ON vs. TXN: ON Semiconductor vs. Texas Instruments Stock Comparison

November 11, 2026

How do ON Semiconductor (ON) and Texas Instruments (TXN) 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 Texas Instruments (TXN) 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 ON Semiconductor (ON) and Texas Instruments (TXN)
Profile Item	ON	TXN
Name	ON Semiconductor Corporation	Texas Instruments Inc.
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	24.65 billion USD	253.58 billion USD
Currency	USD	USD
Exchange	Nasdaq	Nasdaq
Listing Date	May 2, 2000	June 1, 1972
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

TXN

GSPC

ON Semiconductor (ON) vs. Texas Instruments (TXN), 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 Texas Instruments (TXN). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for ON Semiconductor (ON) and Texas Instruments (TXN)
Metric	ON	TXN
Total Return (1Y)	43.93%	86.19%
Total Return (3Y, Annualized)	2.27%	30.37%
Total Return (5Y, Annualized)	3.42%	12.03%

Risk Profile

Drawdown History

TXN

GSPC

ON Semiconductor (ON) vs. Texas Instruments (TXN), 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 Texas Instruments (TXN). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for ON Semiconductor (ON) and Texas Instruments (TXN)
Metric	ON	TXN
Volatility (1Y, Annualized)	64.26%	44.27%
Beta (5Y)	2.14	1.40
Max Drawdown (5Y)	-70.44%	-33.41%
Avg. Volume (3M)	10.22M	6.57M

Risk-Adjusted Performance

Risk-Return Positioning

ON and TXN 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 Texas Instruments (TXN)
Metric	ON	TXN
Sharpe Ratio (1Y)	0.62	1.85
Sortino Ratio (1Y)	0.88	3.15

Profitability

ROE (TTM)

Texas Instruments (TXN) at 39.72% sits in the top ROE quartile, while ON Semiconductor (ON) at 8.91% is closer to the peer norm — stronger capital efficiency for TXN.

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%

TXN

Semiconductors & Semiconductor Equipment industry group

39.72%

Max: 52.82%
TXN: 39.72%
Q3: 22.26%
Median: 10.58%
Q1: 1.29%
Min: -16.89%

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

Net Margin (TTM)

Texas Instruments (TXN) at 34.25% 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%

TXN

Semiconductors & Semiconductor Equipment industry group

34.25%

Max: 63.80%
TXN: 34.25%
Q3: 28.36%
Median: 11.44%
Q1: 0.90%
Min: -37.77%

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

Operating Margin (TTM)

Texas Instruments (TXN) at 47.55% 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%

TXN

Semiconductors & Semiconductor Equipment industry group

47.55%

Max: 58.66%
TXN: 47.55%
Q3: 30.23%
Median: 15.91%
Q1: 7.54%
Min: -25.74%

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

Profitability Metrics

Profitability metrics for ON Semiconductor (ON) and Texas Instruments (TXN)
Metric	ON	TXN
ROE (TTM)	8.91%	39.72%
ROA (TTM)	6.03%	14.85%
Net Margin (TTM)	10.82%	34.25%
Operating Margin (TTM)	22.23%	47.55%
Gross Margin (TTM)	39.90%	60.24%

Growth

Revenue Growth

Texas Instruments (TXN) at 13.05% 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.

ON Semiconductor (ON) vs. Texas Instruments (TXN): A comparison of their Revenue Growth across different time periods.

EPS Growth

Texas Instruments (TXN) at 4.81% is around its peer norm for EPS growth, while ON Semiconductor (ON) at -92.01% drops into the bottom quartile, signaling weaker earnings momentum.

ON Semiconductor (ON) vs. Texas Instruments (TXN): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for ON Semiconductor (ON) and Texas Instruments (TXN)
Metric	ON	TXN
Revenue Growth (YoY)	-15.35%	13.05%
Revenue Growth (3Y CAGR)	-10.37%	-4.07%
EPS Growth (YoY)	-92.01%	4.81%
EPS Growth (3Y CAGR)	-59.10%	-16.64%

Financial Strength

Current Ratio (MRQ)

Both ON Semiconductor (ON) at 3.55 and Texas Instruments (TXN) at 5.60 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

TXN

Semiconductors & Semiconductor Equipment industry group

5.60

Max: 10.33
Q3: 5.62
TXN: 5.60
Median: 3.33
Q1: 2.35
Min: 1.03

ON Semiconductor (ON) vs. Texas Instruments (TXN): 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 Texas Instruments (TXN) at 0.71 uses more debt funding than most peers.

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

TXN

Semiconductors & Semiconductor Equipment industry group

0.71

Max: 1.46
TXN: 0.71
Q3: 0.65
Median: 0.27
Q1: 0.04
Min: 0.00

ON Semiconductor (ON) vs. Texas Instruments (TXN): 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 Texas Instruments (TXN)
Metric	ON	TXN
Current Ratio (MRQ)	3.55	5.60
Debt / Equity (MRQ)	0.62	0.71
Net Debt / EBITDA	0.18	0.51

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 Texas Instruments (TXN) reports a yield of 2.04%, 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%

TXN

Semiconductors & Semiconductor Equipment industry group

2.04%

TXN: 2.04%
Max: 1.37%
Q3: 0.65%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ON Semiconductor (ON) vs. Texas Instruments (TXN): 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 Texas Instruments (TXN) reports a payout of 73.67%, 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%

TXN

Semiconductors & Semiconductor Equipment industry group

73.67%

TXN: 73.67%
Max: 49.64%
Q3: 21.71%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for ON Semiconductor (ON) and Texas Instruments (TXN)
Metric	ON	TXN
Dividend Yield (TTM)	0.00%	2.04%
Dividend Payout Ratio (TTM)	0.00%	73.67%

Valuation

P/E Ratio (TTM)

Both ON Semiconductor (ON) at 37.02 and Texas Instruments (TXN) at 35.97 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

TXN

Semiconductors & Semiconductor Equipment industry group

35.97

Max: 110.34
Q3: 66.81
Median: 37.02
TXN: 35.97
Q1: 23.96
Min: 8.12

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

P/S Ratio (TTM)

On P/S ratio, both ON Semiconductor (ON) at 3.87 and Texas Instruments (TXN) at 12.21 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

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

TXN

Semiconductors & Semiconductor Equipment industry group

12.21

Max: 21.42
Q3: 12.27
TXN: 12.21
Median: 5.76
Q1: 2.73
Min: 0.00

ON Semiconductor (ON) vs. Texas Instruments (TXN): 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 Texas Instruments (TXN) at 13.21 carries an above-peer premium to book — TXN is pricier on assets.

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

TXN

Semiconductors & Semiconductor Equipment industry group

13.21

Max: 14.06
TXN: 13.21
Q3: 7.44
Median: 4.29
Q1: 2.30
Min: 0.20

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

Valuation Metrics

Valuation metrics for ON Semiconductor (ON) and Texas Instruments (TXN)
Metric	ON	TXN
P/E Ratio (TTM)	37.02	35.97
P/S Ratio (TTM)	3.87	12.21
P/B Ratio (MRQ)	3.26	13.21
Free Cash Flow Yield (TTM)	6.55%	1.88%