Onto Innovation ONTO
United StatesTechnology · Semiconductor Equipment & MaterialsUSD
387.50 USD (+27.3%)
12 analysts
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Onto Innovation Inc. designs and manufactures optical metrology and inspection systems for the semiconductor industry, selling its equipment to chipmakers and advanced packaging companies.
Key points
from its scores- ✓Good share-price trend9.8
- ✓Very solid balance sheet8.1
- ✓Strong growth7.5
- ✕Little or no dividend1.5
- ✕Unfavourable risk and backdrop3.6
AI analysis
bottom line, main risk, context and newsStrong growth and a clean balance sheet justify a premium, but the P/E of 114 and EV/EBITDA of 47 leave little room for error if the semiconductor cycle slows.
Onto Innovation shows exceptional growth (revenue +35.3%, earnings +75.4%) with a healthy balance sheet (net cash, liquidity 9.73) and solid margins (gross 55.49%, operating 22.97%), although its current valuation (P/E 114.44, EV/EBITDA 47.01) already discounts much of that growth and its return on capital is moderate (ROE 6.83%).
The extremely demanding valuation (P/E 114.44, EV/EBITDA 47.01) combined with earnings growth of 75.4% that, in the semiconductor sector, may not be sustainable if the AI capex cycle moderates.
Context and risks
No recent relevant news and no material exposure to current macro factors: the company has no debt (net cash), does not depend on commodities or conflict maritime routes, and its semiconductor equipment business is not directly affected by interest rates or the tariff regime.
Is Onto Innovation stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 198% above the Technology median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 114.4 | 31.3 | +266% |
| EV / EBITDA | 47.0 | 20.4 | +130% |
| Price / book | 7.8 | 6.3 | +23% |
| Price / sales | 13.3 | 5.3 | +153% |
Sector: median of the 283 Technology companies analysed. In bold, the multiples used for the comparison.
Valuation score: 3.9 out of 10 (median for Technology: 5.3).
Average analyst target: 387.50 USD, +27.3% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 5.5 (sector 6.4), Growth 7.5 (sector 7.5).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Technology medianValuation
- P/E
- 114.4
- Forward P/E
- 26.0
- EV / EBITDA
- 47.0
- Price / book
- 7.8
- Price / sales
- 13.3
- PEG
- 0.89
- Market cap
- 14.9B USD
- Enterprise value
- 14.5B USD
Profitability
- ROE
- 6.8%
- ROA
- 4.8%
- ROIC (approx.)
- 7.6%
- Gross margin
- 55.5%
- Operating margin
- 23.0%
- Net margin
- 11.8%
- Free cash flow
- 202.9M USD
- FCF yield
- 1.4%
- Cash conversion
- 66%
Solvency
- Total debt
- 1.5B USD
- Net debt
- −410.4M USD
- Cash
- 1.9B USD
- EBITDA
- 309.0M USD
- Net debt / EBITDA
- −1.33
- Debt / equity
- 76.55
- Current ratio
- 9.73
- Quick ratio
- 8.17
Growth
- Revenue growth
- +35.3%
- Earnings growth
- +75.4%
- EPS (TTM)
- 2.66 USD
- EPS (forward)
- 11.70 USD
Dividend
- Dividend yield
- 0.0%
- Payout
- 0.0%
Risk and market
- Beta
- 1.58
- Analyst consensus
- Strong buy (12)
- Target price
- 387.50 USD
- 52-week range
- 118.97 – 386.46
Recent news
All ONTO news →Compare it with its sector
All 283 in Technology →Frequently asked questions about Onto Innovation
Is Onto Innovation stock cheap or expensive?
On P/E and EV / EBITDA, it trades 198% above the Technology median on average. Valuation score: 3.9 out of 10 (median for Technology: 5.3). Average analyst target: 387.50 USD, +27.3% versus the price. This is not investment advice.
What score does Onto Innovation get on MeridIAn Screener?
It scores 5.7 out of 10, rank 1,267 of 2,130 (better than 39% of the companies analysed). Its strongest category is Momentum (9.8) and its weakest, Dividend (1.5). Analysis of 08/10/2026.
What is Onto Innovation's P/E ratio?
Its P/E is 114.4: the share price equals 114.4 times earnings per share over the last 12 months. The Technology median is 31.3. Based on the earnings analysts expect, the forward P/E is 26.0.
How much is Onto Innovation worth on the stock market?
Its market capitalisation is 14.9B USD and its enterprise value, debt included, is 14.5B USD.
How much debt does Onto Innovation have?
It has more cash than debt: net cash of 410.4M USD.
Does Onto Innovation pay a dividend?
It pays no dividend, or almost none.
How has Onto Innovation stock performed over the last year?
It has risen 150.9% over the last year, excluding dividends. Over the last 52 weeks it has traded between 118.97 and 386.46 USD. Past performance does not guarantee future results.
What do analysts think of Onto Innovation?
12 analysts cover it; their average recommendation is “Strong buy” and their average target is 387.50 USD (+27.3% versus the price). It is an estimate, not market data.