MCHP vs. ON: Microchip vs. ON Semiconductor Stock Comparison

November 11, 2026

How do Microchip (MCHP) 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

Microchip (MCHP) 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 Microchip (MCHP) and ON Semiconductor (ON)
Profile Item	MCHP	ON
Name	Microchip Technology 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	31.76 billion USD	24.65 billion USD
Currency	USD	USD
Exchange	Nasdaq	Nasdaq
Listing Date	March 19, 1993	May 2, 2000
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

MCHP

GSPC

Microchip (MCHP) 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 Microchip (MCHP) and ON Semiconductor (ON). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Microchip (MCHP) and ON Semiconductor (ON)
Metric	MCHP	ON
Total Return (1Y)	11.53%	43.93%
Total Return (3Y, Annualized)	-3.63%	2.27%
Total Return (5Y, Annualized)	-3.83%	3.42%

Risk Profile

Drawdown History

MCHP

GSPC

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

Risk Metrics

Risk profile metrics for Microchip (MCHP) and ON Semiconductor (ON)
Metric	MCHP	ON
Volatility (1Y, Annualized)	52.96%	64.26%
Beta (5Y)	1.91	2.14
Max Drawdown (5Y)	-63.77%	-70.44%
Avg. Volume (3M)	10.34M	10.22M

Risk-Adjusted Performance

Risk-Return Positioning

MCHP 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 Microchip (MCHP) and ON Semiconductor (ON)
Metric	MCHP	ON
Sharpe Ratio (1Y)	0.14	0.62
Sortino Ratio (1Y)	0.21	0.88

Profitability

ROE (TTM)

Both Microchip (MCHP) at 12.57% 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.

MCHP

Semiconductors & Semiconductor Equipment industry group

12.57%

Max: 52.82%
Q3: 22.26%
MCHP: 12.57%
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%

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

Net Margin (TTM)

Both Microchip (MCHP) at 14.96% 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.

MCHP

Semiconductors & Semiconductor Equipment industry group

14.96%

Max: 63.80%
Q3: 28.36%
MCHP: 14.96%
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%

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

Operating Margin (TTM)

Both Microchip (MCHP) at 29.13% and ON Semiconductor (ON) at 22.23% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

MCHP

Semiconductors & Semiconductor Equipment industry group

29.13%

Max: 58.66%
Q3: 30.23%
MCHP: 29.13%
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%

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

Profitability Metrics

Profitability metrics for Microchip (MCHP) and ON Semiconductor (ON)
Metric	MCHP	ON
ROE (TTM)	12.57%	8.91%
ROA (TTM)	5.19%	6.03%
Net Margin (TTM)	14.96%	10.82%
Operating Margin (TTM)	29.13%	22.23%
Gross Margin (TTM)	62.70%	39.90%

Growth

Revenue Growth

Microchip (MCHP) at 7.08% 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.

Microchip (MCHP) 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; Microchip (MCHP) has no EPS growth figure this period.

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

Growth Metrics

Growth metrics for Microchip (MCHP) and ON Semiconductor (ON)
Metric	MCHP	ON
Revenue Growth (YoY)	7.08%	-15.35%
Revenue Growth (3Y CAGR)	-17.65%	-10.37%
EPS Growth (YoY)	--	-92.01%
EPS Growth (3Y CAGR)	-62.03%	-59.10%

Financial Strength

Current Ratio (MRQ)

ON Semiconductor (ON) at 3.55 keeps current ratio within its industry’s typical mid-range, while Microchip (MCHP) at 2.24 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for MCHP.

MCHP

Semiconductors & Semiconductor Equipment industry group

2.24

Max: 10.33
Q3: 5.62
Median: 3.33
Q1: 2.35
MCHP: 2.24
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

Microchip (MCHP) 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 Microchip (MCHP) at 0.84 uses more debt funding than most peers.

MCHP

Semiconductors & Semiconductor Equipment industry group

0.84

Max: 1.46
MCHP: 0.84
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

Microchip (MCHP) 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 Microchip (MCHP) and ON Semiconductor (ON)
Metric	MCHP	ON
Current Ratio (MRQ)	2.24	3.55
Debt / Equity (MRQ)	0.84	0.62
Net Debt / EBITDA	2.73	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 Microchip (MCHP) reports a yield of 2.81%, ranking against industry peers normally.

MCHP

Semiconductors & Semiconductor Equipment industry group

2.81%

MCHP: 2.81%
Max: 1.37%
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%

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

Dividend Payout Ratio (TTM)

Microchip (MCHP) reports payout ratio above 100% at 136.84%, meaning dividends exceeded current-period earnings; ON Semiconductor (ON) pays no dividend (payout 0.00%).

MCHP

Semiconductors & Semiconductor Equipment industry group

136.84%

MCHP: 136.84%
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%

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

Dividend Metrics

Dividend metrics for Microchip (MCHP) and ON Semiconductor (ON)
Metric	MCHP	ON
Dividend Yield (TTM)	2.81%	0.00%
Dividend Payout Ratio (TTM)	136.84%	0.00%

Valuation

P/E Ratio (TTM)

Both Microchip (MCHP) at 43.87 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.

MCHP

Semiconductors & Semiconductor Equipment industry group

43.87

Max: 110.34
Q3: 66.81
MCHP: 43.87
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

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

P/S Ratio (TTM)

On P/S ratio, both Microchip (MCHP) at 5.67 and ON Semiconductor (ON) at 3.87 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

MCHP

Semiconductors & Semiconductor Equipment industry group

5.67

Max: 21.42
Q3: 12.27
Median: 5.76
MCHP: 5.67
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

Microchip (MCHP) 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 Microchip (MCHP) at 4.78 and ON Semiconductor (ON) at 3.26 are valued close to their industries’ norm against book — neither stands out from peers.

MCHP

Semiconductors & Semiconductor Equipment industry group

4.78

Max: 14.06
Q3: 7.44
MCHP: 4.78
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

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

Valuation Metrics

Valuation metrics for Microchip (MCHP) and ON Semiconductor (ON)
Metric	MCHP	ON
P/E Ratio (TTM)	43.87	37.02
P/S Ratio (TTM)	5.67	3.87
P/B Ratio (MRQ)	4.78	3.26
Free Cash Flow Yield (TTM)	4.85%	6.55%