ON Semiconductor vs Micron Technology: Which Stock Could Rally?

December 24th, 2025 by Trefis Team
ON: ON Semiconductor logo
ON
ON Semiconductor

ON Semiconductor surged 19% during the past Month. You may be tempted to buy more, or may want to reduce your exposure. But there is an entirely different perspective you might be missing. Is there a better alternative? Turns out, its peer Micron Technology gives you more. Micron Technology (MU) stock offers superior revenue growth across key periods, better profitability, and relatively lower valuation vs ON Semiconductor (ON) stock, suggesting you may be better off investing in MU

  • MU’s quarterly revenue growth was 56.7%, vs. ON’s -12.0%.
  • In addition, its Last 12 Months revenue growth came in at 45.4%, ahead of ON’s -16.1%.
  • MU’s LTM margin is higher: 32.5% vs. ON’s 15.1%.

These differences become even clearer when you look at the financials side by side. The table highlights how ON’s fundamentals stack up against those of MU on growth, margins, momentum, and valuation multiples.

Valuation & Performance Overview

  ON MU Preferred
     
Valuation      
P/EBIT Ratio 24.3 22.6 MU
     
Revenue Growth      
Last Quarter -12.0% 56.7% MU
Last 12 Months -16.1% 45.4% MU
Last 3 Year Average -8.1% 28.3% MU
     
Operating Margins      
Last 12 Months 15.1% 32.5% MU
Last 3 Year Average 25.2% 3.1% ON
     
Momentum      
Last 3 Year Return -10.7% 459.4% ON

Note: For “Last 3 Year Return” metric, preferred stock is one with higher returns unless the returns are too high (>300%) which creates risk of sell off.
See more revenue details: ON Revenue Comparison | MU Revenue Comparison
See more margin details: ON Operating Income Comparison | MU Operating Income Comparison

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See detailed fundamentals on Buy or Sell MU Stock and Buy or Sell ON Stock. Below we compare market return and related metrics across years.

Historical Market Performance

  2020 2021 2022 2023 2024 2025 Total [1] Avg Best
Returns
ON Return 34% 108% -8% 34% -25% -11% 131%    
MU Return 40% 24% -46% 72% -1% 230% 427%   <===
S&P 500 Return 16% 27% -19% 24% 23% 17% 114%  
Monthly Win Rates [3]
ON Win Rate 75% 83% 42% 67% 33% 50%   58%  
MU Win Rate 58% 42% 42% 58% 50% 75%   54%  
S&P 500 Win Rate 58% 75% 42% 67% 75% 73%   65% <===
Max Drawdowns [4]
ON Max Drawdown -65% -0% -31% -4% -27% -49%   -30%  
MU Max Drawdown -36% -12% -47% 0% -7% -23%   -21%  
S&P 500 Max Drawdown -31% -1% -25% -1% -2% -15%   -12% <===

[1] Cumulative total returns since the beginning of 2020
[2] 2025 data is for the year up to 12/23/2025 (YTD)
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year

No matter how good the numbers, stock investment is never a smooth ride. There is a risk you must factor in. Read MU Dip Buyer Analyses and ON Dip Buyer Analyses to see how these stocks have fallen and recovered in the past.

Still not sure about ON or MU? Consider portfolio approach.

Why Stock Pickers Win More With Multi Asset Portfolios

Single markets are unpredictable but different assets react differently. A multi asset portfolio cuts downside shocks while keeping upside on the table.

The asset allocation framework of Trefis’ Boston-based, wealth management partner yielded positive returns during the 2008-09 period when the S&P lost more than 40%. Our partner’ strategy now includes Trefis High Quality Portfolio, which 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