ONTO INNOVATION INC.
ONTO · Measuring & Controlling Devices, NEC · 49.7M shares · +17%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$22M (gross $3M, SBC $26M)
Reference price $169.58 · est. market cap ~$8.4B — last insider sale, 2025-02-13 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B73Niche semiconductor-metrology leader with elite cash generation but a sharp earnings decline and stalled revenue.
Strengths
- Top-decile (100th pct) FCF and OCF margins; FCF of $300M and a fortress balance sheet (current ratio 5.8, 83rd pct)
- Differentiated IP moat (423 patents) in OCD metrology/macro-defect inspection with pricing power at advanced nodes
Risks
- Net income fell 32% (29th pct) and revenue was nearly flat (1.8%, 34th pct); gross margin compressed on inventory write-downs and restructuring
- Mid-pack ROE (6.5%, 42nd pct) and China export-control headwinds cap returns
Notable findings
- Customer concentration~100% of revenue from one customer/distributor — 0 % 100
- Chronic dilutionShare count +17%/yr over 4y (dilution, book value/share -20%)
- Strong balance sheetStrong balance sheet — $640M cash & investments
- China exposureHowever, the new export controls have resulted in lower net sales in China for fiscal 2025 compared to the prior fiscal years
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
49.7%
Operating margin
13.2%
Net margin
13.6%
Return on equity
6.5%
Return on assets
5.8%
Revenue growth (QoQ)
33.8%
Net-income growth
-32.2%
Current ratio
5.8×
Free cash flow
$300M
Tangible book value
$1.2B
Cash & investments
$640M
Stock comp / revenue
2.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-20 | MILLER DAVID BRIAN | Grant | 761 | — |
| 2026-05-20 | SEAMS CHRISTOPHER A | Grant | 761 | — |
| 2026-05-20 | Kelley Stephen Douglas | Grant | 761 | — |
| 2026-05-20 | Lynch Susan D | Grant | 761 | — |
| 2026-05-20 | SCHWARTZ STEPHEN S | Grant | 761 | — |
| 2026-05-20 | Su May | Grant | 761 | — |
| 2026-05-15 | YALDAEI RAMIL | Tax withheld | 218 | $271.77 |
| 2026-05-15 | OH Yoon Ah | Tax withheld | 530 | $271.77 |
| 2026-05-15 | YALDAEI RAMIL | Tax withheld | 625 | $271.77 |
| 2026-03-03 | Dolev Ido | Tax withheld | 819 | $207.50 |
| 2026-03-03 | OH Yoon Ah | Tax withheld | 417 | $207.50 |
| 2026-03-03 | YALDAEI RAMIL | Tax withheld | 615 | $207.50 |
| 2026-03-03 | Plisinski Michael P | Tax withheld | 3.7K | $207.50 |
| 2026-03-02 | ROBERTS BRIAN K | Grant | 3.1K | — |
| 2026-03-02 | Chen Shirley | Grant | 2.5K | — |
| 2026-03-02 | Dolev Ido | Grant | 3.4K | — |
| 2026-03-02 | YALDAEI RAMIL | Grant | 7.7K | — |
| 2026-03-02 | OH Yoon Ah | Grant | 2.4K | — |
| 2026-03-02 | Plisinski Michael P | Grant | 14K | — |
| 2026-03-01 | Plisinski Michael P | Option exercise | 4.6K | — |
| 2026-03-01 | YALDAEI RAMIL | Option exercise | 649 | — |
| 2026-03-01 | YALDAEI RAMIL | Tax withheld | 347 | $215.89 |
| 2026-03-01 | YALDAEI RAMIL | Tax withheld | 276 | $215.89 |
| 2026-03-01 | OH Yoon Ah | Option exercise | 724 | — |
| 2026-03-01 | OH Yoon Ah | Tax withheld | 307 | $215.89 |
| 2026-03-01 | OH Yoon Ah | Tax withheld | 267 | $215.89 |
| 2026-03-01 | Plisinski Michael P | Tax withheld | 2.2K | $215.89 |
| 2026-03-01 | Plisinski Michael P | Tax withheld | 1.9K | $215.89 |
| 2026-02-14 | OH Yoon Ah | Option exercise | 3.1K | — |
| 2026-02-14 | OH Yoon Ah | Tax withheld | 1.1K | $217.23 |
| 2026-02-14 | OH Yoon Ah | Tax withheld | 501 | $217.23 |
| 2026-02-14 | Plisinski Michael P | Option exercise | 18K | — |
| 2026-02-14 | Plisinski Michael P | Tax withheld | 8.9K | $217.23 |
| 2026-02-14 | Plisinski Michael P | Tax withheld | 3.6K | $217.23 |
| 2025-12-24 | Plisinski Michael P | Gift | 25K | — |
| 2025-12-02 | Dolev Ido | Tax withheld | 3.2K | $154.01 |
| 2025-10-03 | YALDAEI RAMIL | Tax withheld | 594 | $143.71 |
| 2025-09-02 | ROBERTS BRIAN K | Grant | 21K | — |
| 2025-09-02 | Chen Shirley | Grant | 13K | — |
| 2025-06-02 | Dolev Ido | Grant | 22K | — |
| 2025-06-02 | Dolev Ido | Grant | 5.4K | — |
| 2025-05-21 | MILLER DAVID BRIAN | Grant | 2.1K | — |
| 2025-05-21 | Su May | Grant | 2.1K | — |
| 2025-05-21 | SEAMS CHRISTOPHER A | Grant | 2.1K | — |
| 2025-05-21 | SCHWARTZ STEPHEN S | Grant | 2.1K | — |
| 2025-05-21 | Lynch Susan D | Grant | 2.1K | — |
| 2025-05-21 | Kelley Stephen Douglas | Grant | 2.1K | — |
| 2025-05-17 | Slicer Mark | Tax withheld | 2.1K | $99.40 |
| 2025-05-15 | YALDAEI RAMIL | Tax withheld | 217 | $98.04 |
| 2025-05-15 | YALDAEI RAMIL | Tax withheld | 609 | $98.04 |
| 2025-05-15 | OH Yoon Ah | Tax withheld | 603 | $98.04 |
| 2025-03-03 | YALDAEI RAMIL | Grant | 3.8K | — |
| 2025-03-03 | Vedula Srinivas | Grant | 2.6K | — |
| 2025-03-03 | Slicer Mark | Grant | 2.9K | — |
| 2025-03-03 | Plisinski Michael P | Grant | 23K | — |
| 2025-03-03 | OH Yoon Ah | Grant | 2.9K | — |
| 2025-03-01 | YALDAEI RAMIL | Tax withheld | 305 | $145.66 |
| 2025-03-01 | Vedula Srinivas | Tax withheld | 199 | $145.66 |
| 2025-03-01 | Slicer Mark | Tax withheld | 336 | $145.66 |
| 2025-03-01 | Plisinski Michael P | Tax withheld | 1.9K | $145.66 |
| 2025-03-01 | OH Yoon Ah | Tax withheld | 304 | $145.66 |
| 2025-02-14 | OH Yoon Ah | Option exercise | 4.0K | — |
| 2025-02-14 | OH Yoon Ah | Tax withheld | 1.8K | $176.55 |
| 2025-02-14 | OH Yoon Ah | Tax withheld | 493 | $176.55 |
| 2025-02-14 | Plisinski Michael P | Option exercise | 24K | — |
| 2025-02-14 | Plisinski Michael P | Tax withheld | 11K | $176.55 |
| 2025-02-14 | Plisinski Michael P | Tax withheld | 3.8K | $176.55 |
| 2025-02-14 | Slicer Mark | Option exercise | 4.6K | — |
| 2025-02-14 | Slicer Mark | Tax withheld | 1.8K | $176.55 |
| 2025-02-14 | Slicer Mark | Tax withheld | 620 | $176.55 |
| 2025-02-14 | Vedula Srinivas | Option exercise | 2.7K | — |
| 2025-02-14 | Vedula Srinivas | Tax withheld | 1.4K | $176.55 |
| 2025-02-14 | Vedula Srinivas | Tax withheld | 464 | $176.55 |
| 2025-02-13 | Vedula Srinivas | Sell | 238 | $169.58 |
| 2025-02-10 | Vedula Srinivas | Tax withheld | 306 | $183.28 |
| 2025-02-10 | Vedula Srinivas | Tax withheld | 839 | $183.28 |
| 2025-02-10 | Vedula Srinivas | Option exercise | 1.6K | — |
| 2025-02-10 | OH Yoon Ah | Tax withheld | 375 | $183.28 |
| 2025-02-10 | OH Yoon Ah | Tax withheld | 1.0K | $183.28 |
| 2025-02-10 | OH Yoon Ah | Option exercise | 2.7K | — |
| 2025-02-10 | Plisinski Michael P | Tax withheld | 2.9K | $183.28 |
| 2025-02-10 | Plisinski Michael P | Option exercise | 19K | — |
| 2025-02-10 | Plisinski Michael P | Tax withheld | 9.2K | $183.28 |
| 2025-01-21 | Plisinski Michael P | Sell | 35K | $219.19 |
| 2025-01-16 | Plisinski Michael P | Sell | 30K | $211.24 |
| 2025-01-16 | Plisinski Michael P | Sell | 100 | $212.11 |
| 2025-01-15 | Vedula Srinivas | Sell | 827 | $205.00 |
| 2025-01-14 | Plisinski Michael P | Sell | 18K | $200.09 |
| 2025-01-14 | Plisinski Michael P | Sell | 1.7K | $201.26 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-21 | Material agreementDebt obligation3.02OtherExhibits | filing ↗ |
| 2026-05-20 | Shareholder voteExhibits | filing ↗ |
| 2026-05-18 | OtherExhibits | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-04-21 | Material agreementReg FDOtherExhibits | filing ↗ |
| 2026-04-16 | ResultsExhibits | filing ↗ |
| 2026-02-19 | ResultsExhibits | filing ↗ |
| 2025-11-21 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-21 | 2026-05-18 | 0001193125-26-234610 ↗ |
| 8-K | 2026-05-20 | 2026-05-20 | 0001193125-26-232522 ↗ |
| 8-K | 2026-05-18 | 2026-05-18 | 0001193125-26-227915 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001193125-26-206365 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001193125-26-206707 ↗ |
| 8-K | 2026-04-21 | 2026-04-20 | 0001193125-26-164529 ↗ |
| 8-K | 2026-04-16 | 2026-04-16 | 0001193125-26-158081 ↗ |
| 10-K | 2026-02-24 | 2026-01-03 | 0001193125-26-066937 ↗ |
| 8-K | 2026-02-19 | 2026-02-19 | 0001193125-26-059380 ↗ |
| 8-K | 2025-11-21 | 2025-11-19 | 0001193125-25-291346 ↗ |
| 8-K | 2025-11-17 | 2025-11-17 | 0001193125-25-283980 ↗ |
| 10-Q | 2025-11-06 | 2025-09-27 | 0001193125-25-270040 ↗ |