ONTO vs Q: Onto Innovation and Qnity Electronics compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Qnity Electronics is the larger company, worth $24.4B, about 1.8 times Onto Innovation.
- Onto Innovation grew revenue faster over the last year (+35.3% vs +22.1%).
- On earnings, Qnity Electronics is the cheaper stock (37.6x vs 125.9x).
- Onto Innovation's price assumes faster free cash flow growth: about 16% a year, against 8% for Qnity Electronics (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 | ONTO | Q |
|---|---|---|
| Market cap | $13.5B | $24.4B |
| Share price | $294.53 | $126.60 |
| Revenue (last fiscal year) | $1.0B | $4.8B |
| Free cash flow (last fiscal year) | $300M | $988M |
| Revenue growth, last year | +35.3% | +22.1% |
| Revenue growth per year, last 5 fiscal years | +6.2% | +8.5% |
| Operating margin | 12.0% | — |
| Net margin | 11.8% | 11.4% |
| Return on equity | 6.9% | 8.2% |
| P/E (trailing) | 125.9x | 37.6x |
| Price / free cash flow | 44.9x | 24.7x |
| EV / EBITDA | 56.7x | 18.7x |
| FCF growth the price implies | 15.6% | 7.7% |
| Dividend yield | — | 0.12% |
| Debt / equity | 0.92x | 0.93x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 8 |
| Insider purchases, last 12 months | 0 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Qnity Electronics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2023 | $4.0B | $651M | — |
| 2024 | $4.3B | $861M | — |
| 2025 | $4.8B | $988M | — |
Where the revenue comes from
Onto Innovation · by products, 2025
Systems and Software$848M84%
Parts Revenue$84M8%
Service Revenue$73M7%
Qnity Electronics · by segments, 2025
Semiconductor Technologies$2.6B56%
Interconnect Solutions$2.1B44%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ONTO in InvestinglyQuestions
Which is bigger, Onto Innovation or Qnity Electronics?
Qnity Electronics (Q), at $24.4B against $13.5B.
Is ONTO or Q cheaper?
By trailing P/E, Qnity Electronics (37.6x) is cheaper than Onto Innovation (125.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, ONTO or Q?
Onto Innovation: revenue grew +35.3% over the last year, against +22.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.