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Makes power and sensing chips, especially silicon carbide, used in EVs, industrial systems and data centers.
Makes power and sensing chips, especially silicon carbide, used in EVs, industrial systems and data centers.
Sells through distributors and directly to carmakers and industrial firms under design wins that last years, with cars the largest end market. Under its 'fab-right' plan since 2020 it has closed or sold older plants and dropped lower-margin products, while building a silicon carbide supply chain from crystal growth, after buying GT Advanced Technologies in 2021, to finished devices.
Moat: narrow (process know-how, customer qualification, scale). Vertically integrated SiC supply and automotive design-ins, though it faces intensifying SiC pricing pressure.
Headquarters: Phoenix, Arizona, US · Founded: 1999 · Employees: 22,600
Size ON Semiconductor (ON) is a United States Information Technology company (Semiconductors) with a market value of $24.6B, the 428th largest of 3,117 United States companies the cockpit tracks. Shares closed at $63.31 on 6 Nov 2026.
Performance Over six months the shares fell 38.6%, against -8.6% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 2.9% over the last twelve months (peer median +25.7%); the operating margin is 19.2% (peer median 22.9%).
Valuation It trades at 14.3× forward earnings against a peer median of 16.2× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +17 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.6 points below its cost of capital (13.8% WACC).
Backlog Backlog (remaining performance obligations) was $5.50B at 2 Oct 2026, down 32% on a year earlier — 0.9 years of trailing revenue. Backlog detail →
Credit ON Semiconductor has 4 bonds outstanding ($4.50B), rated BB by the agencies and trading like BBB- at a weighted spread of 90 bp.
Short interest Short interest is 7.8% of the free float (15 Oct 2026).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.37B | $6.00B | $7.08B | $8.25B | $8.33B |
| Revenue growth | — | -15% | -14% | -1% | — |
| Gross profit | $2.43B | $1.94B | $3.17B | $3.83B | $4.00B |
| EBITDA | $2.00B | $1.43B | $2.55B | $3.22B | $3.33B |
| Net income | $689M | $121M | $1.57B | $2.18B | $1.90B |
| Free cash flow | $1.62B | $1.42B | $1.21B | $438M | $1.60B |
| Capital expenditure | $153M | $341M | $694M | $1.54B | $1.04B |
| Total debt | $4.71B | $3.25B | $3.64B | $3.62B | $3.51B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ON Semiconductor ON | $24.6B | -39% | +3% | 19% | 14.3× | 20.0% |
| STM STM | $41.0B | -29% | +16% | 7% | 17.3× | 38.6% |
| Infineon Technologies IFX.DE | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% |
| WOLF WOLF | $1.26B | -49% | -12% | -67% | n/a | n/a |
| Texas Instruments TXN | $253B | -4% | +20% | 41% | 24.6× | 23.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ON | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.3% | -22.7% | 9th highest of 21 |
| 6-month return | -38.6% | -8.6% | 7th lowest of 20 |
| Distance from 52-week high | -53.1% | -52.7% | 11th highest of 21 |
| Revenue growth (TTM) | +2.9% | +25.7% | 5th lowest of 20 |
| Operating margin | 19.2% | 22.9% | 8th lowest of 18 |
| Forward P/E | 14.3× | 16.2× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 20.0% | 13.3% | 6th most demanding of 13 |
| Growth delivered (Del g) | +2.7% | +10.6% | 4th lowest of 13 |
| Hurdle (Req g minus delivered) | +17.3 pp | -1.0 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | -1.6 pp | +3.5 pp | 7th lowest of 18 |
| EV / EBITDA | 12.5× | 17.0× | 5th cheapest of 9 |
| Net debt / EBITDA | 0.2× | -0.5× | 3rd most indebted of 10 |
| Bond spread | 90 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ON Semiconductor ON | United States | $24.6B | -39% | +3% | 19% | 14.3× | 20.0% | +2.7% |
| Moore Threads Technology 688795.SS | China | $25.1B | -53% | +226% | -9% | n/a | n/a | n/a |
| GigaDevice Semiconductor 3986.HK | Hong Kong | $25.1B | -43% | +181% | 50% | 11.6× | -8.8% | +14.6% |
| Global Unichip 3443.TW | Taiwan | $25.1B | +29% | +104% | 13% | 50.1× | n/a | n/a |
| Montage Technology 6809.HK | Hong Kong | $24.1B | -49% | +40% | 42% | 45.8× | 8.1% | +23.6% |
| Shanghai Enflame Technology 688801.SS | China | $23.8B | n/a | n/a | n/a | n/a | n/a | n/a |
| Hua Hong Grace Semiconductor 688347.SS | China | $25.5B | +23% | +18% | -2% | 234.7× | n/a | n/a |
| SJ Semiconductor 688820.SS | China | $22.9B | -21% | +1% | n/a | 136.4× | n/a | n/a |
| Renesas Electronics 6723.T | Japan | $27.9B | -23% | +26% | 24% | 9.9× | 12.2% | +13.0% |
| Piotech 688072.SS | China | $21.7B | +23% | +24% | 14% | 55.5× | 43.5% | +71.7% |
| First Solar FSLR | United States | $21.6B | -9% | -1% | 39% | 9.2× | 12.4% | +14.0% |
| GlobalFoundries GFS | United States | $21.2B | -48% | +1% | 12% | 16.2× | 24.9% | +7.0% |
| MetaX Integrated Circuits (Shanghai) 688802.SS | China | $29.5B | -35% | +84% | n/a | 469.5× | n/a | n/a |
| Suzhou TFC Optical Communication 300394.SZ | China | $19.9B | -44% | +26% | 51% | 36.3× | 44.8% | +42.7% |
| Skyworks Solutions SWKS | United States | $19.3B | +24% | -3% | 9% | 14.3× | 39.4% | -5.0% |
| Microchip Technology MCHP | United States | $31.7B | -41% | +21% | 16% | 14.5× | 34.2% | -2.8% |
| DapuStor 301666.SZ | China | $18.8B | +20% | +611% | 23% | n/a | n/a | n/a |
| Astera Labs ALAB | United States | $33.1B | -5% | +115% | 26% | 28.0× | n/a | n/a |
| United Micro Electronics 2303.TW | Taiwan | $34.9B | +11% | +13% | 21% | 13.7× | 14.2% | +6.1% |
| Nanya Technology 2408.TW | Taiwan | $35.8B | +34% | +586% | 71% | 2.9× | 0.6% | +1.8% |
| Winbond Electronic 2344.TW | Taiwan | $16.4B | +22% | +154% | 43% | 2.8× | 0.6% | +8.1% |
ON Semiconductor has 4 bonds outstanding with $4.50B face value. The agencies rate it BB; its bonds trade like BBB-. Weighted yield 5.46%, a spread of 90 bp over government bonds.
ON Semiconductor reported $5.50B of remaining performance obligations at 2 Oct 2026, down 32% from a year earlier and down 10% from the previous quarter. That is 0.9 years of trailing revenue already under contract. Book-to-bill last quarter: 0.65.