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ON Semiconductor

ON Nasdaq Semiconductors Financials FY2016–FY2025

ON Semiconductor's revenue fell 15.3% to $6.0 billion in fiscal 2025. Its operating margin was 1.4%, down from 25.0% a year earlier. Free cash flow was $1.4 billion, up 17.0%. It paid out $1.4 billion in dividends and buybacks, 97% of free cash flow. The diluted share count fell 4.8%.

Last close · Oct 23, 2026

$72.25

1.3%
Value it Compare
Revenue Total sales reported in the income statement.
$6.0B
15.3% vs prior year
Operating margin Operating income as a share of revenue.
1.4%
23.6 pts
Net income Profit after all expenses, interest and tax.
$121M
92.3%
Free cash flow Cash from operations minus capital spending.
$1.4B
17.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
0.9%
16.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$29.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
46.6x
On $1.55 EPS (TTM)

What ON Semiconductor does

No business description yet.

Legal name
ON SEMICONDUCTOR CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001097864-26-000006
0001097864

Revenue and margins

ON Semiconductor had $6.0B of revenue in fiscal 2025, down 15.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −4.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.4B in fiscal 2025, 23.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

ON Semiconductor returned $1.4B to shareholders in fiscal 2025, 97% of free cash flow. The diluted share count fell 4.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value ON Semiconductor yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$457M and divides by 411.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 46.6x · peers 16.5x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably ON Semiconductor can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.4B$2.9B$2.5B$3.0B$2.5B
Debt incl. finance leases $3.3B$3.3B$3.4B$3.4B$3.0B
Net debt / EBITDA 1.0x0.1x0.3x0.2x0.6x
Debt / equity 0.7x0.5x0.4x0.4x0.4x
Interest coverage 9.9x24.9x33.9x28.4x1.2x
Current ratio 2.5x2.8x2.7x5.1x4.5x
Quick ratio 1.6x2.0x1.7x3.4x3.0x
Total assets $9.6B$12.0B$13.2B$14.1B$12.5B
Total liabilities $5.0B$5.8B$5.4B$5.3B$4.8B
Shareholders' equity $4.6B$6.2B$7.8B$8.8B$7.7B
Net debt (− = net cash) $1.9B$347M$920M$376M$457M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$21.3M

4 insiders

Of sales under plans

64%

$13.7M

DateInsiderTradeSharesPriceValueFiling
Oct 1, 2026 Sudhir GopalswamyGroup President, Amg & Isg Sold plan 15,578 $80.00 $1.2M Form 4
Apr 24, 2026 Trent ThadExec VP & CFO Sold plan 30,000 $100.00 $3.0M Form 4
Apr 23, 2026 Trent ThadExec VP & CFO Sold plan 30,000 $93.00 $2.8M Form 4
Apr 16, 2026 Trent ThadExec VP & CFO Sold plan 30,000 $80.00 $2.4M Form 4
Mar 13, 2026 Sudhir GopalswamyGroup President, Amg & Isg Sold 6,114 $58.67 $0.4M Form 4
Feb 17, 2026 Simon KeetonGroup President, Psg Sold 48,860 $71.75 $3.5M Form 4
Feb 12, 2026 Hassane El-KhouryCEO & President, Director Sold 20,000 $73.02 $1.5M Form 4
Feb 12, 2026 Trent ThadExec VP & CFO Sold plan 60,000 $71.21 $4.3M Form 4
Dec 4, 2025 Simon KeetonGroup President, Psg Sold 21,000 $55.72 $1.2M Form 4
Dec 3, 2025 Trent ThadExec VP & CFO Sold 20,000 $55.05 $1.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✕
F-score 4 / 96 / 95 / 9
Accruals ratio 1.6%−2.4%−12.3%
Altman Z'' 6.277.006.24

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
ON Semiconductor ON $29.2B −15.4% 1.4% 23.7% 0.9% 46.6x 5
Amkor Technology AMKR $9.8B 6.2% 7.0% 2.9% 10.4% 22.5x 6 Compare →
GlobalFoundries GFS $24.8B 0.6% 11.7% 14.9% 7.1% — 8 Compare →
First Solar FSLR $18.5B 24.1% 30.6% 22.8% 22.7% 10.6x 7 Compare →
Arm Holdings ARM $224.6B 22.8% 18.3% 19.9% — — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.9B $5.5B $5.9B $5.5B $5.3B $6.7B $8.3B $8.3B $7.1B $6.0B
Gross profit $1.3B $2.0B $2.2B $2.0B $1.7B $2.7B $4.1B $3.9B $3.2B $2.0B
Research and development $447M $595M $651M $641M $643M $655M $600M $577M $613M $584M
Operating income $247M $682M $847M $433M $349M $1.3B $2.4B $2.5B $1.8B $84.2M
Interest expense $145M $141M $128M $148M $168M $130M $94.9M $74.8M $62.3M $70.9M
Pretax income $181M $548M $755M $277M $177M $1.2B $2.4B $2.5B $1.8B $131M
Income tax −$3.9M −$266M $125M $62.7M −$59.8M $147M $458M $350M $263M $7.7M
Net income $182M $811M $627M $212M $234M $1.0B $1.9B $2.2B $1.6B $121M
Diluted EPS $0.43 $1.89 $1.44 $0.51 $0.56 $2.27 $4.25 $4.89 $3.63 $0.29
Diluted shares 0.42B 0.43B 0.44B 0.42B 0.42B 0.44B 0.45B 0.45B 0.43B 0.41B
Cash flow
Cash from operations $581M $1.1B $1.3B $695M $884M $1.8B $2.6B $2.0B $1.9B $1.8B
Capital expenditure $211M $388M $515M $535M $384M $445M $1.0B $1.5B $694M $341M
Free cash flow $370M $707M $759M $160M $501M $1.3B $1.6B $438M $1.2B $1.4B
Depreciation and amortization $364M $482M $509M $593M $625M $597M $552M $610M $643M $686M
Stock-based compensation $56.1M $69.8M $78.3M $79.4M $67.7M $101M $101M $121M $136M $144M
Acquisitions $2.3B $0.8M $70.9M $888M $0.0M $0.0M $0.0M $236M $20.5M $125M
Share buybacks $0.0M $25.0M $315M $139M $65.4M $0.0M $260M $564M $654M $1.4B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $25.0M $315M $139M $65.4M $0.0M $260M $564M $654M $1.4B
Balance sheet
Cash and short-term investments $1.0B $949M $1.1B $894M $1.1B $1.4B $2.9B $2.5B $3.0B $2.5B
Total debt $3.8B $3.2B $2.9B $3.7B $3.6B $3.3B $3.2B $3.4B $3.3B $3.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.1M $0.0M $22.9M $37.2M $23.2M $21.0M $24.3M
Current assets $2.9B $2.9B $3.2B $3.0B $3.2B $3.8B $5.7B $5.9B $6.8B $5.8B
Current liabilities $1.5B $1.4B $1.5B $1.8B $1.7B $1.5B $2.1B $2.2B $1.3B $1.3B
Inventory $1.0B $1.1B $1.2B $1.2B $1.3B $1.4B $1.6B $2.1B $2.2B $2.0B
Property and equipment, net $2.2B $2.3B $2.5B $2.6B $2.5B $2.5B $3.5B $4.4B $4.4B $3.4B
Total assets $6.9B $7.2B $7.6B $8.4B $8.7B $9.6B $12.0B $13.2B $14.1B $12.5B
Total liabilities $5.0B $4.4B $4.4B $5.1B $5.1B $5.0B $5.8B $5.4B $5.3B $4.8B
Shareholders' equity $1.8B $2.8B $3.2B $3.3B $3.5B $4.6B $6.2B $7.8B $8.8B $7.7B
Margins
Gross margin 33.3% 36.7% 38.1% 35.8% 32.7% 40.3% 49.0% 47.1% 45.4% 33.1%
Operating margin 6.3% 12.3% 14.4% 7.8% 6.6% 19.1% 28.3% 30.8% 25.0% 1.4%
EBITDA margin 15.6% 21.0% 23.1% 18.6% 18.5% 28.0% 35.0% 38.2% 34.0% 12.9%
Net margin 4.7% 14.6% 10.7% 3.8% 4.5% 15.0% 22.9% 26.5% 22.2% 2.0%
FCF margin 9.5% 12.8% 12.9% 2.9% 9.5% 19.8% 19.2% 5.3% 17.1% 23.7%
Returns
Return on capital 6.9% 14.1% 14.0% 6.0% 5.7% 17.9% 29.1% 28.7% 16.9% 0.9%
Return on capital employed 6.1% 12.2% 14.2% 6.8% 5.1% 17.1% 26.2% 24.2% 14.9% 0.7%
Return on equity 10.6% 35.2% 21.1% 6.5% 6.9% 24.9% 35.3% 31.3% 19.0% 1.5%
Return on assets 3.4% 11.5% 8.5% 2.6% 2.7% 11.0% 17.6% 17.3% 11.5% 0.9%
Growth
Revenue growth 11.8% 41.9% 6.1% −6.1% −4.8% 28.3% 23.5% −0.9% −14.2% −15.4%
Net income growth −11.7% 345.2% −22.6% −66.3% 10.6% 331.1% 88.4% 14.8% −28.0% −92.3%
EPS growth −10.4% 339.5% −23.8% −64.6% 9.8% 305.4% 87.2% 15.1% −25.8% −92.0%
FCF growth 85.4% 90.8% 7.5% −78.9% 212.7% 167.1% 19.4% −72.6% 176.6% 17.0%
Share count change −1.8% 2.0% 1.8% −4.6% 0.7% 6.0% 1.0% −0.3% −3.2% −4.8%
Financial health
Net debt / EBITDA 4.6x 1.9x 1.4x 2.8x 2.6x 1.0x 0.1x 0.3x 0.2x 0.6x
Debt / equity 2.1x 1.1x 0.9x 1.1x 1.0x 0.7x 0.5x 0.4x 0.4x 0.4x
Interest coverage 1.7x 4.8x 6.6x 2.9x 2.1x 9.9x 24.9x 33.9x 28.4x 1.2x
Current ratio 1.9x 2.1x 2.2x 1.7x 1.9x 2.5x 2.8x 2.7x 5.1x 4.5x
Quick ratio 1.2x 1.3x 1.3x 1.0x 1.2x 1.6x 2.0x 1.7x 3.4x 3.0x
Capital allocation
Capex / revenue 5.4% 7.0% 8.8% 9.7% 7.3% 6.6% 12.4% 18.7% 9.8% 5.7%
Stock comp / revenue 1.4% 1.3% 1.3% 1.4% 1.3% 1.5% 1.2% 1.5% 1.9% 2.4%
Payouts / FCF 0.0% 3.5% 41.5% 86.8% 13.1% 0.0% 16.3% 128.7% 54.0% 97.1%
Quality scores
Piotroski F-score 6.0 7.0 7.0 4.0 5.0 8.0 8.0 4.0 6.0 5.0
Altman Z'' 1.7 2.9 3.4 2.4 2.7 4.2 5.7 6.3 7.0 6.2
Accruals ratio −7.4% −4.0% −8.8% −6.0% −7.6% −8.4% −6.8% 1.6% −2.4% −12.3%

Source: SEC EDGAR XBRL filings (CIK 0001097864). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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