30 years of historical data (1995–2024) · Technology · Semiconductors
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Onto Innovation Inc. trades at 53.2x earnings, 15% above its 5-year average of 46.0x, sitting at the 79th percentile of its historical range. Compared to the Technology sector median P/E of 25.2x, the stock trades at a premium of 111%. On a free-cash-flow basis, the stock trades at 49.7x P/FCF, 44% above the 5-year average of 34.5x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.6B | $8.5B | $7.5B | $3.4B | $5.0B | $2.4B | $1.1B | $880M | $801M | $797M | $487M |
| Enterprise Value | $10.4B | $8.3B | $7.3B | $3.2B | $4.9B | $2.2B | $991M | $705M | $624M | $759M | $384M |
| P/E Ratio → | 53.17 | 42.03 | 62.15 | 15.16 | 35.40 | 75.48 | 574.53 | 19.52 | 24.43 | 21.60 | 27.04 |
| P/S Ratio | 10.77 | 8.58 | 9.24 | 3.37 | 6.38 | 4.23 | 3.58 | 3.21 | 3.14 | 3.42 | 2.20 |
| P/B Ratio | 5.57 | 4.40 | 4.34 | 2.12 | 3.53 | 1.86 | 0.87 | 2.43 | 2.41 | 2.71 | 1.80 |
| P/FCF | 49.73 | 39.64 | 50.47 | 28.64 | 30.84 | 23.03 | 96.66 | 31.94 | 15.08 | 19.27 | 17.56 |
| P/OCF | 43.27 | 34.50 | 43.85 | 24.79 | 28.72 | 22.20 | 60.42 | 25.08 | 12.45 | 17.08 | 14.41 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Onto Innovation Inc.'s enterprise value stands at 41.8x EBITDA, 61% above its 5-year average of 25.9x. The Technology sector median is 15.7x, placing the stock at a 166% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.38 | 8.98 | 3.22 | 6.19 | 4.02 | 3.24 | 2.57 | 2.45 | 3.26 | 1.73 |
| EV / EBITDA | 41.83 | 33.19 | 39.97 | 10.73 | 21.97 | 23.73 | 87.15 | 12.27 | 9.43 | 12.51 | 10.98 |
| EV / EBIT | 55.76 | 44.24 | 63.12 | 13.66 | 31.21 | 83.85 | — | 13.80 | 13.48 | 20.12 | 11.70 |
| EV / FCF | — | 38.72 | 49.04 | 27.34 | 29.91 | 21.90 | 87.33 | 25.59 | 11.74 | 18.35 | 13.83 |
Margins and return-on-capital ratios measuring operating efficiency
Onto Innovation Inc. earns an operating margin of 19.0%. Operating margins have compressed from 23.5% to 19.0% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 11.0% is modest. ROIC of 8.6% represents adequate returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.2% | 52.2% | 51.5% | 53.6% | 54.4% | 50.0% | 44.1% | 54.2% | 52.8% | 53.1% | 53.9% |
| Operating Margin | 19.0% | 19.0% | 14.2% | 23.5% | 19.8% | 4.8% | -1.6% | 18.7% | 23.2% | 22.5% | 14.8% |
| Net Profit Margin | 20.4% | 20.4% | 14.9% | 22.2% | 18.0% | 5.6% | 0.6% | 16.5% | 12.9% | 15.9% | 8.1% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.0% | 11.0% | 7.3% | 14.8% | 10.6% | 2.5% | 0.2% | 13.0% | 10.5% | 13.1% | 6.7% |
| ROA | 10.0% | 10.0% | 6.5% | 13.0% | 9.1% | 2.1% | 0.2% | 11.2% | 9.1% | 10.3% | 4.8% |
| ROIC | 8.6% | 8.6% | 5.9% | 13.1% | 9.7% | 1.7% | -0.6% | 22.4% | 21.6% | 18.6% | 14.8% |
| ROCE | 10.1% | 10.1% | 6.8% | 15.1% | 11.0% | 2.0% | -0.6% | 14.3% | 18.3% | 18.0% | 10.7% |
Solvency and debt-coverage ratios — lower is generally safer
Onto Innovation Inc. carries a Debt/EBITDA ratio of 0.1x, which is very conservative (98% below the sector average of 3.0x). The company holds a net cash position — cash of $213M exceeds total debt of $15M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | — | — | — | 0.21 |
| Debt / EBITDA | 0.06 | 0.06 | 0.11 | 0.07 | 0.08 | 0.22 | 2.19 | — | — | — | 1.66 |
| Net Debt / Equity | — | -0.10 | -0.12 | -0.10 | -0.11 | -0.09 | -0.08 | -0.48 | -0.53 | -0.13 | -0.38 |
| Net Debt / EBITDA | -0.79 | -0.79 | -1.17 | -0.51 | -0.68 | -1.23 | -9.31 | -3.05 | -2.68 | -0.62 | -2.96 |
| Debt / FCF | — | -0.93 | -1.43 | -1.30 | -0.93 | -1.13 | -9.33 | -6.35 | -3.34 | -0.92 | -3.73 |
| Interest Coverage | — | — | — | — | — | — | — | 23.16 | 61.06 | 18.25 | 5.69 |
Net cash position: cash ($213M) exceeds total debt ($15M)
Short-term solvency ratios and asset-utilisation metrics
Onto Innovation Inc.'s current ratio of 8.69x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 7.00x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 7.07x to 8.69x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.69 | 8.69 | 8.69 | 7.07 | 6.14 | 6.09 | 7.48 | 7.80 | 7.61 | 7.30 | 2.98 |
| Quick Ratio | 7.00 | 7.00 | 6.47 | 5.05 | 4.56 | 4.50 | 5.43 | 5.65 | 6.02 | 5.48 | 2.26 |
| Cash Ratio | 5.01 | 5.01 | 4.72 | 3.41 | 3.31 | 3.11 | 3.73 | 3.89 | 4.19 | 3.50 | 1.62 |
| Asset Turnover | — | 0.47 | 0.43 | 0.56 | 0.48 | 0.38 | 0.21 | 0.65 | 0.66 | 0.69 | 0.58 |
| Inventory Turnover | 1.64 | 1.64 | 1.21 | 1.44 | 1.48 | 1.45 | 0.97 | 1.30 | 1.78 | 1.67 | 1.43 |
| Days Sales Outstanding | — | 113.92 | 101.36 | 87.65 | 81.99 | 97.89 | 147.55 | 85.58 | 103.74 | 105.53 | 91.36 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Onto Innovation Inc. returns 0.2% to shareholders annually primarily through share buybacks. The earnings yield of 1.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.9% | 2.4% | 1.6% | 6.6% | 2.8% | 1.3% | 0.2% | 5.1% | 4.1% | 4.6% | 3.7% |
| FCF Yield | 2.0% | 2.5% | 2.0% | 3.5% | 3.2% | 4.3% | 1.0% | 3.1% | 6.6% | 5.2% | 5.7% |
| Buyback Yield | 0.2% | 0.3% | 0.0% | 1.9% | 0.0% | 0.0% | 0.1% | 2.4% | 0.0% | 1.0% | 4.2% |
| Total Shareholder Yield | 0.2% | 0.3% | 0.0% | 1.9% | 0.0% | 0.0% | 0.1% | 2.4% | 0.0% | 1.0% | 4.2% |
| Shares Outstanding | — | $50M | $49M | $50M | $50M | $49M | $30M | $32M | $32M | $32M | $32M |
Compare ONTO with 8 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| ONTOYou | $11B | 53.2 | 41.8 | 49.7 | 52.2% | 19.0% | 11.0% | 8.6% | 0.1 |
| KLAC | $201B | 50.2 | 36.4 | 53.8 | 62.3% | 43.1% | 100.8% | 46.5% | 1.1 |
| TER | $50B | 92.0 | 61.2 | 111.3 | 58.6% | 21.7% | 19.7% | 19.8% | 0.4 |
| NVMI | $13B | 76.3 | 63.1 | 58.9 | 57.6% | 27.9% | 21.9% | 14.9% | 1.2 |
| FORM | $8B | 111.1 | 76.5 | 96.4 | 40.3% | 8.5% | 7.5% | 6.2% | 0.4 |
| CAMT | $7B | 69.2 | — | — | 48.9% | 25.2% | 23.1% | 13.7% | 1.7 |
| COHU | $1B | -19.0 | — | — | 34.1% | -12.9% | -9.0% | -6.6% | — |
| AEHR | $1B | -287.9 | — | — | 40.6% | -7.3% | -3.2% | -3.0% | — |
| INTT | $144M | 48.5 | 17.0 | 57.8 | 42.4% | 2.6% | 2.9% | 2.9% | 2.9 |
| Technology Median | — | 25.2 | 15.7 | 17.3 | 49.8% | -0.9% | 1.1% | 2.9% | 3.0 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonOnto Innovation Inc.'s current P/E ratio is 53.2x. The historical average is 40.6x. This places it at the 79th percentile of its historical range.
Onto Innovation Inc.'s current EV/EBITDA is 41.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.1x.
Onto Innovation Inc.'s return on equity (ROE) is 11.0%. The historical average is -5.5%.
Based on historical data, Onto Innovation Inc. is trading at a P/E of 53.2x. This is at the 79th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Onto Innovation Inc. has 52.2% gross margin and 19.0% operating margin. Operating margin between 10-20% is typical for established companies.
Onto Innovation Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.