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Microchip Technology Incorporated (MCHP) vs ON Semiconductor Corporation (ON)

Microchip Technology Incorporated and ON Semiconductor Corporation are both Semiconductors companies. Microchip Technology Incorporated is the larger, with a market value of $35.2B against $24.5B — 1.4× the size. ON Semiconductor Corporation trades at the lower P/E: 36.6× against 49.8×. Microchip Technology Incorporated grew revenue faster over the last twelve months: 33.0% against 2.93%. Microchip Technology Incorporated has the higher net margin (13.0% vs 10.8%) and the lower return on invested capital (6.25% vs 6.36%). Across the 22 metrics below, ON Semiconductor Corporation leads on 16 and Microchip Technology Incorporated on 6.

Valuation

Metric MCHP ON Semiconductors median
P/E 49.82 36.61 36.98
P/S 6.43 3.93 6.03
P/B 5.42 3.30 3.87
Price to free cash flow 24.75 15.10 43.80
EV/EBITDA 28.57 15.97 20.84
EV/Sales 7.68 3.95 5.07
Earnings yield 2.01% 2.73% 1.13%
Free cash flow yield 4.04% 6.62% 1.06%

Profitability

Metric MCHP ON Semiconductors median
Gross margin 62.70% 38.68% 52.21%
Operating margin 20.89% 12.30% 5.47%
Net margin 12.97% 10.82% 4.26%
Free cash flow margin 25.97% 26.05% 5.02%
Return on equity 10.90% 8.89% 2.86%
Return on assets 4.99% 5.12% 2.03%
Return on invested capital 6.25% 6.36% 2.28%

Growth

Metric MCHP ON Semiconductors median
Revenue growth (TTM) 33.02% 2.93% 17.60%
EPS growth (last fiscal year) 2,300.00% (92.01%) 27.66%
Revenue growth, 5-year CAGR (2.82%) 2.67% 5.14%
Net income growth, 5-year CAGR (19.41%) (12.37%) 0.00%

Health

Metric MCHP ON Semiconductors median
Debt to equity 0.83 0.59 0.12
Current ratio 2.24 3.55 3.39
Net debt to EBITDA 4.33 0.58 0.53

Dividend

Metric MCHP ON Semiconductors median
Dividend yield 2.75% — 1.62%
Payout ratio 1.38 — 0.38

Size

Metric MCHP ON Semiconductors median
Market cap 35.21b 24.53b 5.69b

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