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STOCK COMPARISON

ASML Holding vs Onto Innovation: Fair Value & Quality

Both stocks run through our valuation models. Here is how ASML Holding (ASML) and Onto Innovation (ONTO) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees ASML Holding as the less overvalued of the two: ASML Holding trades at €1,467 versus a fair value of €604 (-59%), while Onto Innovation trades at $252 versus $70.74 (-72%).
ASML Holding
ASML.AS · EUR · Information Technology
-59%
upside to fair value
overvalued
Price€1,467
Fair Value€604
Quality82/100
Onto Innovation
ONTO · USD · Information Technology
-72%
upside to fair value
overvalued
Price$252
Fair Value$70.74
Quality66/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

ASML HoldingOnto Innovation
Valuation
60.6×P/E (TTM)119.6×
19.41×P/S (TTM)13.51×
34.97×P/B6.63×
50.1×EV/EBITDA50.9×
2.19×PEG1.30×
−58.8%Fair value upside−72.0%
0.4%Dividend yield—
€6.56Dividend per share—
Profitability
37%Operating margin17%
1.19×EBIT margin trend (5Y)2.75×
54%Return on equity5%
16%Return on assets5%
Growth
21%Revenue growth (YoY)10%
15.6%Avg. growth/yr (3Y)0.0%
18.5%Avg. growth/yr (5Y)12.6%
+24.3%Value creation/yr+34.6%
Balance & size
95.5×Interest coverage (EBIT/interest)26.5×
0.14×Debt / equity0.00×
$686BMarket cap$14B
healthyGrowth qualityhealthy

ASML Holding leads: 8 to 6 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

ASML Holdingof which business quality 79 · market factors 66 Onto Innovationof which business quality 69 · market factors 55
ProfitabilityMargins and returns on capital today
81
40
Quality GrowthAre margins and returns improving?
77
22
CashflowEarnings quality: real cash, not paper profit
86
99
Fin. StrengthBalance sheet, leverage, solvency risk
85
90
InvestmentDisciplined investing over empire-building
42
66
Low VolatilityCalm price path (market factor)
35
10
MomentumPrice trend over the last 3–12 months (market factor)
73
71
52W MomentumDistance to the 52-week high (market factor)
88
78
Net IssuanceBuybacks instead of dilution
92
87

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyASML HoldingPrice €1,467Onto InnovationPrice $252
DCF Models-44%below the price€822-55%below the price$114
Earnings-Based-73%below the price€393-85%below the price$38.63
Dividend Discount-91%below the price€127n/a
Multiples-65%below the price€515-77%below the price$58.85
Asset-Based-98%below the price€34.21-89%below the price$28.29
Growth DCF-48%below the price€756-55%below the price$114
Economic Profit-74%below the price€376-87%below the price$32.94
Growth Earnings-54%below the price€675-73%below the price$67.26
Minimum-98%below the price€34.21-89%below the price$28.29
Maximum-44%below the price€822-55%below the price$114
Median-69%below the price€454-77%below the price$58.85
Geometric mean-78%below the price€329-78%below the price$56.53

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

ASML Holding: 26 of 26 models see the stock below the current price.

Onto Innovation: 24 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

ASML Holding
Bear €425Fair Value €604Bull €877
€1,467 = current price (white tick)
Onto Innovation
Bear $54.71Fair Value $70.74Bull $86.77
$252 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

ASML Holding · Information Technology

Quality score82 · Top 25%
Fair value upside-59% · below median

Onto Innovation · Information Technology

Quality score66 · Top 25%
Fair value upside-72% · bottom 25%

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees ASML Holding as the less overvalued of the two: ASML Holding trades at €1,467 versus a fair value of €604 (-59%), while Onto Innovation trades at $252 versus $70.74 (-72%).

ASML Holding has the higher quality score (82/100).

See the full analysis →
ASML Holding · Onto Innovation

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.