ON
ON Semiconductor Corporation
ON has lower modeled downside risk, despite its lower overall score.
SNDK
Sandisk Corporation
SNDK has the edge over ON overall, supported by stronger valuation and stronger fundamentals.
ON Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
ON's revenue, profitability, cash flow and balance sheet are all currently healthy.
SNDK Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
SNDK's revenue, profitability, cash flow and balance sheet are all currently strong.
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.
SNDK PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 3.8x | $937 | — |
| Current | 7.5x | $937 | — |
| Cheap | 17x | $2,173 | +132% |
| Fair | 24x | $3,048 | +225% |
| Expensive | 59x | $7,452 | +695% |
Historical ranges are pointers, not guarantees.
SNDK has the edge over ON in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
SNDK Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| High |
Analysts expect strong earnings and revenue growth for SNDK, 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.
SNDK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $247.30 | +97% |
| Q3 2026 | $125.61 | +$137.63 |
| Q2 2026 | $73.76 | +$85.07 |
| Q2 2025 | -$11.31 | -$6.65 |
SNDK has the edge over ON in the latest year-over-year earnings comparison.
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.
SNDK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $11B | +378% |
| Q2 2026 | $9B | +372% |
| Q1 2026 | $6B | +251% |
| Q4 2025 | $3B | +61% |
| Q3 2025 | $2.3B | +23% |
| Q2 2025 | $1.9B | +8% |
| Q1 2025 | $1.7B | -0.6% |
| Q4 2024 | $1.9B | +13% |
SNDK has the edge over ON on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 80% | +72 points |
| Q2 2026 | 78% | +78 points |
| Q1 2026 | 69% | +180 points |
| Q4 2025 | 35% | +25 points |
| Q3 2025 | 7.6% | -9 points |
| Q2 2025 | 0.9% | N/A |
| Q1 2025 | -111% | -122 points |
| Q4 2024 | 10% | +6.6 points |
SNDK has the edge over ON on profitability, with a higher operating margin.
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.
SNDK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $6.3B | +1340% |
| Q2 2026 | $7.1B | +14355% |
| Q1 2026 | $3B | +$3B |
| Q3 2025 | $438M | +$636M |
| Q2 2025 | $49M | +$217M |
| Q1 2025 | -$18M | +$23M |
| Q3 2024 | -$198M | -$157M |
SNDK generated $17.4B in free cash flow over the past year, more than ten times what it generated 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 the edge over SNDK on shareholder dilution, with a more favorable share count trend.
| 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.
SNDK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -1M shares |
| 1 year | +3.4% | +5M shares |
| 3 years | +6.9% | +10M shares |
SNDK has 154M diluted shares, up 3.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $5B |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
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).
SNDK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
SNDK has the edge over ON on leverage, with a lower net debt burden relative to earnings.
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).
SNDK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.2 | Neutral |
| Stochastic | 10.6 | Oversold |
SNDK's weekly RSI is 40 (neutral) and its Stochastic is 11 (oversold).
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.
SNDK PE vs Technology Sector
| Metric | SNDK | Sector median | Relative |
|---|---|---|---|
| PE | 7.5x | 28x | 73% below |
| PE % | 4 | 27 | 23 pts below |
SNDK has the edge over ON on valuation relative to its sector.
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 stronger trend alignment. ON is above 2 of 5 weekly averages versus SNDK above 0 of 3.
SNDK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,317.5 | 29% below |
| 20 week MA | $1,465.4 | 36% below |
| 50 week MA | $1,119.6 | 16% below |
SNDK is in a downtrend: it's below all three of its weekly moving averages, and 16% below its 50-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.
SNDK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $50.4 | $250.1 | +396% |
| 2026 YTD | $250.1 | $937.5 | +275% |
SNDK has the edge over ON on returns for 2026, with the stronger performance.