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FormFactor, Inc. (FORM) vs Onto Innovation Inc. (ONTO)

FormFactor, 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 $5.6B — 1.4× the size. FormFactor, Inc. trades at the lower P/E: 32.8× against 58.7×. FormFactor, Inc. grew revenue faster over the last twelve months: 29.1% against 8.08%. FormFactor, Inc. has the higher net margin (17.7% vs 11.8%) and the higher return on invested capital (14.1% vs 5.56%). Across the 22 metrics below, FormFactor, Inc. leads on 13 and Onto Innovation Inc. on 9.

Valuation

Metric FORM ONTO Semiconductor Equipment & Materials median
P/E 32.80 58.67 33.70
P/S 5.82 6.96 4.22
P/B 4.83 4.06 2.94
Price to free cash flow 31.32 30.89 31.49
EV/EBITDA 24.89 34.20 22.64
EV/Sales 5.42 6.60 4.97
Earnings yield 3.05% 1.70% 2.02%
Free cash flow yield 3.19% 3.24% 2.27%

Profitability

Metric FORM ONTO Semiconductor Equipment & Materials median
Gross margin 47.13% 50.36% 46.86%
Operating margin 18.32% 12.02% 12.02%
Net margin 17.72% 11.84% 10.16%
Free cash flow margin 18.57% 22.54% 6.73%
Return on equity 15.85% 6.82% 5.31%
Return on assets 13.18% 4.54% 4.10%
Return on invested capital 14.09% 5.56% 6.36%

Growth

Metric FORM ONTO Semiconductor Equipment & Materials median
Revenue growth (TTM) 29.08% 8.08% 15.82%
EPS growth (last fiscal year) (22.47%) (31.53%) (4.56%)
Revenue growth, 5-year CAGR 2.51% 12.55% 10.11%
Net income growth, 5-year CAGR (7.09%) 34.54% 0.00%

Health

Metric FORM ONTO Semiconductor Equipment & Materials median
Debt to equity 0.01 0.77 0.09
Current ratio 3.68 9.73 3.56
Net debt to EBITDA (2.85) (3.39) (0.49)

Dividend

Metric FORM ONTO Semiconductor Equipment & Materials median
Dividend yield — — 0.59%
Payout ratio — — 0.16

Size

Metric FORM ONTO Semiconductor Equipment & Materials median
Market cap 5.63b 7.66b 3.04b

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