ON
ON Semiconductor Corporation

ON Semiconductor CorporationON

Technology · Semiconductors
63.31USD
+0.48%
Nov 08, 2026
ON overview ready
Supplier of power semiconductors for AI data-center infrastructure
ON Semiconductor supplies high-voltage silicon, silicon-carbide and gallium-nitride power semiconductors, controllers, sensing and power-management content used in the data-center power tree.
Primary theme is lagging
Power Semiconductors is lagging (-17.6pp vs SPY over 21 sessions; 0 of 7 members ahead of SPY).
Price trend is broken
Longer-term context reads early recovery, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
Fair valuation
The price broadly reflects the cash the business actually produces, with upside and risk reasonably balanced.
Solid fundamentals
Free cash flow yield is strong.
Primary risk
Cyclical semiconductor demand impacting revenue.
Market Nov 6Filing Oct 2Price action Nov 7Research Oct 24

Conviction Level

PriceAction3.4BusinessPerformance7.0BusinessQuality7.2Valuation4.5ThemeMomentum1.0Improving — Revenue growth has accelerated across 4 consecutive quarters, rising from -11% to +11% year over year. Diluted EPS is up 25% year over year at $0.79. That earnings comparison is against a weak year-ago quarter. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−17.6pp
Theme return
−22.6%
Beating SPY
0 of 7
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads early recovery, with a near-term setup of failed reclaim.
The tactical setup reads failed reclaim, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$24.6B
Avg Volume (60D)
11.8M
60 sessions
Revenue Growth YoY
-15.3%
FY2025 vs FY2024
Gross Margin
+38.7%
Trailing twelve months
Operating Margin
+12.3%
Trailing twelve months
Free Cash Flow Yield
+6.6%
Distance from 200DMA
-23.3%
P/E
35.8x
EV / EBITDA
15.8x
EV / Sales
3.9x
Market metrics as of Nov 6, 2026
Financial results for the period ended Oct 2, 2026
Filed balance-sheet data as of Oct 2, 2026

Business Performance

Improving

Revenue growth has accelerated across 4 consecutive quarters, rising from -11% to +11% year over year. Diluted EPS is up 25% year over year at $0.79. That earnings comparison is against a weak year-ago quarter.

Latest reported: Q3 FY2026, ended Oct 2
Revenue growthAccelerating
+11%
$1.72B in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. -11%
  2. +4.7%
  3. +9.2%
  4. +11%
Earnings growthGrowing
+25%
Diluted EPS $0.79 vs $0.63 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. n/a
  2. n/a
  3. +37%
  4. +25%
Operating marginExpanding
22.0%
+4.9 pp YoY · gross margin 41.4% (+3.5 pp)
The comparison is against a weak year-ago quarter

Business Quality

7.2 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say fair; own history is the dissenting view.
ON Semiconductor Corporation has a Fair valuation stance because the price broadly reflects the cash the business actually produces, with upside and risk reasonably balanced.

Company Research

Thesis
ON Semiconductor supplies high-voltage silicon, silicon-carbide and gallium-nitride power semiconductors, controllers, sensing and power-management content used in the data-center power tree. Its planned Synaptics acquisition would broaden the company toward connected compute and intelligent-edge systems, but has not closed.
Opportunity
Moderate opportunity
Hyperscaler and colocation capital spending on high-density AI data-center electrical and liquid-cooling infrastructure.
Key risk
Cyclical semiconductor demand impacting revenue.

Economic classification

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Business & Markets

Technology · Semiconductors
What they do

ON Semiconductor designs, manufactures, and sells semiconductor components focused on power conversion, analog and mixed-signal solutions, and intelligent sensing technologies across multiple global markets.

How it earns

The company generates revenue primarily through transactional sales of semiconductor products to original equipment manufacturers and other industrial customers.

Products & services
Power semiconductors (silicon, silicon-carbide, gallium-nitride)
Analog and mixed-signal integrated circuits
Intelligent sensing devices
Customers & end markets
Hyperscale and colocation data centers
Industrial and automotive manufacturers
Consumer electronics companies
Market position

ON Semiconductor is a leading supplier of power and sensing semiconductor components with a strong position in data-center power solutions.

Demand drivers
High cyclicality

Semiconductor demand is closely tied to capital expenditure cycles in technology and industrial end markets.