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ON Semiconductor Corporation ON

Technology  —  Semiconductors
84.89 4.81 6.01% as of 2 Oct
Market cap
$33.0B
P/E
53.7×
S&P 500 Member
Indexes indicate stock being part of an index
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

ON Semiconductor Corporation (ON) Altman Z-score

ON Semiconductor Corporation's Altman Z-score for fiscal 2025 is 4.62, in the safe zone (above 2.99).

Altman Z-score, annual

Embed this chart

Annual

Period Altman Z-score Change (points)
FY2025 4.62 (0.63)
FY2024 5.25 (1.03)
FY2023 6.28 1.25
FY2022 5.03 (0.20)
FY2021 5.23 2.47
FY2020 2.76 0.38
FY2019 2.37 (0.18)
FY2018 2.55 (0.06)
FY2017 2.61 1.17
FY2016 1.44 (0.74)

How fiscal 2025’s score is made up

Component This year Year before Result Points
Working capital / total assets 0.36 — 0.43
Retained earnings / total assets 0.66 — 0.92
EBIT / total assets 0.01 — 0.02
Market value of equity / total liabilities 4.61 — 2.76
Sales / total assets 0.48 — 0.48
Altman Z-score Safe zone 4.62
Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) Safe zone 6.24

How the Altman Z-score works

Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.

Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.

Zone Z Z″
Safe zoneabove 2.99above 2.60
Grey zone1.81–2.991.10–2.60
Distress zonebelow 1.81below 1.10

Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.

Altman Z-score against peers

Company Altman Z-score
CRDO Credo Technology Group Holding Ltd. compare 82.7×
SITM SiTime Corporation compare 38.8×
LSCC Lattice Semiconductor Corporation compare 37.1×
TSEM Tower Semiconductor Ltd. compare 20.5×
MTSI MACOM Technology Solutions Holdings, Inc. compare 8.1×
ON ON Semiconductor Corporation 4.6×
STM STMicroelectronics N.V. compare 3.7×
MCHP Microchip Technology Incorporated compare 3.7×
GFS GlobalFoundries Inc. compare 2.1×

What Altman Z-score is

The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.

1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets

The full definition of Altman Z-score →

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