On Semiconductor Corp (ON)

Information Technology · Semiconductors · US stock · S&P 500 component

$73.23 ▼ -3.71 (4.82%)

At close 22 Oct 2026 · USD · Volume 12,504,297

Compare with NVDA

Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueOvervalued

$59 −19.9% to fair value

$29fair band $50–$71$88

Day's range

$72.43 – $75.46

52-week range

$44.56 – $134.92

About On Semiconductor Corp

Power and sensing chips for automotive and industrial uses are the focus of ON Semiconductor, which designs and makes them. Its products include power management devices, silicon carbide power chips, image sensors and analog and mixed-signal circuits. Customers are carmakers and their tier-one suppliers, industrial equipment makers, and companies in areas such as energy infrastructure and data centres. It operates its own factories and works with distributors and direct customers.

Revenue of $6.2 billion over the last twelve months comes from supplying semiconductors to manufacturers. Revenue has changed at -10.4% a year across the last three years, a decline. The operating margin is 10.8%, the business earns 7% on the capital invested in it, and net debt is 0.6 times EBITDA. No dividend is paid. On the site's X-Ray Score it receives 29 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $44.56 – $134.92Volume 12,504,297Daily, split-adjusted

Vitals

Market cap$29.6B

52-week range$44.56 – $134.92

Volume (last day)12,504,297

P/E (TTM)47.0

EBIT / EV yield2.2%

Free-cash-flow yield5.1%

Dividend yieldNo dividend

Revenue (TTM)$6.2B

Net income (TTM)$630M

Operating margin10.8%

Return on capital6.6%

Debt incl. leases$4.7B

Cash & securities$3.9B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$59middle half of models $49 – $69

Overvalued −19.9% to fair value

Average of the 11 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Price $73

Undervalued < $50Fair $50 – $71Overvalued > $71

P/E multiple

$67

P/B multiple

$77

P/S multiple

$68

EV/EBITDA multiple

$75

EV/EBIT multiple

$51

EV/revenue multiple

$71

10-year DCF, EBITDA exit

$48

5-year DCF, EBITDA exit

$55

10-year DCF, revenue exit

$47

5-year DCF, revenue exit

$55

10-year DCF, growth exit · not used

$21

5-year DCF, growth exit · not used

$17

Earnings power value

$32

Growth the price implies

28.2%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Weak business, priced high

Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better 37 The price is not above fair value $59 fair value Debt looks manageable 0.6× EBITDA Revenue has been growing -10.4% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Weak

34/100

Expensive against its sector on earnings and cash flow.

See the numbers →

EBIT / EV yield2.2%

Free-cash-flow yield5.1%

Fair value vs price0.8×

Growth Weak

4/100

Growing slower than most of its sector.

See the numbers →

Revenue growth (3y)-10.4%

EPS growth (3y)-59.1%

Growth consistency20%

Profitability Weak

29/100

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital6.6%

Operating margin10.8%

Gross profitability17.3%

Financial health Weak

45/100

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score4 / 9

Net debt / EBITDA0.6×

Interest cover10.9×

Dividends None

–/100

Pays no dividend.

See the numbers →

Quarterly results: last 6 quarters

-22.4%

Apr '25

-15.4%

Jul '25

-12.0%

Oct '25

-11.2%

Dec '25

+4.7%

Apr '26

+9.2%

Jul '26

Revenue against the same quarter a year earlier. Latest quarter revenue $1.6B, diluted EPS $0.56.

Compare with peers

MU Micron Technology Inc79 FSLR First Solar, Inc.70 NVDA Nvidia Corp67 AVGO Broadcom Inc.60

Other Semiconductors companies by X-Ray Score.

SWOT analysis: On Semiconductor Corp

Strengthsinside the company

Free cash flow equals 5.1% of the market value, which funds dividends, buybacks or debt paydown.

Weaknessesinside the company

Return on invested capital of 6.6% is well below the 16.7% median of industry peers.
Operating margin of 10.8% is thin against 29.5% for industry peers.
Revenue has fallen 10.4% a year over three years while industry peers grew 5.8%.
Earnings per share have declined 59.1% a year over three years.

Opportunitiesvaluation and setting

Our Market Compass rates the backdrop for Information Technology as favourable.

Threatsvaluation and setting

The price is 20% above our fair value estimate, so there is little room for disappointment.
The price trend is down on the daily and weekly signals.
Earnings in Semiconductors follow the industry cycle, so margins and profits can swing from year to year.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare ON with peers and sector

Medians of 14 Semiconductors peers and of 74 Information Technology stocks in our universe. Largest peers (X-Ray Score): NVDA 67, AVGO 60, MU 79, AMD 48, INTC 17, TXN 44.

Metric	ON	Peers	Sector
X-Ray Score (out of 100)	29	46	50
Valuation	34	31	52
Growth	4	44	54
Profitability	29	45	50
Financial health	45	61	50
Dividends	–	53	50

Sector leaders: highest X-Ray Score in Information Technology

ON ranks #73 of 75 in Information Technology and #13 of 15 in Semiconductors by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 MU Micron Technology Inc	79
#2 ADBE Adobe Inc.	77
#3 SNDK Sandisk Corp	73
#4 INTU Intuit Inc.	71
#5 FICO Fair Isaac Corp	71
…
#73 ON On Semiconductor Corp (this stock)	29

Metric	ON	Peers	Sector
P/E ratio	47.0x	42.5x	33.0x
PEG ratio	–	2.36	2.20
Price / book	4.1x	6.9x	8.3x
Price / sales	4.8x	10.6x	7.1x
EV / EBITDA	20.9x	36.4x	24.8x
Price / free cash flow	19.7x	39.1x	29.6x
Dividend yield	–	1.1%	1.0%
Gap to our fair value	−19.9%	−12.7%	−6.6%

Metric	ON	Peers	Sector
Price change, 1 month	−0.5%	−12.1%	−3.6%
Price change, 3 months	−20.7%	−9.4%	+3.5%
Price change, 6 months	−17.7%	+12.8%	+13.4%
Price change, 1 year	+41.0%	+18.3%	+18.6%

Metric	ON	Peers	Sector
Market value	$29.6B	$197.2B	$80.1B
Revenue (last 12 months)	$6.2B	$16.7B	$11.8B
EBITDA (last 12 months)	$1.5B	$4.8B	$2.6B
Net income (last 12 months)	$630M	$3.4B	$1.7B
Free cash flow (last 12 months)	$1.5B	$3.9B	$2.7B

Metric	ON	Peers	Sector
Revenue growth, last year	−15.3%	+20.4%	+13.8%
Revenue growth, 3 years a year	−10.4%	+5.8%	+9.8%
EPS growth, 3 years a year	−59.1%	−6.8%	+6.4%
Free cash flow growth, 3 years a year	−3.9%	+8.9%	+15.7%
Dividend growth	–	+7.6%	+5.8%

Metric	ON	Peers	Sector
Gross margin	37.7%	55.1%	58.1%
EBITDA margin	23.5%	33.1%	27.0%
Operating margin	10.8%	29.5%	21.7%
Net margin	10.2%	26.2%	18.5%
Return on invested capital	6.6%	16.7%	19.7%
Return on equity	8.7%	18.8%	21.4%

Metric	ON	Peers	Sector
Net debt / EBITDA	0.6x	0.6x	0.8x
Interest cover	10.9x	14.4x	23.5x
Current ratio	3.5x	2.6x	1.6x
Piotroski F-score (0 to 9)	4	6.5	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for ON

Each factor is rated by where ON stands among the 75 Information Technology stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 6 Good · 4 Average · 13 Bad of 23 Growth: 0 · 0 · 3 Profitability: 0 · 0 · 5 Financial strength: 1 · 1 · 2 Valuation: 2 · 2 · 1 Cash flow: 2 · 1 · 1 Efficiency: 1 · 0 · 1

Factor	ON	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	−10.4%	Bad beats 2%	+9.7%	–	–
Revenue growth, last year	−15.3%	Bad beats 1%	+13.7%	−0.9%	▼ Worse
EPS growth, 3 years a year	−59.1%	Bad beats 3%	+5.9%	–	–
Profitability
Gross margin	37.7%	Bad beats 15%	57.8%	45.4%	▼ Worse
Operating margin	10.8%	Bad beats 23%	20.3%	25.0%	▼ Worse
Net margin	10.2%	Bad beats 26%	17.8%	22.2%	▼ Worse
Return on invested capital	6.6%	Bad beats 19%	19.4%	–	–
Return on equity	8.7%	Bad beats 18%	21.0%	22.0%	▼ Worse
Financial strength
Net debt / EBITDA	0.6x	Average beats 60%	0.8x	0.3x	≈ In line
Interest cover	10.9x	Bad beats 31%	23.0x	24.9x	▼ Worse
Current ratio	3.46	Good beats 90%	1.57	2.78	▲ Better
Piotroski F-score	4 / 9	Bad beats 9%	6 / 9	–	–
Valuation
P/E ratio	47.0x	Bad beats 26%	33.6x	17.3x	▼ Worse
Price / book	4.1x	Good beats 82%	8.3x	4.5x	≈ In line
Price / sales	4.8x	Average beats 65%	6.9x	3.9x	▼ Worse
EV / EBITDA	20.9x	Average beats 61%	24.7x	12.1x	▼ Worse
Free cash flow yield	5.1%	Good beats 71%	3.4%	4.4%	≈ In line
Cash flow
Free cash flow margin	24.2%	Average beats 55%	22.3%	19.2%	▲ Better
Cash from operations / net income	2.65	Good beats 90%	1.39	1.38	▲ Better
Free cash flow growth, 3 years a year	−3.9%	Bad beats 14%	+15.4%	–	–
Accruals (lower is better)	−7.7%	Good beats 75%	−4.4%	–	–
Efficiency
Inventory turnover	1.9x	Bad beats 9%	3.9x	2.1x	≈ In line
Days sales outstanding	53 days	Good beats 69%	63 days	44 days	▼ Worse

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 4 Good · ● 1 Average · ● 11 Bad

Cash quality

Earnings backed by cashGood

Free-cash-flow yieldGood

Risk models

Altman Z''Good

Piotroski F-ScoreBad

Growth

EPS growth (3y)Bad

Free-cash-flow growth (3y)Bad

Revenue growth (3y)Bad

Growth consistencyBad

Balance sheet

Current ratioGood

Net debt / EBITDAAverage

Interest coverBad

Valuation

Fair value vs priceBad

EBIT / EV yieldBad

Profitability

Return on invested capitalBad

Operating marginBad

Gross profitabilityBad

Each check is graded against the company's sector, not a fixed number. Checklist score 34/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$6.7B	$8.3B	$8.3B	$7.1B	$6.0B
Operating income	$1.3B	$2.4B	$2.5B	$1.8B	$84M
Net income	$1.0B	$1.9B	$2.2B	$1.6B	$121M
Operating cash flow	$1.8B	$2.6B	$2.0B	$1.9B	$1.8B
Operating margin	19.1%	28.3%	30.8%	25.0%	1.4%
Free cash flow	$1.3B	$1.6B	$438M	$1.2B	$1.4B
Diluted EPS	$2.27	$4.25	$4.89	$3.63	$0.29

Fiscal years, from SEC filings.

Technical summary

Daily

Strongly bearish

2 bullish · 2 neutral · 12 bearish

Weekly

Bearish

3 bullish · 1 neutral · 8 bearish

Monthly

Bullish

5 bullish · 1 neutral · 2 bearish

Moving averages (daily)

SMA 10	74.82	Bearish
EMA 10	75.35	Bearish
SMA 20	77.65	Bearish
EMA 20	75.95	Bearish
SMA 50	75.37	Bearish
EMA 50	77.86	Bearish
SMA 100	87.14	Bearish
EMA 100	80.93	Bearish
SMA 200	81.97	Bearish
EMA 200	78.94	Bearish

Oscillators (daily)

RSI (14)	44.50	Neutral
MACD (12, 26)	-0.56	Bearish
Momentum (12)	-15.15	Bearish
Stochastic %K (14)	14.01	Bullish
Williams %R (14)	-85.99	Bullish
CCI (20)	-75.29	Neutral

Pivot points (classic, last session)

68.92

70.68

71.95

Pivot

73.71

74.98

76.74

78.01

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

ETFs that hold ON

ETF	Share of the fund
FTXL First Trust Nasdaq Semiconductor	3.08%
XSD SPDR S&P Semiconductor	1.80%
CHPY YieldMax Semiconductor Portfolio Optio...	1.77%
SOXQ Invesco PHLX Semiconductor	1.74%
SOXX iShares Semiconductor	1.65%
JTEK JPMorgan U.S. Tech Leaders	1.63%
SOXL Direxion Daily Semiconductor Bull 3X	1.25%
SPHB Invesco S&P 500 High Beta	1.20%

The eight funds with the largest weight in ON among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.