Onto Innovation Inc (ONTO)
Solvency ratios
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt-to-assets ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt-to-capital ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Debt-to-equity ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financial leverage ratio | 1.10 | 1.10 | 1.10 | 1.11 | 1.12 | 1.14 | 1.15 | 1.17 | 1.16 | 1.17 | 1.16 | 1.16 | 1.16 | 1.16 | 1.16 | 1.16 | 1.15 | 1.03 | 1.04 | 1.03 |
Onto Innovation Inc has consistently maintained a low level of debt relative to its assets, capital, and equity, as evidenced by debt-to-assets, debt-to-capital, and debt-to-equity ratios of 0.00 across all periods. This indicates that the company relies more on equity financing rather than debt to support its operations and expansion.
The financial leverage ratio has fluctuated slightly over the periods, ranging from 1.03 to 1.17. The increase in the financial leverage ratio suggests that the company has taken on a slightly higher level of debt in relation to its equity, which could indicate a slight increase in financial risk. However, the overall leverage remains relatively conservative.
Overall, Onto Innovation Inc's solvency ratios reflect a strong financial position and a conservative approach to debt management, providing a solid foundation for the company's financial stability and growth prospects.
Coverage ratios
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest coverage | 18.33 | 26.50 | 24.42 | 26.54 | 47.24 | 79.97 | 136.18 | 159.17 | 134.49 | 50.01 | 20.42 | 2.95 | -9.20 | -3.31 | -3.95 | -4.40 | -1.38 | 7.20 | 9.78 | 18.97 |
Based on the data provided for Onto Innovation Inc's interest coverage ratio, we can observe fluctuations over the periods analyzed. The interest coverage ratio measures the company's ability to pay interest expenses on its outstanding debt using its operating income.
From December 2019 to September 2021, the interest coverage ratio shows a generally healthy trend, with ratios comfortably above 10, indicating a strong ability to cover interest expenses. Notably, by June 2022 and beyond, the ratios significantly increase, reaching very high levels, reflecting a robust ability to service debt obligations with operating income.
However, there are some concerning periods, such as in March 2021 and December 2020, where the ratio falls below 0, indicating that operating income was not sufficient to cover interest expenses during those quarters. It's important to investigate the factors contributing to these negative ratios to understand the full financial picture.
In general, the upward trend in the interest coverage ratio from September 2021 suggests an improvement in the company's ability to meet interest payments, signaling a positive financial performance. Investors and stakeholders may find this analysis helpful in assessing Onto Innovation Inc's financial health and ability to manage debt obligations.