Tearsheet

ON Semiconductor (ON)

Market Price (12/24/2025): $55.49 | Market Cap: $22.6 Bil
Sector: Information Technology | Industry: Semiconductors

ON Semiconductor (ON)

Market Price (12/24/2025): $55.49
Market Cap: $22.6 Bil
Sector: Information Technology
Industry: Semiconductors

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%	Weak multi-year price returns 2Y Excs Rtn is -79%, 3Y Excs Rtn is -94%	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 71x
1	Attractive yield FCF Yield is 6.0%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -16%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.1%, Rev Chg QQuarterly Revenue Change % is -12%
2	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, and Automation & Robotics. Themes include EV Manufacturing, Autonomous Driving Technology, Show more.		Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8%
3			Key risks ON key risks include [1] weakening demand in its core automotive and industrial markets, Show more.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%
1	Attractive yield FCF Yield is 6.0%
2	Megatrend and thematic drivers Megatrends include Electric Vehicles & Autonomous Driving, and Automation & Robotics. Themes include EV Manufacturing, Autonomous Driving Technology, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -79%, 3Y Excs Rtn is -94%
4	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 71x
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -16%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.1%, Rev Chg QQuarterly Revenue Change % is -12%
6	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.8%
7	Key risks ON key risks include [1] weakening demand in its core automotive and industrial markets, Show more.

Valuation, Metrics & Events

	12/24/25	2024	2023	2022	2021
Share Price CYE	$55.49	$63.05	$83.53	$62.37	$67.92
Market Cap CYE ($ Bil)	22.6	26.8	35.8	27.0	29.3
Total Debt ($ Bil)	3.4	3.4	3.4	3.2	3.1
Total Cash ($ Bil)	2.9	3.0	2.5	2.9	1.4
Enterprise Value ($ Bil)	23.1	30.2	39.2	30.2	32.4
Valuation Ratios
P/S TTM	3.6	3.8	4.4	3.2	4.3
P/EBIT TTM	53.1	14.2	13.8	11.0	22.4
P/E TTM	70.8	17.1	16.5	14.2	28.6
P/FCF TTM	16.7	22.2	82.1	16.9	22.4
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6	4.6
P/EBIT TTM (Sector)	3.0	2.3	-0.2	-0.7	-0.0
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8	-0.0
P/FCF TTM (Sector)	12.2	13.7	12.2	6.9	13.8

	12/24/25	2024	2023
Share Price CYE	$55.49	$63.05	$83.53
Market Cap CYE ($ Bil)	22.6	26.8	35.8
Total Debt ($ Bil)	3.4	3.4	3.4
Total Cash ($ Bil)	2.9	3.0	2.5
Enterprise Value ($ Bil)	23.1	30.2	39.2
Valuation Ratios
P/S TTM	3.6	3.8	4.4
P/EBIT TTM	53.1	14.2	13.8
P/E TTM	70.8	17.1	16.5
P/FCF TTM	16.7	22.2	82.1
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.0	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.2	13.7	12.2

	ON	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	6.2
Rev Chg Q	-12.0%	7.3%
Rev Chg LTM	-16.1%	6.1%
Rev Chg 3Y Avg	-8.1%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.9
CFO LTM ($ Bil)	1.8
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	15.1%	18.8%
CFO/Rev LTM	28.8%	20.4%
Net Inc Mgn	5.2%	13.1%
VALUATION	HIGH
P/S	3.6	3.2
P/CFO	12.6	15.7
P/FCF	16.7	20.7
P/E	70.8	23.5
STABILITY	VERY GOOD
Debt/Equity	0.15	0.21
Cash/Assets	0.22	0.07

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Metric	Value	Date	Source
AI Revenue Year-over-Year Growth	approximately doubled	11032025	Link
Industrial Image Sensor Design Funnel Year-over-Year Growth	55%	11032025	Link
Manufacturing Utilization	74%	11032025	Link
Treo Platform Design Funnel	exceeds $1 billion	11032025	Link
Market Share in ADAS (Intelligent Sensing)	68%	11032025	Link
Market Share in Industrial (Intelligent Sensing)	27%	11032025	Link
Number of Manufacturing Sites	19	11052025	Link
Total Number of Employees	26490	12312024	Link

Upcoming
2/09/2026	Earnings Release	Rev: - EPS: -

ON Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. ON Semiconductor reported stronger-than-expected third-quarter 2025 financial results. The company announced non-GAAP diluted earnings per share of $0.63, surpassing analyst estimates of $0.61 or $0.59. Revenue reached $1,550.9 million, exceeding analyst expectations of $1.52 billion in some reports. This strong performance signaled effective financial management despite broader market challenges.

2. The company demonstrated significant growth in its Artificial Intelligence (AI) data center business. ON Semiconductor's AI data center revenue approximately doubled year-over-year. CEO Hassane El-Khoury highlighted the positive growth in AI and the increasing demand for energy efficiency in next-generation AI platforms, a focus area for ON Semiconductor.

3. Strategic acquisitions and new product introductions bolstered ON Semiconductor's market position. During the third quarter of 2025, ON Semiconductor acquired Vcore Power Technology from Aura Semiconductor, aiming to accelerate its development roadmap for advanced multiphase controllers and monolithic smart power stages crucial for AI data centers and compute platforms. The company also unveiled vertical Gallium Nitride (vGaN) semiconductors, which promise improved efficiency and power density for AI and electrification applications.

4. Share repurchase programs indicated a commitment to shareholder value. By November 3, 2025, ON Semiconductor had repurchased $925 million in shares year-to-date, representing approximately 100% of its free cash flow. Such share buybacks typically support stock prices by reducing the number of outstanding shares.

5. Analyst ratings and price targets reflected a generally positive outlook. Throughout this period, analysts maintained mostly "Buy" or "Hold" ratings for ON Semiconductor. For instance, TD Cowen reaffirmed a "Buy" rating on November 4, 2025, and Truist Securities maintained a "Hold" rating with a $57 price target on December 19, 2025. The average price target suggested a potential upside, contributing to investor confidence in the stock.

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Stock Movement Drivers

Fundamental Drivers

The 10.5% change in ON stock from 9/23/2025 to 12/23/2025 was primarily driven by a 58.2% change in the company's P/E Multiple.

	9232025	12232025	Change
Stock Price ($)	50.42	55.69	10.45%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6398.80	6187.80	-3.30%
Net Income Margin (%)	7.28%	5.16%	-29.16%
P/E Multiple	44.88	71.01	58.24%
Shares Outstanding (Mil)	414.60	406.90	1.86%
Cumulative Contribution			10.41%

LTM = Last Twelve Months as of date shown

Market Drivers

9/23/2025 to 12/23/2025

	Return	Correlation
ON	10.5%
Market (SPY)	3.7%	60.3%
Sector (XLK)	4.2%	57.8%

Fundamental Drivers

The 2.7% change in ON stock from 6/24/2025 to 12/23/2025 was primarily driven by a 97.0% change in the company's P/E Multiple.

	6242025	12232025	Change
Stock Price ($)	54.21	55.69	2.73%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6665.30	6187.80	-7.16%
Net Income Margin (%)	9.51%	5.16%	-45.76%
P/E Multiple	36.04	71.01	97.04%
Shares Outstanding (Mil)	421.30	406.90	3.42%
Cumulative Contribution			2.61%

LTM = Last Twelve Months as of date shown

Market Drivers

6/24/2025 to 12/23/2025

	Return	Correlation
ON	2.7%
Market (SPY)	13.7%	35.7%
Sector (XLK)	18.2%	35.4%

Fundamental Drivers

The -16.4% change in ON stock from 12/23/2024 to 12/23/2025 was primarily driven by a -78.3% change in the company's Net Income Margin (%).

	12232024	12232025	Change
Stock Price ($)	66.63	55.69	-16.42%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	7377.90	6187.80	-16.13%
Net Income Margin (%)	23.80%	5.16%	-78.33%
P/E Multiple	16.21	71.01	338.19%
Shares Outstanding (Mil)	427.00	406.90	4.71%
Cumulative Contribution			-16.60%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2024 to 12/23/2025

	Return	Correlation
ON	-16.4%
Market (SPY)	16.7%	64.7%
Sector (XLK)	23.2%	64.1%

Fundamental Drivers

The -10.7% change in ON stock from 12/24/2022 to 12/23/2025 was primarily driven by a -75.9% change in the company's Net Income Margin (%).

	12242022	12232025	Change
Stock Price ($)	62.39	55.69	-10.74%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8068.70	6187.80	-23.31%
Net Income Margin (%)	21.36%	5.16%	-75.86%
P/E Multiple	15.67	71.01	353.23%
Shares Outstanding (Mil)	432.90	406.90	6.01%
Cumulative Contribution			-11.06%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2023 to 12/23/2025

	Return	Correlation
ON	-33.7%
Market (SPY)	48.4%	61.7%
Sector (XLK)	53.8%	62.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ON Return	34%	108%	-8%	34%	-25%	-11%	131%
Peers Return	24%	24%	-12%	24%	-10%	10%	66%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	114%
Monthly Win Rates [3]
ON Win Rate	75%	83%	42%	67%	33%	50%
Peers Win Rate	60%	58%	38%	57%	38%	47%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
ON Max Drawdown	-65%	-0%	-31%	-4%	-27%	-49%
Peers Max Drawdown	-39%	-3%	-27%	-5%	-20%	-29%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: TXN, ADI, NXPI, MCHP, VSH. See ON Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/23/2025 (YTD)

How Low Can It Go

Unique Key	Event	ON	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-42.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	72.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-67.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	203.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	204 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-45.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	83.3%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	745 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-80.0%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	399.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	2,293 days	1,480 days

Compare to AMAT, TXN, ADI, MCHP, DIOD

In The Past

ON Semiconductor's stock fell -42.0% during the 2022 Inflation Shock from a high on 8/1/2023. A -42.0% loss requires a 72.6% gain to breakeven.

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About ON Semiconductor (ON)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

ON Semiconductor Corporation provides intelligent sensing and power solutions worldwide. Its intelligent power technologies enable the electrification of the automotive industry that allows for lighter and longer-range electric vehicles, empowers fast-charging systems, and propels sustainable energy for the solar strings, industrial power, and storage systems. The company operates through three segments the Power Solutions Group, the Advanced Solutions Group, and the Intelligent Sensing Group segments. It offers analog, discrete, module, and integrated semiconductor products that perform multiple application functions, including power switching and conversion, signal conditioning, circuit protection, signal amplification, and voltage regulation functions. The company also designs and develops analog, mixed-signal, advanced logic, application specific standard product and ASICs, radio frequency, and integrated power solutions for end-users in end-markets, as well as provides foundry and design services for government customers. In addition, it develops complementary metal oxide semiconductor image sensors, image signal processors, and single photon detectors, including silicon photomultipliers and single photon avalanche diode arrays, as well as actuator drivers for autofocus and image stabilization for a broad base of end-users in various end-markets. ON Semiconductor Corporation was incorporated in 1992 and is headquartered in Phoenix, Arizona.

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Here are 1-2 brief analogies for ON Semiconductor:

ON Semiconductor is like Texas Instruments (TI) for critical power and sensing chips in electric vehicles and industrial systems.
ON Semiconductor is like Infineon Technologies, specializing in intelligent power and sensing solutions for automotive and industrial markets.

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Power Management ICs: Integrated circuits designed to efficiently manage and convert electrical power in various applications.
Analog & Mixed-Signal ICs: Components that process continuous signals and combine both analog and digital functionalities for diverse electronic systems.
CMOS Image Sensors: Devices used to capture visual data in applications such as automotive cameras, industrial imaging, and security systems.
Discrete Power Devices: Individual semiconductor components like MOSFETs, IGBTs, and rectifiers used for power conversion, switching, and control.
Automotive Solutions: Specialized semiconductors supporting advanced driver-assistance systems (ADAS), vehicle electrification, and infotainment within the automotive sector.

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Major Customers of ON Semiconductor (ON)

ON Semiconductor (ON) operates primarily as a business-to-business (B2B) company, selling its semiconductor products and solutions to other companies for integration into their electronic devices and systems.

The company does not publicly disclose the specific names of its major customers due to competitive and confidentiality reasons. However, its 2023 Annual Report (10-K filing) provides insights into its customer concentration:

Sales to its largest customer represented approximately 12% of total revenue in 2023.
Sales to its second largest customer represented approximately 10% of total revenue in 2023.
ON Semiconductor explicitly states that its sales to both its largest and second largest customers were made through distributors.

Therefore, ON Semiconductor's major direct customers, by revenue percentage, are its global distributors. While ON Semiconductor does not name them, some of the world's largest semiconductor distributors that likely partner with ON Semiconductor include:

Arrow Electronics (NYSE: ARW)
Avnet (NASDAQ: AVT)

Beyond these direct distributors, ON Semiconductor's products are critical components for a wide range of end-market segments, with a strategic focus on the automotive and industrial sectors. Companies in these sectors are significant indirect customers and end-users of ON's technology. Prominent examples of companies whose products often incorporate ON Semiconductor components include, but are not limited to, major automotive OEMs and Tier 1 suppliers:

Mercedes-Benz Group AG (OTC: MBGAF, XTRA: MBG) - Known to use ON Semiconductor's SiC technology for electric vehicles.
Volkswagen AG (OTC: VWAGY, XTRA: VOW) - Has a strategic partnership with ON Semiconductor for SiC power modules.
Hyundai Motor Company (OTC: HYMLY, KRX: 005380) - Known to source power semiconductors for EVs.
Tesla, Inc. (NASDAQ: TSLA) - As a leading EV manufacturer, they utilize a broad range of advanced semiconductor components.
BorgWarner Inc. (NYSE: BWA) - A major automotive Tier 1 supplier for propulsion and powertrain systems.

It is important to note that while these automotive companies are significant end-users of ON Semiconductor's technology, they may not be direct "major customers" in terms of the revenue percentages disclosed by ON Semiconductor, as their purchases often flow through distributors or Tier 1 suppliers.

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Hassane El-Khoury, President and Chief Executive Officer

Hassane El-Khoury was appointed President and CEO of onsemi (formerly ON Semiconductor) in December 2020. Before joining onsemi, he served as President, Chief Executive Officer, and a board member at Cypress Semiconductor until its sale to Infineon in April 2020. During his thirteen years at Cypress, he held various roles, including business unit management, product development, applications engineering, and business development. El-Khoury led Cypress through a significant transformation, with his "Cypress 3.0" strategy resulting in record-high stock price, revenue, and cash flow within two years of his CEO tenure. He engineered the $9 billion sale of Cypress to Infineon. El-Khoury began his career as a senior design engineer at Continental Automotive Systems. He earned a Bachelor of Science in electrical engineering from Lawrence Technological University and a Master's in engineering management from Oakland University.

Thad Trent, Executive Vice President and Chief Financial Officer

Thad Trent was appointed Executive Vice President and Chief Financial Officer of onsemi in February 2021. Previously, he was CFO at Cypress Semiconductor, where his responsibilities included strategic planning, accounting, investor relations, tax, corporate development, and information technology. Under his financial leadership, Cypress' revenue grew from $723 million to $2.5 billion, and its enterprise value increased fivefold during his five-year tenure as CFO. He served as CFO at Cypress Semiconductor until its acquisition by Infineon in April 2020. Trent is a seasoned finance professional with leadership experience in both global publicly held technology companies and startups. He holds a Bachelor of Science in business administration and finance from San Diego State University.

Felicity Carson, Senior Vice President and Chief Marketing Officer

Felicity Carson joined onsemi in August 2021 as Senior Vice President and Chief Marketing Officer. She is an experienced global marketing leader with extensive B2B experience across middleware, applications, industrial software, and technology. Prior to onsemi, Carson served as Senior Vice President of Global Performance Marketing at AVEVA. Her career also includes a two-year tenure at SAP as Head of Customer Experience and Global Events, and over 17 years at IBM, where she led various marketing functions, including CMO for IBM Watson Customer Engagement, a $1.4 billion business unit. She was recognized for her contributions to IBM's marketing transformation and was voted one of the top 10 most influential women in MarTech by B2B Marketing in 2016.

Paul Dutton, Senior Vice President, Chief Legal Officer and Secretary

Paul Dutton was named Senior Vice President, Chief Legal Officer and Secretary of onsemi in May 2024. He is an accomplished attorney with over 23 years of experience in securities, mergers and acquisitions, venture capital, structured finance, and corporate and transactional law. Since joining onsemi in May 2022, he has been a driving force behind various corporate initiatives, including public company reporting, compliance, and governance, and has partnered with the executive team on numerous strategic initiatives. Before onsemi, Dutton worked for Infineon Technologies, Cypress Semiconductor Corporation, United Online, MobileIron, and MIPS Technologies, as well as law firms in Silicon Valley and New York. He holds a Bachelor of Arts in Political Science and a Juris Doctor degree from the University of Michigan Law School.

Simon Keeton, Group President, Power Solutions Group

Simon Keeton serves as the Group President of the Power Solutions Group at onsemi. In this role, he leads one of the company's key business units focused on power solutions.

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The key risks to ON Semiconductor's business include:

Market Cyclicality and Demand Fluctuations: The semiconductor industry is inherently cyclical, and ON Semiconductor is significantly exposed to demand fluctuations, particularly within the automotive and industrial markets. Recent reports indicate a decline in revenue, especially due to decreased demand in these end-markets and weaker electric vehicle (EV) demand impacting sales of silicon carbide (SiC) chips. The uncertainty surrounding market recovery and the timing of a bottom in these segments poses a substantial risk to the company's financial performance.
Intense Competition and Commoditization: ON Semiconductor operates in a highly competitive industry characterized by rapid technological changes. The company must continuously invest in research and development to maintain its market position. A specific concern is the potential for commoditization of its silicon carbide (SiC) business, which is a key growth driver for the company, potentially leading to pricing pressures and reduced margins.
Operational Risks: Disruptions in manufacturing processes, reliance on third-party suppliers, and the need for efficient operations present significant operational risks. The company's manufacturing network is highly interdependent, meaning any interruption could materially affect its operations and ability to meet demand.

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ON Semiconductor (onsemi) is a leading supplier of intelligent power and sensing technologies, with its main products and services catering to the automotive, industrial, and consumer electronics markets. The company's key product areas include power management solutions, image sensors, and discrete semiconductor devices, with a significant focus on Silicon Carbide (SiC) technology for electric vehicles (EVs).

The addressable markets for ON Semiconductor's main products and services are substantial and growing:

Automotive Semiconductor Market: The global automotive semiconductor market was valued at approximately USD 74.3 billion in 2024 and is projected to reach USD 164.7 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 8.4% from 2025 to 2034. Another estimate places the global market at USD 100.48 billion in 2025, forecast to expand to USD 142.87 billion by 2030 with a CAGR of 7.29%. The Asia Pacific region held over 45% of the global market in 2022 and is expected to dominate by 2030.
Power Semiconductor Market: Globally, the power semiconductor market was valued at USD 52.57 billion in 2024 and is projected to reach USD 81.70 billion by 2034, with a CAGR of 4.51% from 2025 to 2034. Another report indicates a market size of USD 56.87 billion in 2025, expected to reach USD 74.36 billion by 2030, growing at a CAGR of 5.51%. The Asia Pacific region led the market with a 41% share in 2024, valued at USD 21.55 billion, and is projected to grow to approximately USD 33.58 billion by 2034.
Silicon Carbide (SiC) Market: The global silicon carbide market is projected to grow from USD 3.83 billion in 2025 to USD 12.03 billion by 2030, at a robust CAGR of 25.7%. Other estimates show the market at USD 5.23 billion in 2024, reaching USD 9.15 billion by 2030 with an 8.7% CAGR. The Asia Pacific region accounted for over 59% of the global silicon carbide market revenue share in 2024.
Image Sensors Market: The global image sensors market size was estimated at USD 25.07 billion in 2024 and is predicted to increase to approximately USD 47.73 billion by 2034, expanding at a CAGR of 6.65% from 2025 to 2034. Another source states the market reached USD 28.5 billion in 2024 and is expected to reach USD 57.3 billion by 2033, with a CAGR of 7.67% during 2025-2033. North America held the largest share of the market (30%) in 2024, with the U.S. market alone valued at USD 5.64 billion in 2024, projected to reach USD 10.77 billion by 2034.
Intelligent Power Module (IPM) Market: The global intelligent power module market size is estimated at USD 2.99 billion in 2025 and is predicted to reach approximately USD 6.03 billion by 2034, accelerating at a CAGR of 8.10% from 2025 to 2034. The Asia Pacific intelligent power module market size was USD 1.17 billion in 2025 and is expected to expand at a CAGR of 8.30% during the forecast period.
Smart Sensors Market: The global intelligent sensors market was valued at USD 72.6 billion in 2024 and is projected to reach USD 306.9 billion by 2035, growing at a CAGR of 14.0% from 2025 to 2035. North America held a significant market share of over 40% of the global revenue in 2025, valued at USD 24.47 billion, and is projected to grow at a CAGR of 16.8% from 2025 to 2033.

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Here are 3-5 expected drivers of future revenue growth for ON Semiconductor (symbol: ON) over the next 2-3 years:

ON Semiconductor is strategically positioned for future revenue growth, primarily driven by its focus on high-growth applications in the automotive, industrial, and artificial intelligence (AI) sectors. The company's emphasis on intelligent power and sensing technologies, particularly silicon carbide (SiC) and advanced power management solutions, underpins its long-term strategy.

Automotive Electrification and Advanced Driver-Assistance Systems (ADAS): A significant driver for ON Semiconductor is the ongoing trend of vehicle electrification and the increasing adoption of ADAS and autonomous driving technologies. The company is concentrating on intelligent power and sensing solutions for the automotive sector, with a specific focus on silicon carbide (SiC) for electric vehicles (EVs) to enhance powertrain efficiency, extend battery life, and improve charging speeds. ON Semiconductor expects SiC to outpace the broader automotive industry as EV adoption and penetration rates increase, particularly with the transition to 800-volt EV platforms. The company is also a leading supplier of image sensors for automotive ADAS applications.
Growth in the Industrial Sector: ON Semiconductor is targeting the industrial sector as another key area for revenue growth, particularly in applications related to renewable energy and industrial automation. While the industrial market has faced softness, the company is investing in its power portfolio to address emerging trends in renewable energy, such as utility-scale solar. Opportunities also exist in industrial robotics and factory automation.
Expansion of Silicon Carbide (SiC) Technology and Vertical Integration: Silicon carbide remains a core growth driver, especially for high-efficiency power solutions in electric vehicles, charging stations, and renewable energy systems. ON Semiconductor is investing heavily in vertical integration for its SiC manufacturing, from substrate to assembly, to secure its supply chain, optimize energy efficiency, and improve margins. This strategy aims to enhance competitive advantage and capture a larger share of the growing SiC market.
AI Data Centers and Advanced Power Management: The demand for more efficient power solutions in AI-powered data centers presents a substantial growth opportunity for ON Semiconductor. The company's AI-related products, including advanced power management chips and recently introduced vertical Gallium Nitride (vGaN) technology, are crucial for handling the skyrocketing compute loads and energy demands of AI infrastructure. Strategic investments, such as the acquisition of Vcore Power Technology, further strengthen its offerings for next-generation AI data centers and compute platforms.

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Share Repurchases
- ON Semiconductor announced a new $3 billion share repurchase program in February 2023, authorized through December 31, 2025.
- Since the program's inception in February 2023, the company has repurchased $2.1 billion in shares as of Q3 2025, with approximately $861 million remaining on the authorization.
- Year-to-date in 2025, share repurchases totaled $925 million, which approximated 100% of free cash flow.
Share Issuance
- In May 2021, ON Semiconductor completed a private offering of $700 million aggregate principal amount of 0% Convertible Senior Notes due 2027.
- The conversion of these notes could involve the issuance of common stock, at the company's election.
Inbound Investments
- In June 2024, ON Semiconductor announced a planned investment of approximately $2 billion (over CZK 40 billion) to expand its factory in Rožnov pod Radhoštěm, Czech Republic, with CzechInvest playing a key role in facilitating this significant investment in the region.
Outbound Investments
- In August 2021, ON Semiconductor agreed to acquire GT Advanced Technologies for $415 million.
- The company completed the acquisition of SWIR Vision Systems in July 2024 and the acquisition of rights to Vcore power technologies from Aura Semiconductor in October 2025.
- In January 2025, ON Semiconductor completed the acquisition of Qorvo's Silicon Carbide JFET Business for $118.8 million.
Capital Expenditures
- ON Semiconductor's capital expenditures averaged $848.9 million annually from fiscal years 2020 to 2024, peaking at $1.539 billion in December 2023 and reaching a five-year low of $483.6 million in December 2020.
- Capital expenditures for Q3 2025 were $46 million, with an expected range of $20 million to $40 million for Q4 2025.
- The primary focus of capital expenditures includes ramping silicon carbide in support of long-term supply agreements and investments in silicon carbide chip manufacturing capacity, particularly for automotive and industrial markets.

Better Bets than ON Semiconductor (ON)

INDUSTRY: Semiconductors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ON: -8.1% | 3.7x)

INTC (-7.6% | 3.1x)

Intel

GFS (-4.6% | 2.9x)

GLOBALFOUNDRIES

AMKR (-2.3% | 1.6x)

Amkor Technology

QRVO (-3.7% | 2.2x)

Qorvo

CRUS (-0.1% | 3.2x)

Cirrus Logic

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ON: -8.1% | 24.3x)

MU (28.3% | 22.6x)

Micron Technology

QCOM (1.2% | 15.2x)

Qualcomm

NXPI (-2.3% | 19.0x)

NXP Semiconductors

FSLR (20.6% | 21.2x)

First Solar

AMKR (-2.3% | 24.2x)

Amkor Technology

Higher Rev Chg LTM (Value for ON: -16.1%)

NVDA (65.2%)

NVIDIA

MU (45.4%)

Micron Technology

AMD (31.8%)

Advanced Micro Devices

AVGO (23.9%)

Broadcom

QCOM (13.7%)

Qualcomm

Higher Rev Chg 3Y Avg (Value for ON: -8.1%)

NVDA (91.6%)

NVIDIA

MU (28.3%)

Micron Technology

AVGO (25.2%)

Broadcom

AMD (12.9%)

Advanced Micro Devices

QCOM (1.2%)

Qualcomm

Higher Op Mgn LTM (Value for ON: 15.1%)

NVDA (58.8%)

NVIDIA

AVGO (40.8%)

Broadcom

TXN (34.8%)

Texas Instruments

MU (32.5%)

Micron Technology

QCOM (28.0%)

Qualcomm

Higher CFO/Rev LTM (Value for ON: 28.8%)

MU (53.6%)

Micron Technology

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

TXN (39.9%)

Texas Instruments

QCOM (31.6%)

Qualcomm

Higher FCF/Rev LTM (Value for ON: 21.9%)

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

ADI (38.8%)

Analog Devices

QCOM (28.9%)

Qualcomm

MPWR (27.1%)

Monolithic Power Systems

Higher Total Yield (Value for ON: 1.4%)

TXN (6.2%)

Texas Instruments

QCOM (5.0%)

Qualcomm

MU (4.0%)

Micron Technology

ADI (3.1%)

Analog Devices

NVDA (2.2%)

NVIDIA

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for ON: -8.1% | 3.7x)

ACN (4.3% | 2.4x)

Accenture

INTC (-7.6% | 3.1x)

Intel

DELL (0.2% | 0.8x)

Dell Technologies

CTSH (2.6% | 2.0x)

Cognizant Technology Solutions

FISV (6.8% | 1.7x)

Fiserv

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ON: -8.1% | 24.3x)

MU (28.3% | 22.6x)

Micron Technology

CSCO (3.7% | 23.8x)

Cisco Systems

QCOM (1.2% | 15.2x)

Qualcomm

ACN (4.3% | 16.5x)

Accenture

ADBE (10.5% | 17.7x)

Adobe

Higher Rev Chg LTM (Value for ON: -16.1%)

NVDA (65.2%)

NVIDIA

AVGO (23.9%)

Broadcom

MSFT (15.6%)

Microsoft

ORCL (11.1%)

Oracle

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for ON: -8.1%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

MSFT (13.2%)

Microsoft

ORCL (9.8%)

Oracle

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for ON: 15.1%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

AVGO (40.8%)

Broadcom

ORCL (31.9%)

Oracle

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for ON: 28.8%)

MSFT (50.0%)

Microsoft

PLTR (46.6%)

Palantir Technologies

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

ORCL (36.5%)

Oracle

Higher FCF/Rev LTM (Value for ON: 21.9%)

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

Higher Total Yield (Value for ON: 1.4%)

MU (4.0%)

Micron Technology

ORCL (3.7%)

Oracle

MSFT (3.6%)

Microsoft

AAPL (2.8%)

Apple

NVDA (2.2%)

NVIDIA

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ON: -8.1% | 3.7x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

WMT (5.4% | 1.3x)

Walmart

XOM (-5.6% | 1.6x)

Exxon Mobil

COST (6.7% | 1.4x)

Costco Wholesale

HD (1.9% | 2.1x)

Home Depot

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ON: -8.1% | 24.3x)

META (17.3% | 20.4x)

Meta Platforms

XOM (-5.6% | 14.3x)

Exxon Mobil

JNJ (6.1% | 20.5x)

Johnson & Johnson

V (10.9% | 17.2x)

Visa

HD (1.9% | 15.9x)

Home Depot

Higher Rev Chg LTM (Value for ON: -16.1%)

META (21.3%)

Meta Platforms

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

TSLA (-1.6%)

Tesla

BRK-B (-11.6%)

Berkshire Hathaway

Higher Rev Chg 3Y Avg (Value for ON: -8.1%)

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

TSLA (9.3%)

Tesla

Higher Op Mgn LTM (Value for ON: 15.1%)

MA (58.3%)

Mastercard

META (43.2%)

Meta Platforms

LLY (43.0%)

Eli Lilly

GOOGL (32.2%)

Alphabet

JNJ (26.2%)

Johnson & Johnson

Higher CFO/Rev LTM (Value for ON: 28.8%)

V (57.6%)

Visa

BAC (57.3%)

Bank of America

META (56.8%)

Meta Platforms

MA (56.1%)

Mastercard

GOOGL (39.3%)

Alphabet

Higher FCF/Rev LTM (Value for ON: 21.9%)

BAC (57.3%)

Bank of America

V (53.9%)

Visa

MA (52.5%)

Mastercard

ABBV (33.0%)

AbbVie

META (23.7%)

Meta Platforms

Higher Total Yield (Value for ON: 1.4%)

BRK-B (6.2%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

GOOGL (3.5%)

Alphabet

AMZN (2.9%)

Amazon.com

LLY (2.0%)

Eli Lilly

		Best Bets In Information Technology Sector
	ON	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	71.0	28.2	17.0	46.4	44.3	29.7	16.3	14.6	19.4	23.8	20.3
P/EBIT	53.2	20.4	13.8	39.5	37.8	10.5	23.7	11.9	21.1	65.3	23.2
What You Get
Rev Chg Q	-12.0%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	-16.1%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	-8.1%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	14.4%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Micron Technology or ON Semiconductor: Which Stock Has More Upside?	Counter-Intuitive Comparisons
2	ON Semiconductor Earnings Notes
3	ON Semiconductor Earnings Notes
4	Where Does ON Semiconductor Stock Rank Among Competitors?
5	Better Bet Than ON Semiconductor Stock: FSLR, ARRY Deliver More	Actionable
6	ON Semiconductor Stock Rockets 27% With 8-Day Winning Streak	Notification
7	7-Day Rally Sends ON Semiconductor Stock Up 10%	Notification
8	7-Day Rally Sends ON Semiconductor Stock Up 10%	Notification
9	ON Semiconductor Stock Surges 10%, With A 7-Day Winning Spree	Notification
10	ON Semiconductor Stock On Fire: Up 15% With 7-Day Winning Streak	Notification

	Title
0	ARTICLES

Trade Ideas

Select ideas related to ON. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.7%	11.7%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	10.2%	10.2%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.2%	16.2%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.7%	11.7%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.2%	4.2%	0.0%
ON_8312025_Monopoly_xInd_xCD_Getting_Cheaper	08312025	ON	ON Semiconductor	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	12.3%	12.3%	-9.5%
ON_2282025_Dip_Buyer_High_CFO_Margins_ExInd_DE	02282025	ON	ON Semiconductor	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	5.4%	18.4%	-32.1%
ON_4302024_Dip_Buyer_ValueBuy	04302024	ON	ON Semiconductor	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	6.5%	-43.4%	-54.5%
ON_10312023_Dip_Buyer_ValueBuy	10312023	ON	ON Semiconductor	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	12.0%	17.5%	-3.2%
ON_8312019_Dip_Buyer_FCFYield	08312019	ON	ON Semiconductor	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.8%	23.7%	-52.5%
ON_9302018_Dip_Buyer_FCFYield	09302018	ON	ON Semiconductor	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	11.6%	4.2%	-20.7%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RZLT	Rezolute	0.3	18.0%	-50.6%
WW	WW International	2.4	14.2%
NRGV	Energy Vault	0.8	10.4%	122.8%
METC	Ramaco Resources	1.0	8.5%	67.0%
UAMY	United States Antimony	0.7	7.9%	240.7%
LION	Lionsgate Studios	2.6	7.4%	-71.0%
GHM	Graham	0.8	7.3%	56.3%
VG	Venture Global	17.0	6.4%
CRK	Comstock Resources	6.7	5.7%	26.6%
SSII	SS Innovations International	1.1	5.5%	-25.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	6.8	-67.3%	-18.9%
GOSS	Gossamer Bio	0.7	-12.9%	263.1%
CSIQ	Canadian Solar	1.6	-11.8%	115.2%
TDUP	ThredUp	0.8	-11.7%	363.3%
LAB	Standard BioTools	0.6	-11.0%	-14.6%
INBX	Inhibrx Biosciences	1.2	-10.8%	407.0%
QBTS	D-Wave Quantum	10.0	-9.5%	246.7%
FDMT	4D Molecular Therapeutics	0.4	-9.3%	41.8%
FBYD	Falcons Beyond Global	0.6	-8.5%	109.8%
PVLA	Palvella Therapeutics	1.1	-8.1%	735.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	1.9	53.2%	-9.1%
HUT	Hut 8	5.5	42.4%	156.1%
AAOI	Applied Optoelectronics	2.6	40.3%	10.3%
FBYD	Falcons Beyond Global	0.6	39.8%	109.8%
RKLB	Rocket Lab	39.8	39.1%	203.0%
DJT	Trump Media & Technology	3.9	31.9%	-58.5%
SGML	Sigma Lithium	1.5	31.9%	20.2%
ADEA	Adeia	1.9	31.0%	23.9%
TE	T1 Energy	1.1	30.7%
FOLD	Amicus Therapeutics	4.4	30.5%	50.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.0	-80.2%	-27.2%
TPL	Texas Pacific Land	6.8	-63.8%	-18.9%
FDMT	4D Molecular Therapeutics	0.4	-31.4%	41.8%
LW	Lamb Weston	5.9	-30.1%	-35.8%
TLRY	Tilray Brands	11.2	-24.5%	-20.8%
OLMA	Olema Pharmaceuticals	2.4	-19.3%	374.6%
INSP	Inspire Medical Systems	2.8	-17.8%	-48.8%
GETY	Getty Images	0.5	-17.6%	-41.7%
TDUP	ThredUp	0.8	-16.4%	363.3%
FRMI	Fermi	5.8	-15.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	161.4%
WVE	WAVE Life Sciences	2.9	147.9%	41.3%
AAOI	Applied Optoelectronics	2.6	97.5%	10.3%
LUNR	Intuitive Machines	1.9	91.5%	-9.1%
RKLB	Rocket Lab	39.8	91.5%	203.0%
VERA	Vera Therapeutics	3.4	89.4%	27.5%
PL	Planet Labs PBC	6.3	85.8%	413.1%
ANF	Abercrombie & Fitch	5.9	77.2%	-17.2%
ARWR	Arrowhead Pharmaceuticals	9.7	72.6%	271.4%
NRGV	Energy Vault	0.8	68.8%	122.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-75.4%	-50.6%
JANX	Janux Therapeutics	0.9	-51.0%	-73.6%
LENZ	LENZ Therapeutics	0.5	-42.9%	-41.5%
FRMI	Fermi	5.8	-42.5%
GOGO	Gogo	0.6	-35.0%	-43.3%
HPK	HighPeak Energy	0.5	-29.7%	-70.1%
UP	Wheels Up Experience	0.4	-29.2%	-61.8%
ORIC	ORIC Pharmaceuticals	0.6	-28.8%	2.5%
LW	Lamb Weston	5.9	-27.5%	-35.8%
ACLX	Arcellx	3.7	-27.4%	-14.6%

Peer Comparisons for ON Semiconductor

Peers to compare with:

Financials

	ON	TXN	ADI	NXPI	MCHP	VSH	Median
Name	ON Semic.	Texas In.	Analog D.	NXP Semi.	Microchi.	Vishay I.
Mkt Price	55.69	177.08	276.73	225.98	65.35	14.96	121.22
Mkt Cap	22.7	161.0	135.8	57.0	35.3	2.0	46.1
Rev LTM	6,188	17,266	11,020	12,045	4,212	2,983	8,604
Op Inc LTM	932	6,012	3,002	3,001	155	52	1,966
FCF LTM	1,356	2,080	4,279	1,770	754	-221	1,563
FCF 3Y Avg	999	1,732	3,652	2,255	1,807	-80	1,770
CFO LTM	1,785	6,897	4,812	2,320	841	103	2,052
CFO 3Y Avg	1,940	6,560	4,494	3,100	2,047	247	2,574

Growth & Margins

	ON	TXN	ADI	NXPI	MCHP	VSH	Median
Name	ON Semic.	Texas In.	Analog D.	NXP Semi.	Microchi.	Vishay I.
Rev Chg LTM	-16.1%	9.9%	16.9%	-6.8%	-23.4%	-0.8%	-3.8%
Rev Chg 3Y Avg	-8.1%	-4.6%	-1.4%	-2.3%	-14.9%	-4.9%	-4.7%
Rev Chg Q	-12.0%	14.2%	25.9%	-2.4%	-2.0%	7.5%	2.8%
QoQ Delta Rev Chg LTM	-3.3%	3.5%	6.1%	-0.6%	-0.6%	1.9%	0.7%
Op Mgn LTM	15.1%	34.8%	27.2%	24.9%	3.7%	1.7%	20.0%
Op Mgn 3Y Avg	25.2%	38.0%	27.2%	27.2%	21.0%	7.8%	26.2%
QoQ Delta Op Mgn LTM	-2.5%	-0.1%	1.9%	-0.7%	-1.2%	-0.1%	-0.4%
CFO/Rev LTM	28.8%	39.9%	43.7%	19.3%	20.0%	3.4%	24.4%
CFO/Rev 3Y Avg	26.8%	38.6%	41.2%	24.3%	30.4%	7.4%	28.6%
FCF/Rev LTM	21.9%	12.0%	38.8%	14.7%	17.9%	-7.4%	16.3%
FCF/Rev 3Y Avg	14.4%	10.2%	33.6%	17.7%	26.9%	-3.0%	16.0%

Valuation

	ON	TXN	ADI	NXPI	MCHP	VSH	Median
Name	ON Semic.	Texas In.	Analog D.	NXP Semi.	Microchi.	Vishay I.
Mkt Cap	22.7	161.0	135.8	57.0	35.3	2.0	46.1
P/S	3.7	9.3	12.3	4.7	8.4	0.7	6.6
P/EBIT	53.2	25.8	44.8	18.7	744.5	-889.3	35.3
P/E	71.0	31.9	59.9	27.6	-190.6	-26.6	29.8
P/CFO	12.7	23.3	28.2	24.6	42.0	19.8	24.0
Total Yield	1.4%	6.2%	3.1%	5.4%	1.6%	-1.1%	2.3%
Dividend Yield	0.0%	3.1%	1.4%	1.8%	2.1%	2.7%	1.9%
FCF Yield 3Y Avg	3.9%	1.1%	3.5%	4.0%	4.4%	-4.4%	3.7%
D/E	0.1	0.1	0.1	0.2	0.2	0.5	0.2
Net D/E	0.0	0.1	0.0	0.2	0.1	0.3	0.1

Returns

	ON	TXN	ADI	NXPI	MCHP	VSH	Median
Name	ON Semic.	Texas In.	Analog D.	NXP Semi.	Microchi.	Vishay I.
1M Rtn	19.3%	11.1%	19.5%	18.6%	28.4%	20.4%	19.4%
3M Rtn	10.5%	-1.9%	12.5%	0.6%	1.9%	-0.9%	1.3%
6M Rtn	2.7%	-12.6%	18.7%	4.8%	-5.7%	-2.2%	0.3%
12M Rtn	-16.4%	-3.8%	30.9%	7.5%	16.5%	-10.9%	1.8%
3Y Rtn	-10.7%	18.0%	77.9%	51.6%	0.5%	-25.5%	9.3%
1M Excs Rtn	14.6%	6.4%	14.9%	14.0%	23.7%	15.8%	14.7%
3M Excs Rtn	5.2%	-7.2%	7.6%	-4.4%	-4.0%	-5.2%	-4.2%
6M Excs Rtn	-9.8%	-25.8%	5.4%	-8.0%	-20.7%	-16.0%	-12.9%
12M Excs Rtn	-31.8%	-18.7%	17.6%	-6.7%	2.6%	-27.5%	-12.7%
3Y Excs Rtn	-94.2%	-65.0%	-4.6%	-33.4%	-82.6%	-105.7%	-73.8%

Comparison Analyses

	Title
0	TXN or ON - With 8.5% Return Forecast, ON Probably Deserves Your Money
1	ON Semiconductor vs. Applied Materials: With Return Forecast Of 16%, Applied Materials Is A Better Bet
2	DIOD Looks Stronger Than ON With 12% Return Potential
3	ON Semiconductor vs. MercadoLibre: With Return Forecast Of 73%, MercadoLibre Is A Better Bet
4	ON Semiconductor vs. ServiceNow: With Return Forecast Of 59%, ServiceNow Is A Better Bet
5	ON Semiconductor vs. Vertex Pharmaceuticals: With Return Forecast Of 70%, Vertex Pharmaceuticals Is A Better Bet
6	ON Semiconductor vs. Twitter: Similar Market Cap, But Twitter Is A Better Bet
7	ON Semiconductor vs. ONEOK: Similar Market Cap, But ONEOK Is A Better Bet
8	ON Semiconductor vs. Stanley Black & Decker: Similar Market Cap, But Stanley Black & Decker Is A Better Bet
9	ON Semiconductor vs. Skyworks Solutions: Industry Peers, But Skyworks Solutions Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	10/3/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/3/2025	2/10/2025	2/5/2024	2/6/2023	2/14/2022	2/16/2021	2/19/2020
Key Financials
Total Revenue	6,188	7,082	8,253	8,326	6,740	5,255	5,518
EBITDA	1,063	2,543	3,220	3,009	1,885	970	1,018
Operating Income	932	1,902	2,614	2,765	1,362	415	632
Net Income	319	1,573	2,184	1,902	1,010	234	212
EPS	0.78	3.68	5.07	4.39	2.37	0.57	0.52
Growth Rates
Total Revenue Growth	-16.1%	-14.2%	-0.9%	23.5%	28.3%	-4.8%	-6.1%
EBITDA Growth	-60.7%	-21.0%	7.0%	59.6%	94.3%	-4.7%	-26.9%
Operating Income Growth	-55.3%	-27.2%	-5.5%	103.0%	228.0%	-34.4%	-26.3%
Net Income Growth	-81.8%	-28.0%	14.8%	88.4%	331.1%	10.6%	-66.3%
Margins
EBITDA Margin	17.2%	35.9%	39.0%	36.1%	28.0%	18.5%	18.4%
Operating Income Margin	15.1%	26.9%	31.7%	33.2%	20.2%	7.9%	11.5%
Net Income Margin	5.2%	22.2%	26.5%	22.8%	15.0%	4.5%	3.8%
Cash & Debt
Total Cash	2,872	2,991	2,483	2,919	1,353	1,081	894
Total Debt	3,377	3,367	3,360	3,231	3,098	3,491	3,612
Net Debt / (Cash)	505	376	877	312	1,745	2,411	2,718
Cash Flows
Net Cash from Operations	1,785	1,906	1,978	2,633	1,782	884	695
Free Cash from Operations	1,356	1,212	438	1,597	1,290	401	60
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	1,132	654	564	260	-0	65	139

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	10/3/2025	7/4/2025	4/4/2025	12/31/2024	9/27/2024	6/28/2024	3/29/2024	12/31/2023	9/29/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/3/2025	8/4/2025	5/5/2025	2/10/2025	10/28/2024	7/29/2024	4/29/2024	2/5/2024	10/30/2023	7/31/2023	5/1/2023	2/6/2023
Key Financials Quarterly
Total Revenue	1,551	1,469	1,446	1,722	1,762	1,735	1,863	2,018	2,181	2,094	1,960	2,104
Ebitda	437	376	-375	624	632	577	709	787	869	847	717	924
Operating Income	284	243	-34	440	474	461	527	624	696	677	616	697
Net Income	255	170	-486	380	402	338	453	563	583	577	462	604
EPS	0.63	0.41	-1.15	0.89	0.94	0.79	1.06	1.31	1.35	1.34	1.07	1.40
Key Financials TTM
Total Revenue TTM	6,188	6,399	6,665	7,082	7,378	7,797	8,156	8,253	8,338	8,350	8,341	8,326
Ebitda TTM	1,063	1,258	1,459	2,543	2,705	2,942	3,212	3,220	3,357	3,058	2,936	3,009
Operating Income TTM	932	1,122	1,341	1,902	2,086	2,308	2,524	2,614	2,687	2,727	2,747	2,765
Net Income TTM	319	466	634	1,573	1,756	1,937	2,175	2,184	2,225	1,954	1,834	1,902
Growth Rates Quarterly
Total Revenue Growth	-12.0%	-15.4%	-22.4%	-14.6%	-19.2%	-17.2%	-4.9%	-4.1%	-0.5%	0.5%	0.8%	13.9%
EBITDA Growth	-30.8%	-34.8%	-152.9%	-20.7%	-27.3%	-31.8%	-1.2%	-14.8%	52.4%	16.9%	-9.2%	44.7%
Operating Income Growth	-40.1%	-47.4%	-106.5%	-29.5%	-31.9%	-31.9%	-14.6%	-10.5%	-5.5%	-2.9%	-2.8%	41.2%
Net Income Growth	-36.5%	-49.6%	-207.3%	-32.5%	-31.1%	-41.3%	-1.9%	-6.9%	86.8%	26.5%	-12.9%	41.9%
Margins Quarterly
EBITDA Margin	28.2%	25.6%	-25.9%	36.2%	35.9%	33.3%	38.0%	39.0%	39.9%	40.4%	36.6%	43.9%
Operating Income Margin	18.3%	16.5%	-2.4%	25.5%	26.9%	26.6%	28.3%	30.9%	31.9%	32.3%	31.5%	33.1%
Net Income Margin	16.4%	11.6%	-33.6%	22.1%	22.8%	19.5%	24.3%	27.9%	26.7%	27.5%	23.6%	28.7%
Cash & Debt
Total Cash	2,872	2,827	3,012	2,991	2,770	2,681	2,614	2,483	2,679	2,622	2,702	2,919
Total Debt	3,377	3,375	3,370	3,367	3,366	3,363	3,360	3,360	3,481	3,483	3,500	3,231
Net Debt / (Cash)	505	548	358	376	596	682	746	877	802	861	797	312
Cash Flows Quarterly
FCF from Operations	419	184	602	580	466	362	499	611	567	391	409	731
Cash Flows TTM
FCF from Operations TTM	1,785	1,832	2,010	1,906	1,938	2,039	2,067	1,978	2,098	2,533	2,563	2,633
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	325	302	300	204	200	150	100	300	100	60	104	93
Return on Invested Capital (ROIC) Quarterly
ROIC	210.4%	150.3%	-33.3%	401.7%	282.0%	227.4%	238.0%	262.3%	290.4%	266.6%	261.8%	707.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	166.4%	178.4%	322.7%	433.9%	306.6%	291.5%	291.3%	256.9%	277.6%	258.4%	277.2%	714.9%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Power Solutions Group (PSG)	3,880	4,208	3,439	2,606	2,788
Analog and Mixed-Signal Group (AMG)	3,057	2,841	2,400	1,910	1,972
Intelligent Sensing Group (ISG)	1,316	1,277	901	738	757
Total	8,253	8,326	6,740	5,255	5,518

Price Behavior

Price Behavior

Market Price	$55.69
Market Cap ($ Bil)	23.1
First Trading Date	05/02/2000
Distance from 52W High	-18.0%
	50 Days	200 Days
DMA Price	$51.38	$48.56
DMA Trend	indeterminate	up
Distance from DMA	8.4%	14.7%
	3M	1YR
Volatility	50.1%	59.3%
Downside Capture	224.25	198.34
Upside Capture	234.10	151.26
Correlation (SPY)	61.3%	64.7%

ON Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.92	2.51	2.33	1.81	1.93	1.94
Up Beta	1.37	3.23	3.45	1.39	2.13	1.97
Down Beta	0.33	2.12	2.46	2.62	1.95	1.83
Up Capture	217%	256%	179%	165%	174%	684%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	9	19	28	58	116	366
Down Capture	229%	236%	202%	154%	141%	111%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	22	34	66	131	380

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of ON With Other Asset Classes (Last 1Y)
	ON	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-14.2%	26.5%	18.8%	72.9%	9.0%	3.7%	-11.4%
Annualized Volatility	59.0%	27.6%	19.5%	19.2%	15.3%	17.2%	35.0%
Sharpe Ratio	-0.04	0.83	0.76	2.72	0.36	0.05	-0.14
Correlation With Other Assets		64.2%	64.7%	1.2%	23.2%	41.3%	34.1%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of ON With Other Asset Classes (Last 5Y)
	ON	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.2%	19.1%	14.8%	18.9%	11.8%	4.7%	35.5%
Annualized Volatility	52.0%	24.7%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.42	0.70	0.70	0.98	0.51	0.16	0.62
Correlation With Other Assets		67.1%	64.6%	7.6%	17.2%	39.2%	28.4%

Based On 10-Year Data

		Comparison of ON With Other Asset Classes (Last 10Y)
	ON	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	18.4%	22.4%	14.8%	15.1%	6.8%	5.4%	69.1%
Annualized Volatility	50.1%	24.2%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.54	0.85	0.71	0.85	0.31	0.23	0.90
Correlation With Other Assets		66.6%	65.0%	2.7%	25.0%	43.4%	20.7%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	39,667,834
Short Interest: % Change Since 11152025	1.3%
Average Daily Volume	9,022,760
Days-to-Cover Short Interest	4.40
Basic Shares Quantity	406,900,000
Short % of Basic Shares	9.7%

Returns Analyses

	Title
0	Can ON Semiconductor Stock Hold Up When Markets Turn?
1	ON YTD Stock Return Of -20% Outperforms DIOD by 2.0% and Underperforms MCHP by -35%
2	ON Semiconductor Stock Return Comparison
3	[10/16/2021] ON Semiconductor (ON) Stock Price Forecast: AI Forecasts ON Stock Price To Be Around $44.20 In A Month (Up 2%)
4	ON Semiconductor (ON) Stock Return: AI Predicts ON Average and Excess Return After a Fall or Rise

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/3/2025	0.8%	-4.5%	14.1%
8/4/2025	-15.6%	-16.1%	-13.9%
5/5/2025	-8.4%	-2.2%	13.0%
2/10/2025	-8.2%	1.1%	-16.4%
10/28/2024	1.4%	-0.4%	1.6%
7/29/2024	11.5%	-3.2%	6.6%
4/29/2024	4.1%	3.4%	8.2%
2/5/2024	9.5%	14.1%	8.7%
...
SUMMARY STATS
# Positive	13	13	17
# Negative	11	11	7
Median Positive	6.7%	5.8%	13.0%
Median Negative	-8.4%	-4.5%	-13.9%
Max Positive	14.4%	23.0%	27.8%
Max Negative	-21.8%	-18.3%	-21.7%

	Forward Returns
11/3/2025	0.8%	-4.5%	14.1%
8/4/2025	-15.6%	-16.1%	-13.9%
5/5/2025	-8.4%	-2.2%	13.0%
2/10/2025	-8.2%	1.1%	-16.4%
10/28/2024	1.4%	-0.4%	1.6%
7/29/2024	11.5%	-3.2%	6.6%
4/29/2024	4.1%	3.4%	8.2%
2/5/2024	9.5%	14.1%	8.7%
10/30/2023	-21.8%	-18.3%	-17.3%
7/31/2023	2.5%	-2.6%	-10.9%
5/1/2023	8.9%	12.9%	16.7%
2/6/2023	-0.6%	3.6%	-2.7%
10/31/2022	-9.0%	-6.4%	4.8%
8/1/2022	-4.7%	1.3%	4.1%
5/2/2022	6.7%	5.8%	16.4%
2/7/2022	8.4%	2.7%	-2.8%
11/1/2021	14.4%	23.0%	27.8%
8/2/2021	11.7%	15.9%	15.9%
5/3/2021	-3.7%	-0.9%	2.3%
2/1/2021	6.4%	11.3%	17.2%
11/2/2020	-2.9%	5.9%	16.7%
8/10/2020	5.2%	5.8%	0.4%
5/11/2020	-8.5%	-17.3%	17.8%
2/3/2020	-14.0%	-11.7%	-21.7%
SUMMARY STATS
# Positive	13	13	17
# Negative	11	11	7
Median Positive	6.7%	5.8%	13.0%
Median Negative	-8.4%	-4.5%	-13.9%
Max Positive	14.4%	23.0%	27.8%
Max Negative	-21.8%	-18.3%	-21.7%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11032025	10-Q 10/3/2025
6302025	8042025	10-Q 7/4/2025
3312025	5052025	10-Q 4/4/2025
12312024	2102025	10-K 12/31/2024
9302024	10282024	10-Q 9/27/2024
6302024	7292024	10-Q 6/28/2024
3312024	4292024	10-Q 3/29/2024
12312023	2052024	10-K 12/31/2023
9302023	10302023	10-Q 9/29/2023
6302023	7312023	10-Q 6/30/2023
3312023	5012023	10-Q 3/31/2023
12312022	2062023	10-K 12/31/2022
9302022	10312022	10-Q 9/30/2022
6302022	8012022	10-Q 7/1/2022
3312022	5022022	10-Q 4/1/2022
12312021	2142022	10-K 12/31/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	El-Khoury Hassane	CEO & President	8152025	Sell	51.22	15,000	768,260	50,080,993	Form
1	Campbell Alan		6122025	Sell	51.16	5,371	274,780	4,332,689	Form
2	Campbell Alan		3122025	Sell	43.23	10,000	432,257	3,674,444	Form
3	KEETON SIMON	Group President, PSG	12182024	Sell	68.56	28,000	1,919,789	13,930,950	Form
4	GOPALSWAMY SUDHIR	Group President, AMG & ISG	12182024	Sell	67.64	21,082	1,426,041	6,410,760	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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ON Semiconductor (ON)

Market Price (12/24/2025): $55.49 | Market Cap: $22.6 BilSector: Information Technology | Industry: Semiconductors

ON Semiconductor (ON)

Market Price (12/24/2025): $55.49Market Cap: $22.6 BilSector: Information TechnologyIndustry: Semiconductors

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

ON Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

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Price Returns Compared

How Low Can It Go

In The Past

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About ON Semiconductor (ON)

Major Customers of ON Semiconductor (ON)

Interactive Breakdown

Better Bets than ON Semiconductor (ON)

INDUSTRY: Semiconductors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ON: -8.1% | 3.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ON: -8.1% | 24.3x)

Higher Rev Chg LTM (Value for ON: -16.1%)

Higher Rev Chg 3Y Avg (Value for ON: -8.1%)

Higher Op Mgn LTM (Value for ON: 15.1%)

Higher CFO/Rev LTM (Value for ON: 28.8%)

Higher FCF/Rev LTM (Value for ON: 21.9%)

Higher Total Yield (Value for ON: 1.4%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for ON: -8.1% | 3.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ON: -8.1% | 24.3x)

Higher Rev Chg LTM (Value for ON: -16.1%)

Higher Rev Chg 3Y Avg (Value for ON: -8.1%)

Higher Op Mgn LTM (Value for ON: 15.1%)

Higher CFO/Rev LTM (Value for ON: 28.8%)

Higher FCF/Rev LTM (Value for ON: 21.9%)

Higher Total Yield (Value for ON: 1.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ON: -8.1% | 3.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ON: -8.1% | 24.3x)

Higher Rev Chg LTM (Value for ON: -16.1%)

Higher Rev Chg 3Y Avg (Value for ON: -8.1%)

Higher Op Mgn LTM (Value for ON: 15.1%)

Higher CFO/Rev LTM (Value for ON: 28.8%)

Higher FCF/Rev LTM (Value for ON: 21.9%)

Higher Total Yield (Value for ON: 1.4%)

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FDA Approved Drugs Data

Market Price (12/24/2025): $55.49 | Market Cap: $22.6 Bil
Sector: Information Technology | Industry: Semiconductors

Market Price (12/24/2025): $55.49
Market Cap: $22.6 Bil
Sector: Information Technology
Industry: Semiconductors