ON vs. TSM: ON Semiconductor vs. Taiwan Semiconductor Mfg Stock Comparison

November 11, 2026

How do ON Semiconductor (ON) and Taiwan Semiconductor Mfg (TSM) 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

ON Semiconductor (ON) and Taiwan Semiconductor Mfg (TSM) 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 Taiwan Semiconductor Mfg (TSM) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile comparison for ON Semiconductor (ON) and Taiwan Semiconductor Mfg (TSM)
Profile Item	ON	TSM
Name	ON Semiconductor Corporation	Taiwan Semiconductor Manufacturing Company Ltd. ADR
Country/Region	United States	Taiwan
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	24.65 billion USD	1,947.21 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	May 2, 2000	October 9, 1997
Security Type	Common Stock	ADR

Price Performance

Cumulative Growth

TSM

GSPC

ON Semiconductor (ON) vs. Taiwan Semiconductor Mfg (TSM), 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 ON Semiconductor (ON) and Taiwan Semiconductor Mfg (TSM). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for ON Semiconductor (ON) and Taiwan Semiconductor Mfg (TSM)
Metric	ON	TSM
Total Return (1Y)	43.93%	37.26%
Total Return (3Y, Annualized)	2.27%	64.12%
Total Return (5Y, Annualized)	3.42%	28.19%

Risk Profile

Drawdown History

TSM

GSPC

ON Semiconductor (ON) vs. Taiwan Semiconductor Mfg (TSM), 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 ON Semiconductor (ON) and Taiwan Semiconductor Mfg (TSM). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for ON Semiconductor (ON) and Taiwan Semiconductor Mfg (TSM)
Metric	ON	TSM
Volatility (1Y, Annualized)	64.26%	41.69%
Beta (5Y)	2.14	1.45
Max Drawdown (5Y)	-70.44%	-56.47%
Avg. Volume (3M)	10.22M	11.20M

Risk-Adjusted Performance

Risk-Return Positioning

ON and TSM 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 ON Semiconductor (ON) and Taiwan Semiconductor Mfg (TSM)
Metric	ON	TSM
Sharpe Ratio (1Y)	0.62	0.79
Sortino Ratio (1Y)	0.88	1.15

Profitability

ROE (TTM)

Taiwan Semiconductor Mfg (TSM) at 41.86% sits in the top ROE quartile, while ON Semiconductor (ON) at 8.91% is closer to the peer norm — stronger capital efficiency for TSM.

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%

TSM

Semiconductors & Semiconductor Equipment industry group

41.86%

Max: 52.82%
TSM: 41.86%
Q3: 22.26%
Median: 10.58%
Q1: 1.29%
Min: -16.89%

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

Net Margin (TTM)

Taiwan Semiconductor Mfg (TSM) at 51.12% retains a top-quartile share of revenue as profit, ahead of ON Semiconductor (ON) at 10.82%, which keeps about the industry-typical share.

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%

TSM

Semiconductors & Semiconductor Equipment industry group

51.12%

Max: 63.80%
TSM: 51.12%
Q3: 28.36%
Median: 11.44%
Q1: 0.90%
Min: -37.77%

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

Operating Margin (TTM)

Taiwan Semiconductor Mfg (TSM) at 58.66% operates in the top operating margin quartile, ahead of ON Semiconductor (ON) at 22.23%, which runs around its industry’s norm.

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%

TSM

Semiconductors & Semiconductor Equipment industry group

58.66%

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

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

Profitability Metrics

Profitability metrics for ON Semiconductor (ON) and Taiwan Semiconductor Mfg (TSM)
Metric	ON	TSM
ROE (TTM)	8.91%	41.86%
ROA (TTM)	6.03%	20.58%
Net Margin (TTM)	10.82%	51.12%
Operating Margin (TTM)	22.23%	58.66%
Gross Margin (TTM)	39.90%	65.85%

Growth

Revenue Growth

Taiwan Semiconductor Mfg (TSM) at 31.61% sits in the top revenue growth quartile, while ON Semiconductor (ON) at -15.35% is in the bottom quartile, showing a clear gap in revenue momentum.

ON Semiconductor (ON) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their Revenue Growth across different time periods.

EPS Growth

Taiwan Semiconductor Mfg (TSM) at 46.41% 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.

ON Semiconductor (ON) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for ON Semiconductor (ON) and Taiwan Semiconductor Mfg (TSM)
Metric	ON	TSM
Revenue Growth (YoY)	-15.35%	31.61%
Revenue Growth (3Y CAGR)	-10.37%	18.94%
EPS Growth (YoY)	-92.01%	46.41%
EPS Growth (3Y CAGR)	-59.10%	19.12%

Financial Strength

Current Ratio (MRQ)

Both ON Semiconductor (ON) at 3.55 and Taiwan Semiconductor Mfg (TSM) at 2.51 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

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

TSM

Semiconductors & Semiconductor Equipment industry group

2.51

Max: 10.33
Q3: 5.62
Median: 3.33
TSM: 2.51
Q1: 2.35
Min: 1.03

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

Debt / Equity (MRQ)

Both ON Semiconductor (ON) at 0.62 and Taiwan Semiconductor Mfg (TSM) at 0.12 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

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

TSM

Semiconductors & Semiconductor Equipment industry group

0.12

Max: 1.46
Q3: 0.65
Median: 0.27
TSM: 0.12
Q1: 0.04
Min: 0.00

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

Financial Strength Metrics

Financial strength metrics for ON Semiconductor (ON) and Taiwan Semiconductor Mfg (TSM)
Metric	ON	TSM
Current Ratio (MRQ)	3.55	2.51
Debt / Equity (MRQ)	0.62	0.12
Net Debt / EBITDA	0.18	-0.89

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 Taiwan Semiconductor Mfg (TSM) reports a yield of 1.70%, ranking against industry peers normally.

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%

TSM

Semiconductors & Semiconductor Equipment industry group

1.70%

TSM: 1.70%
Max: 1.37%
Q3: 0.65%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ON Semiconductor (ON) vs. Taiwan Semiconductor Mfg (TSM): 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 Taiwan Semiconductor Mfg (TSM) reports a payout of 24.46%, ranking against industry peers normally.

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%

TSM

Semiconductors & Semiconductor Equipment industry group

24.46%

Max: 49.64%
TSM: 24.46%
Q3: 21.71%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for ON Semiconductor (ON) and Taiwan Semiconductor Mfg (TSM)
Metric	ON	TSM
Dividend Yield (TTM)	0.00%	1.70%
Dividend Payout Ratio (TTM)	0.00%	24.46%

Valuation

P/E Ratio (TTM)

Both ON Semiconductor (ON) at 37.02 and Taiwan Semiconductor Mfg (TSM) at 24.33 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

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

TSM

Semiconductors & Semiconductor Equipment industry group

24.33

Max: 110.34
Q3: 66.81
Median: 37.02
TSM: 24.33
Q1: 23.96
Min: 8.12

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

P/S Ratio (TTM)

Taiwan Semiconductor Mfg (TSM) at 0.39 sits in the cheaper P/S ratio quartile while ON Semiconductor (ON) at 3.87 prices around its industry’s middle — TSM costs less per dollar of sales, though read it alongside growth and margins.

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

TSM

Semiconductors & Semiconductor Equipment industry group

0.39

Max: 21.42
Q3: 12.27
Median: 5.76
Q1: 2.73
TSM: 0.39
Min: 0.00

ON Semiconductor (ON) vs. Taiwan Semiconductor Mfg (TSM): 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 Taiwan Semiconductor Mfg (TSM) at 71.65 prices above its benchmark range — TSM looks rich relative to book.

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

TSM

Semiconductors & Semiconductor Equipment industry group

71.65

TSM: 71.65
Max: 14.06
Q3: 7.44
Median: 4.29
Q1: 2.30
Min: 0.20

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

Valuation Metrics

Valuation metrics for ON Semiconductor (ON) and Taiwan Semiconductor Mfg (TSM)
Metric	ON	TSM
P/E Ratio (TTM)	37.02	24.33
P/S Ratio (TTM)	3.87	0.39
P/B Ratio (MRQ)	3.26	71.65
Free Cash Flow Yield (TTM)	6.55%	61.78%