ONTO INNOVATION INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ONTO INNOVATION INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2019	FY2020	FY2021	FY2022	FY2022	FY2024	FY2024
Revenue	255	325	274	306	556	789	1,005	816	987	1,005
Cost of revenue	121	140	126	171	278	360	466	396	472	505
Gross profit	135	184	148	135	278	429	539	420	515	500
Research and development	37.7	48.2	40	48.4	84.6	96.1	112	104	114	132
Selling and marketing	20.8	37.5	22	28.3	48.1	57.2	65.7	61.8	76	70
General and administrative	27.9	31.8	33.7	53	65.3	68	69.6	79.6	79.9	107
Operating expenses	75.3	118	97.2	140	252	273	303	304	328	367
Operating income	59.3	66.5	51.1	-5.04	-26.7	-156	237	116	187	133
Interest expense		0.33
Interest income		0.01
Other non-operating income	-0.46	1.04	0.06	0.78	-2.71	-1.89	-0.14	-3.85	-0.15	-5
Pre-tax income	59.8	67.5	53.3	-0.6	-26.9	-156	242	133	220	163
Income tax	26.9	9.88	8.25	-18.3	-4.16	13.3	18.3	11.4	18.8	26.1
Net income	32.9	57.6	45.1	223	31	142	223	121	202	137
EBITDA	63.3	73.3	55.9	0.92	-12.8	-142	246	128	200	154
EPS, basic	1.30	2.39	1.77	0.06	0.63	2.89	4.52	2.47	4.09	2.78
EPS, diluted	1.27	2.34	1.74	0.06	0.63	2.86	4.49	2.46	4.06	2.78
Shares, basic (weighted)	25.3	24.1	25.5	29.7	49.1	49.2	49.4	49	49.3	49.1
Shares, diluted (weighted)	25.9	24.6	25.9	49.8	49.5	49.7	49.8	49.3	49.7	49.3

Balance sheet

	FY2017	FY2018	FY2019	FY2019	FY2020	FY2021	FY2022	FY2022	FY2024	FY2024
Cash and equivalents	67.8	111	112	131	137	170	176	234	213	346
Short-term investments		40.8	62.7	190	237	342	372	464	639	294
Receivables		50.9	64.2	124	149	177	241	227	308	269
Inventory		61.9	96.8	176	191	243	324	328	287	298
Other current assets		6.14	14.8	21.6	17.5	16.4	21.4	31.1	30.1	61.2
Total current assets		271	351	642	732	948	1,135	1,283	1,478	1,268
Property, plant and equipment		47.9	18.9	98.4	92	82.1	92	104	124	127
Lease right-of-use assets				23.6	19.7	17.5	20.7	18.4	13.9	16.2
Goodwill	22.5	26.4	22.5	316	307	316	316	316	330	644
Intangible assets		27.3	7.45	372	222	277	222	167	127	298
Other non-current assets		0.58	5.51	27.9	25.2	21.7	25.2	20.8	15.5	26.5
Total assets		376	418	1,449	1,468	1,650	1,795	1,910	2,117	2,368
Accounts payable		16.5	17	27.7	40.2	53.3	54.5	49.9	56.3	108
Accrued liabilities		21.7	13.7	26.2	37.1	43	48.8	42.1	50	48.5
Deferred revenue		8.99	6.77	12.6	14.3	30	30.2	24.8	33.8	31.8
Total current liabilities		59.8	45	85.7	120	155	161	148	170	219
Lease liabilities				20	16.5	13.8	16.3	14	9.74	11.3
Other non-current liabilities		0.22	11.2	31.8	30.5	29	30.5	25.5	21.1	27.7
Total liabilities		62.8	56.2	185	203	224	198	173	191	267
Paid-in capital		248	370	1,269	1,234	1,256	1,244	1,262	1,275	1,367
Retained earnings		67.4	-6.77	-4.86	26.2	169	363	482	665	744
Other comprehensive income		-2.56	-1.26	-0.6	4.57	1.32	-10	-7.9	-13.9	-10
Shareholders' equity	333	313	362	1,264	1,265	1,426	1,596	1,737	1,926	2,101
Total equity	333	313	362	1,264	1,265	1,426	1,596	1,737	1,926	2,101
Total liabilities and equity		376	418	1,449	1,468	1,650	1,795	1,910	2,117	2,368
Shares outstanding		24.4	24.9	50.2	48.8	49.3	48.7	49.1	49.2	49.7

Cash flow statement

	FY2017	FY2018	FY2019	FY2019	FY2020	FY2021	FY2022	FY2022	FY2024	FY2024
Net income	32.9	57.6	45.1	1.91	31	142	223	121	202	137
Depreciation and amortization	3.99	6.85	4.85	5.97	13.8	14.4	9.38	12.4	12.9	21
Stock-based compensation	5.67	11.4	6.06	10.6	17.7	19.5	24.4	25.5	28.6	27.6
Deferred income tax	17.2	4.06	2.16	-33.6	-11.6	-12.6	-33.6	-22.4	-26.5	12.9
Change in receivables	0.43	15.2	0.71	-9.72	-25.8	-27.8	-65.1	12.2	-83.7	53.8
Change in inventory	-4.22	-8.96	-31.5	-9.34	-42.4	-57.2	-93.9	-16.5	19.9	-3.03
Change in payables	3.2	11.4	3.51	-12.1	-11.4	12.1	1.18	-4.68	6.23	50.9
Cash from operations	64.2	103	35.1	18.1	106	175	137	172	246	328
Capital expenditures	-10.2	-7.49	-7.54	-6.8	-3.83	-12	-18.4	-22.6	-31.9	-28.5
Acquisitions		-37.2			0	-23.8	-4.64	0	-26.8	-436
Purchases of investments	-165	-53.5	-140	-127	-313	-361	-371	-480	-709	-476
Sales and maturities of investments	143	38.7	186	94.5	265	255	339	397	541	827
Cash from investing	-32.5	-4.25	33.8	4.1	48.6	-142	-55.7	-103	-227	-122
Share buybacks		-23	-21.1	-0.74	-52	0	-65.3	-3.2	-25.1	-75
Cash from financing	-2.55	-22.8	-23.9	-4.2	-53.7	2.67	-68.4	-9.48	-35.7	-75.2
Exchange rate effect			-0.34	0.23	2.36	-3.28
Net change in cash	29.9	76.1	44.6	18.3	6.05	32.9	6.27	57.6	-20.6	133
Free cash flow	54	95.9	27.6	11.3	102	163	118	149	214	300
Income taxes paid	14.6	5.56	4.3	-6.42	6.42	23.8	58.7	34.1	35.5	36

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $287.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	50.4%	Gross profit / revenue.
Operating margin	12.0%	Operating income / revenue.
EBITDA margin	14.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.1%	Pre-tax income / revenue.
Net margin	11.8%	Net income / revenue.
FCF margin	22.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	23.8%	Cash from operations / revenue.
Effective tax rate	16.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.6%	Net income / average total assets.
Return on invested capital (ROIC)	16.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.7%	Research and development expense / revenue.
Stock-based pay / revenue	2.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	1.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-3.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-29.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-17.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-23.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-14.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-32.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-15.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	34.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-31.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-14.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	34.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	33.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	33.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	25.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	40.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	36.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	24.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	9.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	9.73x	Current assets / current liabilities.
Quick ratio	8.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	6.93x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	48.0%	Total liabilities / total assets.
Working capital	$2.37B	Current assets - current liabilities.
Goodwill and intangibles / assets	24.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.02B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.30x	Revenue / average total assets.
Fixed asset turnover	9.05x	Revenue / average property, plant and equipment.
Inventory turnover	1.47x	Cost of revenue / average inventory.
Days inventory	249 days	365 x average inventory / cost of revenue.
Receivables turnover	3.32x	Revenue / average receivables.
Days sales outstanding	110 days	365 x average receivables / revenue.
Days payables	92 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	267 days	Days inventory + days sales outstanding - days payables.
FCF conversion	190.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	5.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.67	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$22.55	Revenue / diluted weighted shares.
FCF per share	$5.08	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.36	Cash from operations / diluted weighted shares.
Book value per share	$39.21	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$20.81	Tangible book value / shares outstanding.
Cash per share	$38.39	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	81.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$14.12B	Share price x shares outstanding.
Enterprise value	$12.23B	Market cap + total debt - cash - short-term investments.
P/E	106x	Market cap / net income. Only when net income is positive.
P/S	12.6x	Market cap / revenue.
P/B	7.34x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	13.8x	Market cap / tangible book value, when positive.
P/FCF	55.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	53.0x	Market cap / cash from operations, when positive.
EV/Sales	10.9x	Enterprise value / revenue.
EV/EBIT	90.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	78.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	48.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.8%	Free cash flow / market cap.
Earnings yield	0.9%	Net income / market cap (the inverse of P/E).
Shareholder yield	1.5%	(Dividends paid + share buybacks) / market cap.

What was ONTO INNOVATION INC.'s revenue in fiscal 2024?

ONTO INNOVATION INC. reported revenue of $1.01B for fiscal 2024, 1.8% higher than the year before.

Was ONTO INNOVATION INC. profitable in fiscal 2024?

Yes. Net income was $136.8M, a net margin of 13.6%.

How much free cash flow did ONTO INNOVATION INC. generate in fiscal 2024?

Cash from operations of $328.3M minus capital expenditures of $28.5M left free cash flow of $299.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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