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Onto Innovation Inc

ONTOAbove value

Held by 4 superinvestors.

Price$254.55
Holders4
Total value$98.0M

SEC 10-K · fundamentals

Business quality

as of 2026-01-03

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+1.8%
Net margin
0.0%
ROE
0.0%
FCF margin
29.8%
Revenue $556.5M → $1.01B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$48/ sh · zero-growth intrinsic value
margin of safety
fair value
above fair value
$255
cheaperpricier

$48–$53 value estimate

Onto Innovation Inc (ONTO): A conservative earnings-power estimate, $48–$53 / sh; today’s price sits above it (price $255 as of 2026-09-02).

Zero-growth downside $48

Price as of 2026-09-02 · yahoo.

Method & numbers

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

· Greenwald $53.41 – $53.41 (neutral $53.41) · zero-growth base $53.41 · reproduction $26.11

Moat Franchise (moat).

Graham earnings-power value (normalized NOPAT)$48.29 – $53.41 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 55% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value

Normalized owner earnings are non-positive over the years shown; earnings power cannot be capitalized.

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 55% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Net debt or owner earnings is unavailable, so no adjustment is made.

Reproduction value = tangible net assets $1.02B + capitalized R&D $276.86M（FY 2026, 2024, 2023, 2022） = $26.11 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value: if the moat holds for 10 yr at ROIIC ≈ -5%, $0.00–$0.00 / sh (neutral $0.00). Conservative, not a forecast.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 10% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

4 holders · $98.0M combined · this quarter +1 opened / -0 exited

This quarter1 opened2 trimmed
Holders 1 → 3 · last 8q

SEC 13F · notes

Written summary

Onto Innovation Inc (ONTO) is held by 4 of the superinvestors tracked on Compounder, with a combined $98.0M in reported 13F value. The largest position belongs to Jeremy Grantham, where it makes up 0.1% of the portfolio.

Other notable holders by value include Ray Dalio (0.2% of its book), Brian Bares (0.9% of its book) and Lee Ainslie (0.0% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in ONTO, 0 added to existing ones, 2 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Onto Innovation Inc (ONTO) also commonly hold →

ONTO's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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