ON Semiconductor Corporation
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Balance sheet & liquidity
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).
Operating turnaround
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).
Earnings quality
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.
Cycle and competitive risk
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.
Synaptics integration risk
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.
Legal / sentiment risk
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at ON since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 44.90 $ to 133.90 $ · Last price: 68.30 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/17/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Semiconductors
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| ON Semiconductor Corporation ON | 27.5 | 49.6 | 18.2 | 42.8 | 18.2 | -15.4 | 34.4 |
| NVIDIA Corporation NVDA | 5,540.3 | 30.4 | 22.4 | 74.7 | 65.6 | 65.5 | 29.1 |
| Broadcom Inc AVGO | 1,652.3 | 55.2 | 33.7 | 75.5 | 49.0 | 23.9 | 1.1 |
| Micron Technology Inc MU | 1,269.8 | 20.7 | 15.8 | 72.6 | 80.4 | 48.9 | 512.0 |
| Advanced Micro Devices Inc AMD | 943.2 | 177.7 | 77.8 | 55.7 | 14.4 | 34.3 | 242.5 |
| Intel Corporation INTC | 546.8 | – | 145.4 | 38.9 | 6.9 | -0.5 | 337.0 |
| Arm Holdings plc ARM | 282.9 | 267.6 | 221.2 | 97.5 | 7.6 | 22.8 | 58.6 |
| Texas Instruments Incorporated TXN | 234.9 | 39.7 | 26.1 | 58.3 | 37.8 | 13.1 | 46.9 |
| Marvell Technology Group Ltd MRVL | 232.5 | 79.7 | 45.0 | 52.2 | 14.5 | 42.1 | 239.9 |
| Median of companies shown | 546.8 | 52.4 | 33.7 | 58.3 | 18.2 | 23.9 | 58.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
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
| 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 |
| 2026: Q2 | 0.56 | 36.60 | 1,604 | 9.20 | 14.10 | 460 | 425 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 15 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Momentum & Trend
- Ameet Rai: Daily Liquidity
- CANSLIM Type RS
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Oliver Kell: Doublers
- Oliver Kell: Strength on Down Day
- RS Leader (≥90)
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
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
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.20 | 3.08 – 3.33 | 6,560 | 36.3% | 30 |
| 12/31/2027 | 4.53 | 3.98 – 5.40 | 7,409 | 41.5% | 30 |
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.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 4.2% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $1.77B |
|---|---|
| Market cap | $27.50B |
| Free cash flow in year ten | $2.69B |
| Terminal value as a share of market value | 51.5% |
For comparison: over the past five years free cash flow grew by 28.8% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available.
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -10.4%
- More than 10% revenue growth is expected for the coming year 11.0%
- Share count grows by less than 3% a year -2.8%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 8.3%
- Gross margin at 40% or higher and without meaningful erosion 32.3%
- Goodwill from acquisitions does not grow faster than revenue 13.4%
- Net debt below twice EBITDA 1.0 x EBITDA
- Operating cash flow covers the profits of the last three years 1,766 m
- Return on capital at 15% or higher, or up versus two years ago 6.7%
- Insiders hold at least 10% or are net buyers 0.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 4.9%
- Exp. sales growth 3Y > 5% 11.2%
- EBIT growth 10Y > 5% 11.4%
- Exp. EBIT growth 3Y > 5% 292.8%
- Net debt < 4x EBIT 1.2x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 70.6%
- Return on equity > 15% 2.1%
- ROCE > 15% 6.7%
- Expected return > 10% 313.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
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
- 04/28/2000
- 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 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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 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.