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ON Semiconductor Corp (ON) stock

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NASDAQ: ON Nasdaq Semiconductors Next results ~February 8, 2027

B Fundamentals grade

onsemi (ON Semiconductor) is a US semiconductor maker, incorporated in Delaware in 1992, producing intelligent power and intelligent sensing devices for automotive, industrial and other markets, including AI data centres. Its power range includes silicon carbide devices, MOSFETs, power modules and gate drivers, while its sensing products include CMOS image sensors, image signal processors and single-photon detectors. These are used in electric-vehicle drivetrains, fast-charging systems, solar strings, continuous glucose monitors and vehicle safety systems such as ADAS.

The company makes money mainly by selling semiconductors to distributors and direct customers, with a smaller amount from product-development agreements. Distributors, who resell to OEMs and contract manufacturers, accounted for about 54% of revenue in 2025; its direct customers are large multinational and regional OEMs. Standard products carry a two-year warranty, with image sensors warranted for one year.

onsemi is organised into three segments: the Power Solutions Group, the Analog and Mixed-Signal Group and the Intelligent Sensing Group. Automotive and industrial are its main end-markets. It runs design, wafer-fabrication and assembly sites across the US, Europe and Asia, and employs roughly 22,600 full-time staff across 33 countries.

Based on ON Semiconductor Corp's 10-K filed February 9, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$58

Cash-flow model

Base case. Range ~$44–$78 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 20% above our base value.

Price used: $70.11, November 2, 2026

ON Semiconductor Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter ON Semiconductor files

Where ON Semiconductor stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $6.20bn, down 3.1% on a year earlier, faster than -9.0% a quarter earlier. That puts it 32 of 33 for growth among the semiconductor companies we cover. Free-cash-flow margin rose to 24.2% from 20.1% a year earlier. Operating margin widened to 10.8% from 7.4%. The diluted share count is down 5.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $40.16 a share, against a share price of $75.75. At that price, our model says the market is pricing in about 13.1% a year of cash-flow growth for five years, faster than the -1.7% a year revenue growth it has delivered.

Source: 10-Q filed August 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 8, 2027 (estimated)

ON Semiconductor Corp's trailing-twelve-month revenue grew 2.9% year on year, with a free-cash-flow margin of 25.4%. Where it stands out: change in share count of -4.5% ranks 2 of 72 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$58 per share in the base case (~$44–$78 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 19.3% while net income grew 116.0%: a 97pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 6.1 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 7.6 points on a year ago.
  • Strong cash generation. 25.4% of revenue turned into free cash flow, against a median of 9.6% for semiconductor companies we cover.
  • Shrinking share count. Diluted shares fell 4.5% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • High earnings multiple. The shares trade at 41 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 63% and a beta of 2.7 against the S&P 500.
  • Insiders selling. 4 insiders sold $21M of stock over the past 365 days and none bought (64% under pre-set trading plans).
  • Heavily shorted. 10.7% of the shares available to trade are sold short (2.5 days of average volume to cover).

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$0.90 against an average estimate of $0.88: beat by 2.4%
Revenue
$1.72bn, up 11.1% on a year earlier
Guidance given
revenue $1,650m to $1,750m (third quarter of 2026); gross Margin 39.9% to 41.9% (third quarter of 2026)
Next report
November 2, 2026; average EPS estimate $0.96

ON Semiconductor's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.2%
  • 1 week-5.3%
  • 1 month-17.4%
  • This year+29.5%
  • 1 year+40.0%
  • 5 years+21.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.4B
Operating margin
12.3%
Net margin
10.8%
EPS (TTM, diluted)
$1.72

Growth

Revenue growth
+2.9%
Change in growth rate
+6.1 pts
Share count change
−4.5%

Cash

Free cash flow (TTM)
$1.6B
FCF margin
25.4%
Stock pay % of revenue
2.3%

Earnings

Last results
November 2, 2026
Next results (est.)
February 8, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Agreement
  3. Agreement
  4. Insider trade
  5. Announcement
  6. Results
  7. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

ON Semiconductor Corp valuation models and calculator

What the price is pricing in

The share price implies about 8.1% a year of cash-flow growth for five years.That is faster than the -1.1% a year revenue growth ON Semiconductor has delivered.

  • Priced in8.1%
  • Last 12 months2.9%
  • 3 years a year-8.6%
  • 5 years a year-1.1%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($71.81, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$58
Price used
$71.81close November 3, 2026
Implied change
▼ 19%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of ON Semiconductor Corp's free cash flow after stock-based pay with after-tax interest added back ($1.2B, FY2026 Q3 TTM), growing 9.7% and 6% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$44–~$78 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of ON Semiconductor Corp's free cash flow after stock-based pay ( $1.2B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value ON Semiconductor Corp as an operating company, with every model that fits that kind of business. Cost of equity 12.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.61 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$58 ~$44–$78 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$69 ~$64–$120 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$48 ~$35–$67 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$38 ~$34–$42 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$54 ~$38–$69 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare ON Semiconductor Corp with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +33%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▲ +15%
  • Discount rate 1 point higher ▼ −14%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $44$60$81$109$145$191
8.5% $34$45$60$80$106$139
10% $27$36$48$63$83$108

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$9.80$12.76$20.94$16.51$24.38$32.73$67.92$62.37$83.53$63.05$54.15$70.11
Market value$4.2bn$5.4bn$9.0bn$7.2bn$10.1bn$13.7bn$30.1bn$28.0bn$37.3bn$27.3bn$22.3bn$28.0bn
+ Net debt (− = net cash)$898m$2.8bn$2.2bn$1.9bn$2.9bn$2.5bn$1.9bn$309m$897m$689m$857m$347m
Enterprise value$5.1bn$8.1bn$11.2bn$9.1bn$13.0bn$16.2bn$32.0bn$28.3bn$38.2bn$28.0bn$23.2bn$28.4bn
Multiples
Price / sales 1.2x1.4x1.6x1.2x1.8x2.6x4.5x3.4x4.5x3.9x3.7x4.4x
Price / earnings 20.3x29.4x11.1x11.5x47.9x58.5x29.9x14.7x17.1x17.3x184.3x40.7x
Price / free cash flow 21.0x14.5x12.7x9.5x63.3x27.4x22.5x17.5x85.1x22.5x15.7x17.3x
EV / EBITDA 8.2x13.3x9.6x6.7x12.7x16.7x17.0x9.7x12.1x11.6x30.1x18.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

76 /100

Strong moat

How hard ON Semiconductor's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 18.2% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 37.8%, moving by 5.2 percentage points (standard deviation) across 10 years.

  • Durability 8 / 20

    Operating margin has been a median 13.0%; its worst year was 4.7%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 14.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 9.5% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.21 +37% $6.6bn +10%
Next $4.53 +41% $7.4bn +13%

Next year's EPS estimate has moved +1.1% in 90 days, across 29 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.1% on 90 days ago. In the last 30 days, 1 analyst raised ON Semiconductor Corp's forecast and 2 cut it.

Consensus EPS forecast ON Semiconductor Corp, last 90 days
$3.00 $3.50 $4.00 $4.50 $5.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.18 Current fiscal year, 60 days ago: $3.20 Current fiscal year, 30 days ago: $3.20 Current fiscal year, 7 days ago: $3.21 Current fiscal year, Now: $3.21 $3.21 Next fiscal year, 90 days ago: $4.48 Next fiscal year, 60 days ago: $4.53 Next fiscal year, 30 days ago: $4.53 Next fiscal year, 7 days ago: $4.55 Next fiscal year, Now: $4.53 $4.53

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.18$4.48
60 days ago $3.20$4.53
30 days ago $3.20$4.53
7 days ago $3.21$4.55
Now $3.21$4.53

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.88 $0.90 +2.4%
Jun 2026 $0.72 $0.74 +3.5%
Mar 2026 $0.62 $0.64 +4.1%
Dec 2025 $0.62 $0.64 +2.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026
  • Revenue third quarter of 2026 $1,650m to $1,750m
    “Revenue $1,650 to $1,750 million - $1,650 to $1,750 million” source
  • Diluted Earnings Per Share third quarter of 2026 $0.79 to $0.91 GAAP
    “Diluted Earnings Per Share $0.79 to $0.91 $0.02 $0.81 to $0.93” source
  • Diluted Earnings Per Share third quarter of 2026 $0.81 to $0.93 Non-GAAP
    “Diluted Earnings Per Share $0.79 to $0.91 $0.02 $0.81 to $0.93” source
  • Gross Margin third quarter of 2026 39.9% to 41.9% GAAP
    “Gross Margin 39.9% to 41.9% 0.1% 40.0% to 42.0%” source
  • Gross Margin third quarter of 2026 40% to 42% Non-GAAP
    “Gross Margin 39.9% to 41.9% 0.1% 40.0% to 42.0%” source
  • Operating Expenses third quarter of 2026 $318m to $333m GAAP
    “Operating Expenses $318 to $333 million $15 million $303 to $318 million” source
Show 4 more items
  • Operating Expenses third quarter of 2026 $303m to $318m Non-GAAP
    “Operating Expenses $318 to $333 million $15 million $303 to $318 million” source
  • Other Income and Expense (including interest), net third quarter of 2026 about $-18m
    “Other Income and Expense (including interest), net ($18 million) - ($18 million)” source
  • Diluted Shares Outstanding third quarter of 2026 about 402m GAAP
    “Diluted Shares Outstanding * 402 million 7 million 395 million” source
  • Diluted Shares Outstanding third quarter of 2026 about 395m Non-GAAP
    “Diluted Shares Outstanding * 402 million 7 million 395 million” source

How earlier guidance turned out

  • Diluted Earnings Per Share, second quarter of 2026 guided $0.60 to $0.72 Below range: $0.56
  • Gross Margin, second quarter of 2026 guided 37.9% to 39.9% Within range: 38.434674%
  • Revenue, second quarter of 2026 guided $1,535m to $1,635m Within range: $1,604m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows ON Semiconductor Corp's revenue by +9.7% next year and +6.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+13.0%, weight 70%) and the company's own record (+2.0%, weight 30%) . How the weights are set.

Analyst recommendations

29 analysts, Nov 2026
Buy1448%
Hold1552%
Sell00%

Monthly trend

  1. Nov 2026121529
  2. Oct 2026131631
  3. Sep 2026121630
  4. Aug 2026111629

Counts of recommendations published by analysts covering ON Semiconductor Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.7%
of tradable shares
Days to cover
2.53
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.3%
of shares
Employees
22,600
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +40.0%

$50.08 on October 31, 2025 to $70.11

ThenNowEffect
Revenue (last 12 months) $6.4bn $6.2bn −3.1%
Net margin 7.3% 10.2% +39.7%
P/E multiple 45.6x 44.8x −1.9%
Share count 424m 402m +5.5%

Biggest factor: net margin.

Last 3 years +2.7%

$68.25 on November 3, 2023 to $70.11

ThenNowEffect
Revenue (last 12 months) $8.4bn $6.2bn −25.8%
Net margin 23.4% 10.2% −56.6%
P/E multiple 15.7x 44.8x +185.8%
Share count 449m 402m +11.5%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ON+108%−8%+34%−25%−14%+30%
Industry peers (median)+35%−39%+15%−9%+19%+13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ON83%42%67%33%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ON−21%−34%−42%−27%−51%−50%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 70% from August 1, 2023 to April 8, 2025. Getting back needed a 238% gain, reached on May 13, 2026, 400 days after the low.

Price behaviour

52-week range
$44.90 – $133.93
From 52-week high
−47.7%
vs 50-day average
−6.1%
vs 200-day average
−15.0%
Volatility (1 year)
63%
Beta vs S&P 500
2.67

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 6 down
typical move ±5.5%
After a week
6 up, 5 down
typical move ±6.0%
After a month
6 up, 5 down
typical move ±12.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 −1.0% +3.3% −2.2% −11.0%
May 4, 2026 −0.3% +0.4% +4.1% +30.0%
February 9, 2026 +3.3% +0.2% +10.4% −9.1%
November 3, 2025 −3.6% −1.0% −3.1% +14.1%
August 4, 2025 −16.9% +1.0% −17.1% −15.9%
May 5, 2025 −8.1% −1.4% +6.5% +20.0%
February 10, 2025 −6.5% +0.8% +1.4% −16.4%
October 28, 2024 +4.8% +0.5% −2.5% −0.6%
July 29, 2024 +5.4% −0.4% −1.7% +8.4%
April 29, 2024 +3.1% −1.2% +2.4% +4.3%
February 5, 2024 +7.8% −0.1% +14.2% +9.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How ON Semiconductor Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Results just out

Results came out in the last few days. Option prices are still adjusting, so we do not judge them yet.

  • Implied is 1.23× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: results came out in the last few days, so option prices are still adjusting.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ON ON Semiconductor Corp Grade C+ $70.88

Own 100 shares, sell the $77.00 call expiring November 27, 2026 (25 days) for $2.45 a share — $245 per contract.

Previous session · Bid $2.45, ask $3.05, quoted Mon 2 Nov, 17:32 New York time with ON at $70.88. Option prices move with the shares: check the live chain at your broker before trading.

  • If ON ends below $77.00: you keep your shares and the $245 — 3.5% extra on the position, 50.5% a year at that pace.
  • If it ends above $77.00: your shares are sold at $77.00, a total return of 12.1% including the premium — at or above our value of ~$49.
$857 $0 −$1.4k Break-even $68.43 Price $70.88 ← Our value ~$49
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$245
Annualised
50.5%
Break-even
$68.43
Max gain
$857
Chance of selling
~37%

Collar

Own the shares, buy the $65.00 put and sell the $85.00 call, both expiring December 18, 2026 (46 days).

  • Net cost of $2.26 a share ($226 per contract of 100 shares).
  • Worst case at expiry: -11.5%, if the shares fall below $65.00 (-8.3% from today).
  • Best case at expiry: +16.7%, if the shares rise above $85.00 (+19.9%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $49.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

ON Semiconductor Corp in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) ON Semiconductor Corp
$5B $6B $7B $8B $9B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $8.3B Revenue (TTM), FY24 Q1: $8.2B Revenue (TTM), FY24 Q2: $7.8B Revenue (TTM), FY24 Q3: $7.4B Revenue (TTM), FY24 Q4: $7.1B Revenue (TTM), FY25 Q1: $6.7B Revenue (TTM), FY25 Q2: $6.4B Revenue (TTM), FY25 Q3: $6.2B Revenue (TTM), FY25 Q4: $6B Revenue (TTM), FY26 Q1: $6.1B Revenue (TTM), FY26 Q2: $6.2B Revenue (TTM), FY26 Q3: $6.4B $6.4B

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $8.3B
FY24 Q1 $8.2B
FY24 Q2 $7.8B
FY24 Q3 $7.4B
FY24 Q4 $7.1B
FY25 Q1 $6.7B
FY25 Q2 $6.4B
FY25 Q3 $6.2B
FY25 Q4 $6B
FY26 Q1 $6.1B
FY26 Q2 $6.2B
FY26 Q3 $6.4B
Revenue growth, TTM YoY ON Semiconductor Corp
-20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -0.9% Revenue growth, TTM YoY, FY24 Q1: -2.2% Revenue growth, TTM YoY, FY24 Q2: -6.6% Revenue growth, TTM YoY, FY24 Q3: -11.5% Revenue growth, TTM YoY, FY24 Q4: -14.2% Revenue growth, TTM YoY, FY25 Q1: -18.3% Revenue growth, TTM YoY, FY25 Q2: -17.9% Revenue growth, TTM YoY, FY25 Q3: -16.1% Revenue growth, TTM YoY, FY25 Q4: -15.3% Revenue growth, TTM YoY, FY26 Q1: -9.0% Revenue growth, TTM YoY, FY26 Q2: -3.1% Revenue growth, TTM YoY, FY26 Q3: 2.9% 2.9%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -0.9%
FY24 Q1 -2.2%
FY24 Q2 -6.6%
FY24 Q3 -11.5%
FY24 Q4 -14.2%
FY25 Q1 -18.3%
FY25 Q2 -17.9%
FY25 Q3 -16.1%
FY25 Q4 -15.3%
FY26 Q1 -9.0%
FY26 Q2 -3.1%
FY26 Q3 2.9%
Operating margin (TTM) ON Semiconductor Corp
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 30.8% Operating margin (TTM), FY24 Q1: 30.6% Operating margin (TTM), FY24 Q2: 28.4% Operating margin (TTM), FY24 Q3: 26.7% Operating margin (TTM), FY24 Q4: 25.0% Operating margin (TTM), FY25 Q1: 10.0% Operating margin (TTM), FY25 Q2: 7.4% Operating margin (TTM), FY25 Q3: 4.7% Operating margin (TTM), FY25 Q4: 1.4% Operating margin (TTM), FY26 Q1: 10.0% Operating margin (TTM), FY26 Q2: 10.8% Operating margin (TTM), FY26 Q3: 12.3% 12.3%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 30.8%
FY24 Q1 30.6%
FY24 Q2 28.4%
FY24 Q3 26.7%
FY24 Q4 25.0%
FY25 Q1 10.0%
FY25 Q2 7.4%
FY25 Q3 4.7%
FY25 Q4 1.4%
FY26 Q1 10.0%
FY26 Q2 10.8%
FY26 Q3 12.3%
FCF margin (TTM) ON Semiconductor Corp
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.3% FCF margin (TTM), FY24 Q1: 7.6% FCF margin (TTM), FY24 Q2: 11.2% FCF margin (TTM), FY24 Q3: 14.2% FCF margin (TTM), FY24 Q4: 17.1% FCF margin (TTM), FY25 Q1: 21.0% FCF margin (TTM), FY25 Q2: 20.1% FCF margin (TTM), FY25 Q3: 21.9% FCF margin (TTM), FY25 Q4: 23.7% FCF margin (TTM), FY26 Q1: 19.5% FCF margin (TTM), FY26 Q2: 24.2% FCF margin (TTM), FY26 Q3: 25.4% 25.4%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.3%
FY24 Q1 7.6%
FY24 Q2 11.2%
FY24 Q3 14.2%
FY24 Q4 17.1%
FY25 Q1 21.0%
FY25 Q2 20.1%
FY25 Q3 21.9%
FY25 Q4 23.7%
FY26 Q1 19.5%
FY26 Q2 24.2%
FY26 Q3 25.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar ON Semiconductor took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $6B
  2. Other income $44.5M · 0.7%
  3. Cost of revenue $4B · 66.9%
  4. Gross profit $2B · 33.1%
  5. Research and development $584M · 9.7%
  6. Selling, general and admin $605M · 10.1%
  7. Other operating costs $711M · 11.9%
  8. Operating income $84.2M · 1.4%
  9. Net income $121M · 2.0%

Shares of revenue. Source: ON Semiconductor's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Oct 2026
Income
Revenue 1,769 2,313 3,442 2,895 2,783 3,162 3,496 3,907 5,543 5,878 5,518 5,255 6,740 8,326 8,253 7,082 5,995 6,369
Gross profit 621 956 1,009 946 929 1,085 1,193 1,301 2,036 2,239 1,974 1,716 2,714 4,077 3,884 3,216 1,984 2,463
EBITDA 298 541 343 223 421 498 619 611 1,164 1,356 1,026 974 1,884 2,912 3,148 2,411 770 1,562
Operating income 143 374 113 −20 209 229 261 247 682 847 433 349 1,288 2,360 2,539 1,768 84 784
Net income 61 291 12 −97 150 190 206 182 811 627 212 234 1,010 1,902 2,184 1,573 121 689
Diluted EPS $0.14 $0.65 $0.03 −$0.21 $0.33 $0.43 $0.48 $0.43 $1.89 $1.44 $0.51 $0.56 $2.27 $4.25 $4.89 $3.63 $0.29 $1.72
Growth (year on year)
Revenue −13.9% +30.8% +48.8% −15.9% −3.9% +13.6% +10.6% +11.8% +41.9% +6.0% −6.1% −4.8% +28.3% +23.5% −0.9% −14.2% −15.3% +2.9%
EBITDA — +81.5% −36.6% −34.9% +88.4% +18.3% +24.3% −1.3% +90.5% +16.5% −24.3% −5.1% +93.5% +54.5% +8.1% −23.4% −68.0% +67.8%
Operating income — +162.4% −69.7% −117.9% — +9.6% +14.1% −5.5% +176.2% +24.3% −48.9% −19.4% +269.3% +83.3% +7.6% −30.4% −95.2% +167.7%
Net income — +376.2% −96.0% — — +26.1% +8.7% −11.7% +345.2% −22.6% −66.3% +10.6% +331.1% +88.4% +14.8% −28.0% −92.3% +116.0%
Diluted EPS — +364.3% −95.4% — — +30.3% +11.6% −10.4% +339.5% −23.8% −64.6% +9.8% +305.4% +87.2% +15.1% −25.8% −92.0% +126.1%
Margins
Gross margin 35.1% 41.3% 29.3% 32.7% 33.4% 34.3% 34.1% 33.3% 36.7% 38.1% 35.8% 32.7% 40.3% 49.0% 47.1% 45.4% 33.1% 38.7%
EBITDA margin 16.9% 23.4% 10.0% 7.7% 15.1% 15.7% 17.7% 15.6% 21.0% 23.1% 18.6% 18.5% 28.0% 35.0% 38.1% 34.0% 12.8% 24.5%
Operating margin 8.1% 16.2% 3.3% −0.7% 7.5% 7.2% 7.5% 6.3% 12.3% 14.4% 7.8% 6.6% 19.1% 28.3% 30.8% 25.0% 1.4% 12.3%
Net margin 3.4% 12.6% 0.3% −3.4% 5.4% 6.0% 5.9% 4.7% 14.6% 10.7% 3.8% 4.5% 15.0% 22.8% 26.5% 22.2% 2.0% 10.8%
Free-cash-flow margin 12.7% 15.7% 6.7% 0.7% 6.2% 8.8% 5.7% 9.5% 12.7% 12.9% 2.9% 9.5% 19.8% 19.2% 5.3% 17.1% 23.7% 25.4%
Cash flow
Cash from operations 279 552 546 276 327 481 471 581 1,094 1,274 695 884 1,782 2,633 1,978 1,906 1,760 1,770
Capital spending 55 189 316 256 155 204 271 211 388 515 535 384 445 1,036 1,539 694 341 153
Free cash flow 224 363 229 20 172 277 200 370 707 759 160 501 1,337 1,597 438 1,212 1,419 1,617
Stock-based pay 54 53 34 21 32 46 47 56 70 78 79 68 101 101 121 136 144 150
Free cash flow after stock pay 170 310 196 −1 140 231 153 314 637 681 81 433 1,236 1,496 317 1,076 1,274 1,467
Balance sheet
Cash 526 623 653 487 510 512 618 1,028 949 1,070 894 1,081 1,353 2,919 2,483 2,691 2,148 4,158
Total debt 934 889 1,207 1,012 942 1,207 1,516 3,807 3,175 2,939 3,749 3,590 3,258 3,228 3,380 3,380 3,005 4,505
Net debt (negative = net cash) 408 266 554 525 433 696 898 2,779 2,226 1,869 2,855 2,509 1,906 309 897 689 857 347
Diluted shares 432m 444m 457m 453m 451m 444m 428m 420m 428m 436m 416m 419m 444m 448m 447m 433m 412m 400m
Returned to shareholders
Buybacks 9 0 0 56 101 122 348 0 25 315 139 65 0 260 564 654 1,378 1,161
Total returned 9 0 0 56 101 122 348 0 25 315 139 65 0 260 564 654 1,378 1,161

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · October 2, 2026
What it owns · $13.9bn
Short-term assets $7.8bnLonger-term assets $6.1bn
What it owes, and who funded it · $13.9bn
Short-term liabilities $2.2bnLonger-term liabilities $4.1bnShareholders' equity $7.6bn
  • Short-term assets cover short-term liabilities $7.8bn of assets due within a year against $2.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $7.8bn short-term assets against $4.1bn of longer-dated liabilities.
  • More cash than debt $4.2bn of cash against $4.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 59% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 61% to 59% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.8bn of operating cash flow against $4.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $784m against $58m of interest.

From ON Semiconductor Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.2B
Returned to shareholders
72%
of free cash flow
Buybacks, last 3 fiscal years
$2.6B
Diluted share count
−4.5%
year over year
Total shareholder yield
4.3%
dividends 0.0% + buybacks 4.3% of market value
R&D spending
8.9%
of revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated ON GFS CSIQ AMKR UMC MCHP Median
Revenue, last 12 months $6.4bn $6.8bn $5.6bn $7.5bn $7.6bn $5.1bn $1.1bn
Revenue growth, last 12 months 2.9% 0.6% −6.6% 15.7% 5.5% 20.9% 13.7%
Revenue growth, 3-year average −8.6% — 50.1% 3.9% — −16.4% 3.9%
Revenue growth, latest quarter 11.1% — — 0.2% — 38.0% 20.1%
Gross margin 38.7% 24.9% 18.3% 16.6% 29.0% 60.2% 48.3%
Operating margin 12.3% 11.7% 0.8% 9.5% 18.5% 15.5% 4.8%
Operating margin, 3-year average 14.6% — 4.1% 7.7% 15.7% 15.6% 4.8%
Net margin 10.8% 13.0% −1.9% 8.3% 17.0% 9.3% 5.3%
Cash from operations / revenue 27.8% 25.5% −4.5% 20.3% 42.0% 23.4% 17.4%
Free-cash-flow margin 25.4% 14.9% −21.7% −2.1% 20.7% 21.7% 9.6%
Free-cash-flow margin, 3-year average 20.5% — −9.4% 2.7% 14.8% 23.2% 8.5%
Stock pay / revenue 2.3% 2.9% 0.4% 0.4% 0.2% 5.4% 5.8%
Change in share count −4.5% 0.9% 0.6% 0.7% −0.2% 2.2% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 2.9% 13.7% 53 of 75
Change in growth rate Growth +6.1pp +3.7pp 23 of 75
Gross margin Profitability 38.7% 48.3% 46 of 73
Operating margin Profitability 12.3% 4.8% 28 of 75
Net margin Profitability 10.8% 5.3% 27 of 75
Free-cash-flow margin Cash generation 25.4% 9.6% 14 of 75
Stock pay as % of revenue Cash generation 2.3% 6.4% 20 of 74
Long-term debt as % of assets Balance sheet 26.3% 14.0% 35 of 47
Change in share count Balance sheet -4.5% 0.9% 2 of 72

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Power Solutions Group $2.8B 46.8% ▼ 16.2%
Analog Mixed Signal Group $2.3B 37.7% ▼ 13.3%
Intelligent Sensing Group $928M 15.5% ▼ 17.5%
Geography
Region Revenue Share YoY
Hong Kong $1.6B 27.3% ▼ 8.1%
United Kingdom $1.3B 22.5% ▼ 17.8%
Singapore $1.3B 20.9% ▼ 27.7%
United States $1.2B 20.5% ▼ 5.9%
Other Geographical Areas $531M 8.9% ▼ 15.0%

From ON Semiconductor Corp's 10-K filed February 9, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$38.1B
Institutions reporting
995
Shares held vs prior quarter
▼ 0.8%
Positions opened / closed
225 / 64

Top buyers and sellers, Q2 2026: 535 institutions bought and 401 sold ; the biggest buyer was Jericho Capital Asset Management L.P (+4.9M shares) and the biggest seller Slate Path Capital LP (−6.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $5.4B 56.7M 14.1% ▼ 2.5%
Blackrock, Inc. $3.9B 41.0M 10.2% ▲ 2.7%
Vanguard Capital Management LLC $2.4B 25.6M 6.4% ▼ 0.1%
Vanguard Portfolio Management LLC $1.9B 19.6M 4.9% ▼ 2.1%
State Street Corp $1.8B 18.6M 4.6% ▲ 1.4%
Jupiter Topco LLC $1.3B 13.4M 3.3% —
Geode Capital Management, LLC $1B 10.8M 2.7% ▲ 0.7%
Jpmorgan Chase & Co $897M 10.1M 2.4% ▼ 37.1%
Goldman Sachs Group Inc $745M 7.9M 2.0% ▲ 18.7%
Norges Bank $743M 7.9M 2.0% —
Bank Of America Corp $593M 6.3M 1.6% ▲ 20.1%
Morgan Stanley $559M 5.9M 1.5% ▼ 3.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not ON Semiconductor Corp's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $21.3M 15 trades by 4 insiders · 64% under pre-set plans
Net ▼ $21.3M net selling
Insider Date Trade Shares Price Value
Gopalswamy Sudhir Group President, AMG & ISG October 1, 2026 Sell pre-set plan 15,578 $80.00 $1.2M
Thad Trent Exec VP & CFO April 24, 2026 Sell pre-set plan 30,000 $100.00 $3M
Thad Trent Exec VP & CFO April 23, 2026 Sell pre-set plan 30,000 $93.00 $2.8M
Thad Trent Exec VP & CFO April 16, 2026 Sell pre-set plan 30,000 $80.00 $2.4M
Gopalswamy Sudhir Group President, AMG & ISG March 13, 2026 Sell 6,114 $58.67 $358,708
Keeton Simon Group President, PSG February 17, 2026 Sell 44,263 $71.77 $3.2M
Keeton Simon Group President, PSG February 17, 2026 Sell 4,597 $71.56 $328,939
Thad Trent Exec VP & CFO February 12, 2026 Sell pre-set plan 49,500 $70.87 $3.5M
Thad Trent Exec VP & CFO February 12, 2026 Sell pre-set plan 7,000 $72.88 $510,136
Thad Trent Exec VP & CFO February 12, 2026 Sell pre-set plan 2,200 $73.39 $161,466
Thad Trent Exec VP & CFO February 12, 2026 Sell pre-set plan 1,300 $71.70 $93,214
El-Khoury Hassane CEO & President February 12, 2026 Sell 19,900 $73.02 $1.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 19 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of ON Semiconductor Corp shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $15,001 - $50,000, traded September 28, 2026, filed October 12, 2026
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded April 1, 2025, filed May 14, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded February 25, 2025, filed March 27, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 8, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • May 4, 2026
  • February 9, 2026
  • November 3, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on ON Semiconductor Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

ON Semiconductor Corp in brief

What does ON Semiconductor Corp do?
ON Semiconductor Corp is a US-listed company in the semiconductors industry. Its financial year ends in December.
What is ON Semiconductor Corp's stock ticker?
ON Semiconductor Corp trades under the ticker ON on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is ON Semiconductor Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, ON Semiconductor Corp reported revenue of $6.4B, 2.9% higher than a year earlier, according to its SEC filings.
What is ON Semiconductor Corp's free cash flow?
ON Semiconductor Corp's free-cash-flow margin is 25.4% of revenue over the trailing twelve months, ranking 14 of the 75 semiconductor companies we cover.
What is ON Semiconductor Corp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of ON Semiconductor Corp's free cash flow after stock-based pay gives ~$58 per share in the base case, and ~$44–$78 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are ON Semiconductor Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is ON Semiconductor Corp buying back stock, and does it pay a dividend?
ON Semiconductor Corp spent $1.2B on share repurchases over the trailing twelve months, and its diluted share count fell 4.5% over the year.
What is ON Semiconductor Corp's market cap?
On November 2, 2026, ON Semiconductor Corp's market capitalisation was about $28B, with a price-to-earnings ratio of 40.7 and net debt of $347M. Market figures come from third-party market data and may be delayed.
How much debt does ON Semiconductor Corp have?
ON Semiconductor Corp's debt-to-equity ratio is 59.0%, from its latest balance sheet (60.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are ON Semiconductor Corp's competitors?
In our Semiconductors peer group, the companies closest to ON Semiconductor Corp are Globalfoundries Inc., Canadian Solar Inc., Amkor Technology, Inc., United Microelectronics Corp and Microchip Technology Inc. The side-by-side comparison below sets their revenue, margins and growth against ON Semiconductor Corp's.
Are insiders buying or selling ON Semiconductor Corp stock?
Over the last 12 months, ON Semiconductor Corp's directors and officers reported 0 open-market purchases and 15 sales on Form 4. The insider trading page charts every trade.
When is ON Semiconductor Corp's next earnings date?
Around February 8, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — ON Semiconductor Corp announces its own schedule.