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Side-by-side financial comparison of ONTO INNOVATION INC. (ONTO) and Owlet, Inc. (OWLT). Click either name above to swap in a different company.
ONTO INNOVATION INC. is the larger business by last-quarter revenue ($218.2M vs $26.6M, roughly 8.2× Owlet, Inc.). ONTO INNOVATION INC. runs the higher net margin — 12.9% vs -34.6%, a 47.5% gap on every dollar of revenue. On growth, Owlet, Inc. posted the faster year-over-year revenue change (29.6% vs -13.5%). ONTO INNOVATION INC. produced more free cash flow last quarter ($82.0M vs $-651.0K). Over the past eight quarters, Owlet, Inc.'s revenue compounded faster (34.2% CAGR vs 2.6%).
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.
Owlet, Inc. is a pediatric health technology firm that develops smart wearable monitoring products for infants, most notably its signature smart sock that tracks real-time heart rate, oxygen levels, and sleep metrics. It serves global consumer markets across North America, Europe, and Asia-Pacific, distributing products via direct-to-consumer e-commerce and partnered retail outlets, focused on supporting parental peace of mind and infant health safety.
ONTO vs OWLT — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $218.2M | $26.6M |
| Net Profit | $28.2M | $-9.2M |
| Gross Margin | 50.7% | 47.6% |
| Operating Margin | 10.9% | -18.4% |
| Net Margin | 12.9% | -34.6% |
| Revenue YoY | -13.5% | 29.6% |
| Net Profit YoY | -46.8% | -1.5% |
| EPS (diluted) | $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.
| Q4 25 | — | $26.6M | ||
| Q3 25 | $218.2M | $32.0M | ||
| Q2 25 | $253.6M | $26.1M | ||
| Q1 25 | $266.6M | $21.1M | ||
| Q4 24 | $263.9M | $20.5M | ||
| Q3 24 | $252.2M | $22.1M | ||
| Q2 24 | $242.3M | $20.7M | ||
| Q1 24 | $228.8M | $14.8M |
| Q4 25 | — | $-9.2M | ||
| Q3 25 | $28.2M | $4.1M | ||
| Q2 25 | $33.9M | $-37.6M | ||
| Q1 25 | $64.1M | $3.0M | ||
| Q4 24 | $48.8M | $-9.1M | ||
| Q3 24 | $53.1M | $-5.6M | ||
| Q2 24 | $52.9M | $-1.1M | ||
| Q1 24 | $46.9M | $3.3M |
| Q4 25 | — | 47.6% | ||
| Q3 25 | 50.7% | 50.6% | ||
| Q2 25 | 48.2% | 51.3% | ||
| Q1 25 | 53.7% | 53.7% | ||
| Q4 24 | 50.2% | 53.5% | ||
| Q3 24 | 54.1% | 52.2% | ||
| Q2 24 | 52.9% | 49.5% | ||
| Q1 24 | 51.7% | 44.4% |
| Q4 25 | — | -18.4% | ||
| Q3 25 | 10.9% | 3.8% | ||
| Q2 25 | 12.7% | -7.4% | ||
| Q1 25 | 23.7% | -12.7% | ||
| Q4 24 | 16.1% | -36.2% | ||
| Q3 24 | 21.0% | -21.8% | ||
| Q2 24 | 20.2% | -10.8% | ||
| Q1 24 | 18.7% | -39.0% |
| Q4 25 | — | -34.6% | ||
| Q3 25 | 12.9% | 12.9% | ||
| Q2 25 | 13.4% | -144.4% | ||
| Q1 25 | 24.0% | 14.3% | ||
| Q4 24 | 18.5% | -44.2% | ||
| Q3 24 | 21.0% | -25.4% | ||
| Q2 24 | 21.9% | -5.5% | ||
| Q1 24 | 20.5% | 22.2% |
| Q4 25 | — | — | ||
| Q3 25 | $0.57 | $-0.06 | ||
| Q2 25 | $0.69 | $-2.37 | ||
| Q1 25 | $1.30 | $0.11 | ||
| Q4 24 | $0.98 | $-0.15 | ||
| Q3 24 | $1.07 | $-0.61 | ||
| Q2 24 | $1.07 | $-0.30 | ||
| Q1 24 | $0.94 | $-0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $603.1M | $35.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.0B | $19.0M |
| Total Assets | $2.2B | $85.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $35.5M | ||
| Q3 25 | $603.1M | $23.8M | ||
| Q2 25 | $217.5M | $21.8M | ||
| Q1 25 | $203.7M | $16.3M | ||
| Q4 24 | $212.9M | $20.2M | ||
| Q3 24 | $188.7M | $21.6M | ||
| Q2 24 | $172.6M | $15.4M | ||
| Q1 24 | $190.9M | $18.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $2.1M | ||
| Q1 24 | — | $4.0M |
| Q4 25 | — | $19.0M | ||
| Q3 25 | $2.0B | $-54.1M | ||
| Q2 25 | $2.0B | $-59.2M | ||
| Q1 25 | $1.9B | $-25.8M | ||
| Q4 24 | $1.9B | $-29.8M | ||
| Q3 24 | $1.9B | $-21.5M | ||
| Q2 24 | $1.8B | $-33.4M | ||
| Q1 24 | $1.8B | $-32.9M |
| Q4 25 | — | $85.6M | ||
| Q3 25 | $2.2B | $74.9M | ||
| Q2 25 | $2.1B | $63.5M | ||
| Q1 25 | $2.1B | $51.4M | ||
| Q4 24 | $2.1B | $49.5M | ||
| Q3 24 | $2.1B | $56.1M | ||
| Q2 24 | $2.0B | $45.9M | ||
| Q1 24 | $2.0B | $43.8M |
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 | $83.4M | $-452.0K |
| Free Cash FlowOCF − Capex | $82.0M | $-651.0K |
| FCF MarginFCF / Revenue | 37.6% | -2.5% |
| Capex IntensityCapex / Revenue | 0.6% | 0.7% |
| Cash ConversionOCF / Net Profit | 2.95× | — |
| TTM Free Cash FlowTrailing 4 quarters | $261.3M | $-11.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-452.0K | ||
| Q3 25 | $83.4M | $-2.2M | ||
| Q2 25 | $57.9M | $-2.2M | ||
| Q1 25 | $92.0M | $-5.9M | ||
| Q4 24 | $56.0M | $3.0M | ||
| Q3 24 | $67.2M | $-7.5M | ||
| Q2 24 | $65.3M | $-3.4M | ||
| Q1 24 | $57.1M | $-3.4M |
| Q4 25 | — | $-651.0K | ||
| Q3 25 | $82.0M | $-2.2M | ||
| Q2 25 | $44.2M | $-2.3M | ||
| Q1 25 | $83.7M | $-5.9M | ||
| Q4 24 | $51.4M | $3.0M | ||
| Q3 24 | $59.2M | $-7.5M | ||
| Q2 24 | $53.0M | $-3.4M | ||
| Q1 24 | $50.2M | — |
| Q4 25 | — | -2.5% | ||
| Q3 25 | 37.6% | -6.8% | ||
| Q2 25 | 17.4% | -8.8% | ||
| Q1 25 | 31.4% | -28.1% | ||
| Q4 24 | 19.5% | 14.5% | ||
| Q3 24 | 23.5% | -33.9% | ||
| Q2 24 | 21.9% | -16.3% | ||
| Q1 24 | 21.9% | — |
| Q4 25 | — | 0.7% | ||
| Q3 25 | 0.6% | 0.0% | ||
| Q2 25 | 5.4% | 0.2% | ||
| Q1 25 | 3.1% | 0.0% | ||
| Q4 24 | 1.8% | 0.2% | ||
| Q3 24 | 3.2% | 0.0% | ||
| Q2 24 | 5.1% | 0.0% | ||
| Q1 24 | 3.0% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | 2.95× | -0.52× | ||
| Q2 25 | 1.71× | — | ||
| Q1 25 | 1.44× | -1.96× | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.23× | — | ||
| Q1 24 | 1.22× | -1.03× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ONTO
| Systems And Software Revenue | $173.8M | 80% |
| Parts Revenue | $23.9M | 11% |
| Service Revenue | $20.5M | 9% |
OWLT
| US | $22.7M | 85% |
| Non Us | $3.2M | 12% |
| Other | $651.0K | 2% |
