ONTOOnto Innovation Inc.
Is the business good?
The checks split: earnings fully cash-backed (2.4×), but margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
A balanced mix of margins, efficiency, and leverage. ROE 7% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ONTO?
Onto Innovation Inc. keeps 12% of every revenue dollar as operating profit, against 10% for the median Semiconductor Equipment & Materials name.
Operating margin · Semiconductor Equipment & Materials median 10% · 12 months to Q2 2026
- Cash conversion
- 2.36×
Cash conversion · 1.60× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +1.4%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 13%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −4.8% |
| FY2021 | −20% |
| FY2022 | 24% |
| FY2023 | 14% |
| FY2024 | 19% |
| FY2025 | 13% |
Details›
- Gross margin12 months to Q2 2026
- 50%
- Operating margin12 months to Q2 2026
- 12%
- Net margin12 months to Q2 2026
- 12%
- Free cash flow margin
- 23%
- R&D as % of revenue
- 13%
- Revenue, trailing twelve months
- $1.12B
- Free cash flow, trailing twelve months
- $252M
- Net income, trailing twelve months
- $133M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from ONTO and who it buys from, as the companies report it.
- Customer A20%
Share of revenue · FY2025 10-K
- Customer B15%
Share of revenue · FY2025 10-K
- Customer C14%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; ONTO’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Semiconductor Equipment & Materials
Ranks #6 of 17 by RyuScore