# ON Semiconductor Corporation (ON) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Technology / Semiconductors & Semiconductor Equipment. Price $74.38, market value $29.0 billion.

## Valuation
- **P/E (trailing): 48.6×** (5-yr avg 53.2×, 3-yr avg 73.7×). ON Semiconductor Corporation trades at 48.6× trailing earnings, close to its own five-year average of 53.2×. The Technology median in the September 2026 study was 32.1×. Forward P/E is 16.4×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 4.7×**. Each dollar of revenue is priced at 4.7×.
- **Price / book: 4.0×**. The shares trade at 4.0× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 20.4×**. Enterprise value is 20.4× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 5.2%** (5-yr avg 4.4%). Free cash flow equals 5.2% of the market value, in line with its five-year average of 4.4%. Above 5% is generally attractive.
- **Earnings yield: 2.1%**. The inverse of the P/E: 2.1% of the price is earned each year.

## Profitability
- **Gross margin: 37.7%**. ON Semiconductor Corporation keeps 37.7% of revenue after the direct cost of what it sells.
- **Operating margin: 10.8%**. 10.8% of revenue is left after running the business.
- **Net margin: 2.0%**. 2.0% of each dollar of sales reaches the bottom line.
- **Return on equity: 1.6%**. 1.6% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 6.2%**. Return on all capital, debt included, is 6.2%.
- **Return on assets: 5.0%**. Each dollar of assets produces 5.0% of profit.

## Growth
- **Revenue growth (1 yr): -15.3%** (3-yr -10.4%/yr, 5-yr 2.7%/yr). Revenue fell 15.3% over the last year, against 2.7% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -92.0%** (3-yr -59.1%/yr, 5-yr -12.3%/yr). Earnings per share fell 92.0%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -3.9%/yr**. Free cash flow has compounded at -3.9% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 0.39**. Debt is 0.39 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 0.6×**. It would take 0.6 years of operating earnings to repay net borrowings, within the comfortable range.
- **Altman Z-score: 4.95**. A Z-score of 4.95 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. ON Semiconductor Corporation does not currently pay a dividend.

## Analyst view
- **Analyst consensus: buy** (25 analysts). 25 analysts cover ON Semiconductor Corporation; the consensus is buy, with an average price target of $107.08 (+44% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 54.8%** (YTD 37.4%, 3-mo -36.6%). The shares are up 54.8% over twelve months including dividends.
- **From 52-week high: -44.9%** (66.9% above the low). Trading 45% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 42**. An RSI of 42 is neutral.
- **Beta (1 yr): 2.51** (volatility 61%). Beta of 2.51 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=ON · Page: https://foliofundamentals.com/stocks/on

Not investment advice.