Onto Innovation Takes Strategic Minority Stake in Rigaku

Onto Innovation ( (ONTO) ) just unveiled an announcement.

Onto Innovation on April 20, 2026 announced a strategic collaboration with Rigaku Holdings Corporation, a leading X-ray technology provider, to jointly develop next-generation process control solutions for semiconductor manufacturing by integrating Onto’s Ai Diffract analysis software with Rigaku’s CD-SAXS X-ray platforms, targeting a market projected to exceed $1 billion within five years and already winning two key customers. The partnership aims to pair the speed and spatial coverage of Onto’s Atlas OCD optical metrology with X-ray precision for deep structures in advanced V-NAND, DRAM and logic, strengthening both firms’ positions in high-end process control as chip designs grow more complex and materials more exotic.

Deepening this collaboration, Onto Innovation on April 21, 2026 entered into a share purchase agreement to acquire 27% of Rigaku’s outstanding common stock from an affiliate of The Carlyle Group for about $710 million, with closing expected in the second half of 2026 subject to customary regulatory and closing conditions. Onto will treat the stake as a minority investment under the fair value option method, retain non-consolidated financial reporting, gain the right to nominate one Rigaku board member, and expects the deal to be accretive as of Dec. 31, 2026, while also securing up to $500 million in bridge financing from Goldman Sachs Bank USA to help fund the transaction and accelerate joint IP development and coordinated go-to-market efforts in advanced logic and memory applications.

The most recent analyst rating on (ONTO) stock is a Buy with a $320.00 price target. To see the full list of analyst forecasts on Onto Innovation stock, see the ONTO Stock Forecast page.

Spark’s Take on ONTO Stock

According to Spark, TipRanks’ AI Analyst, ONTO is a Outperform.

The score is driven primarily by strong financial quality (debt-free balance sheet and robust free cash flow) and supportive technical momentum (price above key moving averages with positive MACD). These are tempered by a demanding valuation (high P/E) despite an upbeat earnings call that highlighted rising backlog, strong revenue guidance, and expected margin expansion.

To see Spark’s full report on ONTO stock, click here.

More about Onto Innovation

Onto Innovation Inc., based in Wilmington, Mass., is a process control leader for the semiconductor industry, offering technologies spanning unpatterned wafer quality, 3D metrology from nanometer-scale transistors to large die interconnects, macro defect inspection, metal interconnect composition, factory analytics and advanced packaging lithography. Its broad portfolio is aimed at helping chipmakers improve yield, device performance, quality and reliability across the semiconductor value chain through integrated metrology and analytics solutions.

Onto Innovation supports a global customer base with a worldwide sales and service organization, positioning the company as a key partner to top-tier logic and memory manufacturers seeking to optimize complex process flows and accelerate time to market. By combining optical metrology, analytics software such as its Ai Diffract platform and complementary inspection technologies, Onto Innovation focuses on enabling smarter, faster and more efficient semiconductor manufacturing for advanced logic, memory and packaging applications.

Average Trading Volume: 883,364

Technical Sentiment Signal: Buy

Current Market Cap: $12.87B

See more data about ONTO stock on TipRanks’ Stock Analysis page.