Information Technology · Semiconductors · US stock · price as of 16 Oct 2026
Key indicators
Price
$72.02
52-week range
$44.56 – $134.92
Market cap
$29.1B
P/E (trailing)
46.2×
EV / EBITDA
20.4×
Free-cash-flow yield
5.2%
Dividend yield
–
Revenue (last 12 months)
$6.2B
Revenue growth (3y a year)
−10.4%
Operating margin
10.8%
Return on invested capital
6.6%
Net debt / EBITDA
0.6×
Fair value
Blended fair value$56.63 range $55 – $58
Versus priceFair−21% to fair value
Peer multiples
$83.82
Fundamentals-adjusted multiple
$55.03
10-year DCF (market-scaled)
$31.03
Earnings power value (floor, not blended)
$16.33
Model uncertainty
High
X-Ray Score
33/ 100 · High confidence · ahead of 9% of sector peers
Valuation50
Growth4
Profitability29
Financial health45
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives On Semiconductor Corp an X-Ray Score of 33 out of 100 (high confidence), ahead of 9% of the S&P 500 stocks in its sector. Its strongest lens is valuation (50) and its weakest is growth (4).
Our fair value blend is $56.63 (range $55.47 to $57.78). At $72.02 the stock trades 27% above that blend, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
On Semiconductor Corp (ON)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$67.92
$62.37
$83.53
$63.05
$54.15
$72.02
Market cap
$30.1B
$28.0B
$37.3B
$27.3B
$22.3B
$29.1B
P/E
29.9×
14.7×
17.1×
17.4×
186.7×
46.2×
EV / revenue
4.7×
3.4×
4.6×
3.9×
3.8×
4.8×
EV / EBITDA
16.9×
9.7×
12.1×
11.5×
29.5×
20.4×
Price / free cash flow
22.5×
17.5×
85.1×
22.5×
15.7×
19.4×
Free-cash-flow yield
4.4%
5.7%
1.2%
4.4%
6.4%
5.2%
Price / book
6.6×
4.5×
4.8×
3.1×
2.9×
4.0×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 4 Good · ● 2 Average · ● 10 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−7.7%Good
Free-cash-flow yield5.2%Good
Risk models
Altman Z score6.1×Good
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)−59.1%Bad
Free-cash-flow growth (3y)−3.9%Bad
Revenue growth (3y)−10.4%Bad
Growth consistency20%Bad
Balance sheet
Current ratio3.5×Good
Net debt / EBITDA0.6×Average
Interest cover10.9×Bad
Valuation
Fair value vs price0.8×Average
EBIT / EV yield2.2%Bad
Profitability
Return on invested capital6.6%Bad
Operating margin10.8%Bad
Gross profitability17.3%Bad
XStocksXray
On Semiconductor Corp (ON)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
6,740
8,326
8,253
7,082
5,995
6,198
Gross profit
2,714
4,077
3,884
3,216
1,984
2,338
Operating income
1,288
2,360
2,539
1,768
84
670
Net income
1,010
1,902
2,184
1,573
121
630
Diluted EPS ($)
2.27
4.25
4.89
3.63
0.29
1.56
Free cash flow
1,337
1,597
438
1,212
1,419
1,500
Gross margin
40.3%
49.0%
47.1%
45.4%
33.1%
37.7%
Operating margin
19.1%
28.3%
30.8%
25.0%
1.4%
10.8%
Net margin
15.0%
22.8%
26.5%
22.2%
2.0%
10.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
9,626
11,979
13,215
14,090
12,524
13,485
Cash
1,353
2,919
2,483
2,691
2,148
3,515
Total debt
3,075
3,194
3,337
3,346
2,981
4,459
Equity
4,585
6,189
7,783
8,796
7,673
7,219
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.