LRCX vs ONTO: Lam Research 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.
- Lam Research is the larger company, worth $369.0B, about 27.4 times Onto Innovation.
- Onto Innovation grew revenue faster over the last year (+35.3% vs +30.0%).
- Lam Research keeps more of each dollar of revenue as operating profit (35.3% vs 12.0%).
- On earnings, Lam Research is the cheaper stock (55.7x vs 125.9x).
- Lam Research's price assumes faster free cash flow growth: about 23% 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 | LRCX | ONTO |
|---|---|---|
| Market cap | $369.0B | $13.5B |
| Share price | $318.84 | $294.53 |
| Revenue (last fiscal year) | $23.2B | $1.0B |
| Free cash flow (last fiscal year) | $4.9B | $300M |
| Revenue growth, last year | +30.0% | +35.3% |
| Revenue growth per year, last 5 fiscal years | +7.8% | +6.2% |
| Operating margin | 35.3% | 12.0% |
| Net margin | 31.3% | 11.8% |
| Return on equity | 58.3% | 6.9% |
| P/E (trailing) | 55.7x | 125.9x |
| Price / free cash flow | 68.2x | 44.9x |
| EV / EBITDA | 41.5x | 56.7x |
| FCF growth the price implies | 22.5% | 15.6% |
| Dividend yield | 0.33% | — |
| Debt / equity | 0.89x | 0.92x |
| Fundamental grade | B | C |
| Superinvestors holding it | 11 | 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.
Lam Research
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $17.2B | $2.6B | 31.2% |
| 2023 | $17.4B | $4.7B | 29.7% |
| 2024 | $14.9B | $4.3B | 28.6% |
| 2025 | $18.4B | $5.4B | 32.0% |
| 2026 | $23.2B | $4.9B | 35.3% |
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
Lam Research · by products, 2026
Systems Revenue$14.9B64%
Customer support-related revenue and other$8.3B36%
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 LRCX in InvestinglyQuestions
Which is bigger, Lam Research or Onto Innovation?
Lam Research (LRCX), at $369.0B against $13.5B.
Is LRCX or ONTO cheaper?
By trailing P/E, Lam Research (55.7x) is cheaper than Onto Innovation (125.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, LRCX or ONTO?
Onto Innovation: revenue grew +35.3% over the last year, against +30.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.