ON Semiconductor Corporation

ON · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Valuation
Market cap	$21,789	$26,847	$35,976	$26,970	$29,262	$14,101	$10,504	$7,113	$9,022	$5,497	$4,222	$4,452	$3,691	$3,191	$3,449	$4,258	$3,711	$1,289	$2,582	$2,421	$1,456	$1,125	$1,214	$241	$359	$820
Enterprise value	$22,727	$27,240	$36,871	$27,300	$31,026	$16,531	$13,244	$8,832	$11,046	$8,113	$5,022	$5,147	$4,040	$3,601	$3,779	$4,546	$4,093	$1,857	$3,486	$3,349	$2,315	$2,117	$2,357	$1,477	$1,570	$1,896
P/E (TTM) at period end	180.07×	17.07×	16.47×	14.16×	28.98×	60.21×	49.62×	11.34×	11.13×	30.19×	20.48×	23.47×	24.54×	–	297.29×	14.66×	60.84×	–	10.66×	8.90×	14.47×	–	–	–	–	11.53×
P/S (TTM) at period end	3.63×	3.79×	4.36×	3.24×	4.34×	2.68×	1.90×	1.21×	1.63×	1.41×	1.21×	1.41×	1.33×	1.10×	1.00×	1.84×	2.10×	0.63×	1.65×	1.58×	1.16×	0.89×	1.14×	0.22×	0.29×	0.40×
P/B at period end	2.84×	3.05×	4.62×	4.36×	6.38×	3.99×	3.18×	2.24×	3.25×	3.02×	2.63×	2.74×	2.48×	2.34×	2.35×	3.12×	3.77×	1.94×	162.41×	–	–	–	–	–	–	2.43×
EV / EBITDA (TTM)	29.51×	11.30×	11.71×	9.38×	16.47×	16.98×	12.91×	6.51×	9.49×	13.28×	8.12×	10.34×	9.60×	16.12×	11.02×	8.40×	13.73×	–	9.34×	8.49×	8.52×	7.59×	10.80×	7.01×	15.52×	4.08×
EV / Sales (TTM)	3.79×	3.85×	4.47×	3.28×	4.60×	3.15×	2.40×	1.50×	1.99×	2.08×	1.44×	1.63×	1.45×	1.24×	1.10×	1.96×	2.31×	0.90×	2.23×	2.19×	1.84×	1.67×	2.20×	1.35×	1.28×	0.91×
Returns
Return on equity	1.6%	17.9%	28.1%	30.8%	22.0%	6.6%	6.4%	19.8%	29.2%	10.0%	12.8%	11.7%	10.1%	(7.1%)	0.8%	21.3%	6.2%	(64.4%)	1523.3%	–	–	–	–	–	–	21.1%
Return on invested capital	0.9%	16.0%	25.2%	29.2%	17.7%	5.8%	5.5%	14.5%	14.2%	5.6%	10.3%	9.8%	9.6%	(1.0%)	2.1%	21.7%	9.0%	(25.5%)	24.1%	44.0%	30.2%	31.8%	16.4%	9.5%	(10.3%)	13.5%
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	0.1%	0.2%	0.1%	0.3%	0.4%	–	–	–	–
Financial health
Current ratio	4.52×	5.06×	2.71×	2.78×	2.45×	1.90×	1.66×	2.16×	2.08×	1.91×	1.53×	1.74×	2.08×	1.65×	1.67×	1.91×	1.89×	1.91×	1.77×	1.62×	1.51×	1.65×	1.69×	1.62×	1.64×	1.97×
Debt / equity	0.39×	0.38×	0.43×	0.52×	0.67×	0.99×	1.09×	0.87×	1.06×	1.99×	0.87×	0.73×	0.63×	0.74×	0.82×	0.65×	0.95×	1.52×	72.92×	(5.22×)	(3.55×)	(2.14×)	(2.02×)	(2.14×)	(3.34×)	3.73×
Effective tax rate	5.9%	14.3%	13.8%	19.4%	12.7%	(33.9%)	22.7%	16.6%	(48.5%)	(2.2%)	4.9%	(0.1%)	9.6%	(20.8%)	60.6%	4.2%	10.8%	2.1%	3.1%	0.3%	1.4%	(6.5%)	(5.6%)	(7.3%)	(93.8%)	36.1%
Share count
Diluted shares outstanding	412	433	447	448	444	419	416	436	428	420	428	444	451	453	457	444	432	379	301	342	297	248	187	176	173	163

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000
Revenue and gross profit
Revenue	$6,198	$5,995	$7,082	$8,253	$8,326	$6,740	$5,255	$5,518	$5,878	$5,543	$3,907	$3,496	$3,162	$2,783	$2,895	$3,442	$2,313	$1,769	$2,055	$1,566	$1,532	$1,261	$1,267	$1,069	$1,094	$1,223	$2,074
Cost of revenue	($3,860)	($4,012)	($3,866)	($4,370)	($4,249)	($4,026)	($3,539)	($3,544)	($3,640)	($3,508)	($2,606)	($2,303)	($2,077)	($1,854)	($1,949)	($2,434)	($1,357)	($1,148)	($1,309)	($976)	($943)	($842)	($857)	($768)	($796)	($998)	($1,355)
Gross profit	$2,338	$1,984	$3,216	$3,884	$4,077	$2,714	$1,716	$1,974	$2,239	$2,036	$1,300	$1,193	$1,085	$929	$946	$1,009	$956	$621	$746	$590	$589	$418	$410	$301	$298	$226	$719
Operating expenses
Research and development	($561)	($584)	($613)	($577)	($600)	($655)	($643)	($641)	($651)	($595)	($447)	($397)	($367)	($334)	($368)	($362)	($248)	($199)	($234)	($133)	($101)	($94)	($94)	($86)	($82)	($94)	($69)
Selling, general and administrative	($365)	($349)	($376)	($362)	($343)	($305)	($259)	($284)	($293)	($285)	($230)	($182)	($181)	($148)	($161)	($192)	($130)	($104)	($122)	($177)	($178)	($154)	($146)	($128)	($150)	($190)	($334)
Total operating expenses	($1,668)	($1,900)	($1,448)	($1,345)	($1,717)	($1,427)	($1,367)	($1,541)	($1,392)	($1,354)	($1,054)	($932)	($856)	($720)	($967)	($895)	($582)	($478)	($1,111)	($310)	($279)	($248)	($240)	($219)	($243)	($307)	($420)
Total costs and expenses	($5,528)	($5,911)	($5,315)	($5,714)	($5,966)	($5,452)	($4,906)	($5,085)	($5,031)	($4,862)	($3,660)	($3,235)	($2,933)	($2,574)	($2,915)	($3,329)	($1,939)	($1,626)	($2,421)	($1,286)	($1,222)	($1,090)	($1,097)	($987)	($1,039)	($1,305)	($1,774)
Operating income	$670	$84	$1,768	$2,539	$2,360	$1,288	$349	$433	$847	$682	$247	$261	$229	$209	($20)	$113	$374	$143	($366)	$280	$310	$171	$170	$82	$55	($82)	$299
Earnings
EBITDA	$1,459	$770	$2,411	$3,148	$2,912	$1,884	$974	$1,026	$1,356	$1,164	$611	$619	$498	$421	$223	$343	$541	$298	($224)	$373	$394	$272	$279	$218	$211	$101	$464
Interest income	$78	$95	$111	$93	$16	$1	$5	$10	$6	$3	$4	$1	$2	$1	$2	$1	$0	$1	$7	$13	–	–	–	–	–	–	–
Interest expense	($61)	($71)	($62)	($75)	($95)	($130)	($168)	($148)	($128)	($141)	($145)	($50)	($34)	($39)	($56)	($69)	($61)	($65)	($80)	($39)	–	–	–	–	–	–	($131)
Pre-tax income	$716	$131	$1,837	$2,536	$2,362	$1,158	$177	$277	$755	$548	$181	$220	$192	$170	($77)	$38	$306	$71	($438)	$251	$276	$109	($113)	($136)	($130)	($369)	$139
Income tax expense	($85)	($8)	($263)	($350)	($458)	($147)	$60	($63)	($125)	$266	$4	($11)	$0	($16)	($16)	($23)	($13)	($8)	$9	($8)	($1)	($2)	($7)	($8)	($10)	($346)	($50)
Net income	$630	$121	$1,573	$2,184	$1,902	$1,010	$234	$212	$627	$811	$182	$206	$190	$150	($97)	$12	$290	$61	($429)	$242	$272	$101	($124)	($167)	($142)	($831)	$71
Per share
Diluted EPS (GAAP)	$1.56	$0.29	$3.63	$4.89	$4.25	$2.27	$0.56	$0.51	$1.44	$1.89	$0.43	$0.48	$0.43	$0.33	($0.21)	$0.03	$0.65	$0.14	($1.13)	$0.80	$0.80	$0.21	($0.50)	($0.89)	($0.81)	($4.79)	$0.36
Basic EPS (GAAP)	$1.58	$0.29	$3.68	$5.07	$4.39	$2.37	$0.57	$0.52	$1.48	$1.92	$0.44	$0.49	$0.43	$0.34	($0.21)	$0.03	$0.67	$0.14	($1.13)	$0.83	$0.85	$0.24	($0.50)	($0.89)	($0.81)	($4.79)	$0.36
Basic shares outstanding	398	411	427	431	433	426	411	411	424	422	415	421	440	448	453	447	431	421	379	291	320	263	248	187	176	173	156
Margins
Gross margin	37.7%	33.1%	45.4%	47.1%	49.0%	40.3%	32.7%	35.8%	38.1%	36.7%	33.3%	34.1%	34.3%	33.4%	32.7%	29.3%	41.3%	35.1%	36.3%	37.7%	38.5%	33.2%	32.4%	28.2%	27.3%	18.4%	34.7%
Operating margin	10.8%	1.4%	25.0%	30.8%	28.3%	19.1%	6.6%	7.8%	14.4%	12.3%	6.3%	7.5%	7.2%	7.5%	(0.7%)	3.3%	16.2%	8.1%	(17.8%)	17.9%	20.2%	13.6%	13.4%	7.6%	5.0%	(6.7%)	14.4%
Net margin	10.2%	2.0%	22.2%	26.5%	22.8%	15.0%	4.5%	3.8%	10.7%	14.6%	4.7%	5.9%	6.0%	5.4%	(3.4%)	0.3%	12.6%	3.4%	(20.9%)	15.5%	17.8%	8.0%	(9.8%)	(15.6%)	(13.0%)	(68.0%)	3.4%

Analyst consensus

Buy47 analysts

Bearish · 1 · Hold · 22 · Bullish · 24

Earnings history

	EPS	Estimate
Q3 2024	$0.99	$0.97	Beat
Q4 2024	$0.95	$0.97	Miss
Q1 2025	$0.55	$0.50	Beat
Q2 2025	$0.53	$0.53	Match
Q3 2025	$0.63	$0.59	Beat
Q4 2025	$0.64	$0.62	Beat
Q1 2026	$0.64	$0.61	Beat
Q2 2026	$0.74	$0.71	Beat

Peers

Company overview

IPO dateMay 2, 2000

CEOHassane S. El-Khoury

Employees22,600

SectorTechnology

IndustrySemiconductors

CountryUS

ExchangeNASDAQ Global Select

Websitewww.onsemi.com

ON Semiconductor Corporation operates as a global provider of sophisticated power and sensing solutions. Their cutting-edge power innovations are pivotal in modernizing various sectors: they contribute to the development of lighter, extended-range electric vehicles, underpin rapid-charging infrastructure, and bolster sustainable energy initiatives for applications such as solar arrays, industrial power systems, and energy storage. The company's operations are structured into three main divisions: the Power Solutions Group, the Advanced Solutions Group, and the Intelligent Sensing Group. ON Semiconductor offers a broad array of semiconductor products, including analog components, discrete devices, modules, and integrated circuits. These products are designed to perform numerous critical functions, such as power switching, energy conversion, signal conditioning, circuit protection, signal amplification, and voltage regulation. Beyond these standard offerings, the firm also designs and develops specialized analog, mixed-signal, advanced logic, application-specific integrated circuits (ASICs) and standard products, radio frequency (RF) components, and integrated power management solutions, catering to a diverse range of end-market consumers. Furthermore, it provides foundry and design services specifically for government clients. The company's portfolio also encompasses advanced imaging technologies. This includes the creation of complementary metal-oxide-semiconductor (CMOS) image sensors, sophisticated image signal processors, and single photon detectors like silicon photomultipliers (SiPMs) and single-photon avalanche diode (SPAD) arrays. Additionally, ON Semiconductor produces actuator drivers essential for autofocus and image stabilization, serving a wide spectrum of end-users across numerous industries. Established in 1992, ON Semiconductor Corporation is headquartered in Phoenix, Arizona.

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