8-Day Rally Sends ON Semiconductor Stock Up 27%
ON Semiconductor (ON) stock hit day 8 of a continuous streak of days with gains, with cumulative gains over this period amounting to a 27% return. The company has gained about $4.7 Bil in value over the last 8 days, with its current market capitalization at about $22 Bil. The stock remains 9.4% below its value at the end of 2024. This compares with year-to-date returns of 16.5% for the S&P 500.
ON Semiconductor’s recent streak reflects robust Q3 earnings, surpassing estimates, coupled with a substantial $6 billion share buyback. Accelerating AI and EV demand, fueled by breakthroughs in GaN and SiC power solutions and key partnerships, are igniting investor confidence.
What is the point? Momentum often precedes conviction. A multi-day win streak can signal growing investor confidence or spark follow-on buying. Tracking such trends can help you ride the strength, or prepare for a well-timed entry if momentum fades. Our take: There are several things to fear in ON stock given its overall Weak operating performance and financial condition. In addition, keeping in mind its High valuation, we think that the stock is Unattractive (see Buy or Sell ON).
For quick background, ON provides intelligent sensing and power solutions enabling automotive electrification, fast-charging systems, and sustainable energy for solar, industrial power, and storage applications worldwide.
Comparing ON Stock Returns With The S&P 500
The following table summarizes the return for ON stock vs. the S&P 500 index over different periods, including the current streak:
| Return Period | ON | S&P 500 |
|---|---|---|
| 1D | 11.0% | 0.3% |
| 8D (Current Streak) | 27.3% | 4.8% |
| 1M (21D) | 13.3% | -0.0% |
| 3M (63D) | 18.9% | 5.3% |
| YTD 2025 | -9.4% | 16.5% |
| 2024 | -24.5% | 23.3% |
| 2023 | 33.9% | 24.2% |
| 2022 | -8.2% | -19.4% |
However, big gains can follow sharp reversals – but how has ON behaved after prior drops? See ON Dip Buyer Analysis to learn more.
Gains and Losses Streaks: S&P 500 Constituents
There are currently 44 S&P constituents with 3 days or more of consecutive gains and 91 constituents with 3 days or more of consecutive losses.
| Consecutive Days | # of Gainers | # of Losers |
|---|---|---|
| 3D | 6 | 64 |
| 4D | 9 | 17 |
| 5D | 8 | 10 |
| 6D | 10 | 0 |
| 7D or more | 11 | 0 |
| Total >=3 D | 44 | 91 |
Key Financials for ON Semiconductor (ON)
Last 2 Fiscal Years:
| Metric | FY2023 | FY2024 |
|---|---|---|
| Revenues | $8.3 Bil | $7.1 Bil |
| Operating Income | $2.6 Bil | $1.9 Bil |
| Net Income | $2.2 Bil | $1.6 Bil |
Last 2 Fiscal Quarters:
| Metric | 2025 FQ1 | 2025 FQ2 |
|---|---|---|
| Revenues | $1.4 Bil | $1.5 Bil |
| Operating Income | $-34.4 Mil | $242.6 Mil |
| Net Income | $-486.1 Mil | $170.3 Mil |
While ON stock looks attractive given its winning streak, investing in a single stock without detailed, thorough analysis can be risky. The Trefis High Quality (HQ) Portfolio, with a collection of 30 stocks, has a track record of comfortably outperforming its benchmark that includes all 3 — the S&P 500, S&P mid-cap, and Russell 2000 indices. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.