ON Semiconductor Corp key statistics and ratios

In fiscal 2025, ON Semiconductor Corp had return on equity of 1.5%, an operating margin of 1.4%, debt equal to 39.2% of equity and a current ratio of 4.52. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

ON Semiconductor Corp: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMOct 2026
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%
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%
Return on equity	6.2%	24.7%	0.8%	−6.9%	10.5%	12.2%	12.7%	10.6%	35.2%	21.1%	6.5%	6.8%	24.9%	35.3%	31.3%	19.0%	1.5%	9.0%
Return on assets	2.5%	10.9%	0.3%	−2.7%	4.5%	5.3%	5.4%	3.4%	11.5%	8.5%	2.6%	2.7%	11.0%	17.6%	17.3%	11.5%	0.9%	5.2%
Asset turnover	0.73	0.87	1.01	0.80	0.84	0.89	0.91	0.72	0.79	0.80	0.69	0.61	0.74	0.77	0.66	0.52	0.45	0.48
Current ratio	1.89	1.91	1.67	1.65	2.08	1.74	1.53	1.91	2.08	2.16	1.66	1.90	2.45	2.78	2.71	5.06	4.52	3.55
Debt to equity	94.8%	65.1%	82.2%	74.3%	63.2%	74.2%	94.3%	208.8%	114.3%	92.7%	113.6%	101.4%	71.1%	52.2%	43.4%	38.4%	39.2%	59.6%
Interest cover (operating income ÷ interest)	2.2x	6.1x	1.6x	n/m	5.4x	6.7x	5.3x	1.7x	4.8x	6.6x	2.9x	2.1x	9.9x	24.9x	33.9x	28.4x	1.2x	13.6x
Effective tax rate	10.8%	4.2%	60.6%	—	9.6%	−0.1%	4.9%	−2.2%	−48.5%	16.6%	22.7%	−33.9%	12.7%	19.4%	13.8%	14.3%	5.9%	—
R&D as % of revenue	11.2%	10.7%	10.5%	12.7%	12.0%	11.6%	11.3%	11.4%	10.7%	11.1%	11.6%	12.2%	9.7%	7.2%	7.0%	8.7%	9.7%	8.9%
Capital spending as % of revenue	3.1%	8.2%	9.2%	8.9%	5.6%	6.5%	7.7%	5.4%	7.0%	8.8%	9.7%	7.3%	6.6%	12.4%	18.6%	9.8%	5.7%	2.4%
Free cash flow ÷ net income	367.2%	124.9%	>999%	—	114.4%	146.0%	96.9%	203.4%	87.2%	121.0%	75.6%	213.8%	132.5%	84.0%	20.1%	77.1%	>999%	234.6%
Dividends and buybacks ÷ free cash flow	3.8%	0.0%	0.0%	281.7%	58.7%	44.0%	174.3%	0.0%	3.5%	41.5%	86.8%	13.1%	0.0%	16.3%	128.7%	54.0%	97.1%	71.8%

US$ thousands unless shown otherwise. Fiscal quarters.

ON Semiconductor Corp: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Apr 2025	2025 Q2Jul 2025	2025 Q3Oct 2025	2025 Q4Dec 2025	2026 Q1Apr 2026	2026 Q2Jul 2026	2026 Q3Oct 2026
Gross margin	45.2%	20.3%	37.6%	37.9%	36.0%	38.5%	38.4%	41.4%
Operating margin	23.7%	−39.7%	13.2%	17.0%	13.1%	−3.5%	16.1%	22.0%
Net margin	22.1%	−33.6%	11.6%	16.4%	11.9%	−2.2%	14.1%	18.2%
Free-cash-flow margin	24.5%	31.5%	7.2%	24.0%	31.7%	14.4%	26.5%	28.4%
Current ratio	5.06	4.95	5.02	5.23	4.52	4.87	3.46	3.55
Debt to equity	38.0%	41.7%	42.2%	42.4%	38.8%	40.9%	61.8%	59.0%
R&D as % of revenue	9.0%	11.4%	9.8%	9.1%	8.7%	9.5%	8.8%	8.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: GFS vs ON CSIQ vs ON AMKR vs ON

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Figures from ON Semiconductor Corp's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to ON Semiconductor Corp.