ON Semiconductor Corporation (ON)

NASDAQ: ON · USD

$75.5

-3.15 (-4.0%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-22

Our latest published analysis: ON rated Sell

ON Semiconductor Corporation's published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$46.4 / share

Potential value

$62.7 / share

Upside to FV

-39.7%

from $75.5

Moat

6.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$30.0B
Revenue (ttm)	6.2B
Net income (ttm)	630.2M
EPS (ttm)	$1.56
Shares out	389.3M
P/E (trailing)	48.4x
P/E (forward)	16.5x
Volume	8,653,965
Beta	2.05

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 6.2B
Net income (ttm): 630.2M
EPS (ttm): $1.56
P/E (trailing): 48.4x
P/E (forward): 16.5x
Market cap: $30.0B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$6.74B	$8.33B	$8.25B	$7.08B	$6.00B	-2.9%
Gross profit	$2.71B	$4.08B	$3.88B	$3.22B	$1.98B	-7.5%
Operating income	$1.29B	$2.36B	$2.54B	$1.77B	$84.2M	-49.4%
Net income	$1.01B	$1.90B	$2.18B	$1.57B	$121.0M	-41.2%
EPS (diluted)	$2.27	$4.25	$4.89	$3.63	$0.29	-40.2%
EBITDA	$1.88B	$3.01B	$2.54B	$2.54B	$888.2M	-17.1%
R&D	$655.0M	$600.2M	$577.3M	$612.7M	$583.6M	-2.8%
SG&A	$304.8M	$343.2M	$362.4M	$376.3M	$348.9M	+3.4%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	Vendere
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	Vendere
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	Acquisto forte
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	Mantenere
ADI	Analog Devices, Inc.	207.6B	50.9x	14.8x	11.0%	+16.4%	+76.9%	Vendere
AI	C3.ai, Inc.	2B	—	8.4x	-35.6%	+3.6%	-33.6%	Vendere

Base and Bull scenarios

Bull20%

Price target

$62.74

-18.5% from spot

In the Bull case (20% probability), AI data center power solutions more than double in 2026, automotive 800V silicon carbide market share gains accelerate in China (growing 60% to 70% YoY), and factory utilization increases gross margins past 43%, lifting valuation toward our upper boundary of $62.74.

Full-year 2026 SiC revenue expands nearly 60%.
Factory utilization gains yield 25 to 30 bps of gross margin improvement per percentage point.
Consolidated revenue growth accelerates above 13% in FY2027.

Base55%

Price target

$46.40

-39.7% from spot

In the Base case (55% probability), ON executes steady post-trough recovery under its Fab-Liter strategy. Revenue rebounds by 9.45% in FY2026 to $6,562.0M and 13.13% in FY2027 to $7,423.6M, while operating margin normalizes from 18.5% in FY2026 toward 24.5% by FY2030, yielding our composite intrinsic Fair value of $46.40.

Operating tax rate maintained at 15.0% for FY2026-FY2027, stepping up to 16.0% long-term.
Reinvestment rate remains disciplined at 25% to 30% of NOPAT.
Cost of equity anchored to moderate Ke of 12.38%.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($46.40). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.5%	2.8%	3.0%	3.3%	3.5%
11.4%	$48.8	$49.3	$49.9	$50.5	$51.1
11.9%	$47.1	$47.6	$48.1	$48.6	$49.1
12.4%	$45.6	$46.0	$46.4	$46.9	$47.3
12.9%	$44.1	$44.5	$44.9	$45.3	$45.7
13.4%	$42.8	$43.1	$43.5	$43.8	$44.2

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E16.5

P25 n/aP50 n/aP75 n/a

Trailing P/E51.1

P25 n/aP50 n/aP75 n/a

ROE8.3

P25 n/aP50 n/aP75 n/a

ROIC15.6

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All ON indicators

Market & fundamental data

Available fields

279

Groups with data

Currency

USD

Showing 279 of 279 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001097864
Company name	ON Semiconductor Corporation
Country	United States
Country code	US
CUSIP number	682189105
Earnings date	2026-11-02
Earnings time	amc
Employees	22,600
Employees change	-3,890
Employees growth	-14.68%
Enterprise value	$30.2B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-07-03
First seen	2026-05-09
Fiscal year end	December
Founded	1992
In index	SP500
Industry	Semiconductors
IPO date	2000-04-28
Is primary listing	Yes
Is SPAC	No
ISIN number	US6821891057
Last 10-K release date	2026-02-09
Last earnings date	2026-08-03
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$29.4B
Market cap category	Large-Cap
Next earnings date	2026-11-02
Options	Yes
Price	$75.52
Price currency	USD
Sector	Technology
SIC code	3674
Stock price date	2026-10-28
Symbol	ON
Tags	artificial-intelligence
U.S. state	Arizona
Website	https://www.onsemi.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	28.5x
Average P/E ratio (10Y)	30.9x
Average P/E ratio (3Y)	42.9x
Average P/E ratio (5Y)	33.64x
Earnings yield	2.07%
EV/Earnings	47.59x
EV/EBIT	20.87x
EV/EBITDA	14.35x
EV/FCF	19.99x
EV/Sales	4.84x
FCF / EV yield	5%
FCF yield	5.15%
Forward EV/Sales	4.29x
Forward P/E	19.46x
Forward P/S	4.16x
Graham number	25.51783
Graham upside	-65.92%
Industry forward P/E	13.58x
Industry P/E	26.27x
Lynch fair value	$7.80
Lynch upside	-89.58%
P/(FCF - SBC) ratio	21.6x
P/(OCF - SBC) ratio	19.16x
P/B ratio	4.24x
P/E ratio	48.39x
P/FCF ratio	19.43x
P/OCF ratio	17.43x
P/S ratio	4.7x
PEG ratio	0.58x
Price / tangible book value	5.6x
Price/EBITDA ratio	13.95x
Sector forward P/E	18.55x
Sector P/E	32.64x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	23.19%
EBITDA margin	33.72%
Effective tax rate	11.82%
FCF margin	24.21%
Gross margin	42.78%
Operating margin	23.19%
Pretax margin	11.56%
Profit margin	10.17%
Profit per employee	$27,885
Profitable quarters	1
Profitable years	13
Revenue per employee	$274,239
ROA	6.75%
ROA (5Y)	10.47%
ROCE	12.62%
ROE	8.31%
ROE (5Y)	22.33%
ROIC	15.6%
ROIC (5Y)	22.15%
SBC / revenue	2.43%
Tax / revenue	1.37%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	43.47%
EPS growth (Q)	36.59%
EPS growth 10Y	14.87%
EPS growth 3Y	-29.01%
EPS growth 5Y	5.26%
EPS growth quarters	2
EPS growth years	0
FCF growth	16.55%
FCF growth (Q)	300.94%
FCF growth (QoQ)	95.86%
FCF growth 3Y	8.69%
FCF growth 5Y	13.19%
Gross profit growth	9.36%
Gross profit growth (Q)	14.1%
Gross profit growth 3Y	-12.74%
Gross profit growth 5Y	5.1%
Net income growth	35.29%
Net income growth (Q)	33.18%
Net income growth 3Y	-31.43%
Net income growth 5Y	3.78%
Net income growth quarters	2
Net income growth years	0
OCF growth	-8.74%
OCF growth (Q)	149.43%
OCF growth (QoQ)	92.26%
OCF growth 10Y	12.73%
OCF growth 3Y	-12.93%
OCF growth 5Y	5.65%
Operating income growth	27.61%
Operating income growth (Q)	29.1%
Operating income growth 3Y	-19.45%
Operating income growth 5Y	14.06%
Revenue growth	-3.14%
Revenue growth (Q)	9.18%
Revenue growth (QoQ)	5.96%
Revenue growth 10Y	6.07%
Revenue growth 3Y	-9.46%
Revenue growth 5Y	0.94%
Revenue growth quarters	2
Revenue growth years	0

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-171.6M
Depreciation and amortization	$652.9M
EBIT	$1.4B
EBITDA	$2.1B
EPS	$1.56
FCF per share	$3.85
Financing cash flow	$-468M
Free cash flow	$1.5B
Free cash flow minus SBC	$1.3B
Gross profit	$2.7B
Income taxes	$84.7M
Investing cash flow	$-211.3M
Net borrowing	$1.1B
Net cash flow	$986.3M
Net income	$630.2M
Operating cash flow minus SBC	$1.5B
Operating income	$1.4B
Revenue	$6.2B
Stock-based compensation	$150.7M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	4.74
Book value per share	$18.54
Debt / EBITDA	2.15
Debt / equity	0.65
Debt / FCF	3.14
Goodwill	$1.7B
Interest coverage	23.4
Long-term assets	$6.2B
Long-term liabilities	$4.1B
Net cash (debt)	$-844.5M
Net cash / market cap	-2.9%
Net debt / EBITDA	0.4
Net debt / equity	0.12
Net debt / FCF	0.56
Piotroski F-Score	5
Property, plant and equipment	$3.1B
Shareholders' equity	$7.2B
Tangible book value	$5.2B
Tangible book value per share	$13.36
Total assets	$13.5B
Total cash	$3.9B
Total debt	$4.7B
Total liabilities	$6.2B
WACC	13.54%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.47
Current assets	$7.3B
Current liabilities	$2.1B
Current ratio	3.46
Inventory turnover	1.72
Net working capital	$2.1B
Quick ratio	2.29
Working capital	$5.2B
Working capital turnover	1.21

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	4.88%
Dividend yield	0%
Shareholder yield	4.88%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	546.22%
10Y return CAGR	20.52%
10Y total return	546.22%
150-day SMA	$88.53
15Y price change	873.09%
15Y return CAGR	16.38%
15Y total return	873.09%
1D price change	-4%
1M price change	-2.56%
1M total return	-2.56%
1W price change	-0.53%
1W total return	-0.53%
1Y price change	42.79%
1Y return CAGR	42.82%
1Y total return	42.79%
20-day SMA	$77.38
200-day SMA	$82.25
20Y price change	1,121.1%
20Y return CAGR	13.33%
20Y total return	1,121.1%
3M price change	-15.52%
3M total return	-15.52%
3Y price change	-9.94%
3Y return CAGR	-3.43%
3Y total return	-9.94%
50-day SMA	$74.83
50-day SMA vs 200-day SMA	50under200
52-week high	$134.92
52-week high date	2026-06-03
52-week low	$44.56
52-week low date	2025-11-21
5Y price change	68.84%
5Y return CAGR	11.05%
5Y total return	68.84%
6M price change	-23.28%
6M total return	-23.28%
All-time high	$134.92
All-time high date	2026-06-03
All-time low	$0.89
All-time low date	2002-10-04
Average true range (ATR)	$3.56
Average volume	10.3M
Beta (1Y)	2.31
Beta (2Y)	1.82
Beta (5Y)	2.05
Change from 52-week high	-44.03%
Change from 52-week low	69.48%
Change from all-time high	-44.25%
Change from all-time low	8,351.69%
Change from open	-1.65%
Day's gap	-2.39%
Dollar volume	$653.5M
High price	$76.99
Low price	$74.41
Monthly RSI	52.07
Open price	$76.79
Position in 52-week range	43.02%
Premarket change	-3.11%
Premarket close	$78.67
Premarket price	$76.22
Premarket volume	45.7K
Previous close	$78.67
Price vs 150-day SMA	-15.04%
Price vs 20-day SMA	-2.79%
Price vs 200-day SMA	-8.55%
Price vs 50-day SMA	0.52%
Relative volume	0.84
RSI	48.83
Sharpe ratio	0.83
Sharpe ratio (3Y)	0.16
Sharpe ratio (5Y)	0.39
Sortino ratio	1.27
Sortino ratio (3Y)	0.33
Sortino ratio (5Y)	0.67
Volume	8.7M
Weekly RSI	46.67
YTD price change	38.91%
YTD total return	38.91%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	387.7M
Float percentage	99.57%
Shares change (QoQ)	2.61%
Shares change (YoY)	-4.88%
Shares held by insiders	0.32%
Shares held by institutions	98.46%
Shares outstanding	389.3M
Short % of float	7.74%
Short % of shares	7.71%
Short ratio	2.7 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	193

Deeper analysis on ON

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Scorecard

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this ON report

What is the latest published ON stock rating?

ON Semiconductor Corporation is shown with Sell in the latest published report, analyzed 2026-10-22. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full ON analysis?

The full latest published report, analyzed 2026-10-22, lives at /stocks/ON/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for ON?

The latest published report analyzed 2026-10-22 gives ON a fair value of USD 46 and a potential value of USD 63. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the ON page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-22). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellON · Fair value $46.4-39.7%

Read full analysis →

ON Semiconductor Corporation (ON)

Our latest published analysis: ON rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · ON

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All ON indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on ON

Frequently asked questions

Storico dei rating

Category	Score	Reading
Valuation	1.5
Management	8.5
Balance Sheet	7.5
Profitability	5.5
Revenue Growth	6.0
Risk Assessment	6.0
Competitive Moat	6.5
Earnings Quality	9.0
Capital Efficiency	3.5