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ON

ON Semiconductor Corporation

ON

ON Semiconductor Corporation • NASDAQ
$50.23 ▲ 1.20% (+0.59)
Market Cap $20.54 B
52w High $74.52
52w Low $31.04
Dividend Yield 0%
P/E 68.82
Volume 3.63M
Outstanding Shares 408.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.551B ▲ $322.8M ▼ $255M ▲ 16.442% ▲ $0.63 ▲ $437.2M ▲
Q2-2025 $1.469B ▲ $358.5M ▼ $170.3M ▲ 11.595% ▲ $0.41 ▲ $376.5M ▲
Q1-2025 $1.446B ▼ $867.5M ▲ $-486.1M ▼ -33.624% ▼ $-1.15 ▼ $-374.8M ▼
Q4-2024 $1.722B ▼ $370.5M ▲ $379.9M ▼ 22.055% ▼ $0.89 ▼ $624.4M ▼
Q3-2024 $1.762B $354M $401.7M 22.799% $0.94 $632.1M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.873B ▲ $13.01B ▼ $5.084B ▼ $7.905B ▼
Q2-2025 $2.827B ▼ $13.126B ▼ $5.165B ▼ $7.941B ▼
Q1-2025 $3.013B ▲ $13.254B ▼ $5.205B ▼ $8.03B ▼
Q4-2024 $2.991B ▲ $14.09B ▲ $5.275B ▼ $8.796B ▲
Q3-2024 $2.77B $13.924B $5.32B $8.584B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $255.3M ▲ $418.7M ▲ $-151.2M ▼ $-322.2M ▼ $-55.6M ▲ $644.5M ▲
Q2-2025 $171.7M ▲ $184.3M ▼ $-121.7M ▲ $-300.1M ▲ $-235.6M ▼ $106.1M ▼
Q1-2025 $-485.2M ▼ $602.3M ▲ $-214.9M ▼ $-317.6M ▼ $71.8M ▼ $454.7M ▲
Q4-2024 $379.8M ▼ $579.7M ▲ $-151.7M ▼ $-203.3M ▼ $221M ▼ $434.8M ▲
Q3-2024 $402.7M $465.8M $-31.9M $-197M $239.3M $291.7M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Analog Solutions Group
Analog Solutions Group
 $650.00M ▲$610.00M ▼$570.00M ▼$560.00M ▼
Intelligent Sensing Group
Intelligent Sensing Group
 $280.00M ▲$300.00M ▲$230.00M ▼$210.00M ▼
Power Solutions Group
Power Solutions Group
 $830.00M ▲$810.00M ▼$650.00M ▼$700.00M ▲

Five-Year Company Overview

Income Statement

Income Statement ON’s sales climbed sharply from 2020 through 2022, then eased back over the last two years as the chip cycle cooled. Even with that revenue dip, the company’s profitability is far stronger than it was earlier in the decade, with operating and net income holding at clearly higher levels than before the pandemic. Margins have expanded meaningfully thanks to a richer mix of automotive and industrial products and better cost discipline, even if they are now past their absolute peak. Overall, the business has shifted from a low-margin, more commodity-like profile toward a higher-value, more specialized one, but it still faces normal semiconductor cyclicality in demand and pricing.

Balance Sheet

Balance Sheet The balance sheet has strengthened over the past five years. Total assets and shareholders’ equity have grown steadily, signaling reinvestment in the business and a thicker capital cushion for downturns. Cash levels are solid and have generally improved versus earlier years, while debt has stayed relatively stable rather than ballooning. This combination points to a healthier, better-capitalized company, though it is still investing heavily and carries a meaningful, but manageable, level of leverage.

Cash Flow

Cash Flow ON generates robust cash from its operations, comfortably above earlier years, which underpins its ability to invest for growth. Free cash flow has been positive in most years but has swung around as the company ramped up large capital spending projects, especially for advanced power technologies and capacity. Recent years show a period of heavy investment that compressed free cash flow, followed by some recovery as spending moderated. The key watchpoint is whether these investments translate into sustained, stronger cash generation once new capacity and technologies are fully utilized.

Competitive Edge

Competitive Edge ON has deliberately repositioned itself around intelligent power and sensing for automotive and industrial markets, which tend to have longer product lifecycles and higher switching costs than consumer electronics. Its vertical integration in silicon carbide—from raw material to finished device—gives it more control over supply, costs, and performance than many rivals, which is a real advantage in EV and energy applications. Deep relationships with major automakers and industrial customers, along with long design-in cycles, create sticky business that is hard for competitors to displace quickly. The flip side is higher exposure to cyclical EV and industrial spending, and ongoing competition from other large analog and power semiconductor players.

Innovation and R&D

Innovation and R&D The company is leaning heavily into differentiated technologies: silicon carbide for power devices, vertical GaN for high-performance power conversion, and advanced imaging for automotive and industrial uses. Its proprietary vertical GaN platform is particularly notable, targeting demanding areas like AI data centers, renewables, and EVs, and supported by a sizable patent estate. ON also continues to expand its intelligent sensing and imaging capabilities, including through targeted acquisitions, to stay ahead in advanced driver-assistance and factory automation. The main execution risks are scaling these new technologies reliably, achieving broad customer adoption, and keeping pace with rapid innovation from well-funded competitors.

Summary

ON has transformed itself over the last five years from a more commoditized chip supplier into a focused player in intelligent power and sensing, with much stronger profitability and a sturdier balance sheet. Revenue has come off its recent peak, but earnings quality is still markedly better than in the past, supported by a shift toward automotive and industrial end markets. The company is in an investment-heavy phase, building out capacity and new technologies like silicon carbide and vertical GaN, which pressures near-term free cash flow but is aimed at capturing long-term structural growth in EVs, automation, and high-performance computing power. Key factors to watch include the pace of EV and industrial demand, utilization of new manufacturing capacity, adoption of its next-generation technologies, and its ability to sustain margins in a competitive, cyclical industry.

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