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Side-by-side financial comparison of ONTO INNOVATION INC. (ONTO) and Riot Platforms, Inc. (RIOT). Click either name above to swap in a different company.
ONTO INNOVATION INC. is the larger business by last-quarter revenue ($218.2M vs $152.8M, roughly 1.4× Riot Platforms, Inc.). ONTO INNOVATION INC. runs the higher net margin — 12.9% vs -452.0%, a 464.9% gap on every dollar of revenue. On growth, Riot Platforms, Inc. posted the faster year-over-year revenue change (7.2% vs -13.5%). ONTO INNOVATION INC. produced more free cash flow last quarter ($82.0M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% 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.
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
ONTO vs RIOT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $218.2M | $152.8M |
| Net Profit | $28.2M | $-690.7M |
| Gross Margin | 50.7% | — |
| Operating Margin | 10.9% | -447.9% |
| Net Margin | 12.9% | -452.0% |
| Revenue YoY | -13.5% | 7.2% |
| Net Profit YoY | -46.8% | -606.3% |
| EPS (diluted) | $0.57 | $-1.89 |
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 | — | $152.8M | ||
| Q3 25 | $218.2M | $180.2M | ||
| Q2 25 | $253.6M | $153.0M | ||
| Q1 25 | $266.6M | $161.4M | ||
| Q4 24 | $263.9M | $142.6M | ||
| Q3 24 | $252.2M | $84.8M | ||
| Q2 24 | $242.3M | $70.0M | ||
| Q1 24 | $228.8M | $79.3M |
| Q4 25 | — | $-690.7M | ||
| Q3 25 | $28.2M | $104.5M | ||
| Q2 25 | $33.9M | $219.5M | ||
| Q1 25 | $64.1M | $-296.4M | ||
| Q4 24 | $48.8M | $136.4M | ||
| Q3 24 | $53.1M | $-154.4M | ||
| Q2 24 | $52.9M | $-84.4M | ||
| Q1 24 | $46.9M | $211.8M |
| Q4 25 | — | — | ||
| Q3 25 | 50.7% | — | ||
| Q2 25 | 48.2% | — | ||
| Q1 25 | 53.7% | — | ||
| Q4 24 | 50.2% | — | ||
| Q3 24 | 54.1% | — | ||
| Q2 24 | 52.9% | — | ||
| Q1 24 | 51.7% | — |
| Q4 25 | — | -447.9% | ||
| Q3 25 | 10.9% | 44.4% | ||
| Q2 25 | 12.7% | — | ||
| Q1 25 | 23.7% | -144.9% | ||
| Q4 24 | 16.1% | — | ||
| Q3 24 | 21.0% | -143.3% | ||
| Q2 24 | 20.2% | -167.2% | ||
| Q1 24 | 18.7% | — |
| Q4 25 | — | -452.0% | ||
| Q3 25 | 12.9% | 58.0% | ||
| Q2 25 | 13.4% | 143.4% | ||
| Q1 25 | 24.0% | -183.6% | ||
| Q4 24 | 18.5% | 95.7% | ||
| Q3 24 | 21.0% | -182.1% | ||
| Q2 24 | 21.9% | -120.6% | ||
| Q1 24 | 20.5% | 267.1% |
| Q4 25 | — | $-1.89 | ||
| Q3 25 | $0.57 | $0.26 | ||
| Q2 25 | $0.69 | $0.58 | ||
| Q1 25 | $1.30 | $-0.90 | ||
| Q4 24 | $0.98 | $0.39 | ||
| Q3 24 | $1.07 | $-0.54 | ||
| Q2 24 | $1.07 | $-0.32 | ||
| 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 | $233.5M |
| Total DebtLower is stronger | — | $840.8M |
| Stockholders' EquityBook value | $2.0B | $2.9B |
| Total Assets | $2.2B | $3.9B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $233.5M | ||
| Q3 25 | $603.1M | $330.7M | ||
| Q2 25 | $217.5M | $255.4M | ||
| Q1 25 | $203.7M | $163.7M | ||
| Q4 24 | $212.9M | $277.9M | ||
| Q3 24 | $188.7M | $355.7M | ||
| Q2 24 | $172.6M | $481.2M | ||
| Q1 24 | $190.9M | $688.5M |
| Q4 25 | — | $840.8M | ||
| Q3 25 | — | $5.3M | ||
| Q2 25 | — | $5.3M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $584.6M | ||
| Q3 24 | — | $5.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $2.9B | ||
| Q3 25 | $2.0B | $3.5B | ||
| Q2 25 | $2.0B | $3.3B | ||
| Q1 25 | $1.9B | $2.9B | ||
| Q4 24 | $1.9B | $3.1B | ||
| Q3 24 | $1.9B | $2.7B | ||
| Q2 24 | $1.8B | $2.6B | ||
| Q1 24 | $1.8B | $2.5B |
| Q4 25 | — | $3.9B | ||
| Q3 25 | $2.2B | $4.5B | ||
| Q2 25 | $2.1B | $4.3B | ||
| Q1 25 | $2.1B | $3.7B | ||
| Q4 24 | $2.1B | $3.9B | ||
| Q3 24 | $2.1B | $2.9B | ||
| Q2 24 | $2.0B | $2.7B | ||
| Q1 24 | $2.0B | $2.6B |
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-572.9M |
| Free Cash FlowOCF − Capex | $82.0M | $-774.3M |
| FCF MarginFCF / Revenue | 37.6% | -506.6% |
| Capex IntensityCapex / Revenue | 0.6% | 131.8% |
| Cash ConversionOCF / Net Profit | 2.95× | — |
| TTM Free Cash FlowTrailing 4 quarters | $261.3M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-572.9M | ||
| Q3 25 | $83.4M | $-114.0M | ||
| Q2 25 | $57.9M | $-231.3M | ||
| Q1 25 | $92.0M | $-122.1M | ||
| Q4 24 | $56.0M | $-255.1M | ||
| Q3 24 | $67.2M | $-56.3M | ||
| Q2 24 | $65.3M | $-42.5M | ||
| Q1 24 | $57.1M | $-57.9M |
| Q4 25 | — | $-774.3M | ||
| Q3 25 | $82.0M | $-139.7M | ||
| Q2 25 | $44.2M | $-291.7M | ||
| Q1 25 | $83.7M | $-154.9M | ||
| Q4 24 | $51.4M | $-495.4M | ||
| Q3 24 | $59.2M | $-127.6M | ||
| Q2 24 | $53.0M | $-96.1M | ||
| Q1 24 | $50.2M | $-115.2M |
| Q4 25 | — | -506.6% | ||
| Q3 25 | 37.6% | -77.5% | ||
| Q2 25 | 17.4% | -190.7% | ||
| Q1 25 | 31.4% | -96.0% | ||
| Q4 24 | 19.5% | -347.5% | ||
| Q3 24 | 23.5% | -150.5% | ||
| Q2 24 | 21.9% | -137.2% | ||
| Q1 24 | 21.9% | -145.2% |
| Q4 25 | — | 131.8% | ||
| Q3 25 | 0.6% | 14.3% | ||
| Q2 25 | 5.4% | 39.5% | ||
| Q1 25 | 3.1% | 20.4% | ||
| Q4 24 | 1.8% | 168.6% | ||
| Q3 24 | 3.2% | 84.1% | ||
| Q2 24 | 5.1% | 76.5% | ||
| Q1 24 | 3.0% | 72.3% |
| Q4 25 | — | — | ||
| Q3 25 | 2.95× | -1.09× | ||
| Q2 25 | 1.71× | -1.05× | ||
| Q1 25 | 1.44× | — | ||
| Q4 24 | 1.15× | -1.87× | ||
| Q3 24 | 1.27× | — | ||
| Q2 24 | 1.23× | — | ||
| Q1 24 | 1.22× | -0.27× |
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% |
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
