# ON Semiconductor Corporation (ON) fundamentals

Data as of 2026-11-04. NASDAQ, United States. Sector: Technology / Semiconductors & Chip Equipment. Price $72.60, market value $28.3 billion.

## Valuation
- **P/E (trailing): 41.0×** (5-yr avg 53.2×, 3-yr avg 73.7×). ON Semiconductor Corporation trades at 41.0× trailing earnings, well below its own five-year average of 53.2×: cheap by its own standards. The Technology median in the September 2026 study was 32.1×. Forward P/E is 15.5×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 4.4×**. Each dollar of revenue is priced at 4.4×.
- **Price / book: 3.8×**. The shares trade at 3.8× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 18.6×**. Enterprise value is 18.6× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 5.7%** (5-yr avg 4.4%). Free cash flow equals 5.7% of the market value, above its five-year average of 4.4%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 2.4%**. The inverse of the P/E: 2.4% of the price is earned each year.

## Profitability
- **Gross margin: 38.7%**. ON Semiconductor Corporation keeps 38.7% of revenue after the direct cost of what it sells.
- **Operating margin: 12.3%**. 12.3% 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: 7.3%**. Return on all capital, debt included, is 7.3%.
- **Return on assets: 5.5%**. Each dollar of assets produces 5.5% 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: 0.5×**. It would take 0.5 years of operating earnings to repay net borrowings, within the comfortable range.
- **Current ratio: 4.52** (quick 4.52). Current assets cover the next year's liabilities 4.52 times.
- **Altman Z-score: 5.30**. A Z-score of 5.30 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** (27 analysts). 27 analysts cover ON Semiconductor Corporation; the consensus is buy, with an average price target of $101.63 (+40% 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): 40.0%** (YTD 29.5%, 3-mo -12.8%). The shares are up 40.0% over twelve months including dividends.
- **From 52-week high: -46.2%** (62.9% above the low). Trading 46% 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): 41**. An RSI of 41 is neutral.
- **Beta (1 yr): 2.62** (volatility 63%). Beta of 2.62 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.