CAMT vs ONTO: How Camtek and Onto Innovation Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: ONTO is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CAMT and ONTO share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CAMT and ONTO exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Camtek Ltd. builds high-end optical inspection and metrology systems for semiconductor manufacturing. Its machines sit on the production floor at integrated device manufacturers, foundries and outsourced assembly and test houses (OSATs), scanning wafers and packages for defects and measuring three-dimensional features such as bumps, pillars and through-silicon vias. The Eagle family handles two-dimensional inspection and the Hawk line covers three-dimensional metrology. End applications span advanced interconnect packaging and heterogeneous integration, high-bandwidth memory, CMOS image sensors, compound semiconductors, MEMS and RF. The company is headquartered in Israel with manufacturing in Israel and Germany, files as a foreign private issuer on Nasdaq, and reported about 89 percent of sales into Asia Pacific in its most recent full geographic disclosure, with China alone around 31 percent.

Full CAMT guide

Onto Innovation designs and builds inspection, metrology, lithography, and data-analysis systems that semiconductor manufacturers use to measure and check chips during production. It was formed from the 2019 merger of Rudolph Technologies and Nanometrics, and it competes in areas like thin-film and critical-dimension (OCD) metrology, macro defect inspection, and advanced packaging inspection. Its tools, including the Dragonfly inspection platform and the Atlas and newer G-series metrology systems, are used across advanced logic nodes, specialty devices, and the packaging steps that stitch AI accelerators and high-bandwidth memory (HBM) together.

Full ONTO guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• CAMT drivers: HBM and the memory stack; OSATs moving up the value chain.
• ONTO drivers: Advanced packaging and HBM; Advanced logic nodes.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Customer concentration is real: a handful of memory makers, foundries and OSATs decide most of the year, and a single pushed order can move a quarter. For ONTO, onto is a semiconductor capital-equipment company, so its revenue is cyclical and can drop sharply in a chip-spending downturn.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CAMT if you believe its drivers more; ONTO if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CAMT and ONTO guides.

CAMT. Trailing GAAP earnings are misleading here. A roughly $89 million one-time capital loss on the repurchase of most of the 2021 convertible notes in the third quarter of 2025 dragged GAAP net income to about $48 million on a trailing basis, which is why headline trailing P/E screens near triple digits while forward P/E sits near 38. Non-GAAP net income for full-year 2025 was about $159 million. Second quarter 2026 results were scheduled for August 10, 2026, with guidance of $129 million to $131 million in revenue.

ONTO. Onto trades at a mid-cap valuation that reflects its growth exposure to AI packaging rather than a deep-value multiple. Gross margin has run in the roughly 50-56% range depending on mix, and management guided second-quarter 2026 revenue to $320-$330 million with non-GAAP EPS of about $1.65-$1.73. These figures are as of May 2026 and will change with each quarterly report.

Headline figures (approximate, August 2026): CAMT shows revenue (ttm) ~$499M (FY2025 ~$496M, up ~16%), q1 2026 revenue ~$122M, up ~2.5% year over year, gross margin ~51%, non-gaap operating margin ~25%; ONTO shows revenue (ttm) ~$1.03 billion, fy2025 revenue ~$1.005 billion, q1 2026 revenue ~$292 million (record, ~+9.5% YoY), q1 2026 non-gaap eps ~$1.42.

CAMT and ONTO are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CAMT and ONTO exposure against your real portfolio. It is not an investment adviser.