Rigaku Holdings Corporation

Onto Innovation reported second-quarter revenue of $343.1 million, a 35.3% year-over-year increase, sending shares up 14% the following day as analysts raised estimates and price targets. The full-year EPS consensus jumped 13% from $7.11 to $8.04, representing 63% annual growth versus 2025, while next year's consensus vaulted 17% from $10 to $11.72 for a potential advance of 46%. Non-GAAP gross margins expanded to 57.0% from 54.5% a year earlier, non-GAAP operating margins reached 30.0%, and non-GAAP diluted EPS came in at $1.93, with the company holding $1.88 billion in cash and short-term investments. On August 17, Goldman Sachs analyst James E Schneider initiated coverage with a Strong Buy rating and a $400 price target, matching the Street high set by Jefferies' Blayne Peter Curtis, while Needham's Charles Shi raised his target to $360 from $330 and Evercore ISI's Mark Lipacis lifted his to $390 from $350. In August 2026, Onto completed a $710 million strategic investment for a 27% equity stake in Rigaku, targeting the estimated $1 billion hybrid metrology market, and the company said demand for its Dragonfly G5 packaging inspection platform is projected to grow over 50% through 2026.

Onto Innovation closed its purchase of a 27% minority stake in Rigaku Holdings Corporation for roughly $720 million, buying the shares from Atom Investment, L.P., an affiliate of Carlyle, on August 10. The deal builds on a collaboration announced in April to develop X-ray-based tools for chip manufacturing, and comes four days after Onto reported record second-quarter revenue of $343.1 million, up 35.3% year over year. Backlog crossed $1 billion for the first time, and the company guided third-quarter revenue to $380–400 million with non-GAAP EPS of $2.18–$2.38. However, first-half net income fell to $93.9 million from $98.0 million, and GAAP operating margin dropped to 15.3% from 18.3%, as costs climbed. The Rigaku stake will be booked under the fair value option method, giving Onto one board seat but no consolidation, a large sum for limited control.

Onto Innovation completed its approximately $720 million purchase of a 27% minority stake in Rigaku Holdings on August 10, 2026. The investment aims to accelerate joint development of next-generation X-ray process-control technology for semiconductor manufacturing. Management estimates the semiconductor X-ray technology market at roughly $1 billion and expects adoption to increase as 3D transistor and packaging structures become more complex. Onto ended the second quarter with $1.88 billion of cash and short-term investments, strengthened by a $1.5 billion zero-percent convertible-note offering due in 2031. The Rigaku stake will be accounted for under the fair value option, so strategic value depends on joint development, customer qualifications, and adoption rather than immediate consolidated revenue.