ONTO
Onto Innovation Inc.
ONTO's fundamentals are strong, but it looks expensive: trading at 69x earnings, above its usual 43x. Analysts expect strong earnings growth, though they disagree widely on how much.
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.
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's PE is in its expensive range at 69x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its cheap range.
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.
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.
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's operating margin was 23% last quarter, up 12 points from the same quarter a year ago.
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.
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 49M diluted shares, about the same as a year ago.
| 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.
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.
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).
ONTO PE vs Technology Sector
| Metric | ONTO | Sector median | Relative |
|---|---|---|---|
| PE | 69x | 28x | 147% above |
| PE % | 74 | 35 | 39 pts above |
ONTO is trading at 69x earnings, a 147% premium to the Technology sector's median of 28x.
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.
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.