Onto Innovation Inc. (ONTO) Financial Ratios
30 years of historical data (1996–2025) · Technology · Semiconductors
EV/EBITDA
↑
73.94
↑+152% vs avg
5yr avg: 29.29
30Y Low4.9·High87.2
P/FCF
↓
48.79
↑+38% vs avg
5yr avg: 35.37
30Y Low2.8·High96.7
P/B Ratio
↑
6.90
↑+89% vs avg
5yr avg: 3.66
30Y Low0.2·High4.4
ROE
↓
6.8%
↑-33% vs avg
5yr avg: 10.1%
30Y Low-340%·High33%
Debt/EBITDA
↑
0.09
+10% vs avg
5yr avg: 0.08
30Y Low0.0·High49.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ONTO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Onto Innovation Inc. trades at 105.8x earnings, 147% above its 5-year average of 42.9x, sitting at the 92nd percentile of its historical range. Compared to the Technology sector median P/E of 27.2x, the stock trades at a premium of 289%. On a free-cash-flow basis, the stock trades at 48.8x P/FCF, 38% above the 5-year average of 35.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.6B | $8.2B | $8.5B | $7.5B | $3.4B | $5.0B | $2.4B | $1.1B | $880M | $801M | $797M |
| Enterprise Value | $14.3B | $7.8B | $8.3B | $7.3B | $3.2B | $4.9B | $2.3B | $991M | $705M | $624M | $759M |
| P/E Ratio → | 105.77 | 59.67 | 42.03 | 62.15 | 15.16 | 35.40 | 76.22 | 574.53 | 19.52 | 24.43 | 21.60 |
| P/S Ratio | 14.55 | 8.13 | 8.58 | 9.24 | 3.37 | 6.38 | 4.27 | 3.58 | 3.21 | 3.14 | 3.42 |
| P/B Ratio | 6.90 | 3.89 | 4.40 | 4.34 | 2.12 | 3.53 | 1.88 | 0.87 | 2.43 | 2.41 | 2.71 |
| P/FCF | 48.79 | 27.26 | 39.64 | 50.47 | 28.64 | 30.84 | 23.26 | 96.66 | 31.94 | 15.08 | 19.27 |
| P/OCF | 44.55 | 24.89 | 34.50 | 43.85 | 24.79 | 28.72 | 22.42 | 60.42 | 25.08 | 12.45 | 17.08 |
P/E links to full P/E history page with 30-year chart
ONTO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Onto Innovation Inc.'s enterprise value stands at 73.9x EBITDA, 152% above its 5-year average of 29.3x. The Technology sector median is 17.3x, placing the stock at a 327% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.80 | 8.38 | 8.98 | 3.22 | 6.19 | 4.06 | 3.24 | 2.57 | 2.45 | 3.26 |
| EV / EBITDA | 73.94 | 40.57 | 33.19 | 39.97 | 10.73 | 21.97 | 23.98 | 87.15 | 12.27 | 9.43 | 12.51 |
| EV / EBIT | 107.57 | 48.15 | 44.24 | 63.12 | 13.66 | 31.21 | 84.72 | — | 13.80 | 13.48 | 20.12 |
| EV / FCF | — | 26.16 | 38.72 | 49.04 | 27.34 | 29.91 | 22.12 | 87.33 | 25.59 | 11.74 | 18.35 |
ONTO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Onto Innovation Inc. earns an operating margin of 13.2%. Operating margins have compressed from 14.2% to 13.2% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 6.8% is modest. ROIC of 5.7% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.7% | 49.7% | 52.2% | 51.5% | 53.6% | 54.4% | 50.0% | 44.1% | 54.2% | 52.8% | 53.1% |
| Operating Margin | 13.2% | 13.2% | 19.0% | 14.2% | 23.5% | 19.8% | 4.8% | -1.6% | 18.7% | 23.2% | 22.5% |
| Net Profit Margin | 13.6% | 13.6% | 20.4% | 14.9% | 22.2% | 18.0% | 5.6% | 0.6% | 16.5% | 12.9% | 15.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.8% | 6.8% | 11.0% | 7.3% | 14.8% | 10.6% | 2.5% | 0.2% | 13.0% | 10.5% | 13.1% |
| ROA | 6.1% | 6.1% | 10.0% | 6.5% | 13.0% | 9.1% | 2.1% | 0.2% | 11.2% | 9.1% | 10.3% |
| ROIC | 5.7% | 5.7% | 8.6% | 5.9% | 13.1% | 9.7% | 1.7% | -0.6% | 22.4% | 21.6% | 18.6% |
| ROCE | 6.5% | 6.5% | 10.1% | 6.8% | 15.1% | 11.0% | 2.0% | -0.6% | 14.3% | 18.3% | 18.0% |
ONTO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Onto Innovation Inc. carries a Debt/EBITDA ratio of 0.1x, which is very conservative (97% below the sector average of 2.9x). The company holds a net cash position — cash of $346M exceeds total debt of $17M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | — | — | — |
| Debt / EBITDA | 0.09 | 0.09 | 0.06 | 0.11 | 0.07 | 0.08 | 0.22 | 2.19 | — | — | — |
| Net Debt / Equity | — | -0.16 | -0.10 | -0.12 | -0.10 | -0.11 | -0.09 | -0.08 | -0.48 | -0.53 | -0.13 |
| Net Debt / EBITDA | -1.70 | -1.70 | -0.79 | -1.17 | -0.51 | -0.68 | -1.23 | -9.31 | -3.05 | -2.68 | -0.62 |
| Debt / FCF | — | -1.10 | -0.93 | -1.43 | -1.30 | -0.93 | -1.13 | -9.33 | -6.35 | -3.34 | -0.92 |
| Interest Coverage | — | — | — | — | — | — | — | — | 23.16 | 47.67 | 13.14 |
Net cash position: cash ($346M) exceeds total debt ($17M)
ONTO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Onto Innovation Inc.'s current ratio of 5.79x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 4.43x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 8.69x to 5.79x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.79 | 5.79 | 8.69 | 8.69 | 7.07 | 6.14 | 6.09 | 7.48 | 7.80 | 7.61 | 7.30 |
| Quick Ratio | 4.43 | 4.43 | 7.00 | 6.47 | 5.05 | 4.56 | 4.50 | 5.43 | 5.65 | 6.02 | 5.48 |
| Cash Ratio | 2.92 | 2.92 | 5.01 | 4.72 | 3.41 | 3.31 | 3.11 | 3.73 | 3.89 | 4.19 | 3.50 |
| Asset Turnover | — | 0.42 | 0.47 | 0.43 | 0.56 | 0.48 | 0.38 | 0.21 | 0.65 | 0.66 | 0.69 |
| Inventory Turnover | 1.69 | 1.69 | 1.64 | 1.21 | 1.44 | 1.48 | 1.45 | 0.97 | 1.30 | 1.78 | 1.67 |
| Days Sales Outstanding | — | 97.65 | 113.92 | 101.36 | 87.65 | 81.99 | 97.89 | 147.55 | 85.58 | 103.74 | 105.53 |
ONTO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Onto Innovation Inc. returns 0.5% to shareholders annually primarily through share buybacks. The earnings yield of 0.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.9% | 1.7% | 2.4% | 1.6% | 6.6% | 2.8% | 1.3% | 0.2% | 5.1% | 4.1% | 4.6% |
| FCF Yield | 2.0% | 3.7% | 2.5% | 2.0% | 3.5% | 3.2% | 4.3% | 1.0% | 3.1% | 6.6% | 5.2% |
| Buyback Yield | 0.5% | 0.9% | 0.3% | 0.0% | 1.9% | 0.0% | 0.0% | 0.1% | 2.4% | 0.0% | 1.0% |
| Total Shareholder Yield | 0.5% | 0.9% | 0.3% | 0.0% | 1.9% | 0.0% | 0.0% | 0.1% | 2.4% | 0.0% | 1.0% |
| Shares Outstanding | — | $49M | $50M | $49M | $50M | $50M | $49M | $30M | $32M | $32M | $32M |
Peer Comparison
Compare ONTO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ONTOYou | $15B | 105.8 | 73.9 | 48.8 | 49.7% | 13.2% | 6.8% | 5.7% | 0.1 |
 KLIC | $5B | 9999.0 | — | 50.9 | 46.8% | -5.3% | 0.0% | -3.7% | — |
 COHU | $2B | -31.2 | — | 217.2 | 34.5% | -13.3% | -9.0% | -5.7% | — |
 FORM | $12B | 216.1 | 104.1 | 990.2 | 39.1% | 8.2% | 5.5% | 5.4% | 0.4 |
 ACMR | $4B | 40.4 | 25.5 | — | 44.4% | 12.1% | 6.2% | 7.0% | 2.4 |
 CAMT | $7B | 83.7 | — | — | 48.9% | 25.2% | 23.1% | 13.7% | 1.7 |
 KLAC | $239B | 59.8 | 43.1 | 63.8 | 62.3% | 43.1% | 100.8% | 46.5% | 1.1 |
 AMAT | $340B | 49.5 | 40.4 | 59.7 | 48.7% | 29.2% | 35.5% | 33.3% | 0.8 |
 LRCX | $371B | 71.6 | 58.8 | 68.5 | 48.7% | 32.0% | 58.2% | 55.7% | 0.8 |
 NVMI | $16B | 93.0 | 76.8 | 71.8 | 57.6% | 27.9% | 21.9% | 14.9% | 1.2 |
 MKSI | $20B | 67.2 | 26.2 | 39.8 | 40.4% | 14.4% | 11.7% | 6.5% | 5.2 |
| Technology Median | — | 27.2 | 17.3 | 19.8 | 48.9% | -0.6% | 2.5% | 3.0% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonONTO — Frequently Asked Questions
Quick answers to the most common questions about buying ONTO stock.
What is Onto Innovation Inc.'s P/E ratio?
Onto Innovation Inc.'s current P/E ratio is 105.8x. The historical average is 42.5x. This places it at the 92th percentile of its historical range.
What is Onto Innovation Inc.'s EV/EBITDA?
Onto Innovation Inc.'s current EV/EBITDA is 73.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.9x.
What is Onto Innovation Inc.'s ROE?
Onto Innovation Inc.'s return on equity (ROE) is 6.8%. The historical average is -6.0%.
Is ONTO stock overvalued?
Based on historical data, Onto Innovation Inc. is trading at a P/E of 105.8x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Onto Innovation Inc.'s profit margins?
Onto Innovation Inc. has 49.7% gross margin and 13.2% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Onto Innovation Inc. have?
Onto Innovation Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.