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Onto Innovation (ONTO) makes inspection and metrology equipment for chipmakers. Its stock has risen 207.7% since June 25, 2021, before dividends. After a run like that, it is natural to credit the business with the entire gain. Take a guess: how much of that rise came from Onto selling more?
How Much Did Onto’s Sales Grow?
Onto sold $1.12 billion in the twelve months to June 30, 2026, compared with $644 million in the twelve months to June 26, 2021. That represents a 73.9% rise, which includes sales from the product lines Onto bought from Semilab in November 2025.
That growth explains about half of the stock’s advance. This share is worked out on how the gains multiply, so it is not simply 73.9% divided by 207.7%. The remainder of the gain came from elsewhere.
What Else Lifted Onto Stock?
The rest came from investors paying more for each dollar of Onto’s profit, an increase large enough to offset a thinner margin.
The price-to-earnings multiple, which measures what investors pay for each dollar of profit, went from 41.1 five years ago to 83.1 at the latest close. That expansion alone explains nearly two-thirds of the stock’s rise, contributing more than sales growth did.
A rise built more on a higher multiple than on sales leaves the price leaning on future growth. The clearest recent example is Tesla, priced at about 12 times sales after its deliveries fell two years in a row before a partial rebound this year. Read Trefis Big Story: How Tesla Blundered.
The net margin, the share of sales the company keeps as profit, moved in the opposite direction for ONTO. It slipped to 11.8% in the twelve months to June 2026 from 13.5% five years earlier, pulling the share price down. The share count barely moved.
Can Margins And Multiples Lift The Stock Again?
Between the margin and the multiple, only the multiple rose at Onto. By mid-2026, it reached a high level compared with the company’s historical record. At the June 30, 2026 close, the highest of the past year, the multiple hit 141. Only one other quarter end since fiscal Q3 2016 recorded a higher figure. The share price has since fallen to $221.89, placing the multiple at 83.1 on the same twelve months of profit.
The margin presents a different case. Onto’s twelve-month margin sits well below its ten-year high of 22.2%, set in fiscal Q4 2022, though the quarterly margin rose in each of the past two quarters to 17.5% in fiscal Q2 2026.
