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Side-by-side financial comparison of DESCARTES SYSTEMS GROUP INC (DSGX) and ONTO INNOVATION INC. (ONTO). Click either name above to swap in a different company.
ONTO INNOVATION INC. is the larger business by last-quarter revenue ($218.2M vs $179.8M, roughly 1.2× DESCARTES SYSTEMS GROUP INC). DESCARTES SYSTEMS GROUP INC runs the higher net margin — 21.1% vs 12.9%, a 8.2% gap on every dollar of revenue. ONTO INNOVATION INC. produced more free cash flow last quarter ($82.0M vs $62.1M).
The Descartes Systems Group Inc. is a Canadian multinational technology company specializing in logistics software, supply chain management software, and cloud-based services for logistics businesses.
Onto Innovation Inc. is an American semiconductor company formed in 2019 from the merger of Rudolph Technologies, Inc. and Nanometrics Incorporated. It is a provider of process and process control equipment and software for microelectronic manufacturing industries.
DSGX vs ONTO — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $179.8M | $218.2M |
| Net Profit | $38.0M | $28.2M |
| Gross Margin | 76.9% | 50.7% |
| Operating Margin | 26.8% | 10.9% |
| Net Margin | 21.1% | 12.9% |
| Revenue YoY | — | -13.5% |
| Net Profit YoY | — | -46.8% |
| EPS (diluted) | $0.43 | $0.57 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q3 25 | $179.8M | $218.2M | ||
| Q2 25 | — | $253.6M | ||
| Q1 25 | — | $266.6M | ||
| Q4 24 | — | $263.9M | ||
| Q3 24 | $163.4M | $252.2M | ||
| Q2 24 | — | $242.3M | ||
| Q1 24 | — | $228.8M | ||
| Q3 23 | $143.4M | $207.2M |
| Q3 25 | $38.0M | $28.2M | ||
| Q2 25 | — | $33.9M | ||
| Q1 25 | — | $64.1M | ||
| Q4 24 | — | $48.8M | ||
| Q3 24 | $34.7M | $53.1M | ||
| Q2 24 | — | $52.9M | ||
| Q1 24 | — | $46.9M | ||
| Q3 23 | $28.1M | $35.9M |
| Q3 25 | 76.9% | 50.7% | ||
| Q2 25 | — | 48.2% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 50.2% | ||
| Q3 24 | 75.2% | 54.1% | ||
| Q2 24 | — | 52.9% | ||
| Q1 24 | — | 51.7% | ||
| Q3 23 | 75.6% | 51.6% |
| Q3 25 | 26.8% | 10.9% | ||
| Q2 25 | — | 12.7% | ||
| Q1 25 | — | 23.7% | ||
| Q4 24 | — | 16.1% | ||
| Q3 24 | 28.1% | 21.0% | ||
| Q2 24 | — | 20.2% | ||
| Q1 24 | — | 18.7% | ||
| Q3 23 | 25.7% | 16.4% |
| Q3 25 | 21.1% | 12.9% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 24.0% | ||
| Q4 24 | — | 18.5% | ||
| Q3 24 | 21.2% | 21.0% | ||
| Q2 24 | — | 21.9% | ||
| Q1 24 | — | 20.5% | ||
| Q3 23 | 19.6% | 17.3% |
| Q3 25 | $0.43 | $0.57 | ||
| Q2 25 | — | $0.69 | ||
| Q1 25 | — | $1.30 | ||
| Q4 24 | — | $0.98 | ||
| Q3 24 | $0.40 | $1.07 | ||
| Q2 24 | — | $1.07 | ||
| Q1 24 | — | $0.94 | ||
| Q3 23 | $0.32 | $0.73 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $240.6M | $603.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $2.0B |
| Total Assets | $1.8B | $2.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $240.6M | $603.1M | ||
| Q2 25 | — | $217.5M | ||
| Q1 25 | — | $203.7M | ||
| Q4 24 | — | $212.9M | ||
| Q3 24 | $252.7M | $188.7M | ||
| Q2 24 | — | $172.6M | ||
| Q1 24 | — | $190.9M | ||
| Q3 23 | $227.4M | $206.6M |
| Q3 25 | $1.5B | $2.0B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | $1.3B | $1.9B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $1.8B | ||
| Q3 23 | $1.2B | $1.7B |
| Q3 25 | $1.8B | $2.2B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | $1.6B | $2.1B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | — | $2.0B | ||
| Q3 23 | $1.4B | $1.9B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $63.3M | $83.4M |
| Free Cash FlowOCF − Capex | $62.1M | $82.0M |
| FCF MarginFCF / Revenue | 34.5% | 37.6% |
| Capex IntensityCapex / Revenue | 0.7% | 0.6% |
| Cash ConversionOCF / Net Profit | 1.67× | 2.95× |
| TTM Free Cash FlowTrailing 4 quarters | $189.6M | $261.3M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $63.3M | $83.4M | ||
| Q2 25 | — | $57.9M | ||
| Q1 25 | — | $92.0M | ||
| Q4 24 | — | $56.0M | ||
| Q3 24 | $34.7M | $67.2M | ||
| Q2 24 | — | $65.3M | ||
| Q1 24 | — | $57.1M | ||
| Q3 23 | $52.0M | $60.3M |
| Q3 25 | $62.1M | $82.0M | ||
| Q2 25 | — | $44.2M | ||
| Q1 25 | — | $83.7M | ||
| Q4 24 | — | $51.4M | ||
| Q3 24 | $33.1M | $59.2M | ||
| Q2 24 | — | $53.0M | ||
| Q1 24 | — | $50.2M | ||
| Q3 23 | $49.8M | $48.1M |
| Q3 25 | 34.5% | 37.6% | ||
| Q2 25 | — | 17.4% | ||
| Q1 25 | — | 31.4% | ||
| Q4 24 | — | 19.5% | ||
| Q3 24 | 20.2% | 23.5% | ||
| Q2 24 | — | 21.9% | ||
| Q1 24 | — | 21.9% | ||
| Q3 23 | 34.8% | 23.2% |
| Q3 25 | 0.7% | 0.6% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | 1.0% | 3.2% | ||
| Q2 24 | — | 5.1% | ||
| Q1 24 | — | 3.0% | ||
| Q3 23 | 1.5% | 5.9% |
| Q3 25 | 1.67× | 2.95× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 1.15× | ||
| Q3 24 | 1.00× | 1.27× | ||
| Q2 24 | — | 1.23× | ||
| Q1 24 | — | 1.22× | ||
| Q3 23 | 1.85× | 1.68× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DSGX
Segment breakdown not available.
ONTO
| Systems And Software Revenue | $173.8M | 80% |
| Parts Revenue | $23.9M | 11% |
| Service Revenue | $20.5M | 9% |
