ONNasdaqSemiconductors & Related DevicesFiscal year ends December 31
ON SEMICONDUCTOR CORP
Financials through Q2 FY2026, quarter ended Jul 3, 2026Last filing: 10-Q on Aug 3, 2026
$73.12+1.10 (+1.53%)
Close on Oct 19, 2026
- Market cap
- $29.57B
- P/E (TTM)
- 46.9
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
33.1%+0.4 pts over 5 years
Operating margin
1.4%−5.2 pts over 5 years
Net margin
2.0%−2.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -15.3% | -10.4% | +2.7% | +5.5% | |
| Gross profit | -38.3% | -21.3% | +2.9% | +5.2% | |
| Operating income | -95.2% | -67.1% | -24.7% | -10.7% | |
| Net income | -92.3% | -60.1% | -12.4% | -5.2% | |
| EPS, diluted | -92.0% | -59.1% | -12.3% | -4.9% | |
| Free cash flow | +17.0% | -3.9% | +23.2% | +21.7% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 10.6% | 6.8% | 1.5% | |
| Return on assets | 3.4% | 2.7% | 0.9% | |
| Current ratio | 1.91 | 1.90 | 4.52 | |
| Debt to equity | 1.99 | 0.99 | 0.39 | |
| Net debt to EBITDA | 4.22× | 2.47× | 1.08× | |
| Interest coverage | 1.7× | 2.1× | 1.2× | |
| Inventory turnover | 2.9× | 2.8× | 1.9× | |
| Capex to revenue | 5.4% | 7.3% | 5.7% | |
| Diluted shares | 420M | 419M | 412M |
Where the cash went
Fiscal 2021 to 2025, five years combined
On Semiconductor generated $10.06B from operations and spent $6.91B on capital expenditure, dividends and share buybacks. 59% of that went back into the business.
Generated
$10.06B
Used
$6.91B
Capital expenditure$4.05B59%Dividends$00%Share buybacks$2.86B41%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin2.0%
×Asset turnover0.45×
×Equity multiplier1.62×
=Return on equity, FY20251.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 2.0% | 0.45× | 1.62× | 1.5% |
| FY2024 | 22.2% | 0.52× | 1.65× | 19.0% |
| FY2023 | 26.5% | 0.66× | 1.80× | 31.3% |
| FY2022 | 22.8% | 0.77× | 2.01× | 35.3% |
| FY2021 | 15.0% | 0.74× | 2.25× | 24.9% |
| FY2020 | 4.5% | 0.61× | 2.50× | 6.8% |
| FY2019 | 3.8% | 0.69× | 2.47× | 6.5% |
| FY2018 | 10.7% | 0.80× | 2.48× | 21.1% |
| FY2017 | 14.6% | 0.79× | 3.07× | 35.2% |
| FY2016 | 4.7% | 0.72× | 3.15× | 10.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$121.00M
- Cash generatingOperating cash flow above zero$1.76B
- Return on assets improvedROA up on the prior year11.9% → 0.9%
- Earnings backed by cashOperating cash flow above net income$1.76B vs $121.00M
- Less leverageLong-term debt to assets fell23.7% → 23.8%
- Better liquidityCurrent ratio rose5.06 → 4.52
- No dilutionShare count did not rise433M → 412M
- Gross margin improvedGross margin up on the prior year45.41% → 33.09%
- More efficientAsset turnover rose0.54 → 0.43