Is Onto Innovation, Inc. overvalued or undervalued?

As of 16 June 2025, the valuation grade for Onto Innovation, Inc. has moved from very attractive to attractive, indicating a shift in its perceived value. The company is currently considered fairly valued. Key ratios include a P/E ratio of 19, an EV to EBITDA of 12.91, and a PEG ratio of 0.31, which suggests growth potential relative to its price.
In comparison to peers, Coherent Corp. is rated very attractive with a P/E of 61.58, while Cognex Corp. is deemed expensive with a P/E of 43.12. This positions Onto Innovation favorably within its industry, despite the recent stock performance showing a significant decline of 56.66% over the past year compared to a 10.26% gain in the S&P 500. Overall, Onto Innovation appears to be fairly valued in light of its current financial metrics and peer comparisons.