NASDAQ: ON
ON Semiconductor
Technology · Semiconductors & Related Devices
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.$35.5B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.35B |
| FY2017, ended Dec 31, 2017 | $8.91B |
| FY2018, ended Dec 31, 2018 | $6.76B |
| FY2019, ended Dec 31, 2019 | $10.0B |
| FY2020, ended Dec 31, 2020 | $13.5B |
| FY2021, ended Dec 31, 2021 | $29.4B |
| FY2022, ended Dec 31, 2022 | $26.9B |
| FY2023, ended Dec 31, 2023 | $35.7B |
| FY2024, ended Dec 31, 2024 | $26.6B |
| FY2025, ended Dec 31, 2025 | $21.3B |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | $35.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.$6.20B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.91B |
| FY2017, ended Dec 31, 2017 | $5.54B |
| FY2018, ended Dec 31, 2018 | $5.88B |
| FY2019, ended Dec 31, 2019 | $5.52B |
| FY2020, ended Dec 31, 2020 | $5.25B |
| FY2021, ended Dec 31, 2021 | $6.74B |
| FY2022, ended Dec 31, 2022 | $8.33B |
| FY2023, ended Dec 31, 2023 | $8.25B |
| FY2024, ended Dec 31, 2024 | $7.08B |
| FY2025, ended Dec 31, 2025 | $6.00B |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | $6.20B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $182M | $370M |
| FY2017, ended Dec 31, 2017 | $811M | $707M |
| FY2018, ended Dec 31, 2018 | $627M | $759M |
| FY2019, ended Dec 31, 2019 | $212M | $160M |
| FY2020, ended Dec 31, 2020 | $234M | $501M |
| FY2021, ended Dec 31, 2021 | $1.01B | $1.34B |
| FY2022, ended Dec 31, 2022 | $1.90B | $1.60B |
| FY2023, ended Dec 31, 2023 | $2.18B | $438M |
| FY2024, ended Dec 31, 2024 | $1.57B | $1.21B |
| FY2025, ended Dec 31, 2025 | $121M | $1.42B |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | $630M | $1.50B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.$3.51B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.03B |
| FY2017, ended Dec 31, 2017 | $949M |
| FY2018, ended Dec 31, 2018 | $1.07B |
| FY2019, ended Dec 31, 2019 | $894M |
| FY2020, ended Dec 31, 2020 | $1.08B |
| FY2021, ended Dec 31, 2021 | $1.35B |
| FY2022, ended Dec 31, 2022 | $2.92B |
| FY2023, ended Dec 31, 2023 | $2.48B |
| FY2024, ended Dec 31, 2024 | $2.69B |
| FY2025, ended Dec 31, 2025 | $2.15B |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | $3.51B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.$4.50B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.81B |
| FY2017, ended Dec 31, 2017 | $3.17B |
| FY2018, ended Dec 31, 2018 | $2.94B |
| FY2019, ended Dec 31, 2019 | $3.75B |
| FY2020, ended Dec 31, 2020 | $3.59B |
| FY2021, ended Dec 31, 2021 | $3.26B |
| FY2022, ended Dec 31, 2022 | $3.23B |
| FY2023, ended Dec 31, 2023 | $3.38B |
| FY2024, ended Dec 31, 2024 | $3.35B |
| FY2025, ended Dec 31, 2025 | $2.98B |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | $4.50B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 7.2% since 2016.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.389M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 420M |
| FY2017, ended Dec 31, 2017 | 425M |
| FY2018, ended Dec 31, 2018 | 410M |
| FY2019, ended Dec 31, 2019 | 411M |
| FY2020, ended Dec 31, 2020 | 412M |
| FY2021, ended Dec 31, 2021 | 432M |
| FY2022, ended Dec 31, 2022 | 432M |
| FY2023, ended Dec 31, 2023 | 427M |
| FY2024, ended Dec 31, 2024 | 421M |
| FY2025, ended Dec 31, 2025 | 394M |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | 389M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jul 3, 2026. Hover or tap a column for another year.Net: $1.31B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $0 | $56.1M |
| FY2017, ended Dec 31, 2017 | $25.0M | $69.8M |
| FY2018, ended Dec 31, 2018 | $315M | $78.3M |
| FY2019, ended Dec 31, 2019 | $139M | $79.4M |
| FY2020, ended Dec 31, 2020 | $65.4M | $67.7M |
| FY2021, ended Dec 31, 2021 | $0 | $101M |
| FY2022, ended Dec 31, 2022 | $260M | $101M |
| FY2023, ended Dec 31, 2023 | $564M | $121M |
| FY2024, ended Dec 31, 2024 | $654M | $136M |
| FY2025, ended Dec 31, 2025 | $1.38B | $144M |
| Trailing 12 months to Jul 3, 2026 (through Q2 FY2026) | $1.47B | $151M |
Revenue (TTM)
$6.20B
−3.1% YoY
Net income (TTM)
$630M
+35.3% YoY
Cash
$3.51B
+39.1% YoY
Total debt
$4.50B
+33.3% YoY
Valuation
At current price- Market Cap
- $27.9B
- P/E
- 44.3×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.5×
- Price / Book
- 3.9×
- EV / EBITDA
- 19.8×
Growth
Trailing 12 months- Revenue (TTM)
- $6.20B
- Revenue Growth YoY
- −3.1%
- Revenue CAGR 3Y
- −10.4%
- Revenue CAGR 5Y
- 2.7%
- EPS Growth YoY
- 45.7%
- Net Income Growth YoY
- 35.3%
Profitability
Trailing 12 months- Gross Margin
- 37.7%
- Operating Margin
- 10.8%
- Net Margin
- 10.2%
- FCF Margin
- 24.2%
- Return on Equity
- 8.3%
Earnings
Trailing 12 months- Net Income
- $630M
- EPS (diluted)
- $1.53
- EBITDA
- $1.46B
- Operating Income
- $670M
Balance Sheet
As of Jul 3, 2026- Cash and cash equivalents
- $3.51B
- Total Debt
- $4.50B
- Net Debt
- $990M
- Total Assets
- $13.5B
- Total Liabilities
- $6.25B
- Shareholders' Equity
- $7.22B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.67B
- Capital Expenditure
- $172M
- Free Cash Flow
- $1.50B
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 2.05
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $6.20B.
Strength
Operating margin widened 3.4 pts in a year, to 10.8%.
Note
Net debt of $990M is 0.7× EBITDA, a manageable load.
Strength
Turns 24.2% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 9, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K48Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 10, 2025 · Read the filing on EDGAR
- Revenue fell 14.2% to $7.08 billion and operating income fell about 30% to $1.77 billion as automotive and industrial demand weakened.
- Gross margin slipped to 45.4% from 47.1%, with underused factories hurting most in the Power Solutions segment, whose margin dropped 5.6 points.
- ON cut capital spending to 10% of revenue, plans about 5% in 2025, and is exiting weaker product lines and restructuring.
- Operating cash flow stayed strong at $1.91 billion, down only 3.6%, funding $650 million of share buybacks.
Business momentum
Weakening
“The decrease in our operating results was primarily due to decreased demand in our automotive and industrial end-markets resulting in lower sales volumes and the corresponding underutilization of our manufacturing facilities.”
Outlook
Cautious
“We are monitoring the economic environment and related forecasts for indicators that would suggest the global economic slowdown could continue for an extended period.”
Financial stress
Low
“Our cash and cash equivalents and short-term investments were approximately $2,691.3 million and $300.0 million, respectively, as of December 31, 2024 and our Revolving Credit Facility had approximately $1.1 billion available for future borrowings as of December 31, 2024.”
Tone against the previous report
More negative
Red flags
None found in this report.
Positives
Operating cash flow held up despite lower profit
“Our operating cash flows for the year ended December 31, 2024 decreased by $71.1 million, or 3.6%, compared to the year ended December 31, 2023”
Capital spending is falling sharply, leaving more cash available
“In 2025, based on current plans, we expect capital expenditures to be approximately 5% of revenue.”
Analog and Mixed-Signal segment margin improved as low-margin manufacturing work shrank
“AMG gross margin increased by 3.6 percentage points to 50.1% from 46.5%, primarily due to the reduction in the lower-margin manufacturing services revenue at our EFK location.”
Concerns
Sales fell across all three segments
“The decrease from 2023 to 2024 of $1,170.7 million, or 14.2%, was attributable to lower sales volumes across all segments, which are further explained below.”
Underused factories are squeezing margins in the largest segment
“PSG gross margin decreased by 5.6 percentage points to 41.3% from 47.0%, primarily as a result of the decline in volume, underutilization of our manufacturing facilities, and the related impact of unfavorable product mix.”
Restructuring charges rose as the company cut costs and jobs
“Amounts incurred during 2024 primarily represent severance and asset impairment charges associated with the 2024 business realignment efforts.”
New risks since the previous report
ON may fail to win share in power chips for AI data centers, a part of the business it expects to grow
“Our failure to commercialize new technologies that can power AI and data centers in a timely manner or at all could result in loss of market share, unanticipated costs, and inventory obsolescence, which could adversely affect our financial results.”
Higher tax rate on foreign-derived income starting in 2026
“Beginning in 2026, the effective rate for FDII increases from 13% to 16%.”
One distributor now accounts for about 10% of revenue
“We had one customer, a distributor, whose revenue accounted for approximately 10% of our total revenue for the year ended December 31, 2024.”
Customers may change or cancel long-term supply agreements
“Furthermore, certain customers, from time to time, have sought and may seek to amend or cancel the delivery or other terms of their long-term supply agreements with us.”
Biggest risks named
- Automotive and industrial downturn, about 80% of revenue
- Underused factories and interdependent manufacturing raising costs
- Execution risk in silicon carbide and restructuring plans
- Tariffs and export limits, especially US-China tensions
- Prolonged economic slowdown and semiconductor demand weakness
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −6 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 48 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 9, 2026 | Pro | |||
| 10-K | Feb 10, 2025 | 48 | Weakening | None | |
| 10-K | Feb 5, 2024 | 60 | Improving | None | |
| 10-K | Feb 6, 2023 | 65 | Strong improvement | 1 medium | |
| 10-K | Feb 14, 2022 | 72 | Strong improvement | None | |
| 10-K | Feb 16, 2021 | 56 | Mixed | None | |
| 10-K | Feb 19, 2020 | 37 | Sharp deterioration | 1 medium | |
| 10-K | Feb 20, 2019 | 74 | Strong improvement | None | |
| 10-K | Feb 21, 2018 | 73 | Strong improvement | None | |
| 10-K | Feb 28, 2017 | 55 | Mixed | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jul 3, 2026), filed Aug 3, 2026. View filings on SEC EDGAR