ASX vs. ON: ASE vs. ON Semiconductor Stock Comparison

November 11, 2026

How do ASE (ASX) 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

ASE (ASX) 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) trades as ordinary local shares, while ASE (ASX) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile comparison for ASE (ASX) and ON Semiconductor (ON)
Profile Item	ASX	ON
Name	ASE Technology Holding Co., Ltd. ADR	ON Semiconductor Corporation
Country/Region	Taiwan	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	69.83 billion USD	24.65 billion USD
Currency	USD	USD
Exchange	NYSE	Nasdaq
Listing Date	October 2, 2000	May 2, 2000
Security Type	ADR	Common Stock

Price Performance

Cumulative Growth

ASX

GSPC

ASE (ASX) 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 ASE (ASX) and ON Semiconductor (ON). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for ASE (ASX) and ON Semiconductor (ON)
Metric	ASX	ON
Total Return (1Y)	127.56%	43.93%
Total Return (3Y, Annualized)	67.56%	2.27%
Total Return (5Y, Annualized)	41.55%	3.42%

Risk Profile

Drawdown History

ASX

GSPC

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

Risk Metrics

Risk profile metrics for ASE (ASX) and ON Semiconductor (ON)
Metric	ASX	ON
Volatility (1Y, Annualized)	62.95%	64.26%
Beta (5Y)	1.83	2.14
Max Drawdown (5Y)	-40.64%	-70.44%
Avg. Volume (3M)	7.76M	10.22M

Risk-Adjusted Performance

Risk-Return Positioning

ASX 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 ASE (ASX) and ON Semiconductor (ON)
Metric	ASX	ON
Sharpe Ratio (1Y)	1.96	0.62
Sortino Ratio (1Y)	2.77	0.88

Profitability

ROE (TTM)

Both ASE (ASX) at 19.90% 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.

ASX

Semiconductors & Semiconductor Equipment industry group

19.90%

Max: 52.82%
Q3: 22.26%
ASX: 19.90%
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%

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

Net Margin (TTM)

Both ASE (ASX) at 9.78% and ON Semiconductor (ON) at 10.82% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

ASX

Semiconductors & Semiconductor Equipment industry group

9.78%

Max: 63.80%
Q3: 28.36%
Median: 11.44%
ASX: 9.78%
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%

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

Operating Margin (TTM)

Both ASE (ASX) at 13.57% and ON Semiconductor (ON) at 22.23% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

ASX

Semiconductors & Semiconductor Equipment industry group

13.57%

Max: 58.66%
Q3: 30.23%
Median: 15.91%
ASX: 13.57%
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%

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

Profitability Metrics

Profitability metrics for ASE (ASX) and ON Semiconductor (ON)
Metric	ASX	ON
ROE (TTM)	19.90%	8.91%
ROA (TTM)	5.36%	6.03%
Net Margin (TTM)	9.78%	10.82%
Operating Margin (TTM)	13.57%	22.23%
Gross Margin (TTM)	20.80%	39.90%

Growth

Revenue Growth

ASE (ASX) at 8.39% 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.

ASE (ASX) vs. ON Semiconductor (ON): A comparison of their Revenue Growth across different time periods.

EPS Growth

ASE (ASX) at 22.96% is around its peer norm for EPS growth, while ON Semiconductor (ON) at -92.01% drops into the bottom quartile, signaling weaker earnings momentum.

ASE (ASX) vs. ON Semiconductor (ON): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for ASE (ASX) and ON Semiconductor (ON)
Metric	ASX	ON
Revenue Growth (YoY)	8.39%	-15.35%
Revenue Growth (3Y CAGR)	-1.28%	-10.37%
EPS Growth (YoY)	22.96%	-92.01%
EPS Growth (3Y CAGR)	-13.66%	-59.10%

Financial Strength

Current Ratio (MRQ)

ON Semiconductor (ON) at 3.55 keeps current ratio within its industry’s typical mid-range, while ASE (ASX) at 1.16 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for ASX.

ASX

Semiconductors & Semiconductor Equipment industry group

1.16

Max: 10.33
Q3: 5.62
Median: 3.33
Q1: 2.35
ASX: 1.16
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

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

Debt / Equity (MRQ)

ON Semiconductor (ON) at 0.62 carries an industry-typical debt-to-equity mix, while ASE (ASX) at 0.87 uses more debt funding than most peers.

ASX

Semiconductors & Semiconductor Equipment industry group

0.87

Max: 1.46
ASX: 0.87
Q3: 0.65
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

ASE (ASX) 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 ASE (ASX) and ON Semiconductor (ON)
Metric	ASX	ON
Current Ratio (MRQ)	1.16	3.55
Debt / Equity (MRQ)	0.87	0.62
Net Debt / EBITDA	1.85	0.18

Dividends

Dividend Yield (TTM)

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

ASX

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 1.37%
Q3: 0.65%
ASX: 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%

ASE (ASX) 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 ASE (ASX) reports a payout of 39.77%, ranking against industry peers normally.

ASX

Semiconductors & Semiconductor Equipment industry group

39.77%

Max: 49.64%
ASX: 39.77%
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%

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

Dividend Metrics

Dividend metrics for ASE (ASX) and ON Semiconductor (ON)
Metric	ASX	ON
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	39.77%	0.00%

Valuation

P/E Ratio (TTM)

Both ASE (ASX) at 30.41 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.

ASX

Semiconductors & Semiconductor Equipment industry group

30.41

Max: 110.34
Q3: 66.81
Median: 37.02
ASX: 30.41
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

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

P/S Ratio (TTM)

ASE (ASX) at 0.09 sits in the cheaper P/S ratio quartile while ON Semiconductor (ON) at 3.87 prices around its industry’s middle — ASX costs less per dollar of sales, though read it alongside growth and margins.

ASX

Semiconductors & Semiconductor Equipment industry group

0.09

Max: 21.42
Q3: 12.27
Median: 5.76
Q1: 2.73
ASX: 0.09
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

ASE (ASX) 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 ASE (ASX) at 5.34 and ON Semiconductor (ON) at 3.26 are valued close to their industries’ norm against book — neither stands out from peers.

ASX

Semiconductors & Semiconductor Equipment industry group

5.34

Max: 14.06
Q3: 7.44
ASX: 5.34
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

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

Valuation Metrics

Valuation metrics for ASE (ASX) and ON Semiconductor (ON)
Metric	ASX	ON
P/E Ratio (TTM)	30.41	37.02
P/S Ratio (TTM)	0.09	3.87
P/B Ratio (MRQ)	5.34	3.26
Free Cash Flow Yield (TTM)	-275.26%	6.55%