Amkor Technology vs ON Semiconductor
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The short version
- Amkor Technology is the larger business, with $6.7B of revenue in fiscal 2025 against $6.0B for ON Semiconductor.
- Amkor Technology grew revenue faster (6.2%, against −15.4%).
- Amkor Technology kept more of each dollar of sales as operating profit (7.0% operating margin, against 1.4%).
- ON Semiconductor turned more of its sales into free cash flow (23.7% FCF margin, against 2.9%).
- Amkor Technology earned a higher return on the capital invested in it (10.4%, against 0.9%).
- Investors pay more for each dollar of ON Semiconductor’s earnings: a P/E of 46.6x against 22.5x for Amkor Technology.
| Latest fiscal year | AMKR · FY25 | ON · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.8B | $29.2B |
| Revenue | $6.7B | $6.0B |
| Free cash flow | $191M | $1.4B |
| Net income | $374M | $121M |
| Growth | ||
| Revenue growth | 6.2% | −15.4% |
| 5-year growth | 5.8% | 2.7% |
| Share count change | 0.3% | −4.8% |
| Profitability | ||
| Gross margin | 14.0% | 33.1% |
| Operating margin | 7.0% | 1.4% |
| Net margin | 5.6% | 2.0% |
| FCF margin | 2.9% | 23.7% |
| Return on capital | 10.4% | 0.9% |
| Return on equity | 8.7% | 1.5% |
| Balance sheet | ||
| Net debt | −$560M | $457M |
| Net debt / EBITDA | −0.5x | 0.6x |
| Dividends and buybacks | $81.9M | $1.4B |
| Valuation & quality | ||
| P/E | 22.5x | 46.6x |
| Piotroski F-score | 6 | 5 |
Revenue
FY16
AMKR $3.9B
ON $3.9B
FY17
AMKR $4.2B
ON $5.5B
FY18
AMKR $4.3B
ON $5.9B
FY19
AMKR $4.1B
ON $5.5B
FY20
AMKR $5.1B
ON $5.3B
FY21
AMKR $6.1B
ON $6.7B
FY22
AMKR $7.1B
ON $8.3B
FY23
AMKR $6.5B
ON $8.3B
FY24
AMKR $6.3B
ON $7.1B
FY25
AMKR $6.7B
ON $6.0B
AMKR
ON
Operating margin
FY16
AMKR 7.9%
ON 6.3%
FY17
AMKR 9.6%
ON 12.3%
FY18
AMKR 6.0%
ON 14.4%
FY19
AMKR 5.8%
ON 7.8%
FY20
AMKR 9.1%
ON 6.6%
FY21
AMKR 12.4%
ON 19.1%
FY22
AMKR 12.7%
ON 28.3%
FY23
AMKR 7.2%
ON 30.8%
FY24
AMKR 6.9%
ON 25.0%
FY25
AMKR 7.0%
ON 1.4%
AMKR
ON
Free cash flow
FY16
AMKR $79.4M
ON $370M
FY17
AMKR $67.3M
ON $707M
FY18
AMKR $116M
ON $759M
FY19
AMKR $91.4M
ON $160M
FY20
AMKR $217M
ON $501M
FY21
AMKR $342M
ON $1.3B
FY22
AMKR $190M
ON $1.6B
FY23
AMKR $521M
ON $438M
FY24
AMKR $345M
ON $1.2B
FY25
AMKR $191M
ON $1.4B
AMKR
ON
Return on capital
FY16
AMKR 11.0%
ON 6.9%
FY17
AMKR 15.3%
ON 14.1%
FY18
AMKR 7.6%
ON 14.0%
FY19
AMKR 7.4%
ON 6.0%
FY20
AMKR 16.2%
ON 5.7%
FY21
AMKR 25.0%
ON 17.9%
FY22
AMKR 24.3%
ON 29.1%
FY23
AMKR 10.6%
ON 28.7%
FY24
AMKR 10.0%
ON 16.9%
FY25
AMKR 10.4%
ON 0.9%
AMKR
ON
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.