ADI vs. ON: Analog Devices vs. ON Semiconductor Stock Comparison

November 11, 2026

How do Analog Devices (ADI) and ON Semiconductor (ON) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Analog Devices (ADI) and ON Semiconductor (ON) are both classified in the Semiconductors sub-industry within the broader Semiconductors & Semiconductor Equipment industry, placing them in the closest GICS peer bucket.

Company profile comparison for Analog Devices (ADI) and ON Semiconductor (ON)
Profile Item	ADI	ON
Name	Analog Devices, Inc.	ON Semiconductor Corporation
Country/Region	United States	United States
GICS Sector	Information Technology	Information Technology
GICS Industry Group	Semiconductors & Semiconductor Equipment	Semiconductors & Semiconductor Equipment
GICS Industry	Semiconductors & Semiconductor Equipment	Semiconductors & Semiconductor Equipment
GICS Sub-Industry	Semiconductors	Semiconductors
Market Capitalization	176.17 billion USD	24.65 billion USD
Currency	USD	USD
Exchange	Nasdaq	Nasdaq
Listing Date	March 17, 1980	May 2, 2000
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

ADI

GSPC

Analog Devices (ADI) vs. ON Semiconductor (ON), with S&P 500 (GSPC) for reference: 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 Analog Devices (ADI) and ON Semiconductor (ON). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Analog Devices (ADI) and ON Semiconductor (ON). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Analog Devices (ADI) and ON Semiconductor (ON)
Metric	ADI	ON
Total Return (1Y)	71.72%	43.93%
Total Return (3Y, Annualized)	34.43%	2.27%
Total Return (5Y, Annualized)	17.89%	3.42%

Risk Profile

Drawdown History

ADI

GSPC

Analog Devices (ADI) vs. ON Semiconductor (ON), with S&P 500 (GSPC) for reference: 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 Analog Devices (ADI) and ON Semiconductor (ON). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

ON Semiconductor (ON) carries a highly aggressive beta of 2.14, indicating much higher sensitivity to broad-market moves, whereas Analog Devices (ADI) is closer to market-like at 1.26 — a noticeable difference in market-sensitivity profile.

Risk profile metrics for Analog Devices (ADI) and ON Semiconductor (ON)
Metric	ADI	ON
Volatility (1Y, Annualized)	38.89%	64.26%
Beta (5Y)	1.26	2.14
Max Drawdown (5Y)	-32.20%	-70.44%
Avg. Volume (3M)	3.74M	10.22M

Risk-Adjusted Performance

Risk-Return Positioning

ADI and ON are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Analog Devices (ADI) and ON Semiconductor (ON)
Metric	ADI	ON
Sharpe Ratio (1Y)	1.73	0.62
Sortino Ratio (1Y)	2.56	0.88

Profitability

ROE (TTM)

Both Analog Devices (ADI) at 12.23% and ON Semiconductor (ON) at 8.91% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

ADI

Semiconductors & Semiconductor Equipment industry group

12.23%

Max: 52.82%
Q3: 22.26%
ADI: 12.23%
Median: 10.58%
Q1: 1.29%
Min: -16.89%

ON

Semiconductors & Semiconductor Equipment industry group

8.91%

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

Analog Devices (ADI) vs. ON Semiconductor (ON): A comparison of their ROE against the Semiconductors & Semiconductor Equipment industry group benchmark.

Net Margin (TTM)

Analog Devices (ADI) at 29.79% retains a top-quartile share of revenue as profit, ahead of ON Semiconductor (ON) at 10.82%, which keeps about the industry-typical share.

ADI

Semiconductors & Semiconductor Equipment industry group

29.79%

Max: 63.80%
ADI: 29.79%
Q3: 28.36%
Median: 11.44%
Q1: 0.90%
Min: -37.77%

ON

Semiconductors & Semiconductor Equipment industry group

10.82%

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

Analog Devices (ADI) vs. ON Semiconductor (ON): A comparison of their net margin against the Semiconductors & Semiconductor Equipment industry group benchmark.

Operating Margin (TTM)

Analog Devices (ADI) at 39.50% operates in the top operating margin quartile, ahead of ON Semiconductor (ON) at 22.23%, which runs around its industry’s norm.

ADI

Semiconductors & Semiconductor Equipment industry group

39.50%

Max: 58.66%
ADI: 39.50%
Q3: 30.23%
Median: 15.91%
Q1: 7.54%
Min: -25.74%

ON

Semiconductors & Semiconductor Equipment industry group

22.23%

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

Analog Devices (ADI) vs. ON Semiconductor (ON): A comparison of their operating margin against the Semiconductors & Semiconductor Equipment industry group benchmark.

Profitability Metrics

Profitability metrics for Analog Devices (ADI) and ON Semiconductor (ON)
Metric	ADI	ON
ROE (TTM)	12.23%	8.91%
ROA (TTM)	6.41%	6.03%
Net Margin (TTM)	29.79%	10.82%
Operating Margin (TTM)	39.50%	22.23%
Gross Margin (TTM)	65.80%	39.90%

Growth

Revenue Growth

Analog Devices (ADI) at 16.89% is around its peer norm for revenue growth, while ON Semiconductor (ON) at -15.35% drops into the bottom quartile, signaling weaker demand or pricing momentum.

Analog Devices (ADI) vs. ON Semiconductor (ON): A comparison of their Revenue Growth across different time periods.

EPS Growth

Analog Devices (ADI) at 39.02% sits in the top EPS growth quartile, while ON Semiconductor (ON) at -92.01% is in the bottom quartile, showing a clear gap in earnings momentum.

Analog Devices (ADI) vs. ON Semiconductor (ON): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Analog Devices (ADI) and ON Semiconductor (ON)
Metric	ADI	ON
Revenue Growth (YoY)	16.89%	-15.35%
Revenue Growth (3Y CAGR)	-2.84%	-10.37%
EPS Growth (YoY)	39.02%	-92.01%
EPS Growth (3Y CAGR)	-4.59%	-59.10%

Financial Strength

Current Ratio (MRQ)

ON Semiconductor (ON) at 3.55 keeps current ratio within its industry’s typical mid-range, while Analog Devices (ADI) at 1.25 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for ADI.

ADI

Semiconductors & Semiconductor Equipment industry group

1.25

Max: 10.33
Q3: 5.62
Median: 3.33
Q1: 2.35
ADI: 1.25
Min: 1.03

ON

Semiconductors & Semiconductor Equipment industry group

3.55

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

Analog Devices (ADI) vs. ON Semiconductor (ON): A comparison of their current ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Debt / Equity (MRQ)

Both Analog Devices (ADI) at 0.27 and ON Semiconductor (ON) at 0.62 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

ADI

Semiconductors & Semiconductor Equipment industry group

0.27

Max: 1.46
Q3: 0.65
ADI: 0.27
Median: 0.27
Q1: 0.04
Min: 0.00

ON

Semiconductors & Semiconductor Equipment industry group

0.62

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

Analog Devices (ADI) vs. ON Semiconductor (ON): A comparison of their debt-to-equity ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Analog Devices (ADI) and ON Semiconductor (ON)
Metric	ADI	ON
Current Ratio (MRQ)	1.25	3.55
Debt / Equity (MRQ)	0.27	0.62
Net Debt / EBITDA	0.99	0.18

Dividends

Dividend Yield (TTM)

ON Semiconductor (ON) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Analog Devices (ADI) reports a yield of 1.19%, ranking against industry peers normally.

ADI

Semiconductors & Semiconductor Equipment industry group

1.19%

Max: 1.37%
ADI: 1.19%
Q3: 0.65%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ON

Semiconductors & Semiconductor Equipment industry group

0.00%

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

Analog Devices (ADI) vs. ON Semiconductor (ON): A comparison of their dividend yield against the Semiconductors & Semiconductor Equipment industry group benchmark.

Dividend Payout Ratio (TTM)

ON Semiconductor (ON) pays no dividend (payout 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Analog Devices (ADI) reports a payout of 49.64%, ranking against industry peers normally.

ADI

Semiconductors & Semiconductor Equipment industry group

49.64%

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

ON

Semiconductors & Semiconductor Equipment industry group

0.00%

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

Analog Devices (ADI) vs. ON Semiconductor (ON): A comparison of their payout ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Dividend Metrics

Dividend metrics for Analog Devices (ADI) and ON Semiconductor (ON)
Metric	ADI	ON
Dividend Yield (TTM)	1.19%	0.00%
Dividend Payout Ratio (TTM)	49.64%	0.00%

Valuation

P/E Ratio (TTM)

Both Analog Devices (ADI) at 43.18 and ON Semiconductor (ON) at 37.02 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

ADI

Semiconductors & Semiconductor Equipment industry group

43.18

Max: 110.34
Q3: 66.81
ADI: 43.18
Median: 37.02
Q1: 23.96
Min: 8.12

ON

Semiconductors & Semiconductor Equipment industry group

37.02

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

Analog Devices (ADI) vs. ON Semiconductor (ON): A comparison of their P/E ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

P/S Ratio (TTM)

ON Semiconductor (ON) at 3.87 is priced about in line with its industry on P/S ratio, while Analog Devices (ADI) at 12.69 sits in the pricier quartile — ADI costs more per dollar of sales.

ADI

Semiconductors & Semiconductor Equipment industry group

12.69

Max: 21.42
ADI: 12.69
Q3: 12.27
Median: 5.76
Q1: 2.73
Min: 0.00

ON

Semiconductors & Semiconductor Equipment industry group

3.87

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

Analog Devices (ADI) vs. ON Semiconductor (ON): A comparison of their P/S ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

P/B Ratio (MRQ)

On P/B ratio, both Analog Devices (ADI) at 5.25 and ON Semiconductor (ON) at 3.26 are valued close to their industries’ norm against book — neither stands out from peers.

ADI

Semiconductors & Semiconductor Equipment industry group

5.25

Max: 14.06
Q3: 7.44
ADI: 5.25
Median: 4.29
Q1: 2.30
Min: 0.20

ON

Semiconductors & Semiconductor Equipment industry group

3.26

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

Analog Devices (ADI) vs. ON Semiconductor (ON): A comparison of their P/B ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Valuation Metrics

Valuation metrics for Analog Devices (ADI) and ON Semiconductor (ON)
Metric	ADI	ON
P/E Ratio (TTM)	43.18	37.02
P/S Ratio (TTM)	12.69	3.87
P/B Ratio (MRQ)	5.25	3.26
Free Cash Flow Yield (TTM)	2.35%	6.55%