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ONTO INNOVATION INC. USD

Makes semiconductor metrology, inspection, and process-control systems.

At a glance: strengths & risks
✓Revenue growing (+35% y/y, Q2 2026)✓Profit growing (+77% y/y, Q2 2026)✓Net cash balance sheet

Sector: United States — large cap (SEC filings)

US_ONTO

Price chart

198.68 USDDay 0.01%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
198.68 USD · 0.01%
Market cap
9.9 bn USD

Growth

Δ revenue y/y
35.3%
Δ EBITDA y/y
47.7%

Multiples

P/E (LTM)
72.2x
3y avg: 55.0x
P/B (FY)
4.7x
P/E (ann.)
41.1x
EV/EBITDA (LTM)
44.6x
3y avg: 38.1x
EV/EBITDA (ann.)
31.4x

Cash return

Dividend yield
—
FCF yield (LTM)
-1.4%

Value creation

fundamental value/yr, % of market cap
Value created / year
+23.2%
↓ details

Liquidity

Daily turnover (US listing)
165 mln USD

Shares: yahoo_fundamentals_timeseries/ONTO

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK343.1
y/y 35.3%
63.5
y/y 97.1%
5.2
y/y -63.6%
68.8
y/y 47.7%
60.1
y/y 77.2%
62.0-3.73699.0
y/y 72.8%
1922.7
y/y -2.1%
11.9%-1253.2SEC EDGAR
2026-03-31Q1 2026 (3M)PARTIAL291.9
y/y 9.5%
33.5
y/y -46.9%
25.5
y/y 98.5%
59.0
y/y -22.3%
33.8
y/y -47.3%
26.3-3.62396.4
y/y 13.3%
2132.2
y/y 11.1%
6.4%-234.8Link
2026-01-03Q1 2026 (3M)OK266.9
y/y —
13.9
y/y —
19.9
y/y —
33.7
y/y —
10.5
y/y —
95.0-441.22367.7
y/y —
2100.6
y/y —
6.7%-328.6Link
2025-09-27Q3 2025 (3M)OK218.2
y/y -13.5%
23.7
y/y -55.4%
13.4
y/y -21.0%
37.1
y/y -47.0%
28.2
y/y -46.8%
83.4-1.42186.6
y/y 5.5%
2002.1
y/y 5.2%
1.9%-589.0Link
2025-06-28Q2 2025 (3M)OK253.6
y/y 4.7%
32.2
y/y -34.0%
14.3
y/y -14.2%
46.5
y/y -28.9%
33.9
y/y -36.0%
57.9-13.82140.3
y/y 6.7%
1963.3
y/y 7.2%
7.0%-204.1Link
2025-03-29Q1 2025 (3M)OK266.6
y/y 16.5%
63.1
y/y 47.7%
12.8
y/y -22.2%
76.0
y/y 28.3%
64.1
y/y 36.8%
92.0-8.32115.1
y/y 8.3%
1919.6
y/y 7.8%
13.3%-189.1Link
2024-12-28Q4 2024 (3M)OK263.9
y/y 20.6%
42.5
y/y 50.4%
12.2
y/y -27.3%
54.6
y/y 21.5%
48.8
y/y 61.1%
56.0-31.42117.1
y/y 10.9%
1925.9
y/y 10.9%
10.5%-197.8Link
2024-09-28Q3 2024 (3M)OK252.2
y/y 21.7%
53.1
y/y 56.1%
17.0
y/y -0.1%
70.1
y/y 37.3%
53.1
y/y 47.8%
67.2-8.02073.4
y/y 11.3%
1903.5
y/y 12.2%
3.8%-172.3Link
2024-06-29Q2 2024 (3M)OK242.3
y/y 27.1%
48.8
y/y 96.9%
16.6
y/y -0.5%
65.5
y/y 57.7%
52.9
y/y 104.5%
65.3-12.32005.4
y/y 10.1%
1831.7
y/y 10.6%
11.7%-154.9Link
2024-03-30Q1 2024 (3M)OK228.8
y/y 14.9%
42.7
y/y 47.2%
16.5
y/y -1.4%
59.2
y/y 29.4%
46.9
y/y 61.2%
57.1-7.01953.4
y/y 8.3%
1781.6
y/y 9.7%
10.7%-172.8Link
2023-12-30Q4 2023 (3M)OK218.9
y/y —
28.2
y/y —
16.7
y/y —
45.0
y/y —
30.3
y/y —
61.6-2.51909.7
y/y —
1736.5
y/y —
7.1%-214.0Link
2023-09-30Q3 2023 (3M)OK207.2
y/y —
34.0
y/y —
17.0
y/y —
51.0
y/y —
35.9
y/y —
28.6-7.61862.2
y/y —
1696.1
y/y —
2.9%-186.0Link
2023-07-01Q3 2023 (3M)OK190.7
y/y —
24.8
y/y —
16.7
y/y —
41.5
y/y —
25.9
y/y —
31.7-4.61820.9
y/y —
1656.7
y/y —
6.3%-205.0Link
2023-04-01Q2 2023 (3M)OK199.2
y/y —
29.0
y/y —
16.7
y/y —
45.8
y/y —
29.1
y/y —
50.1-7.91802.8
y/y —
1624.6
y/y —
—-209.7Link

Net debt structure (leases included, IFRS 16) 2026-03-31

Short-term debt (incl. ST leases)6
Long-term debt (incl. LT leases)11
− Cash & equivalents252
Net debt-235

Net debt / LTM EBITDA: -1.1x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32026 q12026 q2

Year-over-year change

-50%-25%0%25%50%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-20002004002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32026 q12026 q2

Net debt / cash ($ mln)

-1 500-1 000-50002024 q12024 q22024 q32024 q42025 q12025 q22025 q32026 q12026 q22026 q4

Profit and cash

Worth a look
In a typical year of 2020–2026 operating cash flow came to 1.42x of reported net profit; after capex, 1.23x.
year20202022202320242026
cash flow / profit3.42x1.23x1.42x1.22x2.40x
accruals, % of assets-5.1%-2.0%-2.7%-2.1%-8.1%
Last twelve months (to 2026-06-30): 2.01x of profit came back as operating cash flow.
net debt / EBITDA -1.7x · capex 0.3x of depreciation
● Capex is 31% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +23.2%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-28)
= (69 − 47) × 2.99
66
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (9 875 + -1 253) ÷ 206
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (30.0 + 12) ÷ 2
21.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 049 + 0 + 0 − 6
1 049
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 1.6% × 9 875
−159
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (66 × 21.0 + 1 049 − 159) ÷ 9 875
+23.2%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • equity issuance measured by share-count dilution at market, not the cash line
  • share-count dilution 1.6%/yr (valued at market: -159)

EV/EBITDA — daily history

Current 43.0x · 3-year 75th pct 51.0x

EV/EBITDA3-year 75th pct

Peer comparison

Group: materials (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Ultra Clean Holdings, Inc.US2.121.8x
AXCELIS TECHNOLOGIES INCUS3.424.4x
LAM RESEARCH CORPUS287.928.1x
APPLIED MATERIALS INC /DEUS299.230.7x
KLA CORPUS190.332.2x
NOVA LTD.US9.935.6x
ASMLUS605.040.3x
FORMFACTOR INCUS7.745.8x
Group median31.4x
Group average32.3x
This companyUS9.944.6x

Group median 31.4x; this company 44.6x — a 42% premium.

Group average 32.3x; against the average this company is at a 38% premium.

At the adjusted group median the market cap would be -29% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-25; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of ONTO INNOVATION INC. — from primary filings.

Frequently asked questions

What is ONTO INNOVATION INC.'s P/E ratio?
ONTO INNOVATION INC. trades at a P/E of 72.2x (price to trailing 12-month earnings).
What is ONTO INNOVATION INC.'s EV/EBITDA?
ONTO INNOVATION INC. trades at 44.6x EV/EBITDA.
What is ONTO INNOVATION INC.'s P/B ratio?
ONTO INNOVATION INC. trades at a P/B of 4.7x.
What is ONTO INNOVATION INC.'s return on equity (ROE)?
ONTO INNOVATION INC.'s ROE is 11.9%.
What is ONTO INNOVATION INC.'s market capitalization?
ONTO INNOVATION INC.'s market cap is 9.9 bn USD.

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