ON Semiconductor Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, PSG was 47% and AMG was 38% of revenue.

In the fiscal year to Dec 2025, Hong Kong was 27% and United Kingdom was 22% of revenue; Singapore fell from 23% in the fiscal year to Dec 2023.

Quarters: ON Semiconductor Corporation's SEC filings, named by the month they end. Fiscal years: ON Semiconductor Corporation's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $2.0 ends up as net income. Net margin fell from 22.8% to 2.0% over the past 3 years.

Circled: Mar 2025 (net −33.6%, operating −39.7%). Net margin is usually about 2 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: ON Semiconductor Corporation's annual reports to the SEC; quarters: SEC filings.

Where it is in the chip cycle

Gross margin 41.4%, up 3.5 points from a year earlier; inventory at 181 days, down from 212 a year earlier; capital spending 2.4% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

In its latest annual report ON Semiconductor buys from Aura Semiconductor; one customer it does not name accounts for 11% of its revenue.

ON Semiconductor's 10-Q for the quarter to Sep 2026 gives one customer's share of its revenue: One Customer (15%).

From ON Semiconductor Corporation's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Only the companies ON Semiconductor names in its 10-K filed Feb 9, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 42.9x, above the peer median of 21x, so it needs earnings to keep growing to hold up.

Priced 104% above the peer median of 21x.

At 42.9× trailing earnings ON is inside the middle of its five-year range; the five-year median is 19.9×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $96.16, 30% above the current price; 52% of 29 analysts rate it a buy; earnings beat estimates in all of the last 3 quarters.

Buy or Strong Buy: 15 analysts (52%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $58.10 to $96.56 (+66%), while ON went from $48.13 to $73.73 (+53%). In the past three months targets were raised 3 times and cut 14 times. 1 upgrade and 1 downgrade over the year; the latest: B of A Securities moved it to Buy from Neutral on Apr 13, 2026.

The day after each of these reports the stock moved −3.6% (Sep 2025, beat); −0.3% (Mar 2026, beat); +1.3% (Sep 2026, beat).

For the fiscal year ending Dec 2026, analysts expect adjusted earnings of $3.29 a share, and revenue of $6.6B, up 10% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $1.6B in free cash flow over the year, of which $1.2B went back to shareholders (dividends plus buybacks), leaving $460M in the company.

ON Semiconductor had 397M diluted shares in the quarter ended Sep 2026, 2.6% fewer than a year earlier, and 0.5% fewer each year on average since Jun 2020. It spent $1.2B on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 123.4% and its net income rose 116.0%: fewer shares added about 7 points.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 4.5, no pressure to repay short-term debt; debt-to-equity 0.4, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 8 funds whose copy leaves ON out (on the exchange, not in the app yet): Baillie Gifford &, Mirae Asset Global Investments, Norges Bank, Swiss National Bank, Bridgewater Associates, Canada Pension Plan Investment Board and 2 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 14 held ON at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 4 cut, 4 bought new and 1 sold all. The largest of them is Norges Bank, 7.86M shares worth $743M at Jun 30, 2026, 28.6% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of ON at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $21.3M of ON on the open market in the 12 months to Nov 12, 2026; none bought. 64% of the sales were made under 10b5-1 plans, set up in advance. The largest was Trent Thad (Exec VP & CFO), who sold $13.6M in 8 sales.

From the Form 4s filed with the SEC about ON Semiconductor Corporation (31 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 44 other transactions (grants, shares withheld for tax and gifts).

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