Detailed financial statements for Onto Innovation Inc. (ONTO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Onto Innovation Inc. is a global leader in designing, manufacturing, and supporting cutting-edge process control solutions. The company's diverse portfolio encompasses tools for macro defect inspection, 2D/3D optical metrology, and lithography systems, alongside sophisticated analytical software for process control.
Analysis Summary
Onto Innovation Inc. reported revenue of $1.01B in the most recent fiscal year, growing at a 5-year CAGR of 12.6%. Net income reached $136.8M, with a 34.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 50.4%, operating margin 12.5%, net margin 11.8%. Free cash flow grew at 24.0% CAGR over 5 years.
At $201.57 (closing price, October 30, 2026), ONTO trades at a P/E of 75.78 and an ROE of 6.50%. Market capitalisation stands at $9.9B.
Balance sheet quality for ONTO: current ratio of 5.8, net cash position of $622.1M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $299.8M represents 219% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $232.8M | $255.1M | $273.8M | $305.9M | $556.5M | $788.9M | $1.01B | $815.9M | $987.3M | $1.01B |
| Cost of Revenue | $109.2M | $120.5M | $125.5M | $170.9M | $278.0M | $359.8M | $466.0M | $395.6M | $472.0M | $505.5M |
| Gross Profit | $123.6M | $134.6M | $148.3M | $135.0M | $278.5M | $429.1M | $539.2M | $420.3M | $515.3M | $499.8M |
| Research & Development | $45.0M | $47.0M | $49.1M | $48.4M | $84.6M | $96.1M | $112.0M | $104.4M | $116.8M | $132.0M |
| Selling, General & Admin | $38.6M | $48.7M | $55.7M | $81.3M | $113.4M | $125.2M | $135.3M | $144.9M | $162.0M | $177.0M |
| Operating Expenses | $85.8M | $88.3M | $97.2M | $140.1M | $251.8M | $272.7M | $302.5M | $304.2M | $328.2M | $366.8M |
| Operating Income | $52.3M | $59.3M | $51.1M | -$5.0M | $26.7M | $156.4M | $236.7M | $116.1M | $187.1M | $132.9M |
| EBITDA | $43.7M | $52.2M | $57.5M | $11.4M | $94.3M | $221.5M | $306.2M | $199.8M | $282.8M | $223.3M |
| Interest Expense | $2.9M | $971,000 | $2.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $49.9M | $59.8M | $53.3M | -$597,000 | $26.9M | $155.7M | $241.6M | $132.6M | $220.4M | $162.9M |
| Income Tax | $12.9M | $26.9M | $8.2M | -$2.5M | -$4.2M | $13.3M | $18.2M | $11.4M | $18.8M | $26.1M |
| Net Income | $37.0M | $32.9M | $45.1M | $1.9M | $31.0M | $142.3M | $223.3M | $121.2M | $201.7M | $136.8M |
| EPS | $1.19 | $1.05 | $1.42 | $0.06 | $0.63 | $2.89 | $4.52 | $2.47 | $4.09 | $2.78 |
| EPS (Diluted) | $1.16 | $1.02 | $1.40 | $0.06 | $0.63 | $2.86 | $4.49 | $2.46 | $4.06 | $2.78 |
| Shares Outstanding (Diluted) | 31.8 M | 32.2 M | 32.2 M | 30.0 M | 49.5 M | 49.7 M | 49.8 M | 49.3 M | 49.7 M | 49.3 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2026-Q1 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $218.2M | $266.9M | $291.9M | $343.1M |
| Gross Profit | $110.6M | $123.8M | $146.4M | $183.3M |
| Operating Income | $23.7M | $13.9M | $38.7M | $63.5M |
| EBITDA | $45.4M | $45.4M | $63.5M | $94.0M |
| Net Income | $28.2M | $10.5M | $33.8M | $60.1M |
| EPS | $0.57 | $0.21 | $0.68 | $1.22 |
| EPS (Diluted) | $0.57 | $0.21 | $0.67 | $1.21 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $37.9M | $177.4M | $175.1M | $130.7M | $136.7M | $169.6M | $175.9M | $233.5M | $212.9M | $346.1M |
| Short-term Investments | $87.9M | 0 | 0 | $189.6M | $237.0M | $341.7M | $371.9M | $464.3M | $639.4M | $293.5M |
| Receivables | $67.3M | $72.5M | $64.2M | $123.7M | $149.3M | $177.2M | $241.4M | $226.6M | $308.1M | $268.9M |
| Inventory | $65.5M | $67.5M | $96.8M | $176.1M | $191.2M | $243.1M | $324.3M | $327.8M | $287.0M | $298.3M |
| Total Current Assets | $262.6M | $322.1M | $350.9M | $641.7M | $731.7M | $948.1M | $1.13B | $1.28B | $1.48B | $1.27B |
| Property, Plant & Equipment | $11.9M | $17.3M | $18.9M | $122.0M | $88.0M | $82.1M | $92.0M | $122.0M | $137.8M | $143.4M |
| Goodwill | $22.5M | $22.5M | $22.5M | $307.1M | $306.6M | $315.8M | $315.8M | $315.8M | $330.0M | $644.0M |
| Intangible Assets | $10.3M | $8.6M | $7.4M | $372.0M | $318.4M | $277.3M | $222.2M | $167.4M | $127.5M | $298.1M |
| Total Assets | $338.7M | $385.9M | $418.0M | $1.45B | $1.47B | $1.65B | $1.79B | $1.91B | $2.12B | $2.37B |
| Accounts Payable | $10.2M | $13.5M | $17.0M | $27.7M | $40.2M | $53.3M | $54.5M | $49.9M | $56.3M | $107.7M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $36.0M | $42.3M | $45.0M | $85.7M | $120.1M | $154.5M | $160.6M | $147.7M | $170.1M | $218.9M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $45.0M | $52.8M | $56.2M | $184.6M | $203.4M | $223.8M | $198.4M | $173.2M | $191.2M | $267.1M |
| Retained Earnings | -$84.7M | -$51.9M | -$6.8M | -$4.9M | $26.2M | $168.5M | $362.8M | $482.4M | $664.5M | $743.8M |
| Total Equity | $293.7M | $333.2M | $361.9M | $1.26B | $1.26B | $1.43B | $1.60B | $1.74B | $1.93B | $2.10B |
| Total Debt | 0 | 0 | 0 | $24.9M | $20.9M | $17.7M | $22.0M | $19.5M | $15.2M | $17.5M |
| Net Debt | -$125.7M | -$177.4M | -$175.1M | -$295.4M | -$352.8M | -$493.6M | -$525.8M | -$678.3M | -$837.2M | -$622.1M |
| Working Capital | $226.7M | $279.8M | $305.9M | $555.9M | $611.6M | $793.6M | $974.3M | $1.14B | $1.31B | $1.05B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2026-Q1 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $603.1M | $346.1M | $252.2M | $1.25B |
| Total Assets | $2.19B | $2.37B | $2.40B | $3.70B |
| Total Liabilities | $184.5M | $267.1M | $264.2M | $1.78B |
| Total Equity | $2.00B | $2.10B | $2.13B | $1.92B |
| Total Debt | $14.1M | $17.5M | 0 | $1.47B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $37.0M | $32.9M | $45.1M | $1.9M | $31.0M | $142.3M | $223.3M | $121.2M | $201.7M | $136.8M |
| Depreciation & Amortization | $6.0M | $5.9M | $6.4M | $16.4M | $67.6M | $65.8M | $64.7M | $67.2M | $62.3M | $60.4M |
| Stock-based Compensation | $4.8M | $5.7M | $6.1M | $10.6M | $17.7M | $19.5M | $24.4M | $25.5M | $28.6M | $27.6M |
| Change in Working Capital | -$11.0M | -$1.5M | -$29.2M | -$35.3M | -$28.7M | -$50.6M | -$156.5M | -$32.5M | -$44.5M | $52.0M |
| Operating Cash Flow | $46.6M | $64.4M | $35.1M | $18.1M | $106.0M | $175.3M | $136.7M | $172.0M | $245.7M | $328.3M |
| Capital Expenditure | -$5.3M | -$11.2M | -$7.5M | -$6.8M | -$3.8M | -$12.0M | -$18.4M | -$22.6M | -$31.9M | -$28.5M |
| Acquisitions | 0 | 0 | 0 | $43.9M | 0 | -$23.8M | -$4.6M | 0 | -$26.8M | -$436.1M |
| Stock Repurchased | -$8.0M | 0 | -$21.1M | -$744,000 | 0 | 0 | -$65.3M | -$3.2M | -$25.1M | -$75.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $41.3M | $53.2M | $27.6M | $11.3M | $102.2M | $163.2M | $118.3M | $149.4M | $213.8M | $299.8M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2026-Q1 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $83.4M | $95.0M | $26.3M | $61.5M |
| Capital Expenditure | -$1.4M | -$5.1M | -$3.6M | -$3.7M |
| Free Cash Flow | $82.0M | $89.9M | $22.7M | $57.9M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $6.9M | $7.2M | $7.0M | $10.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.6% | +7.3% | +11.7% | +81.9% | +41.8% | +27.4% | -18.8% | +21.0% | +1.8% | |
| Net Income Growth (YoY) | -10.9% | +37.0% | -95.8% | +1,524.3% | +358.8% | +56.9% | -45.7% | +66.5% | -32.2% | |
| EPS Growth (YoY) | -11.8% | +35.2% | -95.5% | +881.3% | +358.7% | +56.4% | -45.4% | +65.6% | -32.0% | |
| Shares Change (YoY) | +1.2% | +0.1% | -6.8% | +64.9% | +0.5% | +0.1% | -0.9% | +0.7% | -0.8% | |
| FCF Growth (YoY) | +28.6% | -48.2% | -58.8% | +800.5% | +59.8% | -27.5% | +26.3% | +43.1% | +40.2% | |
| Gross Margin | 53.1% | 52.8% | 54.2% | 44.1% | 50.0% | 54.4% | 53.6% | 51.5% | 52.2% | 49.7% |
| Operating Margin | 22.5% | 23.2% | 18.7% | -1.6% | 4.8% | 19.8% | 23.5% | 14.2% | 19.0% | 13.2% |
| EBITDA Margin | 18.8% | 20.5% | 21.0% | 3.7% | 16.9% | 28.1% | 30.5% | 24.5% | 28.6% | 22.2% |
| Net Margin | 15.9% | 12.9% | 16.5% | 0.6% | 5.6% | 18.0% | 22.2% | 14.9% | 20.4% | 13.6% |
| FCF Margin | 17.8% | 20.8% | 10.1% | 3.7% | 18.4% | 20.7% | 11.8% | 18.3% | 21.7% | 29.8% |
| Effective Tax Rate | 25.9% | 45.0% | 15.5% | 419.9% | -15.5% | 8.6% | 7.6% | 8.6% | 8.5% | 16.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.30 | $1.65 | $0.86 | $0.38 | $2.06 | $3.28 | $2.38 | $3.03 | $4.30 | $6.08 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 31.1 M | 31.5 M | 31.7 M | 29.7 M | 49.1 M | 49.2 M | 49.4 M | 49.0 M | 49.3 M | 49.1 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 6.50% |
| Return on Invested Capital | 3.42% |
| Return on Assets | 3.58% |
| Gross Margin | 50.36% |
| Operating Margin | 12.48% |
| Net Margin | 11.84% |
Financial Health
| Debt / Equity | 0.77 |
| Current Ratio | 9.73 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 19.89 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2022 | 2022 | 2023 | 2024 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.06 | 23.73 | 19.25 | 569.16 | 76.22 | 35.03 | 15.06 | 61.90 | 41.73 | 59.67 |
| P/B | 2.66 | 2.36 | 2.39 | 0.86 | 1.87 | 3.50 | 2.11 | 4.31 | 4.37 | 3.88 |
| P/S | 3.35 | 3.08 | 3.16 | 3.55 | 4.24 | 6.32 | 3.35 | 9.18 | 8.53 | 8.11 |
| Gross Margin | 53.1% | 52.8% | 54.2% | 44.1% | 50.0% | 54.4% | 53.6% | 51.5% | 52.2% | 49.7% |
| Operating Margin | 22.5% | 23.2% | 18.7% | -1.6% | 4.8% | 19.8% | 23.5% | 14.2% | 19.0% | 13.2% |
| Net Margin | 15.9% | 12.9% | 16.5% | 0.6% | 5.6% | 18.0% | 22.2% | 14.9% | 20.4% | 13.6% |
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