ON Semiconductor CorporationON
NasdaqGS•Technology•Semiconductors
ON Semiconductor Corporation provides intelligent sensing and power solutions in Hong Kong, Singapore, the United Kingdom, the United States, and internationally. It operates through three segments: Power Solutions Group, Analog and Mixed-Signal Group, and Intelligent Sensing Group. The Power Solutions Group segment offers discrete, module, and integrated semiconductor devices designed to enable power conversion, including power switching, signal conditioning, and circuit protection technologies. Its Analog and Mixed-Signal Group segment designs and develops analog and mixed-signal solutions, including power management, sensor interface, connectivity, and standard products for automotive, industrial automation, AI data centers, computing, and mobile end markets. The Intelligent Sensing Group segment develops complementary metal-oxide-semiconductor image sensors, image signal processors, short-wave infrared sensors, and other products, as well as photon-counting technologies, including single-photon avalanche diode arrays and silicon photomultiplier devices for depth sensing, factory automation, safety systems, and robotics industries. ON Semiconductor Corporation was incorporated in 1992 and is headquartered in Scottsdale, Arizona.
ON Semiconductor Corporation (ON) reported trailing twelve months revenue of $6.06B as of April 2026, a 9.0% decline year-over-year. Quarterly revenue reached $1.51B, reflecting a contraction in sales.
ON Semiconductor Corporation generated $573.70M in TTM net income, with quarterly EBITDA of $233.30M. The operating margin expanded from -39.7% to -3.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-3.5%) and net margin (-2.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from -33.6% a year ago, signaling stronger bottom-line efficiency.
ON trades at a P/E of 42.7x (a premium multiple) and a P/S of 4.0x. The price-to-book ratio of 3.4x reflects a moderate premium to book value.
The company generated $217.20M in free cash flow over the trailing twelve months, a 52.2% decrease year-over-year, indicating cash generation ability. The balance sheet shows $12.01B in total assets with $2.98B in long-term debt against $7.30B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 8.9%. The business may lack pricing power or face rising costs.'
ROE is positive at ~11.1% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
TTM revenue has contracted 14.8% — significant decline indicating deteriorating demand.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 8.2% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation