ON Semiconductor Corporation (ON) Stock Price & Analysis
ON Semiconductor Corporation (ON) closed at USD 73.23 on Thursday, October 22, 2026, down 4.82% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 76.94; the Oct 22, 2026 session ranged USD 72.43–75.46 on volume of 12,504,493 shares. Market capitalization is $28.51B, with a 52-week range of USD 44.56–134.92 (NMS). Source: Nexqual, retrieved October 23, 2026 at 09:15 UTC.
Also available as compact Markdown for AI agents: nexqual.com/ON.md
Key facts (ON)
- Last four reported quarters (through Jul 3, 2026): revenue $6.20B, net income $630M (10.2% margin), free cash flow $1.50B (SEC filings).
- Valuation: P/E 45.2x (avg 72.9x at the last 3 fiscal year-ends), EV/EBITDA 20.0x, net debt $640M.
- 1 of 80 tracked superinvestors hold ON (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $9.4M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.45 on a 1–5 scale) (31 analysts), mean target USD 102 (range 75–137).
- Total return with dividends: 1Y +41.4% vs S&P 500 +14.9%; 5Y +59.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.88, revenue estimate $1.70B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (ON)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.74B | $8.33B | $8.25B | $7.08B | $6.00B | $6.20B |
| Gross profit | $2.71B | $4.08B | $3.88B | $3.22B | $1.98B | — |
| Operating income | $1.29B | $2.36B | $2.54B | $1.77B | $84.2M | $670M |
| Net income | $1.01B | $1.90B | $2.18B | $1.57B | $121M | $630M |
| EPS (diluted) | $2.27 | $4.25 | $4.89 | $3.63 | $0.29 | — |
| Free cash flow | $1.34B | $1.60B | $438M | $1.21B | $1.42B | $1.50B |
| Gross margin | 40.3% | 49.0% | 47.1% | 45.4% | 33.1% | — |
| Operating margin | 19.1% | 28.3% | 30.8% | 25.0% | 1.4% | 10.8% |
| Net margin | 15.0% | 22.8% | 26.5% | 22.2% | 2.0% | 10.2% |
| Revenue growth | +28.3% | +23.5% | -0.9% | -14.2% | -15.3% | — |
| Cash + short-term investments | $1.35B | $2.92B | $2.48B | $2.99B | $2.55B | — |
| Total debt | $3.26B | $3.23B | $3.38B | $3.35B | $2.98B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jul 3, 2026) (ON)
P/E 45.2x · P/S 4.6x · EV/EBITDA 20.0x · EV/Sales 4.7x · P/FCF 19.0x · P/B 4.0x · FCF yield 5.26% · Earnings yield 2.21% · Buyback yield (TTM) 5.14% · Net debt $640M · EV $29.2B
P/E at fiscal year-ends: Dec 2025 184.3x, Dec 2024 17.3x, Dec 2023 17.1x.
Superinvestors (SEC 13F-HR, Q2 2026) (ON)
1 of 80 tracked investors hold ON. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 0.01% | $754K | New position |
Insider sales (SEC Form 4, open-market, last ~7 months) (ON)
3 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Gopalswamy Sudhir | Group President, AMG & ISG | 15,578 | $1.2M | 9% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-04-23…2026-04-24 | Thad Trent | Exec VP & CFO | 60,000 | $5.8M | 18.1% | Yes | Too little history (no open-market trades in 2023) |
| 2026-04-16 | Thad Trent | Exec VP & CFO | 30,000 | $2.4M | 8.3% | Yes | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (ON)
Consensus Buy (mean 2.45 on a 1–5 scale), 31 analysts; mean target USD 102 (low 75, high 137).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | B. Riley Securities | Target lowered | Buy | $127 → $105 |
| 2026-10-21 | Susquehanna | Target lowered | Positive | $150 → $120 |
| 2026-10-19 | TD Cowen | Target lowered | Hold | $95 → $75 |
| 2026-10-15 | StoneX | Initiated | Buy | $110 |
| 2026-10-05 | Stifel | Target raised | Hold | $75 → $80 |
| 2026-10-02 | Wells Fargo | Target raised | Overweight | $85 → $100 |
| 2026-10-02 | Needham | Reiterated | Buy | $116 |
| 2026-09-23 | Seaport Global | Initiated | Buy | $100 |
| 2026-09-18 | Truist Securities | Target lowered | Hold | $91 → $75 |
| 2026-09-17 | Stifel | Target lowered | Hold | $90 → $75 |
| 2026-09-17 | Mizuho | Target lowered | Outperform | $110 → $95 |
| 2026-09-17 | Rosenblatt | Maintained | Neutral | $85 |
Total return (dividends reinvested) (ON)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +41.4% | +59.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +41.6% | +9.7% |
| Volatility (annualized) | 63.4% | 49.1% |
| Max drawdown | -50.3% (Jun 2026→Sep 2026) | -67.9% (Jul 2023→Mar 2025) |
ON revenue by business segment (quarter ended Jul 3, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| PSG | $829.0M | 51.7% | +18.7% |
| AMG | $545.7M | 34.0% | -1.8% |
| ISG | $228.8M | 14.3% | +6.6% |
| Total revenue | $1.60B | 100% | — |
ON revenue by region (quarter ended Jul 3, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| HONG KONG | $444.2M | 27.7% | +7.5% |
| Singapore | $386.4M | 24.1% | +18.2% |
| United Kingdom | $353.9M | 22.1% | +8.1% |
| United States | $300.6M | 18.7% | +8.2% |
| Other | $118.4M | 7.4% | -3.9% |
| Total revenue | $1.60B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
ON suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Leshan-Phoenix Semiconductor Company | “All of our manufacturing facilities are fully owned and operated by us, except our assembly and test operations facility located in Leshan, China, which is owned by Leshan-Phoenix Semiconductor Company Limited, a joint venture company in which we own 80% of the outstanding equity interests ("Leshan").” |
| Partner | Leshan Radio Company | “Our joint venture partner is Leshan Radio Company Ltd. ("Leshan Radio").” |
| Competitor | Infineon | “PSG's primary competitors include: Infineon Technologies AG ("Infineon"), STMicroelectronics N.V. ("STMicroelectronics"), Wolfspeed Inc., ROHM Semiconductor and Nexperia BV.” |
| Competitor | STMicroelectronics (STM) | “PSG's primary competitors include: Infineon Technologies AG ("Infineon"), STMicroelectronics N.V. ("STMicroelectronics"), Wolfspeed Inc., ROHM Semiconductor and Nexperia BV.” |
| Competitor | Texas Instruments (TXN) | “Competitors for certain of AMG's products and solutions include: Texas Instruments Incorporated, Analog Devices, Inc., Infineon, STMicroelectronics, Renesas Electronics Corporation, Monolithic Power Systems Inc. and NXP Semiconductors N.V.” |
| Competitor | Analog Devices (ADI) | “Competitors for certain of AMG's products and solutions include: Texas Instruments Incorporated, Analog Devices, Inc., Infineon, STMicroelectronics, Renesas Electronics Corporation, Monolithic Power Systems Inc. and NXP Semiconductors N.V.” |
| Competitor | Samsung Electronics | “Competitors for certain of ISG's products and solutions include: Sony Semiconductor Manufacturing Corporation, Samsung Electronics Co., Ltd., and Omnivision Technologies Inc.” |
Quoted from the company's 10-K filed Feb 9, 2026.
Companies that name ON in their SEC reports
| Relationship to ON | Company | Filing | Sentence |
|---|---|---|---|
| customer | Aeluma, Inc. (ALMU) | 10-K Sep 16, 2026 | “Major suppliers include Sony, Samsung, OmniVision, onsemi,” |
| competitor | ALPHA & OMEGA SEMICONDUCTOR Ltd (AOSL) | 10-K Aug 27, 2026 | “Our major competitors in power discretes include Infineon Technologies AG, ON Semiconductor Corp., STMicroelectronics N.V., Toshiba Corporation, Diodes Incorporated and Vishay Intertechnology, Inc. Our major competitors for our power ICs include Monolithic Power Systems, Inc., ON Semiconductor Corp., Richtek Technology Corp., Semtech Corporation, Texas Instruments Inc. and Vishay Intertechnology, Inc.” |
| competitor | WOLFSPEED, INC. (WOLF) | 10-K Aug 20, 2026 | “Our silicon carbide power devices compete with silicon carbide power semiconductor solutions offered by companies like Infineon Technologies AG, ON Semiconductor Corporation, Rohm Co. Ltd., ST Microelectronics N.V., Robert Bosch GmbH, and Silan Microelectronics Co. Ltd., as well as an increasing number of smaller competitors.” |
| supplier | SYNAPTICS Inc (SYNA) | 10-K Aug 10, 2026 | “The success of the Merger, including anticipated benefits and cost savings, will depend, in part, on our and onsemi's ability to successfully integrate our respective operations in a manner that results in various benefits and that does not materially disrupt existing business and strategic relationships or result in a loss of customers.” |
| competitor | Navitas Semiconductor Corp (NVTS) | 10-K Feb 27, 2026 | “Our primary SiC competitors include Infineon, Wolfspeed, Inc., ON Semiconductor Corporation, ROHM Co., Ltd., Qorvo, Inc., and STMicroelectronics International N.V.” |
| competitor | MONOLITHIC POWER SYSTEMS, INC. (MPWR) | 10-K Feb 27, 2026 | “We consider our primary competitors to include Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicroelectronics and Texas Instruments.” |
| competitor | LITTELFUSE INC /DE (LFUS) | 10-K Feb 19, 2026 | “In the Electronics segment, the Company's competitors include Eaton Corporation, Bourns Inc., TDK, ON Semiconductor Corporation, Infineon Technologies, STMicroelectronics NV, Semtech Corporation, and Vishay Intertechnology Inc. In the Transportation segment, the Company's competitors include Eaton Corporation, Pacific Engineering, MTA (Meccanotecnica Codognese), Amphenol Corporation, Sensata Technologies Holding N…” |
| competitor | DIODES INC /DEL/ (DIOD) | 10-K Feb 10, 2026 | “Some of our larger competitors include Infineon Technologies A.G., Epson, Kyocera, Nexperia, NXP Semiconductors N.V., ON Semiconductor Corporation, Renesas Electronics Corporation, Texas Instruments, and Vishay Intertechnology, Inc., many of which have greater financial, marketing, distribution, brand name recognition, research and development, manufacturing, and other resources than we do.” |
| competitor | POWER INTEGRATIONS INC (POWI) | 10-K Feb 6, 2026 | “Our motor-driver ICs compete with power modules from such companies as ON Semiconductor, Infineon, STMicroelectronics, Mitsubishi and Sanken as well as discrete designs from a wide range of other suppliers.” |
ON customer concentration
In the period ended Jul 3, 2026, a single direct customer accounted for 14% of revenue, per the company's 10-Q filed Aug 3, 2026. The company does not name it.
ON analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.88 | $0.84 | +5.0% | $1.70B | 28 |
| Next quarter (ends Dec 2026) | $0.96 | $0.92 | +4.5% | $1.74B | 28 |
| Current fiscal year (ends Dec 2026) | $3.22 | $3.12 | +3.3% | $6.56B | 30 |
| Next fiscal year (ends Dec 2027) | $4.56 | $4.34 | +5.1% | $7.42B | 31 |
ON options: expected move
Options price a move of about ±13.4% (±$9.82) by Nov 6, 2026, which includes earnings on Nov 2, 2026; the earnings reaction alone is priced at about ±6.8%. Over the last 8 reports the stock moved ±5.6% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 73.5% | ±8.7% |
| Nov 6, 2026 | 14 | 82.9% | ±13.4% |
| Nov 13, 2026 | 21 | 73.2% | ±14.4% |
| Nov 20, 2026 | 28 | 69.1% | ±15.6% |
| Nov 27, 2026 | 35 | 63.6% | ±15.9% |
| Dec 4, 2026 | 42 | 59.6% | ±16.3% |
| Dec 18, 2026 | 56 | 59.7% | ±19.1% |
| Jan 15, 2027 | 84 | 56.5% | ±22.0% |
30-day implied volatility 66% vs 60.6% realized over the last 30 trading days. Put/call ratio (volume) 0.72. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:15 UTC)
| Price | USD 73.23 |
|---|---|
| Change | ▼ 4.82% (down) |
| Previous Close | USD 76.94 |
| Open | USD 75.32 |
| Day Range | USD 72.43 – 75.46 |
| 52-Week Range | USD 44.56 – 134.92 |
| Volume | 12,504,493 shares |
| Market Cap | $28.51B |
| Exchange | NMS |
Technical Analysis (ON)
Nexqual's technical model rates ON "SELL" based on 1 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 09:15 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 44.62 (neutral) |
| vs SMA50 | Below (USD 75.37) |
| MACD | -0.56 (negative) |
Analyst Ratings (ON)
Wall Street analysts rate ON "Buy" based on 31 analysts, with a mean price target of USD 102 (range USD 75–137), per Nexqual as of October 23, 2026 at 09:15 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 31 |
| Mean Target | USD 102 |
| High Target | USD 137 |
| Low Target | USD 75 |
| Buy / Hold / Sell | 15 / 16 / 0 |
Earnings (ON)
| Next Earnings Date | 2026-11-02 |
|---|---|
| EPS Estimate | USD 0.88 |
| Revenue Estimate | $1.70B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.74 vs est 0.72 ▲ beat |
| 2026-03-31 | USD 0.64 vs est 0.62 ▲ beat |
| 2025-12-31 | USD 0.64 vs est 0.62 ▲ beat |
| 2025-09-30 | USD 0.63 vs est 0.59 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:15 UTC.
Financials & Fundamentals (ON)
| Total Revenue | $6.20B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +9.20% |
| Gross Margin | +42.78% |
| Operating Margin | +19.53% |
| Profit Margin | +10.17% |
| ROE | +8.31% |
| Debt / Equity | 0.65 |
| Current Ratio | 3.46 |
| Total Cash | $3.86B |
| Total Debt | $4.71B |
| Free Cash Flow (last four quarters to Jul 2026, SEC 10-Q / 10-K) | $1.50B (24.2% of revenue) |
Source: Nexqual, October 23, 2026 at 09:15 UTC.
Financial Health Score (ON)
Nexqual rates ON Semiconductor Corporation's overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:15 UTC.
| Growth | Critical — Revenue -15% YoY (annual), sharp decline |
|---|---|
| Profitability | Strong — Gross margin 43%, operating 20% (last 12 months) |
| Balance Sheet | Strong — $3.86B cash and investments vs $4.50B debt (Jul 2026, SEC) |
| Cash Flow | Strong — FCF $1.50B (last 4 quarters to Jul 2026, SEC), 24% margin |
| Efficiency | Mixed — ROE 8%, ROA 6.8% |
Ownership (ON)
| Insider Ownership | +0.31% |
|---|---|
| Institutional Ownership | +106.09% |
| Shares Outstanding | 389.32M |
| Float | 387.66M |
| Short % of Float | +10.59% |
Source: Nexqual, October 23, 2026 at 09:15 UTC.
Leadership (ON)
ON Semiconductor Corporation is led by Hassane S. El-Khoury, President, CEO & Director, per Nexqual as of October 23, 2026 at 09:15 UTC.
| President, CEO & Director | Hassane S. El-Khoury |
|---|---|
| Executive VP, CFO, Treasurer & Principal Accounting Officer | S. Thad Trent |
| Group President of Intelligent Sensing & Analog and Mixed Signal Group | Sudhir Gopalswamy |
| Executive Vice President of Operations | Wei-Chung Wang |
| Vice President of Investor Relations & Corporate Development | Parag Agarwal |
Major Backers & Investors (ON)
Notable institutional backers of ON Semiconductor Corporation include FMR, LLC, Fidelity, Jupiter Topco LLC, according to Nexqual as of October 23, 2026 at 09:15 UTC.
Active Investors
| Investor | Stake |
|---|---|
| FMR, LLC | 14.56% |
| Fidelity | 9.05% |
| Jupiter Topco LLC | 3.45% |
| JPMorgan | 2.6% |
| NORGES BANK | 2.02% |
| Goldman Sachs | 2.02% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 11.62% |
| BlackRock | 10.53% |
| State Street | 4.77% |
| Geode Capital | 2.78% |
Source: Nexqual, October 23, 2026 at 09:15 UTC.
From ON Semiconductor Corporation's Latest SEC 10-K Filing (filed 2026-02-09)
Key Strengths & Strategy (as disclosed to the SEC)
- The Treo Platform is a single, scalable technology platform supporting a wide voltage range, high temperature and an ever-evolving SoC, like architecture accelerating time to market.
- Our vertically integrated SiC manufacturing strategy enhances supply assurance, cost competitiveness, and device performance.
- ISG has leveraged this expertise into market-leading positions in automotive and industrial applications, which allow us to offer technical and end-user applications knowledge to help customers develop innovative sensing solutions across a broad range of end-user needs.
- We believe the acquisition complements our EliteSiC power portfolio within the PSG reportable segment and enables us to help address the need for high energy efficiency and power density in the AC-DC stage in power supply units for AI data centers.
Partnerships
- The total purchase consideration is up to $144 million, subject to customary purchase price adjustments, with $7 million paid in cash at close.
- We proactively comply with the Responsible Business Alliance ("RBA") Code of Conduct, which is aimed at eliminating forced labor, slavery and human trafficking and conflict minerals, pursuant to our involvement with the Responsible Minerals Initiative.
Legal & Regulatory Risks (Item 1A, quoted)
- Environmental and health and safety liabilities and expenditures could materially adversely affect our results of operations and financial condition.
- Our failure to comply with anti-corruption laws could result in penalties that could harm our reputation and have a material adverse effect on our business, financial condition and results of operations.
- Changes in tax legislation or exposure to additional tax liabilities could adversely affect our results of operations and financial condition.
- The expectations of our stakeholders with respect to corporate social and environmental matters are not uniform and can change rapidly.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| CBRS | Cerebras Systems Inc. | USD 108.94 | ▼ 7.66% |
| GFS | GlobalFoundries Inc. | USD 43.37 | ▼ 9.08% |
| CRDO | Credo Technology Group Holding | USD 162.77 | ▼ 10.7% |
| TSEM | Tower Semiconductor Ltd. | USD 167.71 | ▼ 11.52% |
| MCHP | Microchip Technology Incorporat | USD 74.52 | ▼ 3.41% |
| STM | STMicroelectronics N.V. | USD 44.09 | ▼ 7.04% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:15 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt