ON Semiconductor (ON)
Information Technology · $28.7B market cap · SEC CIK 0001097864
fundamentals score out of 100
Next reports on Nov 2, 2026, before the open, with analysts expecting $0.90 in earnings per share.
The case for ON
- Generated $1.4B of free cash flow in FY2025, 24% of revenue.
- Earnings per share up 44.7%.
- Current assets cover the near-term bills 3.5 times over.
- Up 40.4% over the past year.
The case against
- Revenue slipped 3.1% on the year.
- Pricey at 45.5× earnings, against a long-run market average nearer 20×.
- Swings harder than the market (beta 2.13).
- Profitability is weak (38/100): return on equity 8%, net margin 10.2%, gross margin 38%, 1172% of profit turned to cash.
- The price trend is weak (41/100): +40.4% over a year, -41.0% over three months, 32% of the way up its 52-week range.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 52 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 30 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 38 |
| Momentumhow the price has behaved lately | 41 |
| Stabilityhow violently it moves, what it owes and what it pays you | 28 |
- Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.
Key numbers
| Price / earnings | 45.5× |
|---|---|
| Price / book | 4.92× |
| Price / sales | 4.6× |
| Revenue growth (YoY) | -3.1% |
| EPS growth (YoY) | +44.7% |
| Gross margin | 38% |
| Operating margin | 11% |
| Net margin | 10% |
| Return on equity | 8% |
| Debt / equity | 0.62× |
| Current ratio | 3.46 |
| Dividend yield | none |
| Beta | 2.13 |
| 52-week range | $44.56 – $134.92 |
| Position in that range | 32% of the way up |
| 3-month return | -41.0% |
| 1-year return | +40.4% |
Five years of financials, as filed
Pulled from ON Semiconductor's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $6.0B | $7.1B | $8.3B | $8.3B | $6.7B |
| Gross profit | $2.0B | $3.2B | $3.9B | $4.1B | $2.7B |
| Operating income | $84.2M | $1.8B | $2.5B | $2.4B | $1.3B |
| Net income | $121M | $1.6B | $2.2B | $1.9B | $1.0B |
| Operating cash flow | $1.8B | $1.9B | $2.0B | $2.6B | $1.8B |
| Capital expenditure | $341M | $694M | $1.5B | $1.0B | $445M |
| Total assets | $12.5B | $14.1B | $13.2B | $12.0B | $9.6B |
| Total liabilities | $4.8B | $5.3B | $5.4B | $5.8B | $5.0B |
| Shareholder equity | $7.7B | $8.8B | $7.8B | $6.2B | $4.6B |
| Cash | $2.1B | $2.7B | $2.5B | $2.9B | $1.4B |
| Long-term debt | $3.0B | $3.3B | $2.5B | $3.0B | $2.9B |
| Free cash flow | $1.4B | $1.2B | $438M | $1.6B | $1.3B |
| Gross margin | 33.1% | 45.4% | 47.1% | 49.0% | 40.3% |
| Operating margin | 1.4% | 25.0% | 30.8% | 28.3% | 19.1% |
| Net margin | 2.0% | 22.2% | 26.5% | 22.8% | 15.0% |
| Diluted shares | 412M | 433M | 447M | 448M | 444M |
Share count is down 7.2% over 4 years. Buybacks have been shrinking the pie.
What ON Semiconductor says it does
Overview ON Semiconductor Corporation, together with its wholly and majority-owned subsidiaries, which operate under the onsemi TM brand ("onsemi," "we," "us," "our," or the "Company"), was incorporated under the laws of the State of Delaware in 1992. We offer intelligent power and intelligent sensing solutions that drive electrification, energy efficiency, safety, and automation in automotive, industrial, and other end-markets, including AI data center. Our intelligent power technologies enable the electrification of drivetrain in the automotive industry to allow for lighter and longer-range electric vehicles and empower efficient fast-charging systems. Our intelligent sensing technologies enable advanced safety applications in automotive through industry leading performance and reliability. We believe the evolution of the automotive industry, with advancements in autonomous driving, ADAS, vehicle electrification, and the increase in…
Risk factors ON lists in its 10-K
- Trends, Risks and Uncertainties Related to Our Business
- We may be unable to implement certain business strategies and restructuring initiatives and the pursuit of such strategies and initiatives could materially adversely affect our business and results of operations
- Our operating results depend, in part, on the performance of independent distributors
- Our power technologies designed for AI use may not capture market share as expected, and issues related to the responsible use of AI may adversely affect our business
- We are exposed to risks related to the use of AI tools by us and others
- We may be unable to attract and retain highly skilled personnel
- Warranty claims, product liability claims, product recalls, and the failure to comply with the terms and conditions of our contracts, could harm our business, reputation, results of operations and financial condition
- Currency fluctuations, changes in foreign exchange regulations and repatriation delays and costs could have a material adverse effect on our results of operations and financial condition
- Trends, Risks and Uncertainties Related to Intellectual Property
- If our technologies are subject to claims of infringement on the IP rights of others, efforts to address such claims could have a material adverse effect on our results of operations
- If we fail to, or are unable to, adequately protect the IP we have developed or licensed, our competitive position, business and results of operations could be materially and adversely affected
- Trends, Risks and Uncertainties Related to Cybersecurity and Data Privacy
- Disruptions or breaches of our information technology systems could irreparably damage our reputation and our business, expose us to liability and materially adversely affect our results of operations
- We are subject to governmental laws, regulations and other legal obligations related to privacy and data protection