Latest Ratios: P/E Ratio 100.7x · EV/EBITDA 70.3x · ROE 6.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.9B | $8.2B | $8.5B | $7.5B | $3.4B | $5.0B | $2.4B | $1.1B | $880M | $801M | $797M |
| Enterprise Value | $13.6B | $7.8B | $8.3B | $7.3B | $3.2B | $4.9B | $2.3B | $991M | $705M | $624M | $759M |
| P/E Ratio → | 100.69 | 59.67 | 42.03 | 62.15 | 15.16 | 35.40 | 76.22 | 574.53 | 19.52 | 24.43 | 21.60 |
| P/S Ratio | 13.85 | 8.13 | 8.58 | 9.24 | 3.37 | 6.38 | 4.27 | 3.58 | 3.21 | 3.14 | 3.42 |
| P/B Ratio | 6.57 | 3.89 | 4.40 | 4.34 | 2.12 | 3.53 | 1.88 | 0.87 | 2.43 | 2.41 | 2.71 |
| P/FCF | 46.45 | 27.26 | 39.64 | 50.47 | 28.64 | 30.84 | 23.26 | 96.66 | 31.94 | 15.08 | 19.27 |
| P/OCF | 42.41 | 24.89 | 34.50 | 43.85 | 24.79 | 28.72 | 22.42 | 60.42 | 25.08 | 12.45 | 17.08 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.80 | 8.38 | 8.98 | 3.22 | 6.19 | 4.06 | 3.24 | 2.57 | 2.45 | 3.26 |
| EV / EBITDA | 70.31 | 40.57 | 33.19 | 39.97 | 10.73 | 21.97 | 23.98 | 87.15 | 12.27 | 9.43 | 12.51 |
| EV / EBIT | 102.28 | 48.15 | 44.24 | 63.12 | 13.66 | 31.21 | 84.72 | — | 13.80 | 13.48 | 20.12 |
| EV / FCF | — | 26.16 | 38.72 | 49.04 | 27.34 | 29.91 | 22.12 | 87.33 | 25.59 | 11.74 | 18.35 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.7% | 49.7% | 52.2% | 51.5% | 53.6% | 54.4% | 50.0% | 44.1% | 54.2% | 52.8% | 53.1% |
| Operating Margin | 13.2% | 13.2% | 19.0% | 14.2% | 23.5% | 19.8% | 4.8% | -1.6% | 18.7% | 23.2% | 22.5% |
| Net Profit Margin | 13.6% | 13.6% | 20.4% | 14.9% | 22.2% | 18.0% | 5.6% | 0.6% | 16.5% | 12.9% | 15.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.8% | 6.8% | 11.0% | 7.3% | 14.8% | 10.6% | 2.5% | 0.2% | 13.0% | 10.5% | 13.1% |
| ROA | 6.1% | 6.1% | 10.0% | 6.5% | 13.0% | 9.1% | 2.1% | 0.2% | 11.2% | 9.1% | 10.3% |
| ROIC | 5.7% | 5.7% | 8.6% | 5.9% | 13.1% | 9.7% | 1.7% | -0.6% | 22.4% | 21.6% | 18.6% |
| ROCE | 6.5% | 6.5% | 10.1% | 6.8% | 15.1% | 11.0% | 2.0% | -0.6% | 14.3% | 18.3% | 18.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | — | — | — |
| Debt / EBITDA | 0.09 | 0.09 | 0.06 | 0.11 | 0.07 | 0.08 | 0.22 | 2.19 | — | — | — |
| Net Debt / Equity | — | -0.16 | -0.10 | -0.12 | -0.10 | -0.11 | -0.09 | -0.08 | -0.48 | -0.53 | -0.13 |
| Net Debt / EBITDA | -1.70 | -1.70 | -0.79 | -1.17 | -0.51 | -0.68 | -1.23 | -9.31 | -3.05 | -2.68 | -0.62 |
| Debt / FCF | — | -1.10 | -0.93 | -1.43 | -1.30 | -0.93 | -1.13 | -9.33 | -6.35 | -3.34 | -0.92 |
| Interest Coverage | — | — | — | — | — | — | — | — | 23.16 | 47.67 | 13.14 |
Net cash position: cash ($346M) exceeds total debt ($17M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.79 | 5.79 | 8.69 | 8.69 | 7.07 | 6.14 | 6.09 | 7.48 | 7.80 | 7.61 | 7.30 |
| Quick Ratio | 4.43 | 4.43 | 7.00 | 6.47 | 5.05 | 4.56 | 4.50 | 5.43 | 5.65 | 6.02 | 5.48 |
| Cash Ratio | 2.92 | 2.92 | 5.01 | 4.72 | 3.41 | 3.31 | 3.11 | 3.73 | 3.89 | 4.19 | 3.50 |
| Asset Turnover | — | 0.42 | 0.47 | 0.43 | 0.56 | 0.48 | 0.38 | 0.21 | 0.65 | 0.66 | 0.69 |
| Inventory Turnover | 1.69 | 1.69 | 1.64 | 1.21 | 1.44 | 1.48 | 1.45 | 0.97 | 1.30 | 1.78 | 1.67 |
| Days Sales Outstanding | — | 97.65 | 113.92 | 101.36 | 87.65 | 81.99 | 97.89 | 147.55 | 85.58 | 103.74 | 105.53 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.7% | 2.4% | 1.6% | 6.6% | 2.8% | 1.3% | 0.2% | 5.1% | 4.1% | 4.6% |
| FCF Yield | 2.2% | 3.7% | 2.5% | 2.0% | 3.5% | 3.2% | 4.3% | 1.0% | 3.1% | 6.6% | 5.2% |
| Buyback Yield | 0.5% | 0.9% | 0.3% | 0.0% | 1.9% | 0.0% | 0.0% | 0.1% | 2.4% | 0.0% | 1.0% |
| Total Shareholder Yield | 0.5% | 0.9% | 0.3% | 0.0% | 1.9% | 0.0% | 0.0% | 0.1% | 2.4% | 0.0% | 1.0% |
| Shares Outstanding | — | $49M | $50M | $49M | $50M | $50M | $49M | $30M | $32M | $32M | $32M |
Cyclicality and Geopolitical Exposure
Based on current market data, ONTO trades at a forward P/E of 45.02, which appears to price in significant future earnings growth that may be difficult to sustain given the historical volatility of the semiconductor capital equipment cycle and the company's recent modest revenue expansion.
The current P/E of 116.52 and EV/EBITDA of 81.63 suggest that investors are paying a substantial premium for the company's exposure to the advanced packaging and HBM niches. This valuation appears to assume a structural shift in profitability that has yet to be fully realized in the operating margins, which remain sensitive to cyclical volume fluctuations.
As reported in financial statements, ROIC has trended between 0.7% and 2.7% over the last ten quarters, indicating that the company is currently struggling to generate returns on invested capital that meaningfully exceed the cost of capital during this phase of the semiconductor equipment cycle.
The decline in ROIC from 2.7% in 2025Q1 to 1.4% in 2026Q1 highlights the difficulty of maintaining high returns when operating margins are under pressure. Investors should monitor whether future R&D investments in advanced packaging can drive a more durable expansion in capital efficiency compared to historical averages.
According to quarterly filings, the cash conversion cycle has remained elevated, peaking at 332 days in 2023Q4 and settling at 206 days in 2026Q1, which suggests that the company's operational efficiency is heavily burdened by long inventory holding periods and significant customer payment delays.
The high DIO, which reached 280 days in 2023Q4, reflects the long lead times and bespoke nature of the company's inspection and metrology systems. This extended cycle necessitates a large liquidity buffer, as cash is tied up in inventory for extended periods before final customer acceptance triggers revenue recognition.
Based on a comparison with industry peers like Camtek and Nova, ONTO's valuation multiples appear to be at the higher end of the spectrum, despite the company's ROE of 1.6% in 2026Q1, which lags behind the performance of more specialized packaging equipment competitors.
While ONTO benefits from a fortress balance sheet, its profitability metrics, such as net margin, are currently more volatile than those of its direct peers. The market appears to be assigning a premium to ONTO's integrated software-hardware moat, though this may be overextended if the company cannot demonstrate consistent margin expansion relative to the peer group.
The P/E ratio is frequently misapplied to ONTO because it fails to account for the lumpy nature of revenue recognition and the significant impact of non-operating items on net income, which can distort the company's true underlying earning power in any given quarter.
Investors should instead focus on EV/Sales or adjusted FCF multiples to better gauge the company's valuation, as these metrics are less susceptible to the accounting timing differences inherent in the semiconductor equipment industry. Relying solely on P/E may lead to an inaccurate assessment of the company's cyclical valuation floor.
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Quick answers to the most common questions about buying ONTO stock.
Onto Innovation Inc.'s current P/E ratio is 100.7x. The historical average is 42.5x. This places it at the 92th percentile of its historical range.
Onto Innovation Inc.'s current EV/EBITDA is 70.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.9x.
Onto Innovation Inc.'s return on equity (ROE) is 6.8%. The historical average is -6.0%.
Based on historical data, Onto Innovation Inc. is trading at a P/E of 100.7x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Onto Innovation Inc. has 49.7% gross margin and 13.2% operating margin. Operating margin between 10-20% is typical for established companies.
Onto Innovation Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.