# ON Semiconductor Corporation (ON)

> Source: Nexqual · https://nexqual.com/ON · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, ON Semiconductor Corporation (ON), nexqual.com/ON" · informational, not investment advice.

**Price:** USD 73.23 (-4.82% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 76.94 · day 72.43–75.46 · 52w 44.56–134.92 · market cap $28.5B · NMS

## Key facts
- 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)
| 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)
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)
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)
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
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)
|  | 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) |

## Peers (Semiconductors)
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 -10.70% · 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%

## More
Full page: https://nexqual.com/ON · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ON's own 10-K filed 2026-02-09 (https://www.sec.gov/Archives/edgar/data/1097864/000109786426000006/on-20251231.htm):

| 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 v…" |
| 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 …" |
| 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 …" |
| 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." |

Other companies that name ON in their own reports (relationship from ON's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Aeluma, Inc. (ALMU) | 10-K 2026-09-16 | "Major suppliers include Sony, Samsung, OmniVision, onsemi," |
| competitor | ALPHA & OMEGA SEMICONDUCTOR Ltd (AOSL) | 10-K 2026-08-27 | "Our major competitors in power discretes include Infineon Technologies AG, ON Semiconductor Corp., STMicroelectronics N.V., Toshiba Corporation, Diodes Incorporated and Vishay Intertechnology, Inc. Ou…" |
| competitor | WOLFSPEED, INC. (WOLF) | 10-K 2026-08-20 | "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 Microel…" |
| supplier | SYNAPTICS Inc (SYNA) | 10-K 2026-08-10 | "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 resul…" |
| competitor | Navitas Semiconductor Corp (NVTS) | 10-K 2026-02-27 | "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 2026-02-27 | "We consider our primary competitors to include Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicr…" |
| competitor | LITTELFUSE INC /DE (LFUS) | 10-K 2026-02-19 | "In the Electronics segment, the Company's competitors include Eaton Corporation, Bourns Inc., TDK, ON Semiconductor Corporation, Infineon Technologies, STMicroelectronics NV, Semtech Corporation, and …" |
| competitor | DIODES INC /DEL/ (DIOD) | 10-K 2026-02-10 | "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, …" |
| competitor | POWER INTEGRATIONS INC (POWI) | 10-K 2026-02-06 | "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 supp…" |

## Revenue by business segment (quarter ended 2026-07-03)

| Line | Revenue | Share | 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% | — |

## Revenue by region (quarter ended 2026-07-03)

| Line | Revenue | Share | 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% | — |

## Customer concentration

Period ended 2026-07-03: 14% of revenue from unnamed direct customers (10-Q, filed 2026-08-03).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.88 | $0.84 | +5.0% | $1.70B | 28 |
| Next quarter (ends 2026-12-31) | $0.96 | $0.92 | +4.5% | $1.74B | 28 |
| Current fiscal year (ends 2026-12-31) | $3.22 | $3.12 | +3.3% | $6.56B | 30 |
| Next fiscal year (ends 2027-12-31) | $4.56 | $4.34 | +5.1% | $7.42B | 31 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-02): ±13.4%; earnings reaction alone ±6.9%; last 8 reports averaged ±5.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 73.5% | ±8.7% |
| 2026-11-06 | 14 | 82.9% | ±13.4% |
| 2026-11-13 | 21 | 73.2% | ±14.4% |
| 2026-11-20 | 28 | 69.1% | ±15.6% |
| 2026-11-27 | 35 | 63.6% | ±15.9% |
| 2026-12-04 | 42 | 59.6% | ±16.3% |
| 2026-12-18 | 56 | 59.7% | ±19.1% |
| 2027-01-15 | 84 | 56.5% | ±22.0% |