Onto Innovation Inc (ONTO)
Return on assets (ROA)
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Net income | US$ in thousands | 121,159 | 223,334 | 142,349 | 31,025 | 223,334 |
| Total assets | US$ in thousands | 1,909,710 | 1,794,860 | 1,649,810 | 1,468,170 | 1,448,580 |
| ROA | 6.34% | 12.44% | 8.63% | 2.11% | 15.42% |
December 31, 2023 calculation
ROA = Net income ÷ Total assets
= $121,159K ÷ $1,909,710K
= 6.34%
The return on assets (ROA) for Onto Innovation Inc has varied over the five-year period from 2019 to 2023. In 2019, the company achieved a high ROA of 15.42%, indicating that for every dollar of assets, Onto Innovation generated a return of 15.42 cents. This was followed by a sharp decline in 2020 to 2.11%, signaling a significant decrease in profitability relative to its asset base.
However, the company's ROA showed improvement in the subsequent years, reaching 8.63% in 2021 and further increasing to 12.44% in 2022. These improvements suggest that Onto Innovation was able to better utilize its assets to generate profits during these periods.
In 2023, the ROA decreased to 6.34%, which, while lower than the previous year, still demonstrates the company's ability to generate a return on its assets. Overall, Onto Innovation Inc's ROA performance indicates fluctuations in its efficiency in generating profits from its asset base over the five-year period.
Peer comparison
Dec 31, 2023