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Nova Ltd. (NVMI) vs Onto Innovation Inc. (ONTO)

Nova Ltd. and Onto Innovation Inc. are both Semiconductor Equipment & Materials companies. Nova Ltd. is the larger, with a market value of $8.9B against $7.7B — 1.2× the size. Nova Ltd. trades at the lower P/E: 32.4× against 58.7×. Nova Ltd. grew revenue faster over the last twelve months: 16.2% against 8.08%. Nova Ltd. has the higher net margin (28.8% vs 11.8%) and the higher return on invested capital (14.4% vs 5.56%). Across the 22 metrics below, Nova Ltd. leads on 13 and Onto Innovation Inc. on 9.

Valuation

Metric NVMI ONTO Semiconductor Equipment & Materials median
P/E 32.44 58.67 33.70
P/S 9.55 6.96 4.22
P/B 6.79 4.06 2.94
Price to free cash flow 47.19 30.89 31.49
EV/EBITDA 32.05 34.20 22.64
EV/Sales 10.03 6.60 4.97
Earnings yield 3.08% 1.70% 2.02%
Free cash flow yield 2.12% 3.24% 2.27%

Profitability

Metric NVMI ONTO Semiconductor Equipment & Materials median
Gross margin 57.12% 50.36% 46.86%
Operating margin 28.97% 12.02% 12.02%
Net margin 28.84% 11.84% 10.16%
Free cash flow margin 20.24% 22.54% 6.73%
Return on equity 0.00% 6.82% 5.31%
Return on assets 13.44% 4.54% 4.10%
Return on invested capital 14.41% 5.56% 6.36%

Growth

Metric NVMI ONTO Semiconductor Equipment & Materials median
Revenue growth (TTM) 16.16% 8.08% 15.82%
EPS growth (last fiscal year) 38.43% (31.53%) (4.56%)
Revenue growth, 5-year CAGR 26.73% 12.55% 10.11%
Net income growth, 5-year CAGR 40.17% 34.54% 0.00%

Health

Metric NVMI ONTO Semiconductor Equipment & Materials median
Debt to equity 0.50 0.77 0.09
Current ratio 1.55 9.73 3.56
Net debt to EBITDA (1.16) (3.39) (0.49)

Dividend

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

Size

Metric NVMI ONTO Semiconductor Equipment & Materials median
Market cap 8.92b 7.66b 3.04b

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