AMD
Advanced Micro Devices, Inc.
AMD has the edge over ONTO overall, supported by stronger valuation and stronger fundamentals.
ONTO
Onto Innovation Inc.
ONTO offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
AMD Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
AMD's revenue, profitability, cash flow and balance sheet are all currently strong.
ONTO Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Healthy | |
| Under pressure |
ONTO's revenue, profitability and cash flow are currently healthy, but its balance sheet is under pressure.
AMD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 39x | $585 | — |
| Cheap | 40x | $182 | -69% |
| Fair | 112x | $514 | -12% |
| Current | 127x | $585 | — |
| Expensive | 206x | $947 | +62% |
Historical ranges are pointers, not guarantees.
AMD's PE is in its fair range at 127x. If earnings grow as analysts expect, today's price would be 39x next year's earnings, in its cheap range.
ONTO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 18x | $210 | — |
| Cheap | 22x | $66.59 | -68% |
| Fair | 43x | $130 | -38% |
| Current | 69x | $210 | — |
| Expensive | 82x | $249 | +19% |
Historical ranges are pointers, not guarantees.
ONTO has the edge over AMD in the historical PE scenario, which offers more potential upside but is not a forecast.
AMD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Broad | |
| Low |
Analysts expect strong earnings and revenue growth for AMD, with profitability improving. However, they disagree widely on these estimates.
ONTO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for ONTO, with profitability improving. However, they disagree widely on these estimates.
AMD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $15.05 | +227% |
| Q3 2026 | $4.60 | +127% |
| Q2 2026 | $3.89 | +122% |
| Q1 2026 | $3.05 | +123% |
| Q4 2025 | $2.65 | +165% |
| Q3 2025 | $2.03 | +81% |
| Q2 2025 | $1.75 | +111% |
| Q1 2025 | $1.37 | +99% |
| Q4 2024 | $1.00 | +89% |
AMD has the edge over ONTO on earnings, with more consistent year-over-year improvement.
ONTO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.94 | +291% |
| Q3 2026 | $3.05 | -14% |
| Q2 2026 | $2.67 | -34% |
| Q1 2026 | $2.15 | -51% |
| Q4 2025 | $2.78 | -32% |
| Q3 2025 | $3.54 | -4.1% |
| Q2 2025 | $4.04 | +21% |
| Q1 2025 | $4.42 | +57% |
| Q4 2024 | $4.06 | +65% |
ONTO's earnings per share have fallen from their peak: $3.05 over the past year, against $4.49 in late 2022.
AMD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $13.4B | +45% |
| Q2 2026 | $11.5B | +50% |
| Q1 2026 | $10.3B | +38% |
| Q4 2025 | $10.3B | +34% |
| Q3 2025 | $9.2B | +36% |
| Q2 2025 | $7.7B | +32% |
| Q1 2025 | $7.4B | +36% |
| Q4 2024 | $7.7B | +24% |
AMD has the edge over ONTO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 21% | +7.4 points |
| Q2 2026 | 17% | +19 points |
| Q1 2026 | 14% | +3.6 points |
| Q4 2025 | 17% | +5.7 points |
| Q3 2025 | 14% | +3.1 points |
| Q2 2025 | -1.7% | -6.4 points |
| Q1 2025 | 11% | +10 points |
| Q4 2024 | 11% | +5.8 points |
AMD's operating margin was 21% last quarter, up 7.4 points from the same quarter a year ago.
ONTO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $409.7M | +88% |
| Q2 2026 | $343.1M | +35% |
| Q1 2026 | $291.9M | +9.5% |
| Q4 2025 | $266.9M | +1.1% |
| Q3 2025 | $218.2M | -13% |
| Q2 2025 | $253.6M | +4.7% |
| Q1 2025 | $266.6M | +17% |
| Q4 2024 | $263.9M | +21% |
ONTO's revenue has grown year over year for four quarters in a row: $410M last quarter, up 88% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 23% | +12 points |
| Q2 2026 | 19% | +5.8 points |
| Q1 2026 | 11% | -12 points |
| Q4 2025 | 5.2% | -11 points |
| Q3 2025 | 11% | -10 points |
| Q2 2025 | 13% | -7.4 points |
| Q1 2025 | 24% | +5 points |
| Q4 2024 | 16% | +3.2 points |
ONTO has the edge over AMD on profitability, with a higher operating margin.
AMD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $554M | -71% |
| Q2 2026 | $1.6B | -9.9% |
| Q1 2026 | $2.6B | +253% |
| Q4 2025 | $2.4B | +118% |
| Q3 2025 | $1.9B | +283% |
| Q2 2025 | $1.7B | +294% |
| Q1 2025 | $727M | +92% |
| Q4 2024 | $1.1B | +351% |
AMD has the edge over ONTO on cash flow, with more consistent year-over-year improvement.
ONTO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $77.2M | -5.9% |
| Q2 2026 | $57.9M | +31% |
| Q1 2026 | $22.7M | -73% |
| Q4 2025 | $89.9M | +75% |
| Q3 2025 | $82M | +39% |
| Q2 2025 | $44.2M | -17% |
| Q1 2025 | $83.7M | +67% |
| Q4 2024 | $51.4M | -13% |
ONTO's free cash flow has been positive every quarter for seven years: $248M over the past year, down 5.2% from the year before.
AMD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +2M shares |
| 1 year | +1.2% | +20M shares |
| 3 years | +2% | +32M shares |
| 5 years | +35% | +431M shares |
| Available history | +40% | +473M shares |
AMD has 1.7B diluted shares, up 1.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $221M |
| Q4 2025 | — |
| Q3 2025 | $89M |
| Q2 2025 | $478M |
| Q1 2025 | $749M |
| Q4 2024 | $256M |
AMD has spent almost nothing on buybacks in the past year.
ONTO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -426K shares |
| 1 year | +0.3% | +150K shares |
| 3 years | -0.3% | -145K shares |
| 5 years | -1% | -506K shares |
| Available history | +13% | +5.6M shares |
ONTO has the edge over AMD on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $205M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $75M |
| Q4 2024 | $25.1M |
ONTO spent $205M buying back its own shares over the past year, up 105% from the year before.
AMD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2020 | -1.0x | Net Cash |
| Q1 2020 | -0.8x | Net Cash |
| Q4 2019 | -1.2x | Net Cash |
AMD has more cash than debt.
ONTO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.6x | Elevated |
| Q2 2026 | 1.0x | Healthy |
| Q1 2026 | -1.4x | Net Cash |
| Q4 2025 | -1.8x | Net Cash |
| Q3 2025 | -2.8x | Net Cash |
| Q2 2025 | -0.9x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -0.9x | Net Cash |
ONTO's net debt is about 3.6 years of its operating earnings (EBITDA), after holding more cash than debt a year ago.
AMD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.3 | Neutral |
| Stochastic | 41.4 | Neutral |
AMD's weekly RSI is 59 (neutral) and its Stochastic is 41 (neutral).
ONTO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.4 | Neutral |
| Stochastic | 13.5 | Oversold |
ONTO's weekly RSI is 43 (neutral) and its Stochastic is 14 (oversold).
AMD PE vs Technology Sector
| Metric | AMD | Sector median | Relative |
|---|---|---|---|
| PE | 127x | 28x | 357% above |
| PE % | 61 | 35 | 26 pts above |
AMD is trading at 127x earnings, a 357% premium to the Technology sector's median of 28x.
ONTO PE vs Technology Sector
| Metric | ONTO | Sector median | Relative |
|---|---|---|---|
| PE | 69x | 28x | 147% above |
| PE % | 74 | 35 | 39 pts above |
ONTO has the edge over AMD on valuation relative to its sector.
AMD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $557.2 | 5.1% above |
| 20 week MA | $525.9 | 11% above |
| 50 week MA | $389.7 | 50% above |
| 100 week MA | $266.9 | 119% above |
| 200 week MA | $199.6 | 193% above |
AMD has the edge over ONTO on trend strength, trading above more of its moving averages.
ONTO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $239.2 | 12% below |
| 20 week MA | $268.5 | 22% below |
| 50 week MA | $246.0 | 15% below |
| 100 week MA | $187.8 | 12% above |
| 200 week MA | $169.1 | 24% above |
ONTO has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 24% above its 200-week average.
AMD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $46.2 | $91.8 | +99% |
| 2021 | $91.8 | $146.1 | +59% |
| 2022 | $146.1 | $64.5 | -56% |
| 2023 | $64.5 | $147.4 | +128% |
| 2024 | $147.4 | $125.2 | -15% |
| 2025 | $125.2 | $215.0 | +72% |
| 2026 YTD | $215.0 | $585.3 | +172% |
AMD has the edge over ONTO on returns for 2026, with the stronger performance.
ONTO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $36.3 | $48.0 | +32% |
| 2021 | $48.0 | $99.1 | +106% |
| 2022 | $99.1 | $67.9 | -32% |
| 2023 | $67.9 | $152.9 | +125% |
| 2024 | $152.9 | $170.7 | +12% |
| 2025 | $170.7 | $160.6 | -5.9% |
| 2026 YTD | $160.6 | $209.7 | +31% |
ONTO has finished higher in four of the last six years, two of them by more than 50%. It's up 31% so far in 2026.