ALAB vs. ON: Astera Labs vs. ON Semiconductor Stock Comparison

November 11, 2026

How do Astera Labs (ALAB) 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

Astera Labs (ALAB) 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.

ON Semiconductor (ON) carries decades of public-market history since May 2, 2000, while Astera Labs (ALAB) listed on March 20, 2024 — long-window comparisons have far more historical data on the ON side.

Company profile comparison for Astera Labs (ALAB) and ON Semiconductor (ON)
Profile Item	ALAB	ON
Name	Astera Labs, 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	33.33 billion USD	24.65 billion USD
Currency	USD	USD
Exchange	Nasdaq	Nasdaq
Listing Date	March 20, 2024	May 2, 2000
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

ALAB

GSPC

Astera Labs (ALAB) 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 Astera Labs (ALAB) and ON Semiconductor (ON). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Astera Labs (ALAB) and ON Semiconductor (ON). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Astera Labs (ALAB) and ON Semiconductor (ON)
Metric	ALAB	ON
Total Return (1Y)	31.42%	43.93%
Total Return (3Y, Annualized)	--	2.27%
Total Return (5Y, Annualized)	--	3.42%

Risk Profile

Drawdown History

ALAB

GSPC

Astera Labs (ALAB) 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 Astera Labs (ALAB) and ON Semiconductor (ON). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Astera Labs (ALAB) and ON Semiconductor (ON)
Metric	ALAB	ON
Volatility (1Y, Annualized)	101.55%	64.26%
Beta (5Y)	3.95	2.14
Max Drawdown (5Y)	-63.69%	-70.44%
Avg. Volume (3M)	4.15M	10.22M

Risk-Adjusted Performance

Risk-Return Positioning

ALAB 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 Astera Labs (ALAB) and ON Semiconductor (ON)
Metric	ALAB	ON
Sharpe Ratio (1Y)	0.27	0.62
Sortino Ratio (1Y)	0.39	0.88

Profitability

ROE (TTM)

Astera Labs (ALAB) at 28.21% sits in the top ROE quartile, while ON Semiconductor (ON) at 8.91% is closer to the peer norm — stronger capital efficiency for ALAB.

ALAB

Semiconductors & Semiconductor Equipment industry group

28.21%

Max: 52.82%
ALAB: 28.21%
Q3: 22.26%
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%

Astera Labs (ALAB) vs. ON Semiconductor (ON): A comparison of their ROE against the Semiconductors & Semiconductor Equipment industry group benchmark.

Net Margin (TTM)

Astera Labs (ALAB) at 29.64% retains a top-quartile share of revenue as profit, ahead of ON Semiconductor (ON) at 10.82%, which keeps about the industry-typical share.

ALAB

Semiconductors & Semiconductor Equipment industry group

29.64%

Max: 63.80%
ALAB: 29.64%
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%

Astera Labs (ALAB) vs. ON Semiconductor (ON): A comparison of their net margin against the Semiconductors & Semiconductor Equipment industry group benchmark.

Operating Margin (TTM)

Astera Labs (ALAB) at 30.61% operates in the top operating margin quartile, ahead of ON Semiconductor (ON) at 22.23%, which runs around its industry’s norm.

ALAB

Semiconductors & Semiconductor Equipment industry group

30.61%

Max: 58.66%
ALAB: 30.61%
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%

Astera Labs (ALAB) vs. ON Semiconductor (ON): A comparison of their operating margin against the Semiconductors & Semiconductor Equipment industry group benchmark.

Profitability Metrics

Profitability metrics for Astera Labs (ALAB) and ON Semiconductor (ON)
Metric	ALAB	ON
ROE (TTM)	28.21%	8.91%
ROA (TTM)	13.41%	6.03%
Net Margin (TTM)	29.64%	10.82%
Operating Margin (TTM)	30.61%	22.23%
Gross Margin (TTM)	73.89%	39.90%

Growth

Revenue Growth

Astera Labs (ALAB) at 115.13% delivers above-range revenue growth, while ON Semiconductor (ON) at -15.35% falls into the bottom quartile — a wide split in revenue momentum.

Astera Labs (ALAB) vs. ON Semiconductor (ON): A comparison of their Revenue Growth across different time periods.

EPS Growth

Only one side can be read here: ON Semiconductor (ON) reports EPS growth of -92.01%, ranked against its industry; Astera Labs (ALAB) has no EPS growth figure this period.

Astera Labs (ALAB) vs. ON Semiconductor (ON): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Astera Labs (ALAB) and ON Semiconductor (ON)
Metric	ALAB	ON
Revenue Growth (YoY)	115.13%	-15.35%
Revenue Growth (3Y CAGR)	120.18%	-10.37%
EPS Growth (YoY)	--	-92.01%
EPS Growth (3Y CAGR)	--	-59.10%

Financial Strength

Current Ratio (MRQ)

ON Semiconductor (ON) at 3.55 keeps current ratio within its industry’s typical mid-range, while Astera Labs (ALAB) at 8.03 sits above its industry’s typical mid-range — comfortable liquidity, though possibly with more idle current assets relative to peers.

ALAB

Semiconductors & Semiconductor Equipment industry group

8.03

Max: 10.33
ALAB: 8.03
Q3: 5.62
Median: 3.33
Q1: 2.35
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

Astera Labs (ALAB) vs. ON Semiconductor (ON): A comparison of their current ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Debt / Equity (MRQ)

Astera Labs (ALAB) at 0.02 keeps leverage in the lower industry quartile, while ON Semiconductor (ON) at 0.62 runs a more typical debt-to-equity mix.

ALAB

Semiconductors & Semiconductor Equipment industry group

0.02

Max: 1.46
Q3: 0.65
Median: 0.27
Q1: 0.04
ALAB: 0.02
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

Astera Labs (ALAB) 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 Astera Labs (ALAB) and ON Semiconductor (ON)
Metric	ALAB	ON
Current Ratio (MRQ)	8.03	3.55
Debt / Equity (MRQ)	0.02	0.62
Net Debt / EBITDA	-3.23	0.18

Dividends

Dividend Yield (TTM)

Neither Astera Labs (ALAB) nor ON Semiconductor (ON) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

ALAB

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 1.37%
Q3: 0.65%
ALAB: 0.00%
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%

Astera Labs (ALAB) vs. ON Semiconductor (ON): A comparison of their dividend yield against the Semiconductors & Semiconductor Equipment industry group benchmark.

Dividend Payout Ratio (TTM)

Neither Astera Labs (ALAB) nor ON Semiconductor (ON) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

ALAB

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 49.64%
Q3: 21.71%
ALAB: 0.00%
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%

Astera Labs (ALAB) vs. ON Semiconductor (ON): A comparison of their payout ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Dividend Metrics

Dividend metrics for Astera Labs (ALAB) and ON Semiconductor (ON)
Metric	ALAB	ON
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

ON Semiconductor (ON) at 37.02 is near its industry’s usual P/E ratio, while Astera Labs (ALAB) at 75.38 sits in the richer quartile — ALAB needs stronger growth or earnings quality to justify the premium.

ALAB

Semiconductors & Semiconductor Equipment industry group

75.38

Max: 110.34
ALAB: 75.38
Q3: 66.81
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

Astera Labs (ALAB) 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 Astera Labs (ALAB) at 21.42 sits in the pricier quartile — ALAB costs more per dollar of sales.

ALAB

Semiconductors & Semiconductor Equipment industry group

21.42

ALAB: 21.42
Max: 21.42
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

Astera Labs (ALAB) vs. ON Semiconductor (ON): A comparison of their P/S ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

P/B Ratio (MRQ)

ON Semiconductor (ON) at 3.26 sits near its industry’s typical P/B ratio, while Astera Labs (ALAB) at 16.67 prices above its benchmark range — ALAB looks rich relative to book.

ALAB

Semiconductors & Semiconductor Equipment industry group

16.67

ALAB: 16.67
Max: 14.06
Q3: 7.44
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

Astera Labs (ALAB) vs. ON Semiconductor (ON): A comparison of their P/B ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Valuation Metrics

Valuation metrics for Astera Labs (ALAB) and ON Semiconductor (ON)
Metric	ALAB	ON
P/E Ratio (TTM)	75.38	37.02
P/S Ratio (TTM)	21.42	3.87
P/B Ratio (MRQ)	16.67	3.26
Free Cash Flow Yield (TTM)	0.39%	6.55%