ONTO vs TER: Onto Innovation and Teradyne compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Teradyne is the larger company, worth $62.7B, about 4.7 times Onto Innovation.
- Teradyne grew revenue faster over the last year (+103.9% vs +35.3%).
- Teradyne keeps more of each dollar of revenue as operating profit (30.2% vs 12.0%).
- On earnings, Teradyne is the cheaper stock (74.0x vs 125.9x).
- Teradyne's price assumes faster free cash flow growth: about 31% 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 | ONTO | TER |
|---|---|---|
| Market cap | $13.5B | $62.7B |
| Share price | $294.53 | $411.78 |
| Revenue (last fiscal year) | $1.0B | $3.2B |
| Free cash flow (last fiscal year) | $300M | $450M |
| Revenue growth, last year | +35.3% | +103.9% |
| Revenue growth per year, last 5 fiscal years | +6.2% | -3.7% |
| Operating margin | 12.0% | 30.2% |
| Net margin | 11.8% | 25.8% |
| Return on equity | 6.9% | 33.5% |
| P/E (trailing) | 125.9x | 74.0x |
| Price / free cash flow | 44.9x | 139.2x |
| EV / EBITDA | 56.7x | 41.0x |
| FCF growth the price implies | 15.6% | 31.0% |
| Dividend yield | — | 0.12% |
| Debt / equity | 0.92x | 0.42x |
| Fundamental grade | C | B |
| Superinvestors holding it | 6 | 5 |
| Insider purchases, last 12 months | 0 | 9 |
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% |
Teradyne
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.7B | $966M | 32.4% |
| 2022 | $3.2B | $415M | 26.4% |
| 2023 | $2.7B | $426M | 18.7% |
| 2024 | $2.8B | $474M | 21.1% |
| 2025 | $3.2B | $450M | 20.4% |
Where the revenue comes from
Onto Innovation · by products, 2025
Systems and Software$848M84%
Parts Revenue$84M8%
Service Revenue$73M7%
Teradyne · by segments, 2025
Semiconductor Test$2.5B79%
Product Test$358M11%
Robotics$308M10%
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 Teradyne?
Teradyne (TER), at $62.7B against $13.5B.
Is ONTO or TER cheaper?
By trailing P/E, Teradyne (74.0x) is cheaper than Onto Innovation (125.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, ONTO or TER?
Teradyne: revenue grew +103.9% over the last year, against +35.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.