0000950170-25-105161
SEC filingProposed Semilab acquisition for ~$545M; $200M buyback program with $99.9M remaining; cash and marketable securities total $895M.
As of June 28, 2025, Onto Innovation held $217.5 million in cash and cash equivalents and $677.5 million in marketable securities, totaling $894.9 million in highly liquid assets. The company has no outstanding debt, providing substantial financial flexibility. Stockholders' equity stood at $1,963.3 million. Inventory net of reserves was $270.2 million, with $187.2 million in materials, $56.8 million in work-in-process, and $26.3 million in finished goods.
The notes disclose no material purchase commitments or long-term supply agreements. However, on June 27, 2025, the company entered into a definitive agreement to acquire Semilab USA for $475 million in cash plus 706,215 shares of common stock, with a total transaction value of approximately $545 million. The acquisition is subject to regulatory approvals and is expected to close in the second half of 2025. The company incurred $2.5 million in transaction-related costs in Q2 2025.
Onto Innovation has an active share repurchase program authorized in February 2024 for up to $200 million. During the first half of 2025, the company repurchased 492,000 shares for $75.0 million, leaving $99.9 million available for future repurchases. Capital expenditures totaled $22.0 million in H1 2025, primarily for property, plant, and equipment. No dividends were declared or paid. The company also has an unused $100.0 million secured line of credit.
The company operates as a single reportable segment: high-performance process control systems. For the six months ended June 28, 2025, revenue was $520.2 million, with operating income of $95.4 million. Revenue by type: systems and software 86%, parts 8%, and services 6%. Geographically, South Korea (34%), Taiwan (32%), United States (10%), Japan (8%), China (6%), Europe (6%), and Southeast Asia (4%) contributed. Customer concentration is notable, with three customers representing 22%, 18%, and 17% of revenue respectively.