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Onto Innovation vs Thermo Fisher Scientific: revenue, profit, margins and growth compared

Onto Innovation brought in $1B of revenue in fiscal 2024, Thermo Fisher Scientific $44.6B in fiscal 2025. Revenue changed by +1.8% at Onto Innovation and +3.9% at Thermo Fisher Scientific on the year before, so Thermo Fisher Scientific grew faster. Onto Innovation kept 13.6% of its revenue as net profit, Thermo Fisher Scientific 15.0%. Free cash flow was $299.8M at Onto Innovation and $6.3B at Thermo Fisher Scientific.

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Side by side, latest fiscal year

ONTOTMO
Fiscal year endedFY2024 (January 3, 2026)FY2025 (December 31, 2025)
Revenue$1B$44.6B
Revenue growth+1.8%+3.9%
Net income$136.8M$6.7B
Net margin13.6%15.0%
Free cash flow$299.8M$6.3B
Free cash flow margin29.8%14.1%
Earnings per share (diluted)$2.78$17.74
Cash$346.1M$9.9B
Debtn/a$39.2B
Price to earnings103.538.0
Market value$14.1B$249.6B
Dividend yieldn/a0.25%
Rank by revenue in sector#271 of 451 · Industrials#12 of 451 · Industrials

Over the years

Revenue
ONTO FY2019: $273.8MONTO FY2019: $305.9MONTO FY2020: $556.5MONTO FY2021: $788.9MONTO FY2022: $1BONTO FY2022: $815.9MONTO FY2024: $987.3MONTO FY2024: $1BTMO FY2018: $24.4BTMO FY2019: $25.5BTMO FY2020: $32.2BTMO FY2021: $39.2BTMO FY2022: $44.9BTMO FY2023: $42.9BTMO FY2024: $42.9BTMO FY2025: $44.6BFY18FY19FY20FY21FY22FY23FY24FY25
ONTO $1BTMO $44.6B
Net income
ONTO FY2019: $45.1MONTO FY2019: $223.3MONTO FY2020: $31MONTO FY2021: $142.3MONTO FY2022: $223.3MONTO FY2022: $121.2MONTO FY2024: $201.7MONTO FY2024: $136.8MTMO FY2018: $2.9BTMO FY2019: $3.7BTMO FY2020: $6.4BTMO FY2021: $7.7BTMO FY2022: $7BTMO FY2023: $6BTMO FY2024: $6.3BTMO FY2025: $6.7BFY18FY19FY20FY21FY22FY23FY24FY25
ONTO $136.8MTMO $6.7B
Net margin
ONTO FY2019: 16.5%ONTO FY2019: 73.0%ONTO FY2020: 5.6%ONTO FY2021: 18.0%ONTO FY2022: 22.2%ONTO FY2022: 14.9%ONTO FY2024: 20.4%ONTO FY2024: 13.6%TMO FY2018: 12.1%TMO FY2019: 14.5%TMO FY2020: 19.8%TMO FY2021: 19.7%TMO FY2022: 15.5%TMO FY2023: 14.0%TMO FY2024: 14.8%TMO FY2025: 15.0%FY18FY19FY20FY21FY22FY23FY24FY25
ONTO 13.6%TMO 15.0%
Revenue growth
ONTO FY2019: +11.7%ONTO FY2020: +81.9%ONTO FY2021: +41.8%ONTO FY2022: +27.4%ONTO FY2022: -18.8%ONTO FY2024: +21.0%ONTO FY2024: +1.8%TMO FY2019: +4.9%TMO FY2020: +26.1%TMO FY2021: +21.7%TMO FY2022: +14.5%TMO FY2023: -4.6%TMO FY2024: +0.1%TMO FY2025: +3.9%FY19FY20FY21FY22FY23FY24FY25
ONTO +1.8%TMO +3.9%
Free cash flow
ONTO FY2019: $27.6MONTO FY2019: $11.3MONTO FY2020: $102.2MONTO FY2021: $163.2MONTO FY2022: $118.3MONTO FY2022: $149.4MONTO FY2024: $213.8MONTO FY2024: $299.8MTMO FY2018: $3.8BTMO FY2019: $4BTMO FY2020: $6.8BTMO FY2021: $6.8BTMO FY2022: $6.9BTMO FY2023: $6.9BTMO FY2024: $7.3BTMO FY2025: $6.3BFY18FY19FY20FY21FY22FY23FY24FY25
ONTO $299.8MTMO $6.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about Onto Innovation and Thermo Fisher Scientific

Which is bigger by revenue, Onto Innovation or Thermo Fisher Scientific?

Thermo Fisher Scientific is bigger by revenue: $44.6B in fiscal 2025, against $1B for Onto Innovation in fiscal 2024.

Which keeps more of its revenue as profit, Onto Innovation or Thermo Fisher Scientific?

Onto Innovation had a net margin of 13.6% in fiscal 2024; Thermo Fisher Scientific had 15.0% in fiscal 2025.

Which grew revenue faster, Onto Innovation or Thermo Fisher Scientific?

In their latest fiscal years revenue changed by +1.8% at Onto Innovation and +3.9% at Thermo Fisher Scientific.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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