Onto Innovation Inc.
ONTO Technology Semiconductor Equipment & Materials
Onto Innovation Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.0 billion, up 1.82% from fiscal 2024. In the quarter to June 2026, revenue grew 35.3%, EPS grew 76.8% and free cash flow grew 31.0%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Onto Innovation Inc. (ONTO) Beneish M-score
Onto Innovation Inc.'s Beneish M-score for fiscal 2025 is −2.74; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.74 | (0.44) |
| FY2024 | −2.30 | 0.36 |
| FY2023 | −2.66 | (0.70) |
| FY2022 | −1.95 | 0.50 |
| FY2021 | −2.46 | 0.08 |
| FY2020 | −2.54 | (2.30) |
| FY2019 | −0.24 | 1.93 |
| FY2018 | −2.17 | 0.29 |
| FY2017 | −2.46 | (0.37) |
| FY2016 | −2.10 | 0.12 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.86 | — | 0.79 | |
| Gross margin index | 1.05 | — | 0.55 | |
| Asset quality index | 1.69 | — | 0.68 | |
| Sales growth index | 1.02 | — | 0.91 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index | 1.12 | — | −0.19 | |
| Total accruals to total assets | (0.08) | — | −0.38 | |
| Leverage index | 1.15 | — | −0.38 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.74 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| Q Qnity Electronics, Inc. compare | −3.8× |
| KLIC Kulicke and Soffa Industries, Inc. compare | −3.2× |
| CAMT Camtek Ltd. compare | −3.0× |
| ENTG Entegris, Inc. compare | −2.8× |
| ONTO Onto Innovation Inc. | −2.7× |
| AMKR Amkor Technology, Inc. compare | −2.6× |
| FORM FormFactor, Inc. compare | −2.4× |
| NVMI Nova Ltd. compare | −2.4× |
| ACMR ACM Research, Inc. compare | −2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI