ON Semiconductor's revenue has climbed from roughly $1.4B in 2025Q1 to $1.7B in 2026Q3, with operating margin swinging from -3.5% to 22.0% and free cash flow reaching $488.6M in the latest quarter, suggesting the cyclical trough has likely passed.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue recovered to $1.7B in 2026Q3 with an 11.1% year-over-year gain and gross margin rebounding to 41.4%, though this still sits below the roughly 45% levels recorded throughout 2024.
ON Semiconductor's stock has risen 53% since being picked as a top stock for 2026 and 31% year-to-date, indicating strong investor confidence.
The company reported Q4 2025 EPS of $0.64, beating estimates of $0.62 by 3.23%, demonstrating financial outperformance.
ON Semiconductor is well-positioned in EV and energy markets, with potential for recovery and growth by late 2025.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Nov 2, 2026 | $0.90+2.7% vs $0.88 | $1.7B+1.0% vs $1.7B |
Q3 2026 Aug 3, 2026 | $0.74+3.5% vs $0.71 | $1.6B+0.9% vs $1.6B |
Q2 2026 May 4, 2026 | $0.64+4.9% vs $0.61 | $1.5B+1.7% vs $1.5B |
Q1 2026 Feb 9, 2026 | $0.64+2.6% vs $0.62 | $1.5B-0.4% vs $1.5B |
Onsemi just posted its fourth straight earnings beat while trading nearly 48% below its 52-week high, and a surprise surge in one fast-growing segment has analysts split on whether the stock is a bargain or a value trap.
ON Semiconductor delivered strong Q3 results, with 11% revenue growth and 43% EPS growth, driven by industrial and AI data center demand. ON's operating leverage and margin expansion are impressive, but automotive segment weakness and ambitious 2030 targets temper enthusiasm. Acquisitions of Synaptics and Ferric add strategic value but introduce execution and integration risks, making valuation demands steep.
Data center revenue growth at a 4Y CAGR of +50% to >$3B and content value of $115K per rack by 2030 have been supported by ON's strategic acquisitions/R&D efforts. The higher fab utilization beyond the current levels of 83% may deliver the improved supply conditions and gross margin expansion from FQ1'27 onwards. Valuations are compelling post-selloff: ON trades at a P/E of 22.34x and a 3Y PEG of 0.61x, while offering >80% upside potential to my LTPT of $132.50.
ON Semiconductor's Q3'26 earnings and revenues beat estimates as AI data center growth surges, industrial demand strengthens and margins expand.
Benchmark ON against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for ON Semiconductor Corporation (ON)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $63.31 | $24.64B | 218.31 | -15.35% | 2.02% | 1.47% | — | |
| $41.72 | $37.24B | 231.78 | -10.8% | 3.81% | 2.86% | 0.83% | |
| $23.79 | $12.32B | -0.70 | -6.14% | -159.3% | -282.74% | — | |
| $77.36 | $3.55B | 54.10 | 13.04% | 5.27% | 4.38% | — | |
| $1190.44 | $58.49B | 93.37 | 26.43% | 23.85% | 24.04% | 0.5% | |
| $40.26 | $2.24B | 103.23 | 5.85% | 5.58% | 3.72% | 2.08% |
ON Semiconductor Corporation (ON) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
ON Semiconductor Corporation (ON) SEC filings — annual & quarterly reports (10-K, 10-Q)
Nov 2, 2026·SEC
Nov 2, 2026·SEC
Aug 3, 2026·SEC
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ON Semiconductor Corporation (ON) stock FAQ — growth, dividends, profitability & financials explained
ON Semiconductor Corporation (ON) reported $6.37B in revenue over the trailing twelve months. Revenue was $6.00B in fiscal year 2025. That is 189% more than the $2.07B of fiscal year 2000.
ON Semiconductor Corporation (ON) revenue fell by 15.3% in fiscal year 2025, compared with the prior fiscal year.
Yes. ON Semiconductor Corporation (ON) earned $689.1M in net income over the trailing twelve months (a 10.8% net margin).
ON Semiconductor Corporation (ON) had a return on equity (ROE) of 1.5% in fiscal year 2025. That is below the market's typical 10-15%.
ON Semiconductor Corporation (ON) generated $1.62B in free cash flow over the trailing twelve months.
