Is On Semiconductor Corp (ON) undervalued or overvalued?

Our model estimates a fair value of about $57 against a price of $72.02 (Fair, -21% to fair value). It blends a 10-year DCF, sector multiples and earnings-power value and is a model estimate, not advice.

What is the X-Ray Score for ON?

On Semiconductor Corp has an X-Ray Score of 33 out of 100, built from valuation, growth, profitability, financial health and dividend lenses ranked against Information Technology peers.

Where does the data for ON come from?

Financial statements come from SEC EDGAR filings, prices from exchange price feeds, and industry betas and equity risk premium from Damodaran Online (NYU Stern).

On Semiconductor Corp (ON)

Information Technology · Semiconductors · US stock · S&P 500 component

$72.02 ▼ -1.68 (2.28%)

At close 16 Oct 2026 · USD · Volume 9,222,200

Compare with MU Historical data Research report SEC filings

Fair valueFair

$57 −21.4% to fair value

$28fair band $34–$79$85

Day's range

$71.74 – $75.07

52-week range

$44.56 – $134.92

About On Semiconductor Corp

Power and sensing chips for automotive and industrial uses are the focus of ON Semiconductor, which designs and makes them. Its products include power management devices, silicon carbide power chips, image sensors and analog and mixed-signal circuits. Customers are carmakers and their tier-one suppliers, industrial equipment makers, and companies in areas such as energy infrastructure and data centres. It operates its own factories and works with distributors and direct customers.

Revenue of $6.2 billion over the last twelve months comes from supplying semiconductors to manufacturers. Revenue has changed at -10.4% a year across the last three years, a decline. The operating margin is 10.8%, the business earns 7% on the capital invested in it, and net debt is 0.6 times EBITDA. No dividend is paid. On the site's X-Ray Score it receives 33 out of 100.

Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.

Price chart

Historical data & CSV

52-wk range $44.56 – $134.92Volume 9,222,200Daily, split-adjusted

Vitals

Market cap$29.1B

52-week range$44.56 – $134.92

Volume (last day)9,222,200

P/E (TTM)46.2

EBIT / EV yield2.2%

Free-cash-flow yield5.2%

Dividend yieldNo dividend

Revenue (TTM)$6.2B

Net income (TTM)$630M

Operating margin10.8%

Return on capital6.6%

Debt incl. leases$4.7B

Cash & securities$3.9B

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$57model spread $55 – $58

Fair −21.4% to fair value

Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is High, so the safety margin is 40%.

Multiples use through-the-cycle earnings (1.57x of the last twelve months)

Price $72

Undervalued < $34Fair $34 – $79Overvalued > $79

10-year DCF (market-scaled)

$31

Peer multiples

$84

Earnings power floor (not blended)

$16

Fundamentals-adjusted multiple

$55

Growth the price implies

27.5%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.

What this means

Weak business, fairly priced

The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better 37 The price is not above fair value $57 fair value Debt looks manageable 0.6× EBITDA Revenue has been growing -10.4% a year Profits are backed by cash There are no red flags none raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.

Valuation Fair

50/100

Priced about in line with its sector.

See the numbers →

EBIT / EV yield2.2%

Free-cash-flow yield5.2%

Fair value vs price0.8×

Growth Weak

4/100

Growing slower than most of its sector.

See the numbers →

Revenue growth (3y)-10.4%

EPS growth (3y)-59.1%

Growth consistency20%

Profitability Weak

29/100

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital6.6%

Operating margin10.8%

Gross profitability17.3%

Financial health Weak

45/100

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score4 / 9

Net debt / EBITDA0.6×

Interest cover10.9×

Dividends None

–/100

Pays no dividend.

See the numbers →

Quarterly results: last 6 quarters

-22.4%

Apr '25

-15.4%

Jul '25

-12.0%

Oct '25

-11.2%

Dec '25

+4.7%

Apr '26

+9.2%

Jul '26

Revenue against the same quarter a year earlier. Latest quarter revenue $1.6B, diluted EPS $0.56.

Compare with peers

MU Micron Technology Inc77 FSLR First Solar, Inc.67 NVDA Nvidia Corp65 QCOM Qualcomm Inc57

Other Semiconductors companies by X-Ray Score.

Fundamentals checklist

● 4 Good · ● 2 Average · ● 10 Bad

Cash quality

Earnings backed by cashGood

Free-cash-flow yieldGood

Risk models

Altman Z''Good

Piotroski F-ScoreBad

Growth

EPS growth (3y)Bad

Free-cash-flow growth (3y)Bad

Revenue growth (3y)Bad

Growth consistencyBad

Balance sheet

Current ratioGood

Net debt / EBITDAAverage

Interest coverBad

Valuation

Fair value vs priceAverage

EBIT / EV yieldBad

Profitability

Return on invested capitalBad

Operating marginBad

Gross profitabilityBad

Each check is graded against the company's sector, not a fixed number. Checklist score 37/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$6.7B	$8.3B	$8.3B	$7.1B	$6.0B
Operating income	$1.3B	$2.4B	$2.5B	$1.8B	$84M
Net income	$1.0B	$1.9B	$2.2B	$1.6B	$121M
Operating cash flow	$1.8B	$2.6B	$2.0B	$1.9B	$1.8B
Operating margin	19.1%	28.3%	30.8%	25.0%	1.4%
Free cash flow	$1.3B	$1.6B	$438M	$1.2B	$1.4B
Diluted EPS	$2.27	$4.25	$4.89	$3.63	$0.29

Fiscal years, from SEC filings.

Technical summary

Daily

Strongly bearish

2 bullish · 2 neutral · 12 bearish

Weekly

Bearish

3 bullish · 1 neutral · 8 bearish

Monthly

Neutral

4 bullish · 1 neutral · 3 bearish

Moving averages (daily)

SMA 10	78.35	Bearish
EMA 10	76.10	Bearish
SMA 20	77.33	Bearish
EMA 20	76.55	Bearish
SMA 50	75.90	Bearish
EMA 50	78.40	Bearish
SMA 100	89.06	Bearish
EMA 100	81.45	Bearish
SMA 200	81.63	Bearish
EMA 200	79.11	Bearish

Oscillators (daily)

RSI (14)	41.05	Neutral
MACD (12, 26)	-0.27	Bearish
Momentum (12)	-6.31	Bearish
Stochastic %K (14)	6.41	Bullish
Williams %R (14)	-93.59	Bullish
CCI (20)	-76.73	Neutral

Pivot points (classic, last session)

67.49

69.61

70.82

Pivot

72.94

74.15

76.27

77.48

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.