ON Semiconductor (ON) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

ON Semiconductor

NasdaqGS•Technology•Semiconductors

$68.30+1.70(0.03%)After hours

Market Cap

$26.66B

P/E

42.3x

P/S

4.3x

P/B

3.7x

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.

How this company scores

GoodMetricSide Score: 69/100

Strongest: Cash & Earnings Quality (23/25); weakest: Growth (13/25).

Profitability19/25

Growth13/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality23/25

Strengths

Rising free cash flowRising earningsConsistent free cash flowProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 42.3x5y range 12.7x – 179.8x

Currently above its 20-quarter median.

P/S · 4.3x5y range 2.2x – 4.9x

Currently near its 20-quarter median.

P/B · 3.7x5y range 1.9x – 6.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $26.66B

Metrics at a Glance

as of July 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $6.20B
Q. Revenue: $1.60B
TTM EBITDA: $1.76B
TTM Op. Income: $669.70M
Q. Op. Income: $258.60M
TTM Net Income: $630.20M
Q. Net Income: $226.80M
EPS: $0.58
Shares Out.: $390.30M

$6.20B in TTM revenue declined 3.1% YoY, reaching $1.60B last quarter. TTM EBITDA of $1.76B and TTM operating income of $669.70M show growth is flowing through to the bottom line. TTM net income of $630.20M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 2 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 38.4%
EBITDA Margin: 24.9%
Op. Margin: 16.1%
Net Margin: 14.1%

Op. margin of 16.1% is up 3.0% YoY — cost efficiency is improving. Net margin at 14.1% and gross margin of 38.4% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 22% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 42.3x
P/S Ratio: 4.3x
P/B Ratio: 3.7x

At 42.3x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 4.3x and P/B of 3.7x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Across the last 8 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $13.49B
Cash: $3.51B
Long-Term Debt: $3.66B
Book Value: $7.22B
D/E Ratio: 0.5
Debt/EBITDA: 9.1

With $13.49B in assets and $3.66B in long-term debt, D/E is 0.5and book value is $7.22B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 2 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $459.70M
TTM Free Cash Flow: $1.50B
FCF Margin: 24.2%
FCF / Net Income: 2.4

TTM FCF of $1.50B on $459.70M in operating cash flow. The FCF / Net Income ratio of 2.4x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 16% — an improving trend.