Amkor Technology vs ON Semiconductor
Add, change or remove companies; up to four.
KIRA’s take AI analyst
I put Amkor Technology and ON Semiconductor side by side, using each one’s latest annual report. Here is what stands out:
- 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 47.8x against 21.0x for Amkor Technology.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Amkor Technology
AMKR
8/11
Revenue growth5-year growthOperating marginNet marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
ON Semiconductor
ON
3/11
Gross marginFCF marginShare count change
Side by side
Best in the row
| Latest fiscal year | AMKR FY25 | ON FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.2B | $29.9B |
| 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 | 21.0x | 47.8x |
| Piotroski F-score | 6 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.