Onto Innovation's declining ROCE trend is worrisome. Despite increased capital investment, returns and sales are dropping, possibly indicating a loss of competitive edge or market share. Despite poor fundamentals, investors remain hopeful due to significant stock growth in the past three years. However, if these trends persist, the company's long-term performance could suffer.
Onto Innovation Inc.'s high P/E ratio is worrying considering its lower predicted growth compared to the broader market. The current upbeat sentiment towards the company's stock may not last unless there's a substantial boost in its earnings growth.
Insiders selling shares of Onto Innovation Inc. slightly below current price could concern shareholders. Lack of recent insider transactions is neutral. 1.0% insider ownership suggests alignment with other shareholders. Yet, last 12 months' insider transactions are discouraging.
Observers warn falling returns may limit Onto Innovation's future growth even with apparent reinvestment. Despite strong stock performance, they suggest monitoring company earnings to see if investments pay off.
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Onto Innovation股票讨论区
2019年由两家上市公司合并而成立,主要做计量检测分析设备业务,全球化市场,当前价格183.4。
成了以来营收前4年增长,2023年萎缩18.8%,营业利润2020年扭亏,2022年达到高点,2023年萎缩51%,净利润2023年萎缩45.8%,目前低于2021年。没有利息负担。毛利率近5年从44.1%提高到51.5%,净资产收益率2022年达到14.8%,2023年降到7.3%。
目前市盈率74.7,即使按2022年净利高点计算市盈率也达到了40.3,估值没有吸引力。
新增数据:23Q2,23Q3,延续Q1的萎缩
2023前3季度营收萎缩20.6%,营业利润萎缩50%,净利润萎缩42%。
资产负债率从11.1%下降到8.9%,现金增加,应收减少,存货略增,没有有息借款。
近两季度经营净额低于投资净额,股东盈余有所减少。
目前市盈率34,市盈率TTM已经提升到48.4,尽管资产负债表很健康,目前的盈利能力和估值不匹配,获利退出。
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新增数据:2022年报及2023Q1
2022年营收继续增长27.4%,营业利润增长51.3%,净利润增长56.9%。利息收入500万,没有利息负担。
2023Q1营收下滑17.5%,营业利润大幅下滑50.6%,净利润下滑45.5%。
2022年资产负债率降到了11.1%,2023Q1降到了9.9%,看起来是准备好过冬了。商誉3.16亿,占16.25亿净资产的20%,没有有息借款。
5年了经营净额大幅超过投资净额,股东盈余较多。
目前市盈率25.8,市盈率TTM增加到28.9,如果全年净利下降一半,对应市盈率将超过50,不过一个季度的财报还不足以得出这个预测,可以暂时低仓位观察。
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