Onto Innovation

Building your investment thesis

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Analysis in progress

Pulling historical financials

Annual and quarterly income statements, balance sheet

Reading SEC filings

Reading the latest earnings call

Scanning recent news and research

Forming the core argument

Understanding how they make money

Auditing the numbers

Mapping the competitive landscape

Reading management signals

Sizing the opportunity ahead

Building a valuation framework

Weighing up the evidence

Tallying up the evidence