At a glance
ON Semiconductor Corporation is worth $27.29B, about 242 times its fiscal 2025 earnings. Revenue fell 15.3% to $6.00B in fiscal 2025, with 2.0% kept as profit; over 5 years it has grown 2.7% a year. It pays no dividend; it spent $2.86B buying back its shares over FY2021–FY2025. The stock returned +40.0% over the past year with dividends reinvested and +4.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 59.6% in the 2020 crash (S&P 500: 33.7%) and 34.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 1 month after the lows.
The business in plain English
onsemi, the brand of ON Semiconductor Corporation, designs and manufactures chips that manage electric power and sense the world around them. Automotive and industrial customers make up a significant share of its revenue, and it is also targeting AI data centers. In electric vehicles, its power chips help convert battery energy efficiently, supporting longer range and faster charging. Its image sensors act as the "eyes" for advanced driver-assistance systems (ADAS).
For the year ended December 31, 2025, revenue was about $6.0 billion, split across three segments. The Power Solutions Group (47%) makes power switches and modules, including silicon carbide chips, which handle high voltage and heat better than ordinary silicon. The Analog and Mixed-Signal Group (38%) makes chips that regulate power, read sensors and link systems together. The Intelligent Sensing Group (15%) makes image sensors for cars, factories and robots.
Most revenue comes from chip sales; a much smaller amount comes from product development agreements. Distributors, which supply equipment makers and contract manufacturers, accounted for about 54% of 2025 revenue, and one distributor alone made up about 11%. Direct customers, including large multinational companies, supplied the other 46%. By region, the annual report lists Hong Kong (27.3%), the United Kingdom (22.5%), Singapore (20.9%) and the United States (20.5%) as the largest.
Price history
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ON +40.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| PSG | $2.81B | 46.8% |
| AMG | $2.26B | 37.7% |
| ISG | $928.4M | 15.5% |
By geography
| Hong Kong | $1.63B | 27.3% |
| United Kingdom | $1.35B | 22.5% |
| Singapore | $1.25B | 20.9% |
| United States | $1.23B | 20.5% |
| Other | $530.6M | 8.9% |
Latest results
- In Q3 FY2026 (ended Oct 2, 2026), revenue was $1.72B, up 11.1% from a year earlier, and net income was $313.9M (+23.1%).
- For fiscal 2025, revenue was $6.00B (-15.3% year over year; +2.7% a year from FY2020 to FY2025) with a 2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.7% watch |
|---|---|
| Operating margin | 1.4% weak |
| Free cash flow margin | 23.7% good |
| Return on equity (FY2025) | 1.6% weak |
| Return on assets (FY2025) | 1% weak |
| Net cash (cash minus debt) | $-137.0M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.25B | $234.2M | $500.7M |
| FY2021 | $6.74B | $1.01B | $1.34B |
| FY2022 | $8.33B | $1.90B | $1.60B |
| FY2023 | $8.25B | $2.18B | $438.4M |
| FY2024 | $7.08B | $1.57B | $1.21B |
| FY2025 | $6.00B | $121.0M | $1.42B |
Valuation snapshot
| Market value | $27.29B |
|---|---|
| P/E ratio | 241.8 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
ON Semiconductor’s market value went from $5.32B at the end of 2016 to $27.29B on Nov 2, 2026, about 5.1 times as much; since the end of 2025 it is up 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $27.29B | +25.3% |
| 2025 | $21.79B | -18.8% |
| 2024 | $26.85B | -25.4% |
| 2023 | $35.98B | +33.4% |
| 2022 | $26.97B | -7.8% |
| 2021 | $29.26B | +117.4% |
| 2020 | $13.46B | +34.4% |
| 2019 | $10.01B | +44.1% |
| 2018 | $6.95B | -21.8% |
| 2017 | $8.88B | +66.9% |
| 2016 | $5.32B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ON price data to Nov 2, 2026 | +29.5% | +40.0% | +1.7% | +4.2% | +19.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +29.5% |
| 2025 | -14.1% |
| 2024 | -24.5% |
| 2023 | +33.9% |
| 2022 | -8.2% |
| 2021 | +107.5% |
| 2020 | +34.3% |
| 2019 | +47.7% |
| 2018 | -21.2% |
| 2017 | +64.1% |
| 2016 | +30.2% |
| 2015 | -3.3% |
| 2014 | +22.9% |
| 2013 | +16.9% |
| 2012 | -8.7% |
| 2011 | -21.9% |
| 2010 | +12.0% |
| 2009 | +159.4% |
| 2008 | -61.7% |
| 2007 | +17.3% |
| 2006 | +36.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 72.9% over that stretch · deepest drop along the way 80%, back to its old high 75.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45% over that stretch · deepest drop along the way 59.6%, back to its old high 3.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16% over that stretch · deepest drop along the way 34%, back to its old high 1.4 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 13 sales ($19.0M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 12, 2026 | Trent Thad Exec VP & CFO | sell (plan) | $3.5M |
| Feb 17, 2026 | Simon Keeton Group President, PSG | sell | $3.2M |
| Apr 24, 2026 | Trent Thad Exec VP & CFO | sell (plan) | $3.0M |
| Apr 23, 2026 | Trent Thad Exec VP & CFO | sell (plan) | $2.8M |
| Apr 16, 2026 | Trent Thad Exec VP & CFO | sell (plan) | $2.4M |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 8.2% | Sep 30, 2026 |
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.1% | Mar 31, 2026 |
| STATE STREET CORPORATION | 4.6% | Jun 30, 2025 |
ETFs with the most weight in ON
| QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund | 7.39% |
| FTXL First Trust Nasdaq Semiconductor ETF | 3.6% |
| XSD SPDR S&P Semiconductor ETF | 2.86% |
| SOXX iShares Semiconductor ETF | 2.45% |
| MAKX ProShares S&P Kensho Smart Factories ETF | 2.42% |
| SOXQ Invesco PHLX Semiconductor ETF | 1.83% |
| MOTO SmartETFs Smart Transportation & Technology ETF | 1.8% |
| FXL First Trust Technology AlphaDEX Fund | 1.75% |
What could go wrong
- Heavy reliance on car and factory customers. Automotive and industrial customers supply a significant share of revenue, partly under long-term supply agreements. A downturn or weaker orders in either market could sharply hurt sales and profits.
- AI data center push may fall short. onsemi is investing in power chips for AI data centers, including the $118.8 million purchase of Qorvo's silicon carbide JFET business. These products may not win as much market share as expected.
- Restructuring could fall short. Under its 2025 restructuring program, onsemi cut about 2,400 jobs and wrote down $496 million of equipment and $268 million of inventory. Further cost cuts could disrupt operations or miss their targets.
- Heavy dependence on distributors. Distributors handled about 54% of 2025 revenue, and one distributor alone accounted for about 11%. Weak performance by distributors, or losing a large one, could hurt results.
- One factory problem could ripple widely. Many products need parts from several plants, and some plants are the only source of a product. An outage at one site, or trouble with a few specialized suppliers, could delay production widely.
- Tariffs and trade tensions. Tariffs, trade policies or geopolitical tension could reduce demand or block sales to certain customers. Only about 20.5% of 2025 revenue was recorded in the United States, with Hong Kong the largest region.
Recent events
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
- Major agreement signed; Other company announcement
- Other company announcement
- Quarterly results released
- Major agreement signed; Other company announcement
- Executive or board change; Shareholder vote results
- Major agreement signed; New debt or financial obligation; Unregistered sale of shares; Other company announcement
- Other company announcement
- Quarterly results released
For income and retirement investors
onsemi does not pay a dividend and paid none in fiscal 2021–2025. An income investor would get no regular cash and could draw income only by trimming shares. The company returns cash through buybacks instead: about $2.86 billion over those years, including $1.38 billion in fiscal 2025, when free cash flow (cash left after capital spending) was $1.42 billion. Shares outstanding fell 9.6% between October 27, 2021 and July 29, 2026.
The stock has swung hard in downturns. It fell 80% in the 2008 financial crisis and did not regain its peak until March 2015. It dropped about 60% in the 2020 COVID crash and 34% in the 2022 bear market, recovering within months both times. As of October 28, 2026, its one-year beta was 2.53, meaning it tended to move about two and a half times as much as the market. A single stock carries more risk than a diversified fund.
Questions investors ask
How does onsemi make money?
Mostly from chip sales. onsemi designs and makes power and sensing chips aimed at cars, industrial equipment and AI data centers. In fiscal 2025, the Power Solutions Group produced 47% of its roughly $6.0 billion in revenue, the Analog and Mixed-Signal Group 38% and the Intelligent Sensing Group 15%. About 54% of revenue came through distributors, and the rest from direct customers. A much smaller amount comes from product development agreements.
Does onsemi pay a dividend?
No. onsemi does not pay a dividend and paid none in fiscal 2021 through 2025. It returns cash through share buybacks instead, spending about $2.86 billion over those five years, including about $1.38 billion in fiscal 2025. The share count fell 9.6% between October 2021 and July 2026. Buybacks give remaining shareholders a larger slice of the company, but they provide no regular cash income.
Why did onsemi's earnings drop in 2025?
Revenue fell and the company booked large charges to shrink its factories. Revenue dropped 15.3% to about $6.0 billion in fiscal 2025. Under a restructuring program, onsemi cut about 2,400 jobs and recorded $496 million of equipment write-downs plus $268 million of inventory charges. Net income fell 92.3% to $121 million, or $0.29 per share. Free cash flow (the cash left after capital spending) was about $1.42 billion. In the quarter ended July 3, 2026, revenue rose 9.2% from a year earlier.
Does onsemi make chips for AI data centers?
Yes. onsemi makes power chips that help AI data centers use electricity more efficiently, and it says its lineup covers the data center "power tree," the steps that convert grid power for processors. In January 2025 it paid $118.8 million for Qorvo's silicon carbide JFET (a type of transistor) business, aimed at data center power supplies. In October 2025 it acquired Vcore power technology rights from Aura Semiconductor for up to $144 million. The company warns these products may not win the market share it expects.
How has ON stock performed over the long run?
It has done well over 10 years but with deep swings. As of October 28, 2026, the share price returned about 20.7% a year over 10 years and 9.9% a year over five years, but lost 3.3% a year over three years. It fell 24.5% in 2024 and 14.1% in 2025, then gained 39.7% in 2026 through October 28. With no dividend, price return is the whole return. The stock dropped 80% in the 2008 crisis and about 60% in the 2020 crash.