On Semiconductor Corp

Technology
Semiconductors
www.onsemi.com

Earnings Score
Moat Score
Safety Score

Market Cap $16.09B
PE 25
Debt $3.38B
Cash $2.77B
EV $16.71B
FCF $1.39B

Earnings

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Sales & Net Margins

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Earnings	$633.70M
EBIT	$738.50M
ROE	8%
ROA	6%
FCF	$1.39B
Equity	$8.05B
Growth Stability	39%
PE	25.39
PEG	0.53
PB	2
P/FCF	11.57
P/S	2.41
Price/Cash	0.17
Debt/Equity	0.42
Debt/FCF	2.43
Net Margins	-34%
Gross Margins	40%
Op. Margins	11%
Earnings CAGR	29%
Sales Growth YoY	-22%
Sales Growth QoQ	-16%
Sales CAGR	8%
FCF CAGR	13%
Equity CAGR	20%
Earnings Stability	0.49
Earnings Growth YoY	-207%
Earnings Growth QoQ	-228%

Earnings CAGR 5Y	48%
Sales CAGR 5Y	9%
FCF CAGR 5Y	19%
Equity CAGR 5Y	26%
Earnings CAGR 3Y	-5%
Sales CAGR 3Y	-5%
FCF CAGR 3Y	-14%
Equity CAGR 3Y	19%
Market Cap	$16.09B
Revenue	$6.67B
Assets	$13.25B
Total Debt	$3.38B
Cash	$2.77B
Shares Outstanding	417.87M
EV	16.71B
Earnings Score	77%
Moat Score	52%
Safety Score	65%
Final Score	65%
Working Capital	5.05B
Current Ratio	4.95
Gross Profit	$2.66B
Shares Growth 3y	-1%
Equity Growth QoQ	-9%
Equity Growth YoY	-1%

Assets & ROA

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Stockholders Equity & ROE

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Onsemi is a supplier of power semiconductors and sensors focused on the automotive and industrial markets. Onsemi is the second- largest power chipmaker in the world and the largest supplier of image sensors to the automotive market. While the firm used to be highly vertically integrated, it now pursues a hybrid manufacturing strategy for flexible capacity. Onsemi is pivoting to focus on emerging applications like electric vehicles, autonomous vehicles, industrial automation, and renewable energy.

SEC Filings

Direct access to On Semiconductor Corp (ON) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Apr 04
2024
- 10-K Dec 31
- 10-Q Sep 27
- 10-Q Jun 28
- 10-Q Mar 29
2023
- 10-K Dec 31
- 10-Q Sep 29
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does On Semiconductor Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of On Semiconductor Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 29%

Stability 49%

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On Semiconductor Corp Discounted Cash Flow

Fully customizable DCF calculator online for On Semiconductor Corp.

Years

Calculation mode

= $35B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$1.4B	$1.6B	$1.8B	$2B	$2.3B	$2.6B	$3B	$3.3B	$3.8B	$4.3B	$4.9B	$49B
DCF		$1.4B	$1.5B	$1.5B	$1.6B	$1.6B	$1.7B	$1.7B	$1.8B	$1.8B	$1.9B	$19B
Value	$35B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	6%	5%	15%	11%	4%	4%	15%	23%	26%	22%	-34%
ROA	-	5%	10%	12%	5%	4%	13%	21%	19%	13%	6%
ROE	-	10%	29%	20%	6%	7%	22%	31%	28%	18%	8%

Bad Net Margins (-33.62%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	11.77	4.84	4.05	28.01	8.23	2.56	2.07	10.39	2.79	2.43
Debt over Equity	1.26	2.36	1.22	0.96	1.35	1.16	0.74	0.54	0.54	0.38	0.42
Growth Stability	-	-	-	100%	39%	43%	100%	100%	100%	93%	39%

Neutral Debt/FCF ratio (2.43)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.42)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (39%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	12%	42%	6%	-6%	-5%	28%	24%	-1%	-14%	9%
Earnings YoY growth	-	-12%	345%	-23%	-66%	11%	331%	88%	15%	-28%	48%
Equity YoY growth	-	13%	52%	14%	4%	7%	29%	35%	26%	13%	26%
FCF YoY growth	-	85%	91%	7%	-79%	213%	167%	22%	-75%	202%	19%