48.17%	-58.83%	800.52%	59.8%	-27.53%	26.29%	43.09%
FCF per Share	0.86	1.30	1.65	0.86	0.38	2.06	3.28	2.38	3.03	4.30
FCF Conversion (FCF/Net Income)	1.88x	1.26x	1.96x	0.78x	9.50x	3.42x	1.23x	0.61x	1.42x	1.22x
Interest Paid	2.25M	2.25M	0	0	0	0	0	0	0	0
Taxes Paid	2.01M	10.98M	14.61M	4.3M	0	6.42M	23.77M	58.69M	34.1M	35.51M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.68%	13.09%	10.5%	12.98%	0.23%	2.45%	10.58%	14.78%	7.27%	11.01%
Return on Invested Capital (ROIC)	14.8%	18.56%	21.6%	22.37%	-0.56%	1.73%	9.68%	13.07%	5.87%	8.63%
Gross Margin	53.86%	53.08%	52.76%	54.16%	44.14%	50.04%	54.39%	53.64%	51.51%	52.19%
Net Margin	8.1%	15.87%	12.9%	16.47%	0.62%	5.58%	18.04%	22.22%	14.85%	20.43%
Debt / Equity	0.21x	-	-	-	0.02x	0.02x	0.01x	0.01x	0.01x	0.01x
Interest Coverage	5.69x	18.25x	61.06x	23.16x	-	-	-	-	-	-
FCF Conversion	1.88x	1.26x	1.96x	0.78x	9.50x	3.42x	1.23x	0.61x	1.42x	1.22x
Revenue Growth	22.33%	5%	9.59%	7.32%	11.73%	81.92%	41.76%	27.42%	-18.83%	21.01%

Onto Innovation Inc. (ONTO) 10-Year Financial Performance & Capital Metrics

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✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

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Onto Innovation Inc. (ONTO) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

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