AMAT vs ONTO: Applied Materials and Onto Innovation compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Applied Materials is the larger company, worth $402.4B, about 29.9 times Onto Innovation.
- Onto Innovation grew revenue faster over the last year (+35.3% vs +24.8%).
- Applied Materials keeps more of each dollar of revenue as operating profit (29.6% vs 12.0%).
- On earnings, Applied Materials is the cheaper stock (47.8x vs 125.9x).
- Applied Materials's price assumes faster free cash flow growth: about 22% a year, against 16% for Onto Innovation (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AMAT | ONTO |
|---|---|---|
| Market cap | $402.4B | $13.5B |
| Share price | $507.03 | $294.53 |
| Revenue (last fiscal year) | $28.4B | $1.0B |
| Free cash flow (last fiscal year) | $5.7B | $300M |
| Revenue growth, last year | +24.8% | +35.3% |
| Revenue growth per year, last 5 fiscal years | +5.3% | +6.2% |
| Operating margin | 29.6% | 12.0% |
| Net margin | 30.1% | 11.8% |
| Return on equity | 36.2% | 6.9% |
| P/E (trailing) | 47.8x | 125.9x |
| Price / free cash flow | 70.6x | 44.9x |
| EV / EBITDA | 34.7x | 56.7x |
| FCF growth the price implies | 21.6% | 15.6% |
| Dividend yield | 0.37% | — |
| Debt / equity | 0.70x | 0.92x |
| Fundamental grade | B | C |
| Superinvestors holding it | 15 | 6 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Applied Materials
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $23.1B | $4.8B | 29.9% |
| 2022 | $25.8B | $4.6B | 30.2% |
| 2023 | $26.5B | $7.6B | 28.9% |
| 2024 | $27.2B | $7.5B | 28.9% |
| 2025 | $28.4B | $5.7B | 29.2% |
Onto Innovation
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $789M | $163M | -19.8% |
| 2022 | $1.0B | $118M | 23.5% |
| 2023 | $816M | $149M | 14.2% |
| 2024 | $987M | $214M | 19.0% |
| 2025 | $1.0B | $300M | 13.2% |
Where the revenue comes from
Applied Materials · by segments, 2025
Semiconductor Systems$20.8B77%
Applied Global Services$6.4B23%
Onto Innovation · by products, 2025
Systems and Software$848M84%
Parts Revenue$84M8%
Service Revenue$73M7%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AMAT in InvestinglyQuestions
Which is bigger, Applied Materials or Onto Innovation?
Applied Materials (AMAT), at $402.4B against $13.5B.
Is AMAT or ONTO cheaper?
By trailing P/E, Applied Materials (47.8x) is cheaper than Onto Innovation (125.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, AMAT or ONTO?
Onto Innovation: revenue grew +35.3% over the last year, against +24.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.