ON Semiconductor Corporation
- Open
- 88.77
- Day high
- 95.35
- Day low
- 88.72
- Prev close
- 88.57
- Volume
- 17.9M
- Mkt cap
- $37.1B
- P/E (TTM)
- 67.0
- EPS (TTM)
- $1.41
- P/B
- 5.1
- P/S
- 6.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$5.2M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
ON Semiconductor Corporation (ON) is a Technology company listed on NASDAQ. The stock is up 76% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 1 published research article covering ON.
ON Semiconductor Corporation (ON) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 20 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ON earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 4, 2026 | $0.61 | $0.64 | +4.4% | $1.5B | +1.7% |
| May 1, 2023 | $1.09 | $1.19 | +9.2% | $2.0B | +1.8% |
| Oct 31, 2022 | $1.31 | $1.45 | +10.7% | $2.2B | +3.6% |
| May 2, 2022 | $1.05 | $1.22 | +16.2% | $1.9B | +2.0% |
| Feb 7, 2022 | $0.94 | $1.09 | +16.0% | $1.8B | +3.1% |
| Nov 1, 2021 | $0.74 | $0.87 | +17.6% | $1.7B | +1.7% |
| May 3, 2021 | $0.34 | $0.35 | +2.9% | $1.5B | +1.4% |
| Feb 1, 2021 | $0.28 | $0.35 | +25.0% | $1.4B | +6.9% |
| Oct 31, 2020 | $0.19 | $0.27 | +42.1% | $1.3B | +35.0% |
| Aug 8, 2020 | $0.02 | $0.12 | +571.5% | $1.2B | +500.0% |
| May 9, 2020 | $0.15 | $0.10 | -33.3% | $1.3B | -33.3% |
| Feb 3, 2020 | $0.33 | $0.30 | -9.1% | $1.4B | -6.2% |
ON insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 27, 2026 | GOPALSWAMY SUDHIRofficer: Group President, AMG & ISG | Tax | 470 | $127.00 |
| May 18, 2026 | MASCARENAS PAUL ANTHONYdirector | Grant | 1,986 | — |
| May 18, 2026 | WATERS GREGORY Ldirector | Grant | 1,986 | — |
| May 18, 2026 | KIDDOO BRUCE Edirector | Grant | 1,986 | — |
| May 18, 2026 | Deitrich Thomasdirector | Grant | 1,986 | — |
| May 18, 2026 | Yan Christine Ydirector | Grant | 1,986 | — |
| May 18, 2026 | CARTER SUSAN Kdirector | Grant | 1,986 | — |
| Apr 27, 2026 | Thad Trentofficer: Exec VP & CFO | Sell | 30,000 | $93.00 |
| Apr 17, 2026 | Thad Trentofficer: Exec VP & CFO | Sell | 30,000 | $80.00 |
| Apr 6, 2026 | MASCARENAS PAUL ANTHONYdirector | Grant | 168 | $62.19 |
| Mar 16, 2026 | GOPALSWAMY SUDHIRofficer: Group President, AMG & ISG | Sell | 6,114 | $58.67 |
| Feb 24, 2026 | GOPALSWAMY SUDHIRofficer: Group President, AMG & ISG | Grant | 31,834 | — |
| Feb 24, 2026 | El-Khoury Hassanedirector, officer: CEO & President | Grant | 75,315 | — |
| Feb 24, 2026 | KEETON SIMONofficer: Group President, PSG | Tax | 7,788 | $69.11 |
| Feb 24, 2026 | Thad Trentofficer: Exec VP & CFO | Tax | 10,383 | $69.11 |
Source: ON SEC Form 4 filings, latest May 27, 2026. For informational purposes only — not investment advice.
See the full ON insider & 13F page →ON Semiconductor Corporation company profile
Overview
ON Semiconductor Corporation (NASDAQ:ON) is a global semiconductor company founded in 1999 when it was spun off from Motorola's semiconductor business. Headquartered in Phoenix, Arizona, the company has transformed from a traditional analog and discrete semiconductor manufacturer into a leading provider of intelligent power and sensing technologies. Over the past decade, ON Semiconductor has strategically repositioned itself to capitalize on major technology trends including automotive electrification, industrial automation, and artificial intelligence infrastructure. The company operates manufacturing facilities worldwide and serves customers across automotive, industrial, communications, and computing markets.
Business
ON Semiconductor designs and manufactures semiconductor components that manage electrical power and enable sensing capabilities in electronic systems. The semiconductor industry produces the fundamental building blocks of modern electronics - tiny chips that control how electricity flows through devices and how devices perceive their environment. The company operates through three main business segments: 1. Power Solutions Group (PSG) - approximately 47% of revenue - produces power management semiconductors including silicon carbide (SiC) devices, power MOSFETs, and integrated power modules. These components are essential for converting, controlling, and managing electrical power in applications ranging from electric vehicle drivetrains to solar inverters. Silicon carbide technology is particularly important as it enables more efficient power conversion than traditional silicon, making it crucial for electric vehicles and renewable energy systems. 2. Advanced Solutions Group (ASG) - approximately 38% of revenue - develops analog and mixed-signal semiconductors, radio frequency components, and application-specific integrated circuits (ASICs). These chips perform functions like signal amplification, voltage regulation, and wireless communication. The group recently introduced the Treo platform, which provides configurable analog solutions for various applications. 3. Intelligent Sensing Group (ISG) - approximately 15% of revenue - creates image sensors, single photon detectors, and related sensing technologies. These components enable cameras in smartphones and automotive systems to capture images, as well as advanced sensing applications like LiDAR for autonomous vehicles and industrial automation. The company serves two primary end markets: automotive (approximately 60% of revenue) and industrial (approximately 24% of revenue), with the remainder coming from communications, computing, and other applications.
Revenue model
ON Semiconductor generates revenue primarily through product sales of semiconductor components to original equipment manufacturers (OEMs), contract manufacturers, and distributors. The company's customers include automotive manufacturers like Volkswagen and Tesla, industrial equipment makers, and technology companies building AI data center infrastructure. The business model centers on developing differentiated semiconductor technologies and securing long-term supply agreements (LTSAs) with major customers. These agreements provide revenue visibility and often include minimum purchase commitments, helping to justify the substantial capital investments required for semiconductor manufacturing. Key factors that influence the company's profitability include: Positive margin drivers: The shift toward higher-value products like silicon carbide devices, which command premium pricing due to their superior performance characteristics. The company's focus on automotive electrification and AI data centers represents high-growth markets where customers are willing to pay for advanced technology. Long-term supply agreements help secure pricing and volumes, while the company's integrated manufacturing approach (controlling both chip fabrication and substrate production) provides cost advantages. Negative margin pressures: The cyclical nature of semiconductor demand creates revenue volatility, particularly during economic downturns when automotive and industrial customers reduce production. Intense competition, especially from Asian manufacturers, pressures pricing. The capital-intensive nature of semiconductor manufacturing requires continuous investment in new facilities and equipment. Geopolitical tensions and trade restrictions can disrupt supply chains and limit market access, particularly affecting the company's exposure to Chinese markets. The company has been strategically exiting lower-margin, commodity-like businesses to focus on higher-value applications where its technology differentiation can command better pricing and margins.
Competitive moat
ON Semiconductor's competitive moat is moderate and primarily built around three key elements: technological differentiation in silicon carbide, integrated supply chain capabilities, and established customer relationships in automotive markets. The company's strongest moat lies in its silicon carbide technology and manufacturing capabilities. Silicon carbide semiconductors offer superior performance compared to traditional silicon in high-power applications, enabling more efficient electric vehicle drivetrains and power systems. ON Semiconductor has achieved approximately 25% market share in this growing segment and maintains technological advantages through its integrated approach - controlling both the silicon carbide substrate production and device manufacturing. This vertical integration is difficult for competitors to replicate quickly and provides cost and quality advantages. The company's established relationships with major automotive OEMs represent another defensive element. Long-term supply agreements with customers like Volkswagen create switching costs and provide revenue visibility. The automotive industry's lengthy qualification processes (often 2-3 years) create barriers for new entrants and help protect existing supplier relationships. However, the moat faces several challenges. The semiconductor industry is highly competitive with well-funded competitors including Infineon, STMicroelectronics, and emerging Chinese manufacturers. Silicon carbide technology, while advanced, is not proprietary to ON Semiconductor, and competitors are rapidly developing their own capabilities. The company's significant exposure to cyclical automotive and industrial markets creates vulnerability during economic downturns. Additionally, geopolitical tensions pose risks to the company's global supply chain and market access, particularly given its manufacturing presence in China and exposure to Chinese automotive markets. The capital-intensive nature of the semiconductor business means that maintaining technological leadership requires continuous substantial investments, and any misstep in technology development or capacity planning could erode competitive position.
Risks & safety
ON Semiconductor presents a moderate margin of safety with solid financial fundamentals but cyclical earnings volatility. Liquidity and Solvency: - Strong cash position of $2.76 billion with minimal debt concerns - Current ratio of 4.95 indicates excellent short-term liquidity - Debt-to-equity ratio of 0.42 represents manageable leverage - Positive free cash flow generation even during cyclical downturns Valuation Metrics: - Trading at 17.1x trailing earnings, reasonable for a cyclical technology company - Price-to-book ratio of 3.06 reflects premium to tangible assets but justified by technology portfolio - EV/EBITDA of 15.6x appears elevated but normalizes during peak cycles Other Considerations: - Highly cyclical earnings create valuation challenges during downturns - Strong market position in growing silicon carbide segment provides upside optionality - Geographic and end-market diversification limits concentration risk - Ongoing transformation toward higher-value products should support long-term margins
Recent development
Over the past few years, ON Semiconductor has executed a significant strategic transformation focused on intelligent power and sensing technologies. The company has systematically exited commodity semiconductor businesses to concentrate on higher-value applications in automotive electrification, industrial automation, and AI infrastructure. The most significant development has been the company's silicon carbide strategy. Silicon carbide revenue grew from approximately $200 million in 2022 to over $800 million in 2023, positioning ON Semiconductor as a market leader with an estimated 25% market share. The company has secured over $4.5 billion in committed silicon carbide revenue through 2025 via long-term supply agreements and has expanded its customer base to over 600 customers. Key achievements include major design wins with Volkswagen Group as a primary silicon carbide supplier and strong penetration in Chinese electric vehicle markets, with the company's technology designed into 60% of battery electric vehicle models in China. The company has also launched the Treo platform for analog and mixed-signal solutions, which began generating revenue in 2024 and targets $1 billion in revenue by 2030. This platform provides configurable solutions that can be customized for specific customer applications, representing a shift toward more software-defined and scalable product offerings. In sensing technologies, ON Semiconductor has expanded its automotive image sensor business to over $1 billion in annual revenue and acquired SWIR Vision Systems to enhance industrial and defense sensing capabilities. The company has also made strategic moves in AI data center markets, gaining design wins with three of the four major hyperscale cloud providers and developing power delivery solutions for enterprise and AI server applications. Manufacturing strategy has evolved toward the "Fab Right" approach, optimizing the company's global footprint while reducing fixed costs. Recent actions include reducing internal fab capacity by 12% and planning workforce reductions of approximately 9% to align with market conditions while maintaining investment in strategic growth areas.
ON company profile · for informational purposes only — not investment advice.
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