ON Semiconductor (ON)
Market Price (5/7/2026): $105.66 | Market Cap: $41.6 BilSector: Information Technology | Industry: Semiconductors
ON Semiconductor (ON)
Market Price (5/7/2026): $105.66Market Cap: $41.6 BilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% Stock buyback supportStock Buyback 3Y Total is 2.8 Bil Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, and Automation & Robotics. Themes include EV Manufacturing, Autonomous Driving Technology, Show more. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is -2.1% Weak multi-year price returns3Y Excs Rtn is -42% | Stock price has recently run up significantly6M Rtn6 month market price return is 111%, 12M Rtn12 month market price return is 175% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.8% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 90% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% Key risksON key risks include [1] weakening demand in its core automotive and industrial markets, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 19% |
| Stock buyback supportStock Buyback 3Y Total is 2.8 Bil |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, and Automation & Robotics. Themes include EV Manufacturing, Autonomous Driving Technology, Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is -2.1% |
| Weak multi-year price returns3Y Excs Rtn is -42% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 111%, 12M Rtn12 month market price return is 175% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.8% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 90% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% |
| Key risksON key risks include [1] weakening demand in its core automotive and industrial markets, Show more. |
Qualitative Assessment
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ON Semiconductor (ON) stock has gained about 75% since 1/31/2026 because of the following key factors:
1. ON Semiconductor reported better-than-expected Q1 2026 earnings and provided strong forward guidance, signaling a market recovery. The company announced Q1 2026 diluted earnings per share (EPS) of $0.64, surpassing analyst forecasts of $0.61 by 4.92%. Revenue reached $1.51 billion, exceeding expectations of $1.49 billion. This performance was accompanied by positive guidance for Q2 2026, projecting revenue between $1.535 billion and $1.635 billion and non-GAAP diluted EPS of $0.65 to $0.77.
2. Accelerated demand in the AI data center and automotive sectors, driven by silicon carbide (SiC) technology, significantly boosted revenue. ON Semiconductor's AI data center business more than doubled year-over-year and grew over 30% sequentially in Q1 2026. The company also expanded its collaborations in the automotive segment, with its EliteSiC high-voltage power technology enabling the transition to 900V EV platforms, including partnerships with Geely and NIO. This leverage of SiC technology in high-growth areas was a key driver of the stock's performance, with power semiconductors outperforming broader analog in April.
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1. ON Semiconductor reported better-than-expected Q1 2026 earnings and provided strong forward guidance, signaling a market recovery. The company announced Q1 2026 diluted earnings per share (EPS) of $0.64, surpassing analyst forecasts of $0.61 by 4.92%. Revenue reached $1.51 billion, exceeding expectations of $1.49 billion. This performance was accompanied by positive guidance for Q2 2026, projecting revenue between $1.535 billion and $1.635 billion and non-GAAP diluted EPS of $0.65 to $0.77.
2. Accelerated demand in the AI data center and automotive sectors, driven by silicon carbide (SiC) technology, significantly boosted revenue. ON Semiconductor's AI data center business more than doubled year-over-year and grew over 30% sequentially in Q1 2026. The company also expanded its collaborations in the automotive segment, with its EliteSiC high-voltage power technology enabling the transition to 900V EV platforms, including partnerships with Geely and NIO. This leverage of SiC technology in high-growth areas was a key driver of the stock's performance, with power semiconductors outperforming broader analog in April.
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Stock Movement Drivers
Fundamental Drivers
The 76.6% change in ON stock from 1/31/2026 to 5/6/2026 was primarily driven by a 83.5% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 59.89 | 105.77 | 76.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,188 | 6,063 | -2.0% |
| Net Income Margin (%) | 5.2% | 9.5% | 83.5% |
| P/E Multiple | 76.4 | 72.7 | -4.9% |
| Shares Outstanding (Mil) | 407 | 394 | 3.2% |
| Cumulative Contribution | 76.6% |
Market Drivers
1/31/2026 to 5/6/2026| Return | Correlation | |
|---|---|---|
| ON | 76.6% | |
| Market (SPY) | 3.6% | 54.9% |
| Sector (XLK) | 18.3% | 48.9% |
Fundamental Drivers
The 111.2% change in ON stock from 10/31/2025 to 5/6/2026 was primarily driven by a 63.0% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 50.08 | 105.77 | 111.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,399 | 6,063 | -5.2% |
| Net Income Margin (%) | 7.3% | 9.5% | 30.0% |
| P/E Multiple | 44.6 | 72.7 | 63.0% |
| Shares Outstanding (Mil) | 415 | 394 | 5.2% |
| Cumulative Contribution | 111.2% |
Market Drivers
10/31/2025 to 5/6/2026| Return | Correlation | |
|---|---|---|
| ON | 111.2% | |
| Market (SPY) | 5.5% | 52.5% |
| Sector (XLK) | 13.4% | 50.2% |
Fundamental Drivers
The 166.4% change in ON stock from 4/30/2025 to 5/6/2026 was primarily driven by a 576.8% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 39.70 | 105.77 | 166.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,082 | 6,063 | -14.4% |
| Net Income Margin (%) | 22.2% | 9.5% | -57.4% |
| P/E Multiple | 10.7 | 72.7 | 576.8% |
| Shares Outstanding (Mil) | 425 | 394 | 7.9% |
| Cumulative Contribution | 166.4% |
Market Drivers
4/30/2025 to 5/6/2026| Return | Correlation | |
|---|---|---|
| ON | 166.4% | |
| Market (SPY) | 30.4% | 46.8% |
| Sector (XLK) | 62.9% | 46.3% |
Fundamental Drivers
The 47.0% change in ON stock from 4/30/2023 to 5/6/2026 was primarily driven by a 344.3% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5062026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.96 | 105.77 | 47.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 8,326 | 6,063 | -27.2% |
| Net Income Margin (%) | 22.8% | 9.5% | -58.6% |
| P/E Multiple | 16.4 | 72.7 | 344.3% |
| Shares Outstanding (Mil) | 432 | 394 | 9.7% |
| Cumulative Contribution | 47.0% |
Market Drivers
4/30/2023 to 5/6/2026| Return | Correlation | |
|---|---|---|
| ON | 47.0% | |
| Market (SPY) | 78.7% | 57.9% |
| Sector (XLK) | 130.2% | 59.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ON Return | 108% | -8% | 34% | -25% | -14% | 90% | 214% |
| Peers Return | 24% | -12% | 24% | -10% | 7% | 65% | 115% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 6% | 93% |
Monthly Win Rates [3] | |||||||
| ON Win Rate | 83% | 42% | 67% | 33% | 50% | 80% | |
| Peers Win Rate | 58% | 38% | 57% | 38% | 47% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| ON Max Drawdown | -0% | -31% | -4% | -27% | -49% | 0% | |
| Peers Max Drawdown | -3% | -27% | -5% | -20% | -29% | -4% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 5/6/2026 (YTD)
How Low Can It Go
| Event | ON | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.5% | -18.8% |
| % Gain to Breakeven | 73.8% | 23.1% |
| Time to Breakeven | 85 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -13.3% | -7.8% |
| % Gain to Breakeven | 15.4% | 8.5% |
| Time to Breakeven | 12 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.4% | -9.5% |
| % Gain to Breakeven | 59.7% | 10.5% |
| Time to Breakeven | 912 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -17.1% | -6.7% |
| % Gain to Breakeven | 20.6% | 7.1% |
| Time to Breakeven | 20 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.2% | -24.5% |
| % Gain to Breakeven | 49.8% | 32.4% |
| Time to Breakeven | 42 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.6% | -33.7% |
| % Gain to Breakeven | 147.3% | 50.9% |
| Time to Breakeven | 119 days | 140 days |
In The Past
ON Semiconductor's stock fell -42.5% during the 2025 US Tariff Shock. Such a loss loss requires a 73.8% gain to breakeven.
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| Event | ON | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.5% | -18.8% |
| % Gain to Breakeven | 73.8% | 23.1% |
| Time to Breakeven | 85 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -37.4% | -9.5% |
| % Gain to Breakeven | 59.7% | 10.5% |
| Time to Breakeven | 912 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.2% | -24.5% |
| % Gain to Breakeven | 49.8% | 32.4% |
| Time to Breakeven | 42 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.6% | -33.7% |
| % Gain to Breakeven | 147.3% | 50.9% |
| Time to Breakeven | 119 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.8% | -19.2% |
| % Gain to Breakeven | 26.3% | 23.7% |
| Time to Breakeven | 21 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -30.2% | -12.2% |
| % Gain to Breakeven | 43.3% | 13.9% |
| Time to Breakeven | 166 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.9% | -6.8% |
| % Gain to Breakeven | 40.6% | 7.3% |
| Time to Breakeven | 51 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -29.2% | -17.9% |
| % Gain to Breakeven | 41.3% | 21.8% |
| Time to Breakeven | 111 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -25.2% | -15.4% |
| % Gain to Breakeven | 33.8% | 18.2% |
| Time to Breakeven | 152 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -71.6% | -53.4% |
| % Gain to Breakeven | 252.7% | 114.4% |
| Time to Breakeven | 743 days | 1085 days |
In The Past
ON Semiconductor's stock fell -42.5% during the 2025 US Tariff Shock. Such a loss loss requires a 73.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About ON Semiconductor (ON)
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 1-3 brief analogies for ON Semiconductor:
- Think of ON Semiconductor as the 'Intel Inside' for the intelligent power and advanced sensing systems found in electric vehicles and smart industrial equipment.
- They are like the Bosch or Continental for the specialized chips that power electric vehicles and smart industrial systems.
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- Analog and Discrete Semiconductor Products: Components for power switching, signal conditioning, circuit protection, and voltage regulation functions.
- Integrated Power Solutions: Integrated circuits designed for electrification in automotive, fast charging, and sustainable energy applications.
- Advanced Logic and Application-Specific Integrated Circuits (ASICs): Specialized chips including advanced logic, application-specific standard products (ASSPs), and custom ASICs.
- CMOS Image Sensors: Detectors that convert light into digital signals for various imaging applications.
- Image Signal Processors: Chips that process raw data from image sensors to produce high-quality images.
- Single Photon Detectors: Highly sensitive sensors, such as silicon photomultipliers, capable of detecting individual photons.
- Actuator Drivers: Devices that control actuators for functions like autofocus and image stabilization.
- Foundry and Design Services: Services offered for semiconductor manufacturing and custom chip design.
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ON Semiconductor (symbol: ON) primarily sells its advanced semiconductor products and solutions to other companies (business-to-business or B2B) rather than directly to individual consumers.
Based on the company's public filings, no single customer accounted for more than 10% of its total revenue in recent years. This indicates that ON Semiconductor has a highly diversified customer base and does not rely on a few individually identifiable major customers. Therefore, specific customer company names cannot be listed as major customers.
However, based on the description of its intelligent sensing and power solutions, ON Semiconductor's products are integral to companies operating in the following key sectors:
- Automotive Industry: This includes manufacturers of electric vehicles (EVs) and automotive systems that require ON's power technologies for electrification, lighter and longer-range vehicles, as well as image sensors and related solutions for advanced driver-assistance systems (ADAS) and other in-vehicle applications.
- Industrial and Energy Sectors: Companies developing and deploying fast-charging systems, sustainable energy solutions (such as solar power systems, industrial power, and energy storage systems), and a broad range of other industrial applications utilize ON's analog, discrete, and integrated semiconductor products.
- Government and Other Specialized Markets: ON Semiconductor also provides foundry and design services to government customers and develops specialized image sensors and related products for various end-users in diverse end-markets, potentially including medical, aerospace, and defense applications.
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Hassane El-Khoury, President and Chief Executive Officer
Hassane El-Khoury was appointed President, Chief Executive Officer, and a member of the board of directors of ON Semiconductor in December 2020. Prior to joining ON Semiconductor, he served as President, Chief Executive Officer, and a board member at Cypress Semiconductor until its acquisition by Infineon in April 2020. During his nearly 13 years at Cypress, he held various roles including business unit management, product development, applications engineering, and business development. As CEO of Cypress Semiconductor, he implemented a strategy that shifted the company's target markets, leading to growth in stock price, revenue, and cash flow. He began his career as a senior design engineer at Continental Automotive Systems.
Thad Trent, Executive Vice President and Chief Financial Officer
Thad Trent was appointed Executive Vice President and Chief Financial Officer of ON Semiconductor in February 2021. Before joining ON Semiconductor, he served as CFO at Cypress Semiconductor, where he was responsible for strategic planning, accounting, investor relations, tax, corporate development, and information technology. He held the CFO role at Cypress Semiconductor until its sale to Infineon in April 2020. Under his financial leadership at Cypress, revenue grew from $723 million to $2.5 billion, and the enterprise value increased fivefold. Mr. Trent and Mr. El-Khoury previously worked together at Cypress Semiconductor and have collaborated on the transformation of ON Semiconductor. His career, which began in 1992, includes various finance leadership roles at global public technology companies and startups, such as Wind River Systems and Wyle Electronics.
Sudhir Gopalswamy, Group President, Intelligent Sensing and Analog and Mixed-Signal Group
Sudhir Gopalswamy serves as the Group President for the Intelligent Sensing and Analog and Mixed-Signal Group at ON Semiconductor.
Simon Keeton, Group President, Power Solutions Group
Simon Keeton is the Group President of the Power Solutions Group at ON Semiconductor.
Dr. Wei-Chung Wang, Executive Vice President, Global Manufacturing and Operations
Dr. Wei-Chung Wang is the Executive Vice President of Global Manufacturing and Operations at ON Semiconductor. He previously served as the executive vice president of worldwide manufacturing and operations at Cypress Semiconductor. Prior to his time at Cypress, he was the senior vice president of operations at Fairchild Semiconductor, which is now part of ON Semiconductor.
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```htmlKey Risks to ON Semiconductor (ON)
- High Exposure to the Automotive Market and EV Slowdown: A significant portion of ON Semiconductor's revenue is derived from the automotive sector, particularly electric vehicles (EVs). A slowdown in the EV market, alongside elevated interest rates impacting consumer auto purchases and production cuts by automakers, directly affects the company's financial performance.
- Supply Chain Disruptions and Geopolitical Tensions: ON Semiconductor, like the broader semiconductor industry, relies on a complex global supply chain. Disruptions caused by geopolitical tensions (such as those between the U.S. and China), natural disasters, or pandemics can lead to increased costs and impact the company's ability to meet customer demand.
- Intense Competition and Technological Obsolescence: The semiconductor industry is highly competitive and characterized by rapid technological advancements. ON Semiconductor faces the ongoing challenge of needing to continuously innovate and invest in research and development to keep pace with evolving technologies (e.g., SiC and GaN) and to fend off increasing competition, including from new entrants and manufacturers in regions like China, which could lead to market share loss or pricing pressures.
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ON Semiconductor (symbol: ON) operates in several significant addressable markets globally, driven by its focus on intelligent sensing and power solutions, particularly in the automotive and industrial sectors.
Overall Addressable Market
ON Semiconductor's total addressable market (TAM) was estimated at approximately $44 billion globally as of July 2025, with a projected compound annual growth rate (CAGR) of around 18%. The broader Technology sector, which includes semiconductors, is expected to reach $5.0 trillion globally by 2027.
Key Product and Service Addressable Markets
Intelligent Sensing Solutions
- Smart/Intelligent Sensors Market: The global smart/intelligent sensors market was valued at approximately USD 72.6 billion in 2024 and is projected to grow to about USD 306.9 billion by 2035, at a CAGR of 14.0% from 2025 to 2035. Another estimate places the market at USD 74.4 billion in 2025, reaching USD 304 billion by 2036 with a CAGR of 14.3% from 2026 to 2036.
- Image Sensors Market: The global image sensor market was estimated at USD 31.17 billion in 2024 and is projected to reach USD 49.82 billion by 2030, growing at a CAGR of 7.7% from 2025 to 2030. Another source valued the market at USD 32.09 billion in 2024, forecasting it to reach USD 72.03 billion by 2033, with a CAGR of 9.4% from 2025 to 2033.
- Silicon Photomultiplier (SiPM) Market: The global silicon photomultiplier market was valued at USD 146.77 million in 2024 and is projected to reach USD 240.20 million by 2033, exhibiting a CAGR of 5.34% from 2025 to 2033.
Power Solutions
- Power Supply Market (broader category): The global power supply market size was approximately USD 39.40 billion in 2024, growing to USD 41.85 billion in 2025, and is predicted to reach around USD 76.35 billion by 2035, with a CAGR of 6.2% from 2025 to 2035.
- Analog Semiconductors Market: The global analog semiconductors market size was valued at USD 93.71 billion in 2025 and is projected to grow to USD 154.05 billion by 2034, exhibiting a CAGR of 4.82%. Another report indicates a market size of USD 102.3 billion in 2024, projected to grow to approximately USD 2,959.1 billion by 2034, at a CAGR of 6.4%.
- Discrete Semiconductors Market: The global discrete semiconductor market size was valued at USD 30.02 billion in 2024 and is projected to reach USD 44.77 billion by 2033, exhibiting a CAGR of 4.31% during 2025-2033.
Automotive Electrification and Fast-Charging Systems
- Vehicle Electrification Market: The global vehicle electrification market was estimated at USD 127.24 billion in 2024 and is projected to reach USD 465.84 billion by 2035, exhibiting a CAGR of 12.52% from 2025 to 2035. Another estimate puts the market at USD 89.26 billion in 2022, growing to USD 187.13 billion by 2030 with a CAGR of 9.9% from 2023 to 2030.
- Electric Vehicle Fast-Charging System Market: The global electric vehicle fast-charging system market was valued at USD 4.27 billion in 2024. It is projected to reach USD 17.28 billion by 2033, growing at a CAGR of 16.8% during the forecast period (2025–2033).
- Electric Vehicle Charging Infrastructure Market: The global electric vehicle charging infrastructure market size was estimated at USD 47.61 billion in 2025 and is predicted to surpass USD 492.59 billion by 2035, expanding at a CAGR of 26.32% from 2026 to 2035.
Sustainable Energy (Solar and Storage Systems)
- Solar Energy Storage Market: The global solar energy storage market size was valued at USD 11.03 billion in 2024 and is poised to grow to USD 22.23 billion by 2033, growing at a CAGR of 8.1% during the forecast period (2026–2033).
- Industrial and Commercial Solar Energy Storage Systems Market: The global industrial and commercial solar energy storage systems market size was US$10.69 billion in 2025 and is forecast to reach US$18.84 billion by 2032 with a CAGR of 8.6% during the forecast period 2026-2032.
- Industrial Power System Market: The global industrial power system market size was valued at around USD 13.54 billion in 2025 and is projected to grow at a CAGR of more than 7.6%, reaching USD 28.17 billion by 2035.
AI Analysis | Feedback
ON Semiconductor (ON) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors: * **Automotive Electrification and Advanced Driver-Assistance Systems (ADAS)**: ON Semiconductor is strategically positioned to benefit from the ongoing electrification of the automotive industry, including the increasing adoption of electric vehicles (EVs) and hybrid-electric vehicles (HEVs). The company anticipates higher semiconductor content per vehicle in these segments. Additionally, growth in advanced driver-assistance systems (ADAS) requiring intelligent sensing solutions will contribute to revenue expansion. * **Expansion in Industrial Applications**: The industrial sector, encompassing sustainable energy grids, industrial automation, and electric vehicle (EV) charging infrastructure, represents a significant growth driver. ON Semiconductor's intelligent power and sensing solutions are critical components in these applications, supporting megatrends such as decarbonization and enhanced factory automation. * **Growth in AI Data Centers**: The burgeoning demand for power solutions in AI-driven data centers is a rapidly growing market for ON Semiconductor. The company is actively investing in and securing design wins for its silicon and silicon carbide (SiC) solutions to meet the increasing power requirements of current and next-generation AI platforms. * **Leadership in Silicon Carbide (SiC) Technology and Advanced Power Solutions**: ON Semiconductor's focus on and investment in silicon carbide (SiC) technology is a critical catalyst for future revenue growth, particularly in automotive electrification and industrial power applications. The company is also developing and ramping up new technologies such as vertical gallium nitride (vGaN) power semiconductors to enhance power density and efficiency.AI Analysis | Feedback
Share Repurchases
- ON Semiconductor authorized a new three-year, $6 billion share repurchase program set to begin on January 1, 2026, replacing a prior $3 billion authorization.
- Under the previous authorization, ON Semiconductor repurchased $2.1 billion of its common stock over the last three years (ending December 31, 2025).
- The company utilized approximately 100% of its free cash flow in 2025 for share repurchases.
Inbound Investments
- The European Commission approved a €450 million (CZK 12 billion) direct grant from Czechia to support ON Semiconductor's €1.64 billion (CZK 39.6 billion) investment in a new integrated Silicon Carbide (SiC) manufacturing plant in the Czech Republic.
- This investment, bolstered by European subsidies, aims to expand the company's European capacity for semiconductor output, particularly for SiC power devices used in electric vehicles and renewable energy.
Outbound Investments
- ON Semiconductor acquired SWIR Vision Systems, a developer of image sensor technology, in July 2024 for an undisclosed amount.
- In August 2021, ON Semiconductor acquired GT Advanced Technologies for $415 million, a strategic move to secure its internal supply of Silicon Carbide (SiC) boules.
- The company acquired rights to Aura Semiconductor's Vcore power technologies and Qorvo's SiC JFET business in 2025 to enhance its power management portfolio.
Capital Expenditures
- ON Semiconductor's capital expenditures averaged $820.5 million annually for fiscal years ending December 2021 to 2025, peaking at $1.539 billion in December 2023.
- The primary focus of capital expenditures has been on intelligent power and sensing technologies, specifically for electric vehicles, industrial automation, and AI data centers, including investments in Silicon Carbide (SiC) production facilities.
- The company's major investment cycle is largely complete, positioning it to benefit from improving market conditions and operating leverage as new technologies ramp.
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| 04302026 | PLTR | Palantir Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 04102026 | ADSK | Autodesk | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.5% | 8.5% | 0.0% |
| 04102026 | BSY | Bentley Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.2% | 4.2% | 0.0% |
| 04102026 | ENPH | Enphase Energy | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.7% | 5.7% | 0.0% |
| 04102026 | BL | BlackLine | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.2% | 3.2% | -3.0% |
| 08312025 | ON | ON Semiconductor | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 34.1% | 103.3% | -9.5% |
| 02282025 | ON | ON Semiconductor | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 5.4% | 41.3% | -32.1% |
| 04302024 | ON | ON Semiconductor | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 6.5% | -43.4% | -54.5% |
| 10312023 | ON | ON Semiconductor | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 12.0% | 17.5% | -3.2% |
| 08312019 | ON | ON Semiconductor | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.8% | 23.7% | -52.5% |
| 09302018 | ON | ON Semiconductor | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 11.6% | 4.2% | -20.7% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 197.60 |
| Mkt Cap | 66.2 |
| Rev LTM | 8,910 |
| Op Inc LTM | 2,138 |
| FCF LTM | 1,868 |
| FCF 3Y Avg | 1,787 |
| CFO LTM | 2,222 |
| CFO 3Y Avg | 2,458 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.4% |
| Rev Chg 3Y Avg | -2.7% |
| Rev Chg Q | 13.9% |
| QoQ Delta Rev Chg LTM | 3.3% |
| Op Inc Chg LTM | -11.9% |
| Op Inc Chg 3Y Avg | -17.3% |
| Op Mgn LTM | 21.5% |
| Op Mgn 3Y Avg | 24.8% |
| QoQ Delta Op Mgn LTM | 1.9% |
| CFO/Rev LTM | 23.6% |
| CFO/Rev 3Y Avg | 26.7% |
| FCF/Rev LTM | 19.8% |
| FCF/Rev 3Y Avg | 17.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 66.2 |
| P/S | 9.8 |
| P/Op Inc | 48.9 |
| P/EBIT | 57.8 |
| P/E | 39.0 |
| P/CFO | 31.7 |
| Total Yield | 1.8% |
| Dividend Yield | 1.3% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 53.6% |
| 3M Rtn | 33.4% |
| 6M Rtn | 78.2% |
| 12M Rtn | 120.1% |
| 3Y Rtn | 78.3% |
| 1M Excs Rtn | 42.7% |
| 3M Excs Rtn | 26.4% |
| 6M Excs Rtn | 72.7% |
| 12M Excs Rtn | 87.3% |
| 3Y Excs Rtn | 2.7% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $105.77 | |
| Market Cap ($ Bil) | 42.4 | |
| First Trading Date | 05/02/2000 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $72.57 | $58.82 |
| DMA Trend | up | up |
| Distance from DMA | 45.7% | 79.8% |
| 3M | 1YR | |
| Volatility | 54.8% | 51.6% |
| Downside Capture | 0.09 | 0.49 |
| Upside Capture | 240.02 | 187.29 |
| Correlation (SPY) | 51.6% | 45.6% |
ON Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.74 | 2.32 | 2.01 | 1.93 | 1.94 | 1.96 |
| Up Beta | 2.88 | 2.87 | 2.69 | 2.61 | 2.54 | 2.05 |
| Down Beta | -3.41 | 3.03 | 2.25 | 1.84 | 2.10 | 1.89 |
| Up Capture | 360% | 337% | 295% | 338% | 310% | 834% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 19 | 27 | 37 | 68 | 129 | 376 |
| Down Capture | -1174% | 92% | 86% | 99% | 116% | 112% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 3 | 15 | 26 | 56 | 121 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ON | |
|---|---|---|---|---|
| ON | 183.3% | 51.5% | 2.21 | - |
| Sector ETF (XLK) | 59.0% | 20.6% | 2.14 | 46.1% |
| Equity (SPY) | 28.5% | 12.5% | 1.78 | 45.9% |
| Gold (GLD) | 40.6% | 27.2% | 1.23 | 10.2% |
| Commodities (DBC) | 50.9% | 18.0% | 2.20 | -5.4% |
| Real Estate (VNQ) | 12.8% | 13.5% | 0.65 | 23.7% |
| Bitcoin (BTCUSD) | -14.2% | 42.1% | -0.25 | 27.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ON | |
|---|---|---|---|---|
| ON | 21.5% | 52.3% | 0.57 | - |
| Sector ETF (XLK) | 20.1% | 24.8% | 0.72 | 65.6% |
| Equity (SPY) | 12.7% | 17.1% | 0.58 | 63.5% |
| Gold (GLD) | 21.0% | 17.9% | 0.96 | 8.1% |
| Commodities (DBC) | 13.9% | 19.1% | 0.60 | 13.6% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 39.2% |
| Bitcoin (BTCUSD) | 8.7% | 56.1% | 0.37 | 26.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ON | |
|---|---|---|---|---|
| ON | 26.9% | 50.5% | 0.67 | - |
| Sector ETF (XLK) | 24.3% | 24.4% | 0.90 | 65.9% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 64.5% |
| Gold (GLD) | 13.7% | 16.0% | 0.71 | 4.8% |
| Commodities (DBC) | 9.5% | 17.7% | 0.45 | 22.7% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 42.8% |
| Bitcoin (BTCUSD) | 68.4% | 66.9% | 1.07 | 20.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | 0.6% | ||
| 2/9/2026 | 3.5% | 10.5% | -9.0% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 17 |
| # Negative | 10 | 10 | 7 |
| Median Positive | 6.4% | 5.9% | 13.0% |
| Median Negative | -8.3% | -3.8% | -10.9% |
| Max Positive | 14.4% | 23.0% | 27.8% |
| Max Negative | -21.8% | -18.3% | -17.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/10/2025 | 10-K |
| 09/30/2024 | 10/28/2024 | 10-Q |
| 06/30/2024 | 07/29/2024 | 10-Q |
| 03/31/2024 | 04/29/2024 | 10-Q |
| 12/31/2023 | 02/05/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/06/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| 06/30/2022 | 08/01/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 1.53 Bil | 1.58 Bil | 1.64 Bil | 6.7% | Raised | Guidance: 1.49 Bil for Q1 2026 | |
| Q2 2026 Gross Margin | 37.9% | 39.0% | 39.9% | 1.6% | 0.6% | Raised | Guidance: 38.4% for Q1 2026 |
| Q2 2026 Diluted Earnings Per Share | 0.6 | 0.66 | 0.72 | 100.0% | Raised | Guidance: 0.33 for Q1 2026 | |
| Q2 2026 Operating Expenses | 302.00 Mil | 309.50 Mil | 317.00 Mil | -25.3% | Lowered | Guidance: 414.50 Mil for Q1 2026 | |
Prior: Q4 2025 Earnings Reported 2/9/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 1.44 Bil | 1.49 Bil | 1.53 Bil | -2.9% | Lowered | Guidance: 1.53 Bil for Q4 2025 | |
| Q1 2026 Gross Margin | 37.4% | 38.4% | 39.4% | 1.0% | 0.4% | Raised | Guidance: 38.0% for Q4 2025 |
| Q1 2026 Diluted Earnings Per Share | 0.28 | 0.33 | 0.38 | -46.8% | Lowered | Guidance: 0.62 for Q4 2025 | |
| Q1 2026 Operating Expenses | 407.00 Mil | 414.50 Mil | 422.00 Mil | 43.2% | Higher New | Guidance: 289.50 Mil for Q4 2025 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Thad, Trent | Exec VP & CFO | Direct | Sell | 4172026 | 80.00 | 30,000 | 2,400,000 | 26,495,520 | Form |
| 2 | Gopalswamy, Sudhir | Group President, AMG & ISG | Direct | Sell | 3162026 | 58.67 | 6,114 | 358,708 | 10,205,236 | Form |
| 3 | Keeton, Simon | Group President, PSG | Direct | Sell | 2182026 | 71.75 | 48,860 | 3,505,699 | 14,277,866 | Form |
| 4 | El-Khoury, Hassane | CEO & President | Direct | Sell | 2122026 | 73.02 | 20,000 | 1,460,414 | 74,160,563 | Form |
| 5 | Thad, Trent | Exec VP & CFO | Direct | Sell | 2122026 | 71.22 | 60,000 | 4,272,975 | 24,175,069 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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