ON Semiconductor Corporation (ON)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The balance sheet is fundamentally healthy, there is no governance or accounting breach, and no existential dependence on a single counterparty — the law-firm "investigations" are routine, with no lawsuit filed. There is no substance risk here. But a central operating question remains open: does the margin and growth turnaround already underway hold up if the auto cycle stays weak for longer, as Texas Instruments has just signaled — and will the roughly 12 percent dilution from the Synaptics acquisition be offset by real synergies? As long as those two questions stay open, and GAAP earnings sit far below their old level, the fair verdict on company quality is "open, with a documented upward trend" — not "proven healthy" and not "at risk." The numbers on August 3, 2026, are the next piece of evidence one way or the other. The decision is yours.
symbol.quality_note
onsemi fell from its all-time high of $134.92 (June 3, 2026) to $81.61 (July 31, 2026) — first the all-stock Synaptics deal (−23.66 percent in a single day), then an industry-wide chip sell-off that caught Texas Instruments too. Behind that price action sits a company that generated a record $1,418.6 million in free cash flow in 2025 and returned to growth in the first quarter of 2026 after two down years — while diluted GAAP earnings per share collapsed from $4.89 to $0.29. On August 3, 2026, after the close, onsemi reports second-quarter results — consensus calls for $1.59 billion in revenue and $0.72 in non-GAAP earnings per share. We read together what the company actually told the U.S. securities regulator, the SEC, before the numbers land.
Read the analysis
Stock Watch
This analysis is as of August 2, 2026. Stock Watch will tell you what's changed at ON since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Appears in These Scanners
This stock currently matches 17 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 81.60 $ — 41% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 38.6% above the current price.
- Consensus
- Sell
- Analyst Ratings
- 31
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.12 | 2.90 – 3.46 | 6,485 | 32.7% | 30 |
| 12/31/2027 | 4.34 | 3.62 – 5.40 | 7,222 | 39.3% | 29 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Next Reporting Date
- Expected Earnings per Share
- 0.72 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.88 | -30.90 | 1,723 | -14.60 | 22.10 | 580 | 435 |
| 2025: Q1 | -1.15 | -211.20 | 1,446 | -22.40 | -33.60 | 602 | 455 |
| 2025: Q2 | 0.41 | -47.40 | 1,469 | -15.40 | 11.60 | 184 | 106 |
| 2025: Q3 | 0.62 | -32.80 | 1,551 | -12.00 | 16.40 | 419 | 645 |
| 2025: Q4 | 0.45 | -48.90 | 1,530 | -11.20 | 11.90 | 555 | 485 |
| 2026: Q1 | -0.08 | – | 1,513 | 4.70 | -2.20 | 239 | 218 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 3,907 | 282 | 182 | 0.43 | 581 | 1,823 | 6,924 |
| 2017 | 5,543 | 716 | 811 | 1.89 | 1,094 | 2,779 | 7,195 |
| 2018 | 5,878 | 858 | 627 | 1.44 | 1,274 | 3,172 | 7,588 |
| 2019 | 5,518 | 633 | 212 | 0.51 | 695 | 3,302 | 8,426 |
| 2020 | 5,255 | 349 | 234 | 0.56 | 884 | 3,539 | 8,668 |
| 2021 | 6,740 | 1,288 | 1,010 | 2.27 | 1,782 | 4,585 | 9,626 |
| 2022 | 8,326 | 2,360 | 1,902 | 4.24 | 2,633 | 6,189 | 11,979 |
| 2023 | 8,253 | 2,539 | 2,184 | 4.89 | 1,978 | 7,783 | 13,215 |
| 2024 | 7,082 | 1,768 | 1,573 | 3.63 | 1,906 | 8,796 | 14,090 |
| 2025 | 5,995 | 748 | 121 | 0.29 | 1,760 | 7,673 | 12,524 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Cash and short-term investments of $2,547.6 million (12/31/2025) against $2,980.5 million in total debt, no maturity before May 2027, an undrawn $1.5 billion credit facility, and a net-positive 2025 interest position ($95.1 million interest income vs. $70.9 million interest expense).
Q1 2026 was the first growth quarter after two down years (+5% revenue), gross margin rose for a third straight quarter (38.5%), utilization at 77% with room to run higher; record 2025 free cash flow of $1,418.6 million (a 24% margin).
GAAP EPS collapsed from $4.89 (2023) to $3.63 (2024) to $0.29 (2025); the 2026 consensus (roughly $3.09) still sits about 40% below the 2023 level — the recovery is an expectation, not a delivered result yet.
51% of revenue rides on the auto cycle, which Texas Instruments just signaled is running flatter than hoped; Chinese silicon carbide suppliers are structurally pressuring price in onsemi's most important growth field, while ST and Infineon expand capacity.
Roughly 12% dilution from the stock-for-stock deal is certain; the $200 million in cost synergies and the "physical AI" revenue story are not, as of the data cutoff. The deal is neither dead nor closed and remains an overhang until mid-2027.
Several law-firm "investigations" following the stock crash amount, as of August 2, 2026, to client solicitation with no lawsuit naming a specific claim filed — a sentiment drag, not a currently quantifiable risk.
As of the August 2, 2026, data cutoff, onsemi shows two parallel, equally well-documented stories: an operating turnaround with record free cash flow, rising margin, and restored growth — and a GAAP earnings picture collapsed by restructuring to $0.29 per share, plus a valuation that hinges on the auto-chip recovery and on the success of the Synaptics integration. The second-quarter results on August 3, 2026, are the next hard data point for both sides of this story. Not investment advice.
- Hook for this analysis: the drop from the all-time high of $134.92 (06/03/2026) to $81.61 (07/31/2026, −39.5%) immediately ahead of the Q2 2026 results on 08/03/2026 after the close — a moment when both the operating turnaround and the earnings collapse are visible at once.
- Data cutoff: this analysis reflects facts known through August 2, 2026, including the earnings-date announcement of 07/16/2026 and the early-July 2026 law-firm investigations. The second-quarter 2026 results themselves were not yet known at publication and are deliberately not anticipated here.
- Market-cap cross-check: 389.19 million shares × $81.61 ≈ $31.76 billion — consistent with the reported market capitalization of $31.76 billion.
- This rating judges the company, not the entry point: whether $81.61 is expensive or cheap depends on tomorrow's numbers and your own valuation yardstick, not on this rating.
About the Company
ON Semiconductor Corporation bietet intelligente Sensor- und Leistungslösungen in Hongkong, Singapur, dem Vereinigten Königreich, den USA und international an. Es ist in drei Segmenten tätig: Power Solutions Group, Analog and Mixed-Signal Group und Intelligent Sensing Group.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 22,600 |
| Headquarters | Scottsdale, AZ |
| Address | 5701 North Pima Road, 85250 Scottsdale, United States |
| Phone | 602 244 6600 |
| Website | onsemi.com |
| IPO Date | 28. Apr 2000 |
| ISIN | US6821891057 |
| Stock Split | 10:1 on 03/11/2014 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Hassane S. El-Khoury | President, CEO & Director | 1980 |
| Thad Trent | Executive VP, CFO, Treasurer & Principal Accounting Officer | 1968 |
| Sudhir Gopalswamy | Group President of Intelligent Sensing & Analog and Mixed Signal Group | 1970 |
| Wei-Chung Wang Ph.D. | Executive Vice President of Global Manufacturing & Operations | – |
| Parag Agarwal | Vice President of Investor Relations & Corporate Development | – |
| Paul Dutton | Senior VP, Chief Legal Officer & Secretary | – |
| Krystal Heaton | Director & Head of Public Relations | – |
| Felicity Carson | Senior VP & Chief Marketing Officer | – |
| Jon Imperato | Senior Vice President of Sales & Applications | 1973 |
| Bert Somsin | Senior VP & Chief Human Resources Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.