ONTO
Onto Innovation Inc.
ONTO has slightly lower modeled downside risk, despite its lower overall score.
PLTR
Palantir Technologies Inc.
PLTR has the edge over ONTO overall, supported by stronger valuation and stronger fundamentals.
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.
PLTR Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
PLTR's revenue, profitability, cash flow and balance sheet are all currently strong.
ONTO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $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 17x next year's earnings, in its cheap range.
PLTR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 75x | $172 | — |
| Current | 120x | $172 | — |
| Cheap | 165x | $236 | +37% |
| Fair | 251x | $359 | +109% |
| Expensive | 452x | $646 | +277% |
Historical ranges are pointers, not guarantees.
PLTR has the edge over ONTO in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
PLTR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for PLTR, with profitability improving.
ONTO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.99 | +293% |
| 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.
PLTR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.30 | +61% |
| Q3 2026 | $1.43 | +240% |
| Q2 2026 | $1.17 | +290% |
| Q1 2026 | $0.89 | +287% |
| Q4 2025 | $0.63 | +232% |
| Q3 2025 | $0.42 | +110% |
| Q2 2025 | $0.30 | +76% |
| Q1 2025 | $0.23 | +92% |
| Q4 2024 | $0.19 | +111% |
PLTR has the edge over ONTO on earnings, with more consistent year-over-year improvement.
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.
PLTR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.3B | +96% |
| Q2 2026 | $1.9B | +93% |
| Q1 2026 | $1.6B | +85% |
| Q4 2025 | $1.4B | +70% |
| Q3 2025 | $1.2B | +63% |
| Q2 2025 | $1B | +48% |
| Q1 2025 | $883.9M | +39% |
| Q4 2024 | $827.5M | +36% |
PLTR has the edge over ONTO on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 47% | +14 points |
| Q2 2026 | 47% | +20 points |
| Q1 2026 | 46% | +26 points |
| Q4 2025 | 41% | +40 points |
| Q3 2025 | 33% | +18 points |
| Q2 2025 | 27% | +11 points |
| Q1 2025 | 20% | +7.2 points |
| Q4 2024 | 1.3% | -9.5 points |
PLTR has the edge over ONTO on profitability, with a higher operating margin.
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.
PLTR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.2B | +139% |
| Q2 2026 | $1.2B | +126% |
| Q1 2026 | $891.8M | +193% |
| Q4 2025 | $764M | +67% |
| Q3 2025 | $500.9M | +20% |
| Q2 2025 | $531.6M | +276% |
| Q1 2025 | $304.1M | +140% |
| Q4 2024 | $457.2M | +54% |
PLTR has the edge over ONTO on cash flow, with more consistent year-over-year improvement.
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.
PLTR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +5.2M shares |
| 1 year | +0.1% | +2.9M shares |
| 3 years | +11% | +248M shares |
| 5 years | +31% | +610M shares |
| Available history | +184% | +1.7B shares |
PLTR has the edge over ONTO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | $19.2M |
| Q3 2025 | $19.2M |
| Q2 2025 | $18.6M |
| Q1 2025 | $18M |
| Q4 2024 | $18.6M |
| Q3 2024 | $18.9M |
| Q2 2024 | $17.7M |
| Q1 2024 | $9M |
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.
PLTR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.1x | Net Cash |
| Q2 2026 | -0.8x | Net Cash |
| Q1 2026 | -1.1x | Net Cash |
| Q4 2025 | -1.0x | Net Cash |
| Q3 2025 | -1.9x | Net Cash |
| Q2 2025 | -1.6x | Net Cash |
| Q1 2025 | -2.3x | Net Cash |
| Q4 2024 | -6.1x | Net Cash |
PLTR has the edge over ONTO on leverage, with a lower net debt burden relative to earnings.
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).
PLTR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.4 | Neutral |
| Stochastic | 47.4 | Neutral |
PLTR's weekly RSI is 51 (neutral) and its Stochastic is 47 (neutral).
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 PLTR on valuation relative to its sector.
PLTR PE vs Technology Sector
| Metric | PLTR | Sector median | Relative |
|---|---|---|---|
| PE | 120x | 28x | 331% above |
| PE % | 1 | 38 | 37 pts below |
PLTR is trading at 120x earnings, a 331% 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.
PLTR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $185.8 | 7.6% below |
| 20 week MA | $167.6 | 2.4% above |
| 50 week MA | $157.1 | 9.2% above |
| 100 week MA | $143.8 | 19% above |
| 200 week MA | $83.3 | 106% above |
PLTR has the edge over ONTO on trend strength, trading above more of its moving averages.
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 the edge over PLTR on returns for 2026, with the stronger performance.
PLTR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.20 | $27.8 | +202% |
| 2021 | $27.8 | $18.9 | -32% |
| 2022 | $18.9 | $6.29 | -67% |
| 2023 | $6.29 | $17.2 | +173% |
| 2024 | $17.2 | $79.1 | +361% |
| 2025 | $79.1 | $188.7 | +139% |
| 2026 YTD | $188.7 | $171.6 | -9.1% |
PLTR's yearly returns have swung widely, from +361% in 2024 to −67% in 2022. It's down 9.1% so far in 2026.