NVIDIA or ON Semiconductor: Which Stock Has More Upside?
ON Semiconductor surged 31% 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 NVIDIA gives you more. NVIDIA (NVDA) 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 NVDA
- NVDA’s quarterly revenue growth was 85.2%, vs. ON’s 4.7%.
- In addition, its Last 12 Months revenue growth came in at 70.7%, ahead of ON’s -9.0%.
- NVDA leads on profitability over both periods – LTM margin of 64.0% and 3-year average of 60.6%.
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 NVDA on growth, margins, momentum, and valuation multiples.
Valuation & Performance Overview
| ON | NVDA | Preferred | |
|---|---|---|---|
| Valuation | |||
| P/EBIT Ratio | 49.7 | 32.1 | NVDA |
| Revenue Growth | |||
| Last Quarter | 4.7% | 85.2% | NVDA |
| Last 12 Months | -9.0% | 70.7% | NVDA |
| Last 3 Year Average | -9.8% | 121.7% | NVDA |
| Operating Margins | |||
| Last 12 Months | 17.5% | 64.0% | NVDA |
| Last 3 Year Average | 22.9% | 60.6% | NVDA |
| Momentum | |||
| Last 3 Year Return | 54.2% | 446.5% | NVDA |
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.
- Hewlett Packard Enterprise Just Activated A Time Machine
- Cash Machine Trading Cheap – Intuit Stock Set to Run?
- Years of Rewards: $36 Bil From McDonald’s Stock
- Salesforce Stock Pays Out $63 Bil – Investors Take Note
- Mastercard Stock Pulls Back to Support – Smart Entry?
- Strong Cash Yield: Is Regeneron Pharmaceuticals Stock A Buy?
See detailed fundamentals on Buy or Sell NVDA Stock and Buy or Sell ON Stock. Below we compare market return and related metrics across years.
Historical Market Performance
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | Avg | Best | |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| ON Return | 108% | -8% | 34% | -25% | -14% | 138% | 293% | ||
| NVDA Return | 125% | -50% | 239% | 171% | 39% | 19% | 1612% | <=== | |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% | ||
| Monthly Win Rates [3] | |||||||||
| ON Win Rate | 83% | 42% | 67% | 33% | 50% | 83% | 60% | ||
| NVDA Win Rate | 58% | 42% | 75% | 75% | 67% | 67% | 64% | ||
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 67% | 65% | <=== | |
| Max Drawdowns [4] | |||||||||
| ON Max Drawdown | -21% | -34% | -42% | -27% | -50% | -23% | -33% | ||
| NVDA Max Drawdown | -24% | -63% | -18% | -27% | -37% | -16% | -31% | ||
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | -13% | <=== | |
[1] Cumulative total returns since the beginning of 2021
[2] 2026 data is for the year up to 6/3/2026 (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 NVDA 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 NVDA? Consider a portfolio approach.
The Right Way To Invest Is Through Portfolios
Stocks soar and sink – the key is staying invested. A balanced portfolio helps you ride market volatility, boosts gains, and reduces single stock risk.
Beating the market consistently is hard, but the Trefis High Quality (HQ) Portfolio makes it look achievable. By selecting 30 high-conviction stocks, the HQ strategy has historically outpaced the S&P 500, S&P Mid-cap, and Russell 2000. See how this curated selection delivers superior risk-adjusted returns in our detailed performance factsheet.