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ONTO

Onto Innovation Inc.

ONTO

Onto Innovation Inc. • NYSE
$143.16 ▲ 1.92% (+2.69)
Market Cap $7.02 B
52w High $228.42
52w Low $85.88
Dividend Yield 0%
P/E 40.33
Volume 271.69K
Outstanding Shares 49.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $218.193M ▼ $86.935M ▼ $28.224M ▼ 12.935% ▼ $0.58 ▼ $46.267M ▼
Q2-2025 $253.597M ▼ $89.875M ▲ $33.911M ▼ 13.372% ▼ $0.69 ▼ $52.759M ▼
Q1-2025 $266.607M ▲ $80.099M ▼ $64.095M ▲ 24.041% ▲ $1.3 ▲ $75.974M ▲
Q4-2024 $263.939M ▲ $89.947M ▲ $48.817M ▼ 18.496% ▼ $0.99 ▼ $54.614M ▼
Q3-2024 $252.21M $83.307M $53.051M 21.034% $1.07 $70.083M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $983.928M ▲ $2.187B ▲ $184.544M ▲ $2.002B ▲
Q2-2025 $894.936M ▲ $2.14B ▲ $177M ▼ $1.963B ▲
Q1-2025 $850.611M ▼ $2.115B ▼ $195.43M ▲ $1.92B ▼
Q4-2024 $852.328M ▼ $2.117B ▲ $191.209M ▲ $1.926B ▲
Q3-2024 $855.404M $2.073B $169.84M $1.904B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $28.224M ▼ $83.396M ▲ $296.751M ▲ $5.362M ▲ $385.615M ▲ $82.017M ▲
Q2-2025 $33.911M ▼ $57.943M ▼ $-43.016M ▼ $-3.706M ▲ $13.743M ▲ $44.171M ▼
Q1-2025 $64.095M ▲ $91.98M ▲ $-21.804M ▼ $-79.52M ▼ $-9.218M ▼ $83.747M ▲
Q4-2024 $48.817M ▼ $55.999M ▼ $-4.096M ▲ $-25.673M ▼ $24.207M ▲ $51.373M ▼
Q3-2024 $53.051M $67.247M $-56.551M $3.945M $16.167M $59.198M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Parts Revenue
Parts Revenue
 $40.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Service Revenue
Service Revenue
 $30.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Systems And Software Revenue
Systems And Software Revenue
 $440.00M ▲$230.00M ▼$210.00M ▼$170.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Onto Innovation’s income statement shows a healthy, profitable business that has handled the semiconductor cycle reasonably well. Revenue climbed sharply from 2020 through 2022, dipped in 2023 with the broader industry slowdown, and then rebounded in 2024 close to prior highs. Importantly, the company stayed clearly profitable throughout, even in the weaker year. Gross margins are strong and fairly stable, suggesting good pricing power and an attractive product mix. Operating and net income track this pattern, showing that management has kept operating costs under control and avoided big swings in profitability. Overall, the business looks both growth-oriented and resilient, but still exposed to normal semiconductor spending cycles.

Balance Sheet

Balance Sheet The balance sheet looks conservative and solid. Total assets and shareholder equity have steadily grown over the last five years, pointing to consistent reinvestment and retained earnings rather than dependence on borrowing. Cash levels are healthy and have generally trended up, while debt is very small and flat, leaving the company in a net cash position. This low leverage gives Onto flexibility to keep investing through downturns, fund R&D, and pursue acquisitions without straining the balance sheet. The main takeaway is financial strength and prudence, which is valuable in a cyclical industry.

Cash Flow

Cash Flow Cash generation has been consistently positive, which supports the quality of reported earnings. Operating cash flow has grown over time and held up through the industry downturn, showing that customers are paying and that working capital is being managed reasonably well. Free cash flow is also positive in every year, even after funding capital spending. Investment needs appear modest relative to cash inflows, suggesting an asset-light model with good conversion from profit to cash. This gives Onto room to fund R&D, strategic deals, and potential shareholder returns without needing heavy financing, though cash flows will still ebb and flow with semiconductor equipment demand.

Competitive Edge

Competitive Edge Onto Innovation occupies a specialized but important niche in semiconductor process control, with particular strength in advanced packaging. It competes against much larger players, but differentiates itself through focus: inspection, metrology, and panel-level lithography tuned to next-generation packaging and specialty devices. Its integrated portfolio—equipment plus data and analytics software—allows customers to tie multiple steps of the process together, which can reduce complexity and improve yields. Strong collaboration with customers, highlighted by its Packaging Applications Center of Excellence, deepens relationships and helps Onto stay aligned with future needs. The flip side is that its fortunes are tied closely to advanced packaging and a relatively narrow set of process-control domains, where competition from bigger incumbents remains intense.

Innovation and R&D

Innovation and R&D Innovation is central to Onto’s strategy. The company has been pushing the frontier in several areas: high-resolution inspection and 3D metrology (Dragonfly platform), panel-level lithography for advanced packaging (JetStep systems), and factory-wide process control and analytics software. It is positioning itself for emerging trends like glass substrates, high-bandwidth memory, chiplet architectures, and new transistor designs such as gate-all-around, all of which require more precise measurement and inspection. The collaborative PACE center and targeted acquisitions, such as materials analysis capabilities, extend its technology base and keep it close to customers’ roadmaps. The opportunity is significant if these technology bets line up with industry adoption, but it also means ongoing high R&D intensity and execution risk as the company tries to stay ahead of rapid technological change.

Summary

Onto Innovation combines a focused technology position with a conservative financial profile. The business has grown meaningfully over the last five years, remained profitable even through a semiconductor downturn, and maintains strong margins and cash generation. Its balance sheet is robust, with very low debt and solid cash, giving the company resilience in a volatile industry. Competitively, Onto stands out in advanced packaging and process control, with integrated tools and software and close customer collaboration, but it competes in markets where larger players are also very active. Future performance will hinge on how well it executes around key industry shifts—advanced packaging, AI-driven workloads, new materials, and new device architectures—while sustaining its innovation pace and managing the normal ups and downs of semiconductor capital spending.

NEWS

November 17, 2025 · 8:15 AM UTC

Onto Innovation Completes Acquisition of Unique Materials Composition and Electrical Analysis Product Lines from Semilab International

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November 11, 2025 · 8:30 AM UTC

Onto Innovation to Participate in Upcoming Investor Events

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November 6, 2025 · 4:05 PM UTC

Onto Innovation Reports 2025 Third Quarter Results

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October 21, 2025 · 4:05 PM UTC

Onto Innovation to Report Third Quarter 2025 Financial Results on November 6, 2025

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September 18, 2025 · 4:10 PM UTC

Onto Innovation Invites Customers and Investors to Schedule Meetings at SEMICON® West

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