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Friday 6 November 2026
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ON Semiconductor Corporation
ON Semiconductor Corporation’s revenue for fiscal 2025 (year ended December 2025) was $6.0 billion, down 15.3% from fiscal 2024.
- Revenue
- +11.1%
- EPS
- +28.2%
- Free cash flow
- +33.5%
- Total debt
- +32.8%
Quarter to September 2026, against a year earlier
62.84
0.17
−0.27%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 3,907 | 5,543 | 5,878 | 5,518 | 5,255 | 6,740 | 8,326 | 8,253 | 7,082 | 5,995 | 6,369 | +4.9% | 6,563 | 7,416 | 8,384 | +11.8% | |
| Gross margin, % | 33.29 | 36.72 | 38.08 | 35.77 | 32.65 | 40.27 | 48.97 | 47.06 | 45.41 | 33.09 | 38.68 | (0.2) pt | ||||||
| EBT | 181 | 548 | 755 | 277 | 177 | 1,158 | 2,362 | 2,536 | 1,837 | 131 | 843 | (3.5%) | ||||||
| EBT margin, % | 4.62 | 9.88 | 12.84 | 5.01 | 3.36 | 17.18 | 28.37 | 30.73 | 25.94 | 2.19 | 13.23 | (2.4) pt | ||||||
| Net income | 185 | 813 | 630 | 214 | 236 | 1,011 | 1,904 | 2,186 | 1,575 | 124 | 691 | (4.4%) | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 9.41 | 13.14 | 13.87 | 13.43 | 12.80 | 15.83 | 19.22 | 19.16 | 16.57 | 14.59 | 16.36 | +5.0% | |||||
| Earnings | 0.44 | 1.92 | 1.48 | 0.52 | 0.57 | 2.37 | 4.39 | 5.07 | 3.68 | 0.29 | 1.76 | (4.5%) | ||||||
| Cash flow | 1.40 | 2.59 | 3.01 | 1.69 | 2.15 | 4.19 | 6.08 | 4.59 | 4.46 | 4.28 | 4.55 | +13.2% | ||||||
| Capex | (0.51) | (0.90) | (1.12) | (1.29) | (0.91) | (1.12) | (2.26) | (3.56) | (1.61) | (0.75) | (0.28) | +4.4% | ||||||
| Free cash flow | 0.89 | 1.69 | 1.89 | 0.41 | 1.24 | 3.06 | 3.82 | 1.03 | 2.85 | 3.53 | 4.26 | +16.6% | ||||||
| Book value | 4.44 | 6.64 | 7.54 | 8.09 | 8.66 | 10.82 | 14.33 | 18.11 | 20.62 | 18.72 | 19.47 | +17.3% | ||||||
| Shares, m | 415 | 422 | 424 | 411 | 411 | 426 | 433 | 431 | 427 | 411 | 396 | (0.1%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 28.84 | 11.36 | 11.16 | 46.88 | 56.43 | 28.78 | 14.03 | 16.07 | 17.13 | 159.26 | 36.61 | 39.0 | |||||
| P/S | 1.35 | 1.66 | 1.19 | 1.82 | 2.56 | 4.29 | 3.21 | 4.25 | 3.80 | 3.71 | 3.93 | 2.8 | ||||||
| P/B | 2.86 | 3.29 | 2.19 | 3.01 | 3.78 | 6.28 | 4.30 | 4.50 | 3.06 | 2.89 | 3.30 | 3.6 | ||||||
| EV/Sales | 2.01 | 2.02 | 1.48 | 2.31 | 3.02 | 4.55 | 3.24 | 4.36 | 3.97 | 3.92 | 3.95 | 3.1 | ||||||
| EV/FCF | 21.33 | 15.72 | 10.87 | 76.45 | 31.13 | 23.50 | 16.29 | 81.28 | 23.08 | 16.20 | 15.17 | 31.6 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 581 | 1,094 | 1,274 | 695 | 884 | 1,782 | 2,633 | 1,978 | 1,906 | 1,760 | 1,770 | +13.1% | |||||
| Capex | (212) | (381) | (474) | (528) | (375) | (478) | (977) | (1,535) | (688) | (309) | (111) | +4.2% | ||||||
| Free cash flow | 369 | 713 | 800 | 167 | 509 | 1,304 | 1,656 | 442 | 1,219 | 1,451 | 1,659 | +16.4% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,367 | 1,524 | 1,699 | 1,202 | 1,510 | 2,238 | 3,668 | 3,729 | 5,417 | 4,535 | 5,634 | +14.3% | |||||
| Net debt | 2,594 | 2,003 | 1,697 | 2,718 | 2,411 | 1,732 | 298 | 876 | 375 | 457 | 118 | (17.6%) | ||||||
| Shareholders’ equity | 1,845 | 2,801 | 3,194 | 3,324 | 3,558 | 4,604 | 6,207 | 7,801 | 8,815 | 7,692 | 7,581 | +17.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 3.37 | 11.48 | 8.49 | 2.64 | 2.74 | 11.04 | 17.63 | 17.35 | 11.52 | 0.91 | 5.12 | (2.5) pt | |||||
| ROIC | 3.47 | 8.87 | 10.83 | 4.48 | 3.65 | 12.70 | 22.68 | 18.29 | 12.02 | 0.65 | 6.36 | (2.8) pt | ||||||
| ROE | 10.47 | 34.90 | 20.93 | 6.50 | 6.81 | 24.74 | 35.23 | 31.20 | 18.93 | 1.47 | 8.89 | (9.0) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 32,000 | 34,000 | 35,700 | 34,800 | 34,500 | 33,300 | 31,109 | 30,100 | 26,490 | 22,670 | — | (3.8%) | |||||
| Revenue/emp, $m | 0.12 | 0.16 | 0.16 | 0.16 | 0.15 | 0.20 | 0.27 | 0.27 | 0.27 | 0.26 | — | +9.0% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| PSG | 2,805 | 46.79% |
|---|---|---|
| AMG | 2,262 | 37.73% |
| ISG | 928 | 15.49% |
| Gross margin | 33.09% | |
| Operating margin | 1.40% | |
| Pre-tax margin | 2.19% |
ON Semiconductor Corporation vs peers in Semiconductors (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| STM STMicroelectronics N.V. | $35.8B | 70.6× | 42.8× | +17.89% (above 0%: growing) | +16.07% (above 0%: growing) | +107.00% (above 0%: growing) | 37.29% | 9.77% | Compare |
| MCHP Microchip Technology Incorporated | $35.2B | 49.8× | 35.7× | +42.19% (above 0%: growing) | +2,200.00% (above 0%: growing) | +667.64% (above 0%: growing) | 65.86% | 28.65% | Compare |
| UMC United Microelectronics Corporation | $33.6B | 12.6× | 15.4× | +17.66% (above 0%: growing) | +2.90% (above 0%: growing) | +74.50% (above 0%: growing) | 33.95% | 25.11% | Compare |
| ALAB Astera Labs, Inc. | $31.1B | 68.8× | 79.1× | +153.67% (above 0%: growing) | +94.44% (above 0%: growing) | +103.24% (above 0%: growing) | 72.28% | 30.61% | Compare |
| ON ON Semiconductor Corporation | $24.5B | 36.6× | 32.9× | +11.05% (above 0%: growing) | +28.19% (above 0%: growing) | +33.45% (above 0%: growing) | 41.40% | 21.96% | |
| CRDO Credo Technology Group Holding Ltd. | $21.1B | 38.8× | 34.2× | +114.73% (above 0%: growing) | +89.19% (above 0%: growing) | +61.55% (above 0%: growing) | 64.53% | 25.20% | Compare |
| GFS GlobalFoundries Inc. | $20.0B | 28.2× | 32.3× | +5.81% (above 0%: growing) | −26.83% (below 0%: shrinking) | −97.40% (below 0%: shrinking) | 28.28% | 9.74% | Compare |
| SWKS Skyworks Solutions, Inc. | $19.1B | 70.2× | 57.9× | −4.95% (below 0%: shrinking) | −83.55% (below 0%: shrinking) | −151.81% (below 0%: shrinking) | 40.87% | 2.13% | Compare |
| CBRS Cerebras Systems Inc. | $18.3B | — (loss-making) | — | — | n/m | — | 14.19% | (264.97%) | Compare |
| Median of peers | $26.1B | 49.8× | 35.7× | +17.89% | +16.07% | +74.50% | 39.08% | 17.44% |
From the latest earnings call
- CEO Hassane El-Khoury said supply constraints prompted onsemi to allocate chips to AI data centers and industrial customers while deferring automotive inventory replenishment.
- CFO Thad Trent said the planned Ferric acquisition would extend onsemi’s AI processor power-delivery capabilities, with closing expected in the fourth quarter.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
103.64%
Held by the ten largest
57.02%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Fidelity (FMR) | 56.68m | 14.56% | −1.48m |
| Vanguard | 49.36m | 12.68% | −394.50k |
| BlackRock | 40.98m | 10.53% | +1.07m |
| State Street | 18.56m | 4.77% | +249.68k |
| Jupiter Topco | 13.43m | 3.45% | +13.43m |
| Geode Capital Management | 10.84m | 2.78% | +72.73k |
| JPMorgan Chase | 10.13m | 2.60% | −5.98m |
| Goldman Sachs | 7.88m | 2.02% | +1.24m |
| Norges Bank | 7.86m | 2.02% | +7.86m |
| Bank of America | 6.28m | 1.61% | +1.05m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 2 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 17.68m | 5.24m | 165.00 |
| 2024 | 31.13m | 20.06m | 259.00 |
| 2023 | 19.97m | 35.88m | 343.00 |
| 2022 | 16.52m | 20.25m | 256.00 |
| 2021 | 12.83m | 37.83m | 279.00 |
Ownership
Directors and executive officers, together
less than 1%
FMR LLC
15.70%
BlackRock, Inc.
10.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
ON Semiconductor Corporation (ON) Latest News
4 Nov
3 Nov
2 Nov
28 Oct
21 Oct
ON metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
ON Semiconductor Corporation, known as onsemi, makes power and sensing semiconductors for automotive, industrial and other markets, including AI data centers. Founded in 1992 and headquartered in Scottsdale, the company is led by chief executive Hassane El-Khoury.
Its power chips control and convert electricity inside equipment. In vehicles, they support electric drivetrains, charging and power management. In industrial applications, they are used in energy generation and storage, motor controls and automation. In data centers, they help manage power from the power supply to components near processors.