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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. and Onto Innovation Inc. are of similar size ($11.4B and $10.5B). Nova Ltd. trades at the lower P/E: 37.0× against 82.0×. 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 37.00 82.04 45.03
P/S 10.90 9.74 4.64
P/B 7.75 5.67 3.22
Price to free cash flow 53.83 43.19 48.18
EV/EBITDA 36.35 48.58 33.11
EV/Sales 11.37 9.37 5.52
Earnings yield 2.70% 1.22% 1.41%
Free cash flow yield 1.86% 2.32% 1.67%

Profitability

Metric NVMI ONTO Semiconductor Equipment & Materials median
Gross margin 57.12% 50.36% 43.95%
Operating margin 28.97% 12.02% 10.32%
Net margin 28.84% 11.84% 7.45%
Free cash flow margin 20.24% 22.54% 6.77%
Return on equity 0.00% 6.82% 4.78%
Return on assets 13.44% 4.54% 3.62%
Return on invested capital 14.41% 5.56% 6.10%

Growth

Metric NVMI ONTO Semiconductor Equipment & Materials median
Revenue growth (TTM) 16.16% 8.08% 14.60%
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 3.66
Net debt to EBITDA (1.16) (3.39) (0.49)

Dividend

Metric NVMI ONTO Semiconductor Equipment & Materials median
Dividend yield — — 0.42%
Payout ratio — — 0.19

Size

Metric NVMI ONTO Semiconductor Equipment & Materials median
Market cap 10.48b 11.38b 3.80b

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