Onto Innovation (ONTO)


Market Price (7/29/2026): $239.9 | Market Cap: $11.9 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment

Onto Innovation (ONTO)


Market Price (7/29/2026): $239.9
Market Cap: $11.9 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Autonomous Technologies, and Automation & Robotics. Themes include AI Chips, Show more.

Weak multi-year price returns
2Y Excs Rtn is -20%

Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 96x, P/EPrice/Earnings or Price/(Net Income) is 113x

Stock price has recently run up significantly
12M Rtn12 month market price return is 138%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.4%

Key risks
ONTO key risks include [1] significant revenue concentration from a few key customers and [2] geopolitical factors disrupting its international supply chain and manufacturing operations.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 23%
1 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Autonomous Technologies, and Automation & Robotics. Themes include AI Chips, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -20%
3 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 96x, P/EPrice/Earnings or Price/(Net Income) is 113x
4 Stock price has recently run up significantly
12M Rtn12 month market price return is 138%
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.4%
6 Key risks
ONTO key risks include [1] significant revenue concentration from a few key customers and [2] geopolitical factors disrupting its international supply chain and manufacturing operations.

ONTO in ETFs

Weight = ONTO's share of each fund

VTI0.03%
ITOT0.02%
IWB0.02%
IJH0.40%
VB0.23%
VBK0.52%
IVOO0.51%
NUSC0.46%
+21 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/28/2026

Onto Innovation (ONTO) stock has gained about 20% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Performance and Robust Fiscal Q2 Outlook.

Onto Innovation announced its fiscal Q1 2026 results on May 5, 2026, beating earnings per share (EPS) estimates by reporting $1.42 against an estimated $1.38, or $1.41. The company also achieved a record quarterly revenue of $292 million, reflecting nearly 10% sequential growth from fiscal Q4 2025. Following these results, Onto Innovation provided a strong outlook for fiscal Q2 2026 (which ended on June 26, 2026), projecting revenue between $320 million and $330 million and non-GAAP diluted EPS ranging from $1.65 to $1.73, signaling continued growth.

2. Increased Analyst Confidence and Upgraded Price Targets.

Throughout the period, several financial institutions initiated or reiterated "Buy" ratings and significantly raised their price targets for Onto Innovation. Deutsche Bank, for example, initiated coverage with a "Buy" rating and a bullish $350 price target in June 2026. Oppenheimer subsequently raised its price target to $450 in June 2026, and Cantor Fitzgerald increased its price objective from $350 to $410 in the same month. Stifel also upgraded the stock from "Hold" to "Buy" with a $350 price target in April 2026.

Show more
Updated on 7/28/2026

Onto Innovation (ONTO) stock has gained about 20% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Performance and Robust Fiscal Q2 Outlook.

Onto Innovation announced its fiscal Q1 2026 results on May 5, 2026, beating earnings per share (EPS) estimates by reporting $1.42 against an estimated $1.38, or $1.41. The company also achieved a record quarterly revenue of $292 million, reflecting nearly 10% sequential growth from fiscal Q4 2025. Following these results, Onto Innovation provided a strong outlook for fiscal Q2 2026 (which ended on June 26, 2026), projecting revenue between $320 million and $330 million and non-GAAP diluted EPS ranging from $1.65 to $1.73, signaling continued growth.

2. Increased Analyst Confidence and Upgraded Price Targets.

Throughout the period, several financial institutions initiated or reiterated "Buy" ratings and significantly raised their price targets for Onto Innovation. Deutsche Bank, for example, initiated coverage with a "Buy" rating and a bullish $350 price target in June 2026. Oppenheimer subsequently raised its price target to $450 in June 2026, and Cantor Fitzgerald increased its price objective from $350 to $410 in the same month. Stifel also upgraded the stock from "Hold" to "Buy" with a $350 price target in April 2026.

3. Strategic Positioning in AI and Advanced Packaging Markets.

Onto Innovation benefited from its crucial role in the artificial intelligence (AI) infrastructure landscape, specifically through its advanced packaging and process control solutions. A key highlight from fiscal Q1 2026 was the qualification of its Dragonfly G5 system at a prominent 2.5D logic customer and a high-bandwidth memory (HBM) customer, which underscored the company's vital contribution to advanced chipmaking amidst robust industry demand for AI-driven semiconductors.

4. Positive Broader Semiconductor Sector Momentum.

The stock's upward trend was also supported by a wider rally across the semiconductor equipment sector, predominantly fueled by the accelerating demand for AI infrastructure. Additionally, a macroeconomic factor such as a cooler-than-expected June Consumer Price Index (CPI) report further boosted investor sentiment across semiconductor equipment names, creating a favorable environment for Onto Innovation's stock performance.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 18.0% change in ONTO stock from 3/31/2026 to 7/28/2026 was primarily driven by a 52.8% change in the company's P/E Multiple.
(LTM values as of)33120267282026Change
Stock Price ($)205.07241.8918.0%
Change Contribution By: 
Total Revenues ($ Mil)1,0051,0312.5%
Net Income Margin (%)13.6%10.3%-24.1%
P/E Multiple74.0113.152.8%
Shares Outstanding (Mil)4950-0.8%
Cumulative Contribution18.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/28/2026
ReturnCorrelation
ONTO18.0% 
Market (SPY)13.9%58.3%
Sector (XLK)28.7%75.0%

Fundamental Drivers

The 53.2% change in ONTO stock from 12/31/2025 to 7/28/2026 was primarily driven by a 155.8% change in the company's P/E Multiple.
(LTM values as of)123120257282026Change
Stock Price ($)157.86241.8953.2%
Change Contribution By: 
Total Revenues ($ Mil)1,0021,0312.8%
Net Income Margin (%)17.5%10.3%-40.9%
P/E Multiple44.2113.1155.8%
Shares Outstanding (Mil)4950-1.4%
Cumulative Contribution53.2%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/28/2026
ReturnCorrelation
ONTO53.2% 
Market (SPY)8.9%57.9%
Sector (XLK)19.0%72.3%

Fundamental Drivers

The 139.7% change in ONTO stock from 6/30/2025 to 7/28/2026 was primarily driven by a 398.7% change in the company's P/E Multiple.
(LTM values as of)63020257282026Change
Stock Price ($)100.93241.89139.7%
Change Contribution By: 
Total Revenues ($ Mil)1,0251,0310.5%
Net Income Margin (%)21.4%10.3%-51.7%
P/E Multiple22.7113.1398.7%
Shares Outstanding (Mil)4950-1.1%
Cumulative Contribution139.7%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/28/2026
ReturnCorrelation
ONTO139.7% 
Market (SPY)20.9%56.5%
Sector (XLK)35.7%69.1%

Fundamental Drivers

The 107.7% change in ONTO stock from 6/30/2023 to 7/28/2026 was primarily driven by a 296.1% change in the company's P/E Multiple.
(LTM values as of)63020237282026Change
Stock Price ($)116.47241.89107.7%
Change Contribution By: 
Total Revenues ($ Mil)9631,0317.0%
Net Income Margin (%)20.7%10.3%-50.1%
P/E Multiple28.5113.1296.1%
Shares Outstanding (Mil)4950-1.9%
Cumulative Contribution107.7%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/28/2026
ReturnCorrelation
ONTO107.7% 
Market (SPY)73.0%59.2%
Sector (XLK)100.5%68.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
ONTO Return113%-33%125%9%-5%66%452%
Peers Return46%-38%65%2%75%83%383%
S&P 500 Return27%-19%24%23%16%8%97%

Monthly Win Rates [3]
ONTO Win Rate83%42%75%58%67%57% 
Peers Win Rate65%33%63%47%62%69% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
ONTO Max Drawdown-21%-44%-22%-33%-61%-31% 
Peers Max Drawdown-24%-55%-22%-35%-39%-32% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: KLAC, AMAT, LRCX, MKSI, FORM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/28/2026 (YTD)

How Low Can It Go

EventONTOS&P 500
2025 US Tariff Shock
  % Loss-48.2%-18.8%
  % Gain to Breakeven93.1%23.1%
  Time to Breakeven241 days79 days
2024 Yen Carry Trade Unwind
  % Loss-33.0%-7.8%
  % Gain to Breakeven49.4%8.5%
  Time to Breakeven614 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-43.0%-24.5%
  % Gain to Breakeven75.5%32.4%
  Time to Breakeven224 days427 days
2020 COVID-19 Crash
  % Loss-45.9%-33.7%
  % Gain to Breakeven85.0%50.9%
  Time to Breakeven138 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-28.9%-19.2%
  % Gain to Breakeven40.7%23.8%
  Time to Breakeven128 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-11.9%-3.7%
  % Gain to Breakeven13.5%3.9%
  Time to Breakeven25 days6 days

Compare to KLAC, AMAT, LRCX, MKSI, FORM

In The Past

Onto Innovation's stock fell -48.2% during the 2025 US Tariff Shock. Such a loss loss requires a 93.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventONTOS&P 500
2025 US Tariff Shock
  % Loss-48.2%-18.8%
  % Gain to Breakeven93.1%23.1%
  Time to Breakeven241 days79 days
2024 Yen Carry Trade Unwind
  % Loss-33.0%-7.8%
  % Gain to Breakeven49.4%8.5%
  Time to Breakeven614 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-43.0%-24.5%
  % Gain to Breakeven75.5%32.4%
  Time to Breakeven224 days427 days
2020 COVID-19 Crash
  % Loss-45.9%-33.7%
  % Gain to Breakeven85.0%50.9%
  Time to Breakeven138 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-28.9%-19.2%
  % Gain to Breakeven40.7%23.8%
  Time to Breakeven128 days105 days
2014-2016 Oil Price Collapse
  % Loss-27.5%-6.8%
  % Gain to Breakeven38.0%7.3%
  Time to Breakeven209 days15 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-28.4%-17.9%
  % Gain to Breakeven39.7%21.8%
  Time to Breakeven168 days123 days
2008-2009 Global Financial Crisis
  % Loss-91.4%-53.4%
  % Gain to Breakeven1066.9%114.4%
  Time to Breakeven344 days1085 days

Compare to KLAC, AMAT, LRCX, MKSI, FORM

In The Past

Onto Innovation's stock fell -48.2% during the 2025 US Tariff Shock. Such a loss loss requires a 93.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Onto Innovation (ONTO)

Onto Innovation Inc. (ONTO) is a technology company that designs, develops, manufactures, and supports advanced process control solutions for various high-tech industries worldwide. The company's core expertise lies in providing tools that perform critical functions such as macro defect inspection, 2D/3D optical metrology, and lithography systems. Complementing its hardware, Onto Innovation also offers sophisticated process control analytical software designed to optimize manufacturing processes and improve yield.

The company's main product offerings include standalone systems for specific applications, such as macro-defect inspection, packaging lithography, and probe card test and analysis. These systems are used for precise measurements and quality control, including transparent and opaque thin film measurements. Furthermore, Onto Innovation provides a comprehensive process control software portfolio, which offers solutions that can manage individual tools, groups of tools, or even entire factory-wide operations, along with essential services like spare parts and software licensing.

Onto Innovation primarily serves a broad array of manufacturers within the semiconductor and advanced packaging device industries. Its solutions are also critical for producers of silicon wafers, light emitting diodes (LEDs), vertical-cavity surface-emitting lasers (VCSELs), micro-electromechanical systems (MEMS), CMOS image sensors, power devices, and RF filters. Additionally, the company caters to the data storage sector and various other industrial and scientific applications that require precise process control and yield management.

AI Analysis | Feedback

Here are 1-3 brief analogies for Onto Innovation (ONTO):

  • Think of them as the Keyence for semiconductor and advanced electronics manufacturing, providing the precision tools for inspection and quality control.
  • They're like KLA Corporation, but with a broader focus on advanced packaging, MEMS, and specialty devices, offering critical process control and inspection solutions.

AI Analysis | Feedback

Onto Innovation (ONTO) provides the following major products and services:

  • Macro Defect Inspection and Metrology Tools: Systems designed for detecting macro defects and performing precise 2D/3D optical measurements.
  • Lithography Systems: Equipment used for patterning and fabricating micro-devices, including advanced packaging applications.
  • Process Control Analytical Software: Software solutions for monitoring, analyzing, and optimizing manufacturing processes.
  • Probe Card Test and Analysis Systems: Specialized systems for testing and analyzing the functionality of probe cards used in semiconductor manufacturing.
  • Thin Film Measurement Systems: Tools for measuring the characteristics of both transparent and opaque thin films.
  • Spare Parts: Components supplied for the maintenance and repair of their equipment.
  • Software Licensing: Services for providing legal rights to use their proprietary software solutions.

AI Analysis | Feedback

Onto Innovation (symbol: ONTO) sells its products and services primarily to other companies. Based on the provided company description, its major customers are businesses operating within the following segments of the technology and manufacturing industries:

  • Semiconductor and advanced packaging device manufacturers
  • Silicon wafer manufacturers
  • Manufacturers of light-emitting diodes (LEDs)
  • Manufacturers of vertical-cavity surface-emitting lasers (VCSELs)
  • Manufacturers of micro-electromechanical systems (MEMS)
  • Manufacturers of CMOS image sensors
  • Manufacturers of power devices
  • Manufacturers of RF filters
  • Data storage manufacturers
  • Companies involved in various industrial and scientific applications

Specific names of individual customer companies are not disclosed in the provided background information.

AI Analysis | Feedback

null

AI Analysis | Feedback

Michael P. Plisinski, Chief Executive Officer

Michael Plisinski has over 25 years of experience in the semiconductor capital equipment industry. He became the Chief Executive Officer of Rudolph Technologies in 2015 and continued in this role after the formation of Onto Innovation through the merger of Rudolph Technologies and Nanometrics in 2019. Prior to becoming CEO, he served as Executive Vice President and Chief Operating Officer of Rudolph Technologies. Plisinski founded Counterpoint Solutions, a supplier of optical review and automated metrology equipment, and served as its president and sole founder from 1999 to 2003. Counterpoint Solutions was later acquired by August Technology.

Brian Roberts, Chief Financial Officer

Brian Roberts serves as the Chief Financial Officer of Onto Innovation, a position he assumed effective June 16, 2025. He brings over 20 years of financial leadership expertise, including 11 years as CFO for publicly traded technology companies in sectors such as medical device, software, and industrial. His prior CFO roles include Sensata Technologies, Tarveda Therapeutics, Insulet Corporation, and Digitas, Inc. Roberts also held senior financial positions at Averdo, Idiom Technologies, and Monitor Company. He was a board member of ViewRay, Inc. from 2015 to 2023, where he chaired the audit committee. He started his career at Ernst & Young LLP and is a Certified Public Accountant.

Michel Rosa, Chief Marketing Officer & Senior Vice President, Strategy

Michel Rosa is the Chief Marketing Officer and Senior Vice President of Strategy at Onto Innovation.

Ramil Yaldaei, Chief Operating Officer

Ramil Yaldaei serves as the Chief Operating Officer for Onto Innovation.

Yoon Ah Oh, Senior Vice President and General Counsel

Yoon Ah Oh is the Senior Vice President and General Counsel at Onto Innovation. She has an extensive background in corporate legal affairs, including securities, financing, and mergers and acquisitions, having practiced law at firms such as Dechert LLP and Cahill Gordon & Reindel LLP.

AI Analysis | Feedback

The key risks to Onto Innovation's business include:

  1. Geopolitical Tensions and Trade Policies: Onto Innovation's global operations are significantly exposed to risks arising from geopolitical tensions, trade disputes, tariffs, and evolving export regulations, particularly between the United States and China. These factors can adversely impact the company's ability to compete in key markets, disrupt supply chains, and affect overall financial performance.
  2. Intense Market Competition and Technological Disruption: The company operates within a highly competitive semiconductor market that is characterized by rapid technological advancements. This necessitates substantial and ongoing research and development investments to innovate and maintain a competitive edge against other companies, some of which may possess greater resources.
  3. Customer Concentration Risk: Onto Innovation is reliant on a limited number of significant customers for a substantial portion of its revenue. This concentration creates a risk of considerable fluctuations in cash flows and revenue streams if these key customers alter their purchasing patterns.

AI Analysis | Feedback

null

AI Analysis | Feedback

Onto Innovation (ONTO) operates in several addressable markets related to semiconductor manufacturing and process control. The market sizes for their main products and services are as follows:

  • The global semiconductor metrology and inspection equipment market is estimated at USD 11.01 billion in 2025, with a projected compound annual growth rate (CAGR) of 5.2% during the forecast period of 2025 to 2030.
  • The total addressable market (TAM) for process control, encompassing macro defect inspection, metrology, and lithography systems, is projected to expand significantly from $4.2 billion in the "Mobility Era" to $12.3 billion in the "AI Era". This market is considered global, given Onto Innovation's global operational footprint.
  • For metrology products, the Served Available Market (SAM) is estimated at $1.1 billion. This includes planar films metrology, 3D OCD metrology, integrated metrology, and opaque film metrology.
  • The Served Available Market (SAM) for inspection and acoustic metrology is reported to be $850 million.
  • New inspection applications, particularly those addressed by the Dragonfly G5 inspection system, represent a serviceable available market of more than $500 million.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Onto Innovation (ONTO) over the Next 2-3 Years:

  1. Growth in Advanced Packaging: Onto Innovation anticipates substantial revenue growth driven by increasing demand in advanced packaging, particularly from 2.5D packaging customers and for High-Bandwidth Memory (HBM) applications in the AI era. The company expects revenue from 2.5D packaging customers to nearly double, fueled by strong demand for its DragonFly systems. Furthermore, advanced packaging revenue is projected to grow over 30% in 2026, with a significant volume purchase agreement from an HBM customer valued at over $240 million through 2027.
  2. Increased Demand in Advanced Nodes: The company foresees improved revenue from increased spending in advanced nodes, including DRAM and logic. Organic growth in 2026 is expected, particularly in the second half, driven by increased tool demand and an improved outlook for Wafer Fabrication Equipment (WFE), supported by momentum in leading-edge foundry, logic, DRAM, and NAND sectors. Advanced nodes revenue is expected to grow at least in line with WFE, which management anticipates could range from 10% to 20% year-over-year.
  3. New Product Launches and Expansion of Recently Launched Products: Onto Innovation's pipeline of new products and the ramp-up of recently launched ones are significant growth drivers. The next-generation DragonFly system, with its first shipments and preliminary discussions for volume needs in 2026, is a key example. Additionally, the 3Di technology has successfully completed full qualification processes at HBM customers, and new inspection and metrology capabilities like EchoScan™ for hybrid bonding and the JetStep® lithography system for panel-level packaging are addressing emerging technological needs.
  4. Integration of AI and Machine Learning: The strategic integration of Artificial Intelligence (AI) and Machine Learning (ML) into Onto Innovation's offerings aims to enhance defect reduction and manufacturing efficiency. This integration is expected to boost profit margins as these AI-enhanced solutions gain wider market adoption. The rapid expansion of AI applications, with AI server growth projected at a 42% compound annual growth rate, directly fuels demand for Onto's specialized metrology and inspection tools.
  5. Contribution from Semilab Acquisition: The acquisition of Semilab, which was expected to close in late 2025, is anticipated to be accretive to both revenue and earnings in 2026. While power semiconductor revenue (which includes Semilab) is expected to see a seasonal decline in the first quarter of 2026 and an overall decline of around 10% for 2026 based on weakening demand in EVs and slowing infrastructure spending, the acquisition is still projected to contribute positively to the company's financial performance.

AI Analysis | Feedback

Share Repurchases

  • In May 2024, Onto Innovation announced a new share repurchase program authorizing up to $200 million of its common stock.
  • As of March 31, 2025, the company had repurchased $83.60 million worth of shares.
  • A $100 million share repurchase authorization was approved in November 2020, replacing a prior authorization, with approximately $52 million in shares repurchased during 2020.

Share Issuance

  • In connection with the acquisition of Semilab International's materials analysis business, Onto Innovation agreed to issue 706,215 shares of its common stock in June 2025, later adjusted to 641,771 shares in October 2025.

Inbound Investments

  • Institutional investors hold a significant majority of Onto Innovation's stock, approximately 95.79% as of July 2025, reflecting strong market confidence.
  • Major institutional shareholders include prominent firms such as BlackRock, Inc. and Vanguard Group Inc.

Outbound Investments

  • In November 2025, Onto Innovation completed the acquisition of key product lines from Semilab International's materials analysis business, valued at approximately $495 million, enhancing its capabilities in inline wafer contamination monitoring and materials characterization.
  • Onto Innovation acquired Lumina Instruments, Inc. in October 2024 to strengthen its inspection portfolio with laser scattering technology, expecting to expand its served addressable market by over $250 million.
  • The company also acquired the lithography business from Kulicke and Soffa Industries, Inc. in November 2024, gaining patents and expertise to advance its JetStep® panel lithography roadmap.

Capital Expenditures

  • From 2020 to 2024, Onto Innovation generated sufficient cash flow from operations to cover its capital expenditures.
  • The company anticipates increased capital expenditures in the semiconductor sector, driven by global AI investment, particularly in metrology and advanced packaging.
  • Onto Innovation secured a volume purchase agreement valued at over $240 million with a leading high bandwidth memory (HBM) manufacturer for Dragonfly® 2D inspection and 3D bump metrology, supporting expansion plans through 2027.

Better Bets vs. Onto Innovation (ONTO)

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

ONTOKLACAMATLRCXMKSIFORMMedian
NameOnto Inn.KLA Applied .Lam Rese.MKS FormFact. 
Mkt Price241.89190.80476.46269.61285.3188.23255.75
Mkt Cap12.0249.8378.3336.919.26.9134.5
Rev LTM1,03113,09729,02421,6824,0728408,584
Op Inc LTM1265,4598,7457,427593803,026
FCF LTM2394,0105,3436,005402372,206
FCF 3Y Avg2143,5346,0034,779382461,958
CFO LTM2634,4027,9936,9555571372,479
CFO 3Y Avg2413,8627,7685,4505031102,182

Growth & Margins

ONTOKLACAMATLRCXMKSIFORMMedian
NameOnto Inn.KLA Applied .Lam Rese.MKS FormFact. 
Rev Chg LTM0.5%13.4%3.3%26.5%11.5%9.6%10.5%
Rev Chg 3Y Avg3.2%8.0%2.9%7.5%4.3%5.8%5.1%
Rev Chg Q9.5%11.5%11.4%23.8%15.2%32.0%13.3%
QoQ Delta Rev Chg LTM2.5%2.8%2.9%5.5%3.6%7.0%3.2%
Op Inc Chg LTM-42.1%17.6%5.0%40.5%11.0%72.7%14.3%
Op Inc Chg 3Y Avg-4.9%11.6%4.0%13.7%5.7%118.9%8.7%
Op Mgn LTM12.2%41.7%30.1%34.3%14.6%9.5%22.3%
Op Mgn 3Y Avg16.4%39.4%29.6%31.1%14.1%5.7%23.0%
QoQ Delta Op Mgn LTM-2.8%-0.3%0.4%0.5%0.2%1.9%0.3%
CFO/Rev LTM25.5%33.6%27.5%32.1%13.7%16.3%26.5%
CFO/Rev 3Y Avg24.7%33.9%27.9%30.9%13.2%14.4%26.3%
FCF/Rev LTM23.2%30.6%18.4%27.7%9.9%4.4%20.8%
FCF/Rev 3Y Avg22.0%31.0%21.7%27.2%10.1%6.0%21.8%

Valuation

ONTOKLACAMATLRCXMKSIFORMMedian
NameOnto Inn.KLA Applied .Lam Rese.MKS FormFact. 
Mkt Cap12.0249.8378.3336.919.26.9134.5
P/S11.719.113.015.54.78.212.4
P/Op Inc95.645.843.345.432.485.645.6
P/EBIT95.644.135.544.034.376.344.0
P/E113.153.544.550.258.8100.556.1
P/CFO45.856.747.348.434.550.247.9
Total Yield0.9%2.3%2.6%2.4%2.0%1.0%2.1%
Dividend Yield0.0%0.4%0.4%0.4%0.3%0.0%0.3%
FCF Yield 3Y Avg2.6%2.2%2.8%2.5%3.9%1.2%2.5%
D/E0.00.00.00.00.20.00.0
Net D/E-0.10.0-0.0-0.00.2-0.0-0.0

Returns

ONTOKLACAMATLRCXMKSIFORMMedian
NameOnto Inn.KLA Applied .Lam Rese.MKS FormFact. 
1M Rtn-25.3%-23.3%-24.0%-28.9%-26.6%-32.5%-26.0%
3M Rtn-14.3%5.6%25.2%7.4%6.6%-34.2%6.1%
6M Rtn16.0%18.3%43.6%13.3%24.5%19.6%19.0%
12M Rtn137.5%108.0%152.2%174.9%180.3%152.2%152.2%
3Y Rtn98.0%283.0%221.4%284.0%169.3%139.1%195.4%
1M Excs Rtn-26.3%-24.3%-25.0%-29.9%-27.6%-33.5%-27.0%
3M Excs Rtn-22.5%-3.0%14.3%0.4%-1.0%-42.3%-2.0%
6M Excs Rtn10.1%17.1%42.6%14.3%23.8%12.3%15.7%
12M Excs Rtn127.0%96.6%142.2%163.3%172.0%142.5%142.4%
3Y Excs Rtn64.5%263.0%194.2%280.3%117.7%89.0%156.0%

Financials

Segment Financials

Revenue by Segment
$ Mil2026202420232022
Design, development, manufacture and support of high-performance control metrology, defect1,005987816789
Total1,005987816789


Operating Income by Segment
$ Mil20262024
Design, development, manufacture and support of high-performance control metrology, defect133187
Total133187


Net Income by Segment
$ Mil20262024
Design, development, manufacture and support of high-performance control metrology, defect137202
Total137202


Price Behavior

Price Behavior
Market Price$241.89 
Market Cap ($ Bil)12.0 
First Trading Date02/26/1992 
Distance from 52W High-36.1% 
   50 Days200 Days
DMA Price$290.98$218.95
DMA Trendupup
Distance from DMA-16.9%10.5%
 3M1YR
Volatility83.5%65.2%
Downside Capture488.13277.74
Upside Capture330.68331.44
Correlation (SPY)56.2%57.8%
ONTO Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta4.063.303.262.992.832.39
Up Beta2.442.773.043.102.882.37
Down Beta3.902.142.662.512.801.97
Up Capture956%564%605%819%1185%8107%
Bmk +ve Days11244067140429
Stock +ve Days14223774142399
Down Capture217%306%282%188%162%113%
Bmk -ve Days10172358112321
Stock -ve Days7192651109351

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ONTO
ONTO144.1%65.1%1.63-
Sector ETF (XLK)31.3%24.9%1.0469.3%
Equity (SPY)17.3%12.7%0.9957.1%
Gold (GLD)20.2%28.1%0.6422.8%
Commodities (DBC)29.1%19.5%1.19-3.6%
Real Estate (VNQ)14.4%14.1%0.725.3%
Bitcoin (BTCUSD)-46.4%42.9%-1.3332.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ONTO
ONTO31.3%57.4%0.70-
Sector ETF (XLK)18.7%25.6%0.6669.4%
Equity (SPY)12.9%17.1%0.5861.0%
Gold (GLD)16.9%18.4%0.7411.4%
Commodities (DBC)9.1%19.5%0.3610.0%
Real Estate (VNQ)2.9%18.9%0.0527.1%
Bitcoin (BTCUSD)16.2%53.4%0.4826.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with ONTO
ONTO27.9%52.3%0.68-
Sector ETF (XLK)23.7%24.8%0.8763.3%
Equity (SPY)14.9%17.9%0.7157.0%
Gold (GLD)11.3%16.1%0.5710.0%
Commodities (DBC)6.8%18.0%0.3015.8%
Real Estate (VNQ)5.2%20.7%0.2133.4%
Bitcoin (BTCUSD)57.5%66.2%0.9819.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity2.7 Mil
Short Interest: % Change Since 63020262.2%
Average Daily Volume1.3 Mil
Days-to-Cover Short Interest2.0 days
Basic Shares Quantity49.7 Mil
Short % of Basic Shares5.4%

Earnings Returns History

Updated 6/8/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/2026-3.6%-8.9%-9.9%
2/19/2026-4.0%-3.3%-11.2%
11/6/20255.6%-1.5%23.4%
8/7/202511.0%18.7%11.8%
5/8/2025-30.2%-22.7%-21.6%
2/6/2025-11.2%-17.4%-41.4%
10/31/2024-11.2%-11.1%-13.9%
8/8/20248.5%18.6%1.6%
...
SUMMARY STATS   
# Positive131213
# Negative101110
Median Positive6.8%7.6%11.8%
Median Negative-3.2%-3.3%-12.5%
Max Positive11.0%20.3%35.2%
Max Negative-30.2%-22.7%-41.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/5/2026-3.6%-8.9%-9.9%
2/19/2026-4.0%-3.3%-11.2%
11/6/20255.6%-1.5%23.4%
8/7/202511.0%18.7%11.8%
5/8/2025-30.2%-22.7%-21.6%
2/6/2025-11.2%-17.4%-41.4%
10/31/2024-11.2%-11.1%-13.9%
8/8/20248.5%18.6%1.6%
5/9/20247.6%7.5%4.7%
2/8/20249.3%7.1%9.5%
11/9/202310.1%9.8%17.5%
8/10/2023-2.8%-3.0%11.2%
5/4/20235.1%8.2%30.3%
2/9/2023-2.2%-2.4%-2.8%
10/27/20223.2%5.8%17.0%
8/9/20225.8%7.8%-6.4%
5/3/20226.8%-0.7%14.7%
2/8/2022-0.1%-2.2%-14.1%
11/4/20216.1%0.9%6.2%
8/5/20218.6%2.3%9.4%
2/4/2021-0.3%2.0%-7.4%
11/2/20205.7%20.3%35.2%
8/4/2020-0.2%-12.1%-14.2%
SUMMARY STATS   
# Positive131213
# Negative101110
Median Positive6.8%7.6%11.8%
Median Negative-3.2%-3.3%-12.5%
Max Positive11.0%20.3%35.2%
Max Negative-30.2%-22.7%-41.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/05/202610-Q
12/31/202502/24/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202402/25/202510-K
09/30/202410/31/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/26/202410-K
09/30/202311/13/202310-Q
06/30/202308/10/202310-Q
03/31/202305/04/202310-Q
12/31/202202/24/202310-K
09/30/202211/10/202210-Q
06/30/202208/09/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/05/202610-Q
12/31/202502/24/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202402/25/202510-K
09/30/202410/31/202410-Q
06/30/202408/08/202410-Q
03/31/202405/09/202410-Q
12/31/202302/26/202410-K
09/30/202311/13/202310-Q
06/30/202308/10/202310-Q
03/31/202305/04/202310-Q
12/31/202202/24/202310-K
09/30/202211/10/202210-Q
06/30/202208/09/202210-Q
03/31/202205/03/202210-Q
12/31/202102/25/202210-K
09/30/202111/04/202110-Q
06/30/202108/05/202110-Q
03/31/202104/29/202110-Q
12/31/202002/19/202110-K
09/30/202011/02/202010-Q
06/30/202008/05/202010-Q
03/31/202005/05/202010-Q
12/31/201902/25/202010-K
09/30/201911/07/201910-Q
06/30/201907/30/201910-Q

Recent Forward Guidance

Updated 7/27/2026

Latest: Q1 2026 Earnings Reported 5/5/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Revenue320.00 Mil325.00 Mil330.00 Mil16.1% Higher NewGuidance: 280.00 Mil for Q1 2026
Q2 2026 Gross Margin56.0%56.25%56.5% 1.2%Higher NewGuidance: 55.1% for Q1 2026
Q2 2026 GAAP Operating Margin17.8%18.25%18.7% 3.4%Higher NewGuidance: 14.9% for Q1 2026
Q2 2026 Non-GAAP Operating Margin28.0%28.3%28.6% 2.3%Higher NewGuidance: 26.0% for Q1 2026
Q2 2026 GAAP Diluted EPS1.091.141.1843.7% Higher NewGuidance: 0.79 for Q1 2026
Q2 2026 Non-GAAP Diluted EPS1.651.691.7329.0% Higher NewGuidance: 1.31 for Q1 2026

Prior: Q4 2025 Earnings Reported 2/19/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Revenue275.00 Mil280.00 Mil285.00 Mil8.7% Higher NewGuidance: 257.50 Mil for Q4 2025
Q1 2026 Gross Margin54.6%55.1%55.6% 0.8%Higher NewGuidance: 54.25% for Q4 2025
Q1 2026 GAAP Operating Margin14.2%14.9%15.6%   
Q1 2026 Non-GAAP Operating Margin25.5%26.0%26.5% 1.0%Higher NewGuidance: 25.0% for Q4 2025
Q1 2026 GAAP EPS0.740.790.84-14.6% Lower NewGuidance: 0.93 for Q4 2025
Q1 2026 Non-GAAP EPS1.261.311.364.4% Higher NewGuidance: 1.25 for Q4 2025

Q3 2025 Earnings Reported 11/6/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Revenue250.00 Mil257.50 Mil265.00 Mil18.4% Higher NewGuidance: 217.50 Mil for Q3 2025
Q4 2025 Gross Margin53.5%54.25%55.0% 0.2%Higher NewGuidance: 54.0% for Q3 2025
Q4 2025 Non-GAAP Operating Margin24.0%25.0%26.0% 5.5%Higher NewGuidance: 19.5% for Q3 2025
Q4 2025 GAAP Diluted EPS0.850.93149.2% Higher NewGuidance: 0.62 for Q3 2025
Q4 2025 Non-GAAP Diluted EPS1.181.251.3347.6% Higher NewGuidance: 0.85 for Q3 2025

Investor Activity (13F)

Updated Jul 29, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Brilliance Asset Management LTD$39.8 Mil11.7%16TRIM -22.3%13F
Divisar Capital Management LLC$39.6 Mil10.1%26TRIM -9.0%13F
Talos Eurisko Asset Management LP$33.9 Mil5.8%23New13F
Alta Park Capital, LP$20.9 Mil3.4%24TRIM -17.0%13F
Alua Capital Management LP$27.0 Mil3.0%14New13F
Glenview Capital Management, LLC$61.5 Mil1.7%41TRIM -27.7%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Talos Eurisko Asset Management LP$33.9 Mil5.8%23New13F
Alua Capital Management LP$27.0 Mil3.0%14New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Glenview Capital Management, LLC$61.5 Mil1.7%41TRIM -27.7%13F
Brilliance Asset Management LTD$39.8 Mil11.7%16TRIM -22.3%13F
Alta Park Capital, LP$20.9 Mil3.4%24TRIM -17.0%13F
Divisar Capital Management LLC$39.6 Mil10.1%26TRIM -9.0%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Glenview Capital Management, LLC$61.5 Mil1.7%41TRIM -27.7%13F
Brilliance Asset Management LTD$39.8 Mil11.7%16TRIM -22.3%13F
Divisar Capital Management LLC$39.6 Mil10.1%26TRIM -9.0%13F
Talos Eurisko Asset Management LP$33.9 Mil5.8%23New13F
Alua Capital Management LP$27.0 Mil3.0%14New13F
Alta Park Capital, LP$20.9 Mil3.4%24TRIM -17.0%13F
Core Cache Last Updated: 7/28/2026