olivLaw · US equity research
onsemi ON
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
onsemi, also known as ON Semiconductor, provides intelligent power and intelligent sensing solutions for automotive, industrial and AI data center markets. Revenue fell to 5,995.4 million USD in fiscal 2025, and gross margin declined to 33.1%. Revenue rose 9% year over year in the second quarter of 2026, with demand for AI applications cited as a driver.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, onsemi (ON) stock was 71.24 USD (−1.87% on the day), with market capitalisation 27.7 bn USD, P/E 41.4 on diluted EPS of 1.72 USD over the last 12 months, beta 2.15, 52-week range 44.90–133.93 USD. Latest reported quarter (Q3 2026): revenue of 1.7 bn USD (+11.1% YoY), net income of 313.9 m USD (+23.1% YoY), diluted EPS 0.79 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 43.6
- weak (30–45)
- Bollinger (20, 2)
- 69.45 – 79.46
- in the lower half of the band · %B 0.18 · band width 13.4%
- SMA 50 / 200
- 74.66 / 82.56
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.18 / -0.74
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.1% | −1.1% | −16.0 pp | — |
| 3 months | −7.4% | −0.5% | −6.9 pp | — |
| 6 months | −32.6% | +4.4% | −37.0 pp | — |
| Year to date | +31.6% | +12.3% | +19.2 pp | — |
| 1 year | +47.6% | +13.5% | +34.0 pp | +40.6% |
| 3 years | +4.4% | +76.4% | −72.0 pp | +129.8% |
| 5 years | +20.5% | +63.7% | −43.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 02 Oct 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.5 bn | 1.5 bn | 1.6 bn | 1.7 bn |
| Cost of revenue | 943.4 m | 1.2 bn | 916.8 m | 963.7 m | 979.1 m | 930.2 m | 987.2 m | 1.0 bn |
| Gross profit | 779.1 m | 293.8 m | 551.9 m | 587.2 m | 551.0 m | 583.1 m | 616.3 m | 713.0 m |
| Operating income | 408.6 m | -573.7 m | 193.4 m | 264.4 m | 200.1 m | -53.4 m | 258.6 m | 378.3 m |
| Depreciation & amortisation | 166.6 m | 168.2 m | 156.4 m ≈ | 146.5 m ≈ | 214.9 m | 286.7 m | 141.3 m ≈ | 135.0 m ≈ |
| Interest expense | 15.3 m | 18.0 m | 17.9 m | 17.7 m | 17.3 m | 12.7 m | 13.7 m | 13.9 m |
| Income tax | 62.7 m | -75.8 m | 30.5 m | 17.7 m | 35.3 m | -11.7 m | 43.4 m | 84.9 m |
| Net income | 379.9 m | -486.1 m | 170.3 m | 255.0 m | 181.8 m | -33.4 m | 226.8 m | 313.9 m |
| Diluted EPS | 0.88 ≈ | -1.15 | 0.41 | 0.63 | 0.45 ≈ | -0.08 | 0.56 | 0.79 |
| Operating cash flow | 579.7 m | 602.3 m | 184.3 m ≈ | 418.7 m ≈ | 554.5 m | 239.1 m | 459.7 m ≈ | 516.4 m ≈ |
| Capex | 157.3 m | 147.6 m | 78.2 m ≈ | 46.3 m ≈ | 69.1 m | 21.9 m | 34.3 m ≈ | 27.8 m ≈ |
| Share repurchases | 204.1 m | 300.1 m | 302.3 m ≈ | 325.0 m ≈ | 450.2 m | 345.7 m | 344.8 m ≈ | 19.9 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 74 percentile of its own 43-quarter history (min 8.2, median 21.6, max 159.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.9 bn | 5.5 bn | 5.3 bn | 6.7 bn | 8.3 bn | 8.3 bn | 7.1 bn | 6.0 bn |
| Revenue YoY | +6.0% | −6.1% | −4.8% | +28.3% | +23.5% | −0.9% | −14.2% | −15.3% |
| Net income | 627.4 m | 211.7 m | 234.2 m | 1.0 bn | 1.9 bn | 2.2 bn | 1.6 bn | 121.0 m |
| Net income YoY | −22.6% | −66.3% | +10.6% | +331.1% | +88.4% | +14.8% | −28.0% | −92.3% |
| Diluted EPS | 1.44 | 0.51 | 0.56 | 2.27 | 4.25 | 4.89 | 3.63 | 0.29 |
| Diluted EPS YoY | −23.8% | −64.6% | +9.8% | +305.4% | +87.2% | +15.1% | −25.8% | −92.0% |
| net % | 10.7% | 3.8% | 4.5% | 15.0% | 22.8% | 26.5% | 22.2% | 2.0% |
| Free cash flow | 759.4 m | 160.1 m | 500.7 m | 1.3 bn | 1.6 bn | 438.4 m | 1.2 bn | 1.4 bn |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.1 bn USD
- Financial debt
- 3.0 bn USD
- Net debt
- 832.9 m USD
- Equity
- 7.7 bn USD
- Total assets
- 12.5 bn USD
- Debt / equity
- 0.39x
- Current ratio
- 4.52x
- ROE
- 1.5%
- ROA
- 0.9%
- FCF margin
- 23.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.3 bn | 6.7 bn | 8.3 bn | 8.3 bn | 7.1 bn | 6.0 bn | SEC (XBRL)· 09 Feb 2026verified |
| Cost of revenue | 3.5 bn | 4.0 bn | 4.2 bn | 4.4 bn | 3.9 bn | 4.0 bn | SEC (XBRL)· 09 Feb 2026verified |
| Gross profit | 1.7 bn | 2.7 bn | 4.1 bn | 3.9 bn | 3.2 bn | 2.0 bn | SEC (XBRL)· 09 Feb 2026verified |
| Operating income | 348.7 m | 1.3 bn | 2.4 bn | 2.5 bn | 1.8 bn | 84.2 m | SEC (XBRL)· 09 Feb 2026verified |
| Depreciation & amortisation | 625.1 m | 596.7 m | 551.8 m | 609.5 m | 642.9 m | 686.0 m | SEC (XBRL)· 09 Feb 2026verified |
| EBITDA | 973.8 m ≈ | 1.9 bn ≈ | 2.9 bn ≈ | 3.1 bn ≈ | 2.4 bn ≈ | 770.2 m ≈ | SEC (XBRL)· 09 Feb 2026derived |
| Interest expense | 168.4 m | 130.4 m | 94.9 m | 74.8 m | 62.3 m | 70.9 m | SEC (XBRL)· 09 Feb 2026verified |
| Pre-tax income | 176.6 m | 1.2 bn | 2.4 bn | 2.5 bn | 1.8 bn | 131.3 m | SEC (XBRL)· 09 Feb 2026verified |
| Income tax | -59.8 m | 146.6 m | 458.4 m | 350.2 m | 262.8 m | 7.7 m | SEC (XBRL)· 09 Feb 2026verified |
| Net income | 234.2 m | 1.0 bn | 1.9 bn | 2.2 bn | 1.6 bn | 121.0 m | SEC (XBRL)· 09 Feb 2026verified |
| Diluted EPS | 0.56 | 2.27 | 4.25 | 4.89 | 3.63 | 0.29 | SEC (XBRL)· 09 Feb 2026verified |
| Weighted average diluted shares | 418.8 m | 443.8 m | 448.2 m | 446.8 m | 432.7 m | 411.8 m | SEC (XBRL)· 09 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.1 bn | 1.4 bn | 2.9 bn | 2.5 bn | 2.7 bn | 2.1 bn | SEC (XBRL)· 09 Feb 2026verified |
| Inventories | 1.3 bn | 1.4 bn | 1.6 bn | 2.1 bn | 2.2 bn | 2.0 bn | SEC (XBRL)· 09 Feb 2026verified |
| Current assets | 3.2 bn | 3.8 bn | 5.7 bn | 5.9 bn | 6.8 bn | 5.8 bn | SEC (XBRL)· 09 Feb 2026verified |
| Property, plant & equipment, net | 2.5 bn | 2.5 bn | 3.5 bn | 4.4 bn | 4.4 bn | 3.4 bn | SEC (XBRL)· 09 Feb 2026verified |
| Goodwill | 1.7 bn | 1.9 bn | 1.6 bn | 1.6 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 09 Feb 2026verified |
| Intangibles (excl. goodwill) | 469.0 m | 495.7 m | 359.7 m | 299.3 m | 257.9 m | 343.9 m | SEC (XBRL)· 09 Feb 2026verified |
| Total assets | 8.7 bn | 9.6 bn | 12.0 bn | 13.2 bn | 14.1 bn | 12.5 bn | SEC (XBRL)· 09 Feb 2026verified |
| Accounts payable | 572.9 m | 635.1 m | 852.1 m | 725.6 m | 574.5 m | 572.3 m | SEC (XBRL)· 09 Feb 2026verified |
| Short-term debt | 531.6 m | 160.7 m | 147.8 m | 794.0 m | 0 | 0 | SEC (XBRL)· 03 Aug 2026verified |
| Long-term debt | 3.0 bn | 2.9 bn | 3.0 bn | 2.5 bn | 3.3 bn | 3.0 bn | SEC (XBRL)· 09 Feb 2026verified |
| Current liabilities | 1.7 bn | 1.5 bn | 2.1 bn | 2.2 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 09 Feb 2026verified |
| Total liabilities | 5.1 bn | 5.0 bn | 5.8 bn | 5.4 bn | 5.3 bn | 4.8 bn | SEC (XBRL)· 09 Feb 2026verified |
| Equity | 3.6 bn | 4.6 bn | 6.2 bn | 7.8 bn | 8.8 bn | 7.7 bn | SEC (XBRL)· 09 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 884.3 m | 1.8 bn | 2.6 bn | 2.0 bn | 1.9 bn | 1.8 bn | SEC (XBRL)· 09 Feb 2026verified |
| Capex | 383.6 m | 444.6 m | 1.0 bn | 1.5 bn | 694.0 m | 341.2 m | SEC (XBRL)· 09 Feb 2026verified |
| Free cash flow | 500.7 m ≈ | 1.3 bn ≈ | 1.6 bn ≈ | 438.4 m ≈ | 1.2 bn ≈ | 1.4 bn ≈ | SEC (XBRL)· 09 Feb 2026derived |
| Investing cash flow | -453.6 m | -915.1 m | -705.4 m | -1.7 bn | -1.0 bn | -538.5 m | SEC (XBRL)· 09 Feb 2026verified |
| Financing cash flow | -244.0 m | -569.4 m | -370.0 m | -686.5 m | -683.8 m | -1.8 bn | SEC (XBRL)· 09 Feb 2026verified |
| Share repurchases | 65.4 m | 0 | 259.8 m | 564.2 m | 654.1 m | 1.4 bn | SEC (XBRL)· 09 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 51 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 27.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet97
- Growth0
- Quality34
- Returns100
- Valuation86
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 39.01 – 239.58 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)47.73 – 75.65 (Mid 58.34)WACC 8.7% · starting FCFF 1.7 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 3.4%
- Peers: EV/Sales73.68 – 239.58 (Mid 135.43)8 companies used · median multiple 8.3x · quartiles 4.6x – 14.7xAAOI, ADI, FSLR, MCHP, MRVL, MTSI, NXPI, Q
- Peers: EV/EBITDA39.01 – 86.07 (Mid 47.38)3 companies used · median multiple 12.0x · quartiles 9.9x – 21.7xFSLR, MCHP, NXPI
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 51/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 38.7% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 12.3% | 10 (vs peers) | 9% |
| FCF margin · Quality | 25.4% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -10.4% | 0 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | -15.3% | 0 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 0.2x | 93 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 3.5x | 100 (on a fixed band) | 6% |
| EV/Sales · Valuation | 4.4x | 75 (vs peers) | 17% |
| FCF yield · Valuation | 5.8% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 4.2% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet97/100 · 2/2 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality34/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation86/100 · 2/2 factors with a value
Memo
ON SEMICONDUCTOR CORP (ON). Latest full fiscal year: 2025; data up to 2026-10-02.
Figures computed from the financial statements: revenue 6.0 bn USD in 2025; YoY growth -15.3%; net margin 10.8%; ROE 8.9%; net debt/EBITDA 0.2x.
The estimated value range is 47.73–86.07 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 58.34 USD, the price of 71.24 USD leaves a potential of -18.1% (value / price − 1) and a margin of safety of -22.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 51/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF margin: 25.4%
- Net debt / EBITDA: 0.2x
- Current ratio: 3.5x
- EV/Sales: 4.4x
- FCF yield: 5.8%
- Shareholder yield (distributions): 4.2%
What contradicts it
- Gross margin: 38.7%
- EBIT margin: 12.3%
- Revenue CAGR 3Y: -10.4%
- Revenue growth (YoY): -15.3%
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 11 companies
Only companies with a capitalisation between 3.6 bn and 228.1 bn (within 8× of the company's); 85 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADIAnalog Devices Inc | 196.8 bn | 48.2 | 12.2% | 29.8% | +16.9% | +53% / +122% |
| MRVLMarvell Technology, Inc | 140.1 bn | 52.8 | 16.5% | 27.9% | +42.1% | +79% / +187% |
| NXPINXP Semiconductors N.V. | 66.8 bn | 20.8 | 29.2% | 23.4% | −2.7% | +36% / +30% |
| MPWRMonolithic Power Systems, Inc. | 61.5 bn | 69.5 | 25.1% | 23.9% | +26.4% | +36% / +130% |
| MCHPMicrochip Technology Incorporated | 40.9 bn | 104.2 | 7.2% | 9.3% | +7.1% | +41% / −10% |
| ALABAstera Labs, Inc. | 39.0 bn | 89.0 | 28.2% | 29.6% | +115.1% | +42% / unavailable |
| ONOn Semiconductor Corp | 27.7 bn | 41.4 | 8.9% | 10.8% | −15.3% | +48% / +4% |
| CRDOCredo Technology Group Holding Ltd | 25.7 bn | 48.7 | 30.7% | 33.8% | +205.7% | −23% / +662% |
| QQnity Electronics, Inc. | 24.8 bn | 42.0 | 7.6% | 11.5% | +9.7% | +46% / unavailable |
| FSLRFirst Solar, Inc. | 20.9 bn | 11.3 | 18.7% | 37.1% | +24.1% | −29% / +23% |
| MTSIMACOM Technology Solutions Holdings, Inc. | 17.8 bn | 74.6 | 17.2% | 20.7% | +32.6% | +33% / +178% |
| AAOIApplied Optoelectronics, Inc. | 5.0 bn | — | -5.4% | -9.6% | +82.8% | +121% / +347% |
1- and 3-year price returns: for ON from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 39.20 Total return -45% · Per year -45% | 69.65 Total return -2% · Per year -2% | 105.40 Total return 48% · Per year 48% |
| 3 years | 31.13 Total return -56% · Per year -24% | 62.86 Total return -12% · Per year -4% | 105.40 Total return 48% · Per year 14% |
| 5 years | 24.72 Total return -65% · Per year -19% | 56.73 Total return -20% · Per year -4% | 105.40 Total return 48% · Per year 8% |
- Exit P/E± 15.72
- Net margin± 11.00
- Annual revenue growth± 9.93
- Annual dilution± 0.92
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
onsemi, also known as ON Semiconductor, provides intelligent power and intelligent sensing solutions for automotive, industrial and AI data center markets. Revenue fell to 5,995.4 million USD in fiscal 2025 1, and gross margin declined to 33.1% 1. Revenue rose 9% year over year in the second quarter of 2026 3, with demand for AI applications cited as a driver.
SWOT
Strengths
- A broad intelligent power and sensing portfolio, with vertically integrated SiC and GaN technologies and a scalable analog platform 13.
- Year-over-year revenue growth and margin expansion in the second quarter of 2026 suggest an operational recovery 3.
- Rising free cash flow supports share repurchase programs and research investment 3.
Weaknesses
- Reliance on a limited number of specialized suppliers and single-source facilities could amplify the effect of any disruption 1.
- Repeated manufacturing realignment programs have produced large impairment and inventory charges 1.
- The ISG segment had very low gross margins in 2025, showing how exposed some product lines are to strategy changes 1.
Opportunities
- Demand for power solutions in AI data centers could accelerate growth, and the company has signaled it may benefit from new processor generations 13.
- The Synaptics acquisition could expand connected compute capabilities if the deal closes on schedule 2.
- Vehicle electrification and fast-charging solutions could strengthen the automotive position over the longer term 1.
Threats
- Industry cyclicality and weak automotive and industrial demand could again hit volumes and margins 1.
- Competition from large manufacturers and from customers making their own chips could reduce prices or market share 1.
- Geopolitical tensions and trade rules could disrupt supply chains and sales in some regions 1.
Risks
- Dependence on a few large customers and distributorshigh
One distributor accounted for a significant share of revenue, and losing a large customer would have a material negative effect 1.
- Execution risk of the realignmenthigh
Factory restructuring could be delayed or cost more than expected, affecting production 12.
- Synaptics transaction riskmedium
Closing depends on antitrust clearance, Synaptics shareholder approval and other conditions; a failure could trigger termination fees 2.
- Demand cyclicalitymedium
Lower demand in automotive and industrial could reduce volumes and affect factory utilization 1.
- Supply chain disruptionmedium
Dependence on specialized suppliers and single-source facilities could amplify the effect of any interruption 1.
Investment thesis
What would need to be true (bull case)
- If demand from AI data centers keeps growing, the segment could become a major source of revenue and margin for the company 3.
- Rising free cash flow and the repurchase program could support shareholder returns if results hold 3.
- If the realignment reduces costs as expected, margins could gradually return to higher levels 13.
What would break the thesis
- Lower revenue in 2025 and a reduced gross margin show that industrial demand can be volatile and that recovery is not assured 1.
- Repeated restructuring and impairment charges suggest capacity adjustments may cost more than estimated 12.
- The Synaptics acquisition could dilute existing shareholders and carries integration and regulatory risks 2.
What to watch
- Quarterly results against revenue and margin guidanceQ3 2026
- Progress of antitrust review and shareholder vote on Synaptics2026
- Growth pace of the AI data center business2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
The company designs and manufactures semiconductors organized into three reportable segments: Power Solutions Group (PSG), Analog and Mixed-Signal Group (AMG) and Intelligent Sensing Group (ISG) 1. Segment shares of 2025 revenue were 47% for PSG, 38% for AMG and 15% for ISG 1. Sales to distributors accounted for approximately 54% of revenue in 2025 1, with the rest sold directly to large customers.
In 2025 the company acquired SiC JFET technology from Qorvo for 118.8 million USD in cash to complement its EliteSiC portfolio 1. The 2025 manufacturing realignment program involved job cuts and asset impairments, and management says it is pursuing efficiencies and gross margin expansion 1.
In June 2026 the company agreed to acquire Synaptics, under which Synaptics stockholders would own about 12% of the combined company after receiving 1.350 onsemi shares per Synaptics share 2. Closing is anticipated in mid-2027, subject to regulatory approvals 2.
Market context
The company serves mainly automotive, which made up 51% of 2025 revenue, and industrial, at 28% 1. Its markets in electrification, solar energy and AI data centers are supported by demand for energy efficiency 1. Industrial demand appeared to recover in 2026, according to the second-quarter release 3.
Semiconductor markets are cyclical, and demand softened in 2025 due to macroeconomic and geopolitical factors 1. The other end-market, including AI data centers, represented 21% of 2025 revenue 1 and management views it as an important growth area 3.
Trends
- Automotive electrificationtailwind
Growth in electric vehicles and ADAS systems increases electronics content per vehicle, which could support demand for the company's power and sensing products 1.
- AI data center demandtailwind
Energy needs of AI data centers are growing rapidly, and the company says it is well positioned as new processor generations arrive 1. If growth holds, the segment could keep offsetting weakness in automotive 3.
- Weaker automotive and industrial demandheadwind
In 2025 sales fell in automotive and industrial, leading to underutilized factories and margin pressure 1.
- Industry consolidationmixed
Semiconductor consolidation and customer vertical integration could reshape competition, and the Synaptics deal fits this pattern 12. The outcome depends on regulatory approvals.
Competitive position
The company competes with large global semiconductor makers as well as smaller niche firms, and customers developing their own integrated circuits are an additional threat 1. Some competitors have greater financial resources and may withstand adverse conditions better 1.
Stated strengths include leading-edge fabrication, module packaging, a broad product line and supply chain management 1. Industry consolidation could change the competitive position over the longer term 1.
- Infineon Technologies AG
Competitor in power and analog markets, named as a main rival of PSG and AMG.
- STMicroelectronics
Direct competitor in both power and analog, named for PSG and AMG.
- Texas InstrumentsTXN
Important competitor in analog and power management, named for AMG.
- Sony Semiconductor Manufacturing
Competitor in image sensors, named for ISG.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Stocks making the biggest moves midday: Tesla, Broadcom, Nike, ON Semiconductor & moreCNBC — Top News · 02 Oct 2026 · EN
- Stocks making the biggest moves premarket: Nike, ON Semiconductor, Synaptics, Vylor & moreCNBC — Top News · 02 Oct 2026 · EN
- Dear ON Semiconductor Stock Fans, Here’s What You Need to Know About ON’s Financial Analyst DayYahoo Finance — News · 22 Sept 2026 · EN
- ON Semiconductor Has Cratered for 3 Months: This Wall Street Pro Remains Bullish, Citing 120% Returns for BuyersYahoo Finance — News · 18 Sept 2026 · EN
- ON Semiconductor Stock Is Already Half Off Its High, So How Low Could A Market Shock Take It?Yahoo Finance — News · 17 Sept 2026 · EN
- How Is ON Semiconductor's Stock Performance Compared to Other Semiconductor Stocks?Yahoo Finance — News · 14 Sept 2026 · EN
- Japan manufacturers' mood hits near 5-year high on semiconductor demand: Reuters pollCNA (Channel NewsAsia) · 08 Sept 2026 · EN
- Investing in STMicroelectronics: A Bet on Semiconductor InnovationYahoo Finance — News · 02 Sept 2026 · EN
- How one strategist warned on semiconductor stocks within a day of their topMarketWatch — Top Stories · 02 Sept 2026 · EN
- LG Chem bets $9.7 bil. on semiconductor, mobility, robotics materialsKorea Times — Business · 23 Jun 2026 · RO
- China Stocks Rise on Semiconductor and Artificial Intelligence Rally While Hong Kong Markets DeclineModern Diplomacy · 28 May 2026 · RO
The latest news item in our archive is from 02 Oct 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report02 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report02 Nov 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Oct 2026Material agreement · Other events · Financial statements and exhibits
- Current report13 Aug 2026Other events
- Quarterly report03 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report25 Jun 2026Material agreement · Other events · Financial statements and exhibits
- Current report18 May 2026Departure or appointment of officers · Shareholder vote
- Current report12 May 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / onsemi · 09 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-03 · SEC / onsemi · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / onsemi · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.