Onto Innovation Inc. (ONTO) intrinsic value & 10-year financials
Onto Innovation Inc. (ONTO) has a Graham intrinsic value of $43.12 per share. At $220.70 on Oct 17, 2026, the stock trades 412% above that value. Over the last 10 fiscal years revenue grew 20.5% a year to $1.0B, with an average return on invested capital of 9.0%.
- Graham intrinsic value
- $43.12
- Share price (Oct 17, 2026)
- $220.70
- Price vs Graham value
- 412% above
- Market cap
- $10.9B
- Revenue (FY2026)
- $1.0B
- Revenue growth (10-yr CAGR)
- 20.5%
- ROIC (10-yr avg)
- 9.0%
- Free cash flow (FY2026)
- $299.8M
ONTO 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $1.0B | $136.8M | $2.78 | $299.8M | 13.2% | 6.4% |
| FY2024 | $987.3M | $201.7M | $4.06 | $213.8M | 19.0% | 10.6% |
| FY2023 | $815.9M | $121.2M | $2.46 | $149.4M | 14.2% | 7.2% |
| FY2022 | $1.0B | $223.3M | $4.49 | $118.3M | 23.5% | 17.0% |
| FY2020 | $556.5M | $31.0M | $0.63 | $102.2M | 4.8% | 2.3% |
| FY2019 | $305.9M | $1.9M | $0.06 | $11.3M | -1.6% | -0.2% |
| FY2018 | $324.5M | $57.6M | $2.34 | $95.8M | 20.5% | 19.7% |
| FY2017 | $258.6M | $30.2M | $1.17 | $15.4M | 16.6% | 11.8% |
| FY2016 | $221.1M | $44.0M | $1.75 | $41.7M | 13.2% | 13.5% |
| FY2015 | $187.4M | $2.9M | $0.12 | -$275.0K | 2.7% | 1.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ONTO INNOVATION INC. is a consistent compounder, expanding top-line revenue at 20.5% annually over the past decade.
ONTO INNOVATION INC. returns on capital have been average, hovering around 9.0% ROIC over the decade.
ONTO INNOVATION INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ONTO INNOVATION INC. is modeled at 4.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $43.12 per share.