Is the business good?
How good a business is ONTO?
Onto Innovation Inc. earns 5.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
5.5%
Return on invested capital · cost of capital 9.0% · 3.5 points below what the capital costs: growth destroys value
- Operating margin
- 10%
Operating margin · Semiconductor Equipment & Materials median 8.4% · 12 months to Q1 2026
- Cash conversion
- 2.24×
Cash conversion · 1.13× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +1.2%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −4.8% |
| FY2021 | −20% |
| FY2022 | 24% |
| FY2023 | 14% |
| FY2024 | 19% |
| FY2025 | 13% |
Details›
- Gross margin12 months to Q1 2026
- 49%
- Operating margin12 months to Q1 2026
- 10%
- Net margin12 months to Q1 2026
- 10%
- Free cash flow margin
- 23%
- R&D as % of revenue
- 13%
- Revenue, trailing twelve months
- $1.03B
- Free cash flow, trailing twelve months
- $239M
- Net income, trailing twelve months
- $106M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Semiconductor Equipment & Materials
Ranks #14 of 22 by Smart Score