ON Semiconductor Corporation (ON) Stock Analysis
Technology · Semiconductors · NasdaqGS
ON Semiconductor Corporation (ON) posted $6.00B in revenue for fiscal 2025 (down 15.3% year over year), at a 2.0% net margin, and has compounded revenue about 2.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on ON Semiconductor Corporation
ON Semiconductor Corporation has grown revenue from $3.91B to $6.00B over the last 10 fiscal years, compounding about 2.7% a year. The most recent year was down 15.3%, so growth has cooled from its longer-run pace.
Net margin sits at 2%, down 20.2 points year over year on a 33.1% gross margin. It carries about $2.98B of total debt.
At today's valuation the market is pricing in roughly 9.2% annual free-cash-flow growth — versus the 23.2% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven. The one thing worth a second look in the filings is net margin shrinking.
Synthesised from ON Semiconductor Corporation's SEC filings — descriptive, not advice. Ask the analyst your own question →
ON Semiconductor Corporation revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.91B | $5.54B | $5.88B | $5.52B | $5.25B | $6.74B | $8.33B | $8.25B | $7.08B | $6.00B |
| Gross profit | $1.30B | $2.04B | $2.24B | $1.97B | $1.72B | $2.71B | $4.08B | $3.88B | $3.22B | $1.98B |
| Net income | $182.10M | $810.70M | $627.40M | $211.70M | $234.20M | $1.01B | $1.90B | $2.18B | $1.57B | $121.00M |
| Net margin | 4.7% | 14.6% | 10.7% | 3.8% | 4.5% | 15.0% | 22.8% | 26.5% | 22.2% | 2.0% |
Source: ON Semiconductor Corporation SEC filings (10-K). 18 years of history available in the interactive view.
ON Semiconductor Corporation: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Net margin shrinkingNet margin fell from 22.8% to 2.0% over ~3 years — profitability is compressing.
What growth is priced into ON stock?
At today's market cap of $31.76B, ON Semiconductor Corporation is priced for free-cash-flow growth of about 9.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.42B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 23.2%/yr over the last five fiscal years and revenue 2.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 18 years of ON Semiconductor Corporation financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
Open the interactive view — freeON Semiconductor Corporation financial history by metric
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About ON Semiconductor Corporation
ON Semiconductor Corporation provides intelligent sensing and power solutions in Hong Kong, Singapore, the United Kingdom, the United States, and internationally. It operates through three segments: Power Solutions Group, Analog and Mixed-Signal Group, and Intelligent Sensing Group. The Power Solutions Group segment offers discrete, module, and integrated semiconductor devices designed to enable power conversion, including power switching, signal conditioning, and circuit protection technologies. Its Analog and Mixed-Signal Group segment designs and develops analog and mixed-signal solutions, including power management, sensor interface, connectivity, and standard products for automotive, industrial automation, AI data centers, computing, and mobile end markets. The Intelligent Sensing Group segment develops complementary metal-oxide-semiconductor image sensors, image signal processors, short-wave infrared sensors, and other products, as well as photon-counting technologies, including single-photon avalanche diode arrays and silicon photomultiplier devices for depth sensing, factory automation, safety systems, and robotics industries. ON Semiconductor Corporation was incorporated in 1992 and is headquartered in Scottsdale, Arizona.
ON Semiconductor Corporation — frequently asked questions
What is ON Semiconductor Corporation's revenue?
ON Semiconductor Corporation (ON) reported revenue of $6.00B for fiscal year 2025, down 15.3% from the prior year, according to its SEC filings.
Is ON Semiconductor Corporation profitable?
Yes. ON earned net income of $121.00M in fiscal 2025, a net margin of 2.0%.
What is ON's P/E ratio?
ON Semiconductor Corporation trades at a price-to-earnings ratio of about 60.0 based on the latest data in our nightly-refreshed cache.
How fast is ON Semiconductor Corporation growing?
ON's revenue grew at roughly 2.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does ON Semiconductor Corporation have?
As of fiscal year 2025, ON carried roughly $2.98B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is ON Semiconductor Corporation's gross margin?
ON's gross margin was 33.1% in fiscal 2025 — gross profit of $1.98B on revenue of $6.00B.
What is ON Semiconductor Corporation's market cap?
ON Semiconductor Corporation (ON) has a market capitalization of about $31.76B, based on the latest data in our nightly-refreshed cache.
When does ON Semiconductor Corporation's fiscal year end?
ON's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into ON stock?
At today's market cap of $31.76B, ON Semiconductor Corporation is priced for free-cash-flow growth of about 9.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.42B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 23.2%/yr over the last five fiscal years and revenue 2.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from ON Semiconductor Corporation's official SEC filings (10-K and 10-Q), covering 18 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.