ON
ON Semiconductor Corporation
ON's fundamentals are strong, but it looks expensive: trading at 44x earnings, above its usual 29x. Analysts expect strong earnings growth.
ON Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
ON's revenue, profitability, cash flow and balance sheet are all currently healthy.
ON PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 16x | $26.87 | -64% |
| Forward | 17x | $73.73 | — |
| Fair | 28x | $47.27 | -36% |
| Current | 44x | $73.73 | — |
| Expensive | 68x | $113 | +53% |
Historical ranges are pointers, not guarantees.
ON's PE is in its expensive range at 44x. If earnings grow as analysts expect, today's price would be 17x next year's earnings, in its cheap range.
ON Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for ON, with profitability improving.
ON Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.43 | +165% |
| Q3 2026 | $1.67 | +117% |
| Q2 2026 | $1.51 | +41% |
| Q1 2026 | $1.36 | -5.6% |
| Q4 2025 | $0.29 | -92% |
| Q3 2025 | $0.77 | -81% |
| Q2 2025 | $1.07 | -76% |
| Q1 2025 | $1.44 | -71% |
| Q4 2024 | $3.63 | -26% |
ON's earnings per share have fallen from their peak: $1.67 over the past year, against $4.96 in late 2023.
ON Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.7B | +11% |
| Q2 2026 | $1.6B | +9.2% |
| Q1 2026 | $1.5B | +4.7% |
| Q4 2025 | $1.5B | -11% |
| Q3 2025 | $1.6B | -12% |
| Q2 2025 | $1.5B | -15% |
| Q1 2025 | $1.4B | -22% |
| Q4 2024 | $1.7B | -15% |
ON's revenue is recovering but still below its 2022 peak: $1.7B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 22% | +4.9 points |
| Q2 2026 | 16% | +3 points |
| Q1 2026 | -3.5% | +36 points |
| Q4 2025 | 13% | -11 points |
| Q3 2025 | 17% | -8.2 points |
| Q2 2025 | 13% | -9.2 points |
| Q1 2025 | -40% | -68 points |
| Q4 2024 | 24% | -6.6 points |
ON's operating margin was 22% last quarter, up 4.9 points from the same quarter a year ago.
ON Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $488.6M | +31% |
| Q2 2026 | $425.4M | +301% |
| Q1 2026 | $217.2M | -52% |
| Q4 2025 | $485.4M | +12% |
| Q3 2025 | $372.4M | +27% |
| Q2 2025 | $106.1M | -49% |
| Q1 2025 | $454.7M | +65% |
| Q4 2024 | $434.8M | +97% |
ON generated $1.6B in free cash flow over the past year, up 18% from the year before.
ON Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.8% | -7.1M shares |
| 1 year | -2.6% | -10.7M shares |
| 3 years | -12% | -53.4M shares |
| 5 years | -9.8% | -43.4M shares |
| Available history | -4.5% | -18.7M shares |
ON has 397M diluted shares, down 2.6% from a year ago, with $1.2B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $19.9M |
| Q2 2026 | $344.8M |
| Q1 2026 | $345.7M |
| Q4 2025 | $450.2M |
| Q3 2025 | $325M |
| Q2 2025 | $302.3M |
| Q1 2025 | $300.1M |
| Q4 2024 | $204.1M |
ON spent $1.2B buying back its own shares over the past year, up 2.6% from the year before.
ON Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.2x | Very low |
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 1.1x | Healthy |
| Q3 2025 | 1.0x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 0.4x | Very low |
| Q4 2024 | 0.3x | Very low |
ON's net debt is less than a year of its operating earnings (EBITDA).
ON Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 46.6 | Neutral |
| Stochastic | 25.8 | Neutral |
ON's weekly RSI is 47 (neutral) and its Stochastic is 26 (neutral).
ON PE vs Technology Sector
| Metric | ON | Sector median | Relative |
|---|---|---|---|
| PE | 44x | 28x | 58% above |
| PE % | 67 | 35 | 32 pts above |
ON is trading at 44x earnings, a 58% premium to the Technology sector's median of 28x.
ON Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $74.1 | 0.5% below |
| 20 week MA | $78.3 | 5.9% below |
| 50 week MA | $78.2 | 5.7% below |
| 100 week MA | $63.9 | 15% above |
| 200 week MA | $71.0 | 3.8% above |
ON has slipped below its 8-, 20- and 50-week averages, though it's still 3.8% above its 200-week average.
ON Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $24.5 | $32.0 | +31% |
| 2021 | $32.0 | $66.8 | +109% |
| 2022 | $66.8 | $62.4 | -6.5% |
| 2023 | $62.4 | $83.5 | +34% |
| 2024 | $83.5 | $66.0 | -21% |
| 2025 | $66.0 | $54.9 | -17% |
| 2026 YTD | $54.9 | $73.7 | +34% |
ON is up 34% so far in 2026, after finishing lower in three of the previous six years.