Axcelis Technologies, Inc. (ACLS) vs Onto Innovation Inc. (ONTO)

Axcelis Technologies, Inc. and Onto Innovation Inc. are both Semiconductor Equipment & Materials companies. Onto Innovation Inc. is the larger, with a market value of $7.7B against $2.8B — 2.8× the size. Axcelis Technologies, Inc. trades at the lower P/E: 29.2× against 64.2×. Onto Innovation Inc. grew revenue faster over the last twelve months: 8.08% against 4.35%. Onto Innovation Inc. has the higher net margin (11.8% vs 11.8%) and the lower return on invested capital (5.56% vs 8.43%). Across the 22 metrics below, Onto Innovation Inc. leads on 12 and Axcelis Technologies, Inc. on 10.

Valuation

Metric ACLS ONTO Semiconductor Equipment & Materials median
P/E 29.18 64.20 35.94
P/S 3.43 7.62 4.44
P/B 2.75 4.44 3.09
Price to free cash flow 51.01 33.80 33.07
EV/EBITDA 25.34 37.60 23.48
EV/Sales 2.96 7.25 5.23
Earnings yield 3.43% 1.56% 2.34%
Free cash flow yield 1.96% 2.96% 2.18%

Profitability

Metric ACLS ONTO Semiconductor Equipment & Materials median
Gross margin 42.81% 50.36% 46.86%
Operating margin 10.31% 12.02% 12.02%
Net margin 11.75% 11.84% 10.20%
Free cash flow margin 6.73% 22.54% 6.73%
Return on equity 9.80% 6.82% 5.32%
Return on assets 7.39% 4.54% 4.10%
Return on invested capital 8.43% 5.56% 6.36%

Growth

Metric ACLS ONTO Semiconductor Equipment & Materials median
Revenue growth (TTM) 4.35% 8.08% 16.16%
EPS growth (last fiscal year) (38.21%) (31.53%) (4.56%)
Revenue growth, 5-year CAGR 12.07% 12.55% 10.11%
Net income growth, 5-year CAGR 19.19% 34.54% 0.00%

Health

Metric ACLS ONTO Semiconductor Equipment & Materials median
Debt to equity 0.04 0.77 0.09
Current ratio 4.43 9.73 3.44
Net debt to EBITDA (2.51) (3.39) (0.49)

Dividend

Metric ACLS ONTO Semiconductor Equipment & Materials median
Dividend yield — — 0.55%
Payout ratio — — 0.16

Size

Metric ACLS ONTO Semiconductor Equipment & Materials median
Market cap 2.78b 7.66b 2.69b

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