ON Semiconductor (ON) Stock Analysis

November 11, 2026

This is a peer-relative look at ON Semiconductor (ON): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Semiconductors & Semiconductor Equipment peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for ON Semiconductor (ON)
Profile Item	ON
Name	ON Semiconductor Corporation
Country/Region	United States
GICS Sector	Information Technology
GICS Industry Group	Semiconductors & Semiconductor Equipment
GICS Industry	Semiconductors & Semiconductor Equipment
GICS Sub-Industry	Semiconductors
Market Capitalization	24.65 billion USD
Currency	USD
Exchange	Nasdaq
Listing Date	May 2, 2000
Security Type	Common Stock

Price Performance

Cumulative Growth

GSPC

ON Semiconductor (ON) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for ON Semiconductor (ON) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for ON Semiconductor (ON) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

ON Semiconductor (ON) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: ON	Industry group median
Total Return (1Y)	43.93%	35.06%
Total Return (3Y, Annualized)	2.27%	22.14%
Total Return (5Y, Annualized)	3.42%	7.43%

Risk Profile

Drawdown History

GSPC

ON Semiconductor (ON) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for ON Semiconductor (ON) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

ON Semiconductor (ON) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: ON	Industry group median
Volatility (1Y, Annualized)	64.26%	73.97%
Beta (5Y)	2.14	1.84
Max Drawdown (5Y)	-70.44%	-64.62%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. ON is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

ON Semiconductor (ON) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: ON	Industry group median
Sharpe Ratio (1Y)	0.62	0.42
Sortino Ratio (1Y)	0.88	0.61

Profitability

ROE (TTM)

ON Semiconductor (ON) posts ROE of 8.91%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

ON

Semiconductors & Semiconductor Equipment industry group

8.91%

Group distribution

Max: 52.82%
Q3: 22.26%
Median: 10.58%
ON: 8.91%
Q1: 1.29%
Min: -16.89%

Largest peers

NVDA: 117.21%
SKHY: 92.54%
MU: 88.26%
AVGO: 44.25%
TSM: 41.86%
AMD: 11.96%
ON: 8.91%

Where ON Semiconductor (ON) stands on ROE within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

ON Semiconductor (ON) keeps 10.82% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

ON

Semiconductors & Semiconductor Equipment industry group

10.82%

Group distribution

Max: 63.80%
Q3: 28.36%
Median: 11.44%
ON: 10.82%
Q1: 0.90%
Min: -37.77%

Largest peers

SKHY: 70.27%
MU: 63.80%
NVDA: 63.66%
TSM: 51.12%
AVGO: 42.94%
AMD: 16.77%
ON: 10.82%

Where ON Semiconductor (ON) stands on net margin within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

ON Semiconductor (ON) turns 22.23% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

ON

Semiconductors & Semiconductor Equipment industry group

22.23%

Group distribution

Max: 58.66%
Q3: 30.23%
ON: 22.23%
Median: 15.91%
Q1: 7.54%
Min: -25.74%

Largest peers

MU: 80.68%
SKHY: 79.66%
NVDA: 66.24%
TSM: 58.66%
AVGO: 54.31%
ON: 22.23%
AMD: 21.17%

Where ON Semiconductor (ON) stands on operating margin within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

ON Semiconductor (ON) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: ON	Industry group median
ROE (TTM)	8.91%	10.58%
ROA (TTM)	6.03%	4.85%
Net Margin (TTM)	10.82%	11.44%
Operating Margin (TTM)	22.23%	15.91%
Gross Margin (TTM)	39.90%	49.36%

Growth

Revenue Growth

ON Semiconductor (ON) grew revenue -15.35%, in the lower peer quartile. The top line is expanding more slowly than at most peers, which can reflect softer demand, lost share, or weaker pricing.

ON Semiconductor (ON): Revenue Growth across different time periods, set against Semiconductors & Semiconductor Equipment industry-group medians.

EPS Growth

ON Semiconductor (ON) grew earnings per share -92.01%, in the lower peer quartile. Per-share profits are advancing more slowly than at most peers, so margins, costs, or share count deserve a closer look.

ON Semiconductor (ON): EPS Growth across different time periods, set against Semiconductors & Semiconductor Equipment industry-group medians.

Growth Metrics

ON Semiconductor (ON) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: ON	Industry group median
Revenue Growth (YoY)	-15.35%	9.64%
Revenue Growth (3Y CAGR)	-10.37%	0.00%
EPS Growth (YoY)	-92.01%	4.90%
EPS Growth (3Y CAGR)	-59.10%	-7.71%

Financial Strength

Current Ratio (MRQ)

ON Semiconductor (ON) has current ratio of 3.55, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

ON

Semiconductors & Semiconductor Equipment industry group

3.55

Group distribution

Max: 10.33
Q3: 5.62
ON: 3.55
Median: 3.33
Q1: 2.35
Min: 1.03

Largest peers

SKHY: 26.88
NVDA: 4.59
ON: 3.55
MU: 3.31
AMD: 2.73
TSM: 2.51
AVGO: 2.50

Where ON Semiconductor (ON) stands on current ratio within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

ON Semiconductor (ON) has debt-to-equity ratio of 0.62, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

ON

Semiconductors & Semiconductor Equipment industry group

0.62

Group distribution

Max: 1.46
Q3: 0.65
ON: 0.62
Median: 0.27
Q1: 0.04
Min: 0.00

Largest peers

ON: 0.62
AVGO: 0.60
NVDA: 0.17
AMD: 0.13
TSM: 0.12
SKHY: 0.05
MU: 0.04

Where ON Semiconductor (ON) stands on debt-to-equity ratio within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

ON Semiconductor (ON) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: ON	Industry group median
Current Ratio (MRQ)	3.55	3.33
Debt / Equity (MRQ)	0.62	0.27
Net Debt / EBITDA	0.18	-0.36

Dividends

Dividend Yield (TTM)

ON Semiconductor (ON) pays no dividend, leaving dividend yield at 0.00% this period. Shareholders may still receive value through reinvestment or buybacks, but there is no dividend income to compare here.

ON

Semiconductors & Semiconductor Equipment industry group

0.00%

Group distribution

Max: 1.37%
Q3: 0.65%
ON: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

SKHY: 2,118.64%
TSM: 1.70%
AVGO: 0.89%
NVDA: 0.15%
MU: 0.09%
ON: 0.00%
AMD: 0.00%

Where ON Semiconductor (ON) stands on dividend yield within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

ON Semiconductor (ON) paid no earnings out as dividends this period, leaving payout ratio at 0.00%. There is no dividend payout to size against earnings.

ON

Semiconductors & Semiconductor Equipment industry group

0.00%

Group distribution

Max: 49.64%
Q3: 21.71%
ON: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

AVGO: 32.44%
TSM: 24.46%
NVDA: 3.54%
MU: 0.71%
ON: 0.00%
SKHY: 0.00%
AMD: 0.00%

Where ON Semiconductor (ON) stands on payout ratio within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

ON Semiconductor (ON) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: ON	Industry group median
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

ON Semiconductor (ON) trades at P/E ratio of 37.02, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

ON

Semiconductors & Semiconductor Equipment industry group

37.02

Group distribution

Max: 110.34
Q3: 66.81
ON: 37.02
Median: 37.02
Q1: 23.96
Min: 8.12

Largest peers

AMD: 95.95
AVGO: 37.51
ON: 37.02
TSM: 24.33
NVDA: 23.60
MU: 9.28
SKHY: 8.12

Where ON Semiconductor (ON) stands on P/E ratio within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

ON Semiconductor (ON) trades at 3.87 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

ON

Semiconductors & Semiconductor Equipment industry group

3.87

Group distribution

Max: 21.42
Q3: 12.27
Median: 5.76
ON: 3.87
Q1: 2.73
Min: 0.00

Largest peers

AMD: 16.21
AVGO: 15.73
NVDA: 14.88
MU: 5.86
ON: 3.87
TSM: 0.39
SKHY: 0.00

Where ON Semiconductor (ON) stands on P/S ratio within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

ON Semiconductor (ON) trades at 3.26 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.

ON

Semiconductors & Semiconductor Equipment industry group

3.26

Group distribution

Max: 14.06
Q3: 7.44
Median: 4.29
ON: 3.26
Q1: 2.30
Min: 0.20

Largest peers

TSM: 71.65
NVDA: 19.68
AVGO: 14.06
AMD: 10.77
MU: 5.64
SKHY: 3.95
ON: 3.26

Where ON Semiconductor (ON) stands on P/B ratio within its Semiconductors & Semiconductor Equipment peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

ON Semiconductor (ON) metric values compared with Semiconductors & Semiconductor Equipment industry-group medians
Metric	Current stock: ON	Industry group median
P/E Ratio (TTM)	37.02	37.02
P/S Ratio (TTM)	3.87	5.76
P/B Ratio (MRQ)	3.26	4.29
Free Cash Flow Yield (TTM)	6.55%	1.46%