Onto Innovation Inc (ONTO)
Debt-to-assets ratio
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Long-term debt | US$ in thousands | — | — | — | — | — |
| Total assets | US$ in thousands | 1,909,710 | 1,794,860 | 1,649,810 | 1,468,170 | 1,448,580 |
| Debt-to-assets ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
December 31, 2023 calculation
Debt-to-assets ratio = Long-term debt ÷ Total assets
= $—K ÷ $1,909,710K
= 0.00
The debt-to-assets ratio of Onto Innovation Inc has consistently been 0.00 for the past five years, indicating that the company has not utilized any debt to finance its assets during this period. A debt-to-assets ratio of 0.00 implies that the company has funded all its assets using equity or internally generated funds, without relying on external borrowing. This can be considered a positive sign as it shows a strong financial position and low financial risk associated with debt. However, it is important to note that an extremely low or zero debt-to-assets ratio may also suggest underutilization of debt, which could potentially limit the company's growth opportunities or tax benefits associated with debt financing. Overall, Onto Innovation Inc's consistent 0.00 debt-to-assets ratio reflects a conservative approach to capital structure management.
Peer comparison
Dec 31, 2023