ONTO INNOVATION INC.

ONTO · Healthcare · $14.0B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power84

Median gross margin 51.9% over 10y, very stable.

Returns on capital33

Median ROIC 8.5%, above the 9% hurdle in 50% of years.

Balance-sheet safety100

Net cash position — no leverage risk.

Capital discipline71

Owner earnings +9.4%/yr, share count n/a.

Margin of safety

Above valueOn sale

864% above value

Owner earnings (normalized): $130.3M
Est. intrinsic value / share: $29.13
Recent price: $280.70
Discount to value: 864% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ONTO. See the disclaimer.