MTSI vs. ON: MACOM vs. ON Semiconductor Stock Comparison

November 11, 2026

How do MACOM (MTSI) 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

MACOM (MTSI) 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 MACOM (MTSI) and ON Semiconductor (ON)
Profile Item	MTSI	ON
Name	MACOM Technology Solutions Holdings, 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	16.11 billion USD	24.65 billion USD
Currency	USD	USD
Exchange	Nasdaq	Nasdaq
Listing Date	March 15, 2012	May 2, 2000
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

MTSI

GSPC

MACOM (MTSI) 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 MACOM (MTSI) and ON Semiconductor (ON). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for MACOM (MTSI) and ON Semiconductor (ON)
Metric	MTSI	ON
Total Return (1Y)	33.29%	43.93%
Total Return (3Y, Annualized)	46.28%	2.27%
Total Return (5Y, Annualized)	25.03%	3.42%

Risk Profile

Drawdown History

MTSI

GSPC

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

Risk Metrics

Risk profile metrics for MACOM (MTSI) and ON Semiconductor (ON)
Metric	MTSI	ON
Volatility (1Y, Annualized)	68.69%	64.26%
Beta (5Y)	1.83	2.14
Max Drawdown (5Y)	-53.54%	-70.44%
Avg. Volume (3M)	1.51M	10.22M

Risk-Adjusted Performance

Risk-Return Positioning

MTSI 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 MACOM (MTSI) and ON Semiconductor (ON)
Metric	MTSI	ON
Sharpe Ratio (1Y)	0.42	0.62
Sortino Ratio (1Y)	0.58	0.88

Profitability

ROE (TTM)

Both MACOM (MTSI) at 22.17% 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.

MTSI

Semiconductors & Semiconductor Equipment industry group

22.17%

Max: 52.82%
Q3: 22.26%
MTSI: 22.17%
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%

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

Net Margin (TTM)

Both MACOM (MTSI) at 25.25% 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.

MTSI

Semiconductors & Semiconductor Equipment industry group

25.25%

Max: 63.80%
Q3: 28.36%
MTSI: 25.25%
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%

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

Operating Margin (TTM)

MACOM (MTSI) at 31.66% operates in the top operating margin quartile, ahead of ON Semiconductor (ON) at 22.23%, which runs around its industry’s norm.

MTSI

Semiconductors & Semiconductor Equipment industry group

31.66%

Max: 58.66%
MTSI: 31.66%
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%

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

Profitability Metrics

Profitability metrics for MACOM (MTSI) and ON Semiconductor (ON)
Metric	MTSI	ON
ROE (TTM)	22.17%	8.91%
ROA (TTM)	8.66%	6.03%
Net Margin (TTM)	25.25%	10.82%
Operating Margin (TTM)	31.66%	22.23%
Gross Margin (TTM)	58.11%	39.90%

Growth

Revenue Growth

Only one side can be read here: ON Semiconductor (ON) reports revenue growth of -15.35%, ranked against its industry; MACOM (MTSI) has no revenue growth figure this period.

MACOM (MTSI) 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; MACOM (MTSI) has no EPS growth figure this period.

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

Growth Metrics

Growth metrics for MACOM (MTSI) and ON Semiconductor (ON)
Metric	MTSI	ON
Revenue Growth (YoY)	--	-15.35%
Revenue Growth (3Y CAGR)	--	-10.37%
EPS Growth (YoY)	--	-92.01%
EPS Growth (3Y CAGR)	49.88%	-59.10%

Financial Strength

Current Ratio (MRQ)

Both MACOM (MTSI) at 2.54 and ON Semiconductor (ON) at 3.55 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

MTSI

Semiconductors & Semiconductor Equipment industry group

2.54

Max: 10.33
Q3: 5.62
Median: 3.33
MTSI: 2.54
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

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

Debt / Equity (MRQ)

Both MACOM (MTSI) at 0.24 and ON Semiconductor (ON) at 0.62 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

MTSI

Semiconductors & Semiconductor Equipment industry group

0.24

Max: 1.46
Q3: 0.65
Median: 0.27
MTSI: 0.24
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

MACOM (MTSI) 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 MACOM (MTSI) and ON Semiconductor (ON)
Metric	MTSI	ON
Current Ratio (MRQ)	2.54	3.55
Debt / Equity (MRQ)	0.24	0.62
Net Debt / EBITDA	-1.04	0.18

Dividends

Dividend Yield (TTM)

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

MTSI

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 1.37%
Q3: 0.65%
MTSI: 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%

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

Dividend Payout Ratio (TTM)

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

MTSI

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 49.64%
Q3: 21.71%
MTSI: 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%

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

Dividend Metrics

Dividend metrics for MACOM (MTSI) and ON Semiconductor (ON)
Metric	MTSI	ON
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

Both MACOM (MTSI) at 48.95 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.

MTSI

Semiconductors & Semiconductor Equipment industry group

48.95

Max: 110.34
Q3: 66.81
MTSI: 48.95
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

MACOM (MTSI) 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 MACOM (MTSI) at 12.14 and ON Semiconductor (ON) at 3.87 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

MTSI

Semiconductors & Semiconductor Equipment industry group

12.14

Max: 21.42
Q3: 12.27
MTSI: 12.14
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

MACOM (MTSI) 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 is valued about in line with its industry on P/B ratio, while MACOM (MTSI) at 9.50 carries an above-peer premium to book — MTSI is pricier on assets.

MTSI

Semiconductors & Semiconductor Equipment industry group

9.50

Max: 14.06
MTSI: 9.50
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

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

Valuation Metrics

Valuation metrics for MACOM (MTSI) and ON Semiconductor (ON)
Metric	MTSI	ON
P/E Ratio (TTM)	48.95	37.02
P/S Ratio (TTM)	12.14	3.87
P/B Ratio (MRQ)	9.50	3.26
Free Cash Flow Yield (TTM)	1.15%	6.55%