Onto Innovation Inc (ONTO)
Financial leverage ratio
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Total assets | US$ in thousands | 1,909,710 | 1,794,860 | 1,649,810 | 1,468,170 | 1,448,580 |
| Total stockholders’ equity | US$ in thousands | 1,736,540 | 1,596,430 | 1,426,060 | 1,264,750 | 1,264,030 |
| Financial leverage ratio | 1.10 | 1.12 | 1.16 | 1.16 | 1.15 |
December 31, 2023 calculation
Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $1,909,710K ÷ $1,736,540K
= 1.10
The financial leverage ratio of Onto Innovation Inc has shown a slight decrease from 1.12 in 2022 to 1.10 in 2023. This indicates that the company has reduced its reliance on debt financing relative to equity in the most recent year. Comparing the current ratio to the previous years, there has been a trend of decreasing financial leverage since 2021 where the ratio was 1.16. This suggests that Onto Innovation Inc has been gradually reducing its financial risk by lowering its debt levels in relation to equity over the past few years. Overall, the decreasing trend in the financial leverage ratio reflects a more conservative capital structure and potentially lower financial risk for the company.
Peer comparison
Dec 31, 2023