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ON Semiconductor Corporation (ON) 10-Year Financial Performance & Capital Metrics

ON • • Industrial / General
TechnologySemiconductorsAnalog & Mixed-Signal SemiconductorsPower Management & Analog ICs
AboutON Semiconductor Corporation provides intelligent sensing and power solutions worldwide. Its intelligent power technologies enable the electrification of the automotive industry that allows for lighter and longer-range electric vehicles, empowers fast-charging systems, and propels sustainable energy for the solar strings, industrial power, and storage systems. The company operates through three segments the Power Solutions Group, the Advanced Solutions Group, and the Intelligent Sensing Group segments. It offers analog, discrete, module, and integrated semiconductor products that perform multiple application functions, including power switching and conversion, signal conditioning, circuit protection, signal amplification, and voltage regulation functions. The company also designs and develops analog, mixed-signal, advanced logic, application specific standard product and ASICs, radio frequency, and integrated power solutions for end-users in end-markets, as well as provides foundry and design services for government customers. In addition, it develops complementary metal oxide semiconductor image sensors, image signal processors, and single photon detectors, including silicon photomultipliers and single photon avalanche diode arrays, as well as actuator drivers for autofocus and image stabilization for a broad base of end-users in various end-markets. ON Semiconductor Corporation was incorporated in 1992 and is headquartered in Phoenix, Arizona.Show more
  • Revenue $7.08B -14.2%
  • EBITDA $2.41B -23.4%
  • Net Income $1.57B -28.0%
  • EPS (Diluted) 3.63 -25.8%
  • Gross Margin 45.41% -3.5%
  • EBITDA Margin 34.04% -10.8%
  • Operating Margin 24.96% -18.9%
  • Net Margin 22.21% -16.1%
  • ROE 18.93% -39.3%
  • ROIC 14.59% -41.8%
  • Debt/Equity 0.38 -11.3%
  • Interest Coverage 28.37 -16.4%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 28.4%
  • ✓Strong 5Y profit CAGR of 49.3%
  • ✓FCF machine: 17.1% free cash flow margin
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Share count reduced 3.2% through buybacks
  • ✓Healthy 5Y average net margin of 18.2%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.4%
5Y5.12%
3Y1.67%
TTM-16.13%

Profit (Net Income) CAGR

10Y23.56%
5Y49.34%
3Y15.92%
TTM-81.82%

EPS CAGR

10Y23.49%
5Y48.07%
3Y16.94%
TTM-80.89%

ROCE

10Y Avg14.18%
5Y Avg17.51%
3Y Avg21.77%
Latest14.86%

Peer Comparison

Power Management & Analog ICs
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
POWIPower Integrations, Inc.2.41B43.4877.64-5.75%4.03%2.67%2.66%
DIODDiodes Incorporated2.67B57.4760.49-21.1%4.49%3.3%1.74%0.05
TXNTexas Instruments Incorporated171.84B189.1236.37-10.72%29.21%30.33%0.87%0.80
MPWRMonolithic Power Systems, Inc.48.36B1009.5427.5921.2%71.22%53.12%1.33%0.01
STMSTMicroelectronics N.V.24.88B28.0016.87-23.24%5.29%3.42%0.18
ONON Semiconductor Corporation24.26B60.2816.61-14.19%5.16%4.03%5%0.38
MXMagnachip Semiconductor Corporation103.99M2.89-2.010.73%-18.84%-14.85%0.11
AOSLAlpha and Omega Semiconductor Limited676.08M22.49-6.825.92%-13.86%-11.58%0.06

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+3.5B3.91B5.54B5.88B5.52B5.25B6.74B8.33B8.25B7.08B
Revenue Growth %0.11%0.12%0.42%0.06%-0.06%-0.05%0.28%0.24%-0.01%-0.14%
Cost of Goods Sold+2.3B2.61B3.51B3.64B3.54B3.54B4.03B4.25B4.37B3.87B
COGS % of Revenue0.66%0.67%0.63%0.62%0.64%0.67%0.6%0.51%0.53%0.55%
Gross Profit+1.19B1.3B2.04B2.24B1.97B1.72B2.71B4.08B3.88B3.22B
Gross Margin %0.34%0.33%0.37%0.38%0.36%0.33%0.4%0.49%0.47%0.45%
Gross Profit Growth %0.1%0.09%0.57%0.1%-0.12%-0.13%0.58%0.5%-0.05%-0.17%
Operating Expenses+919M1.02B1.32B1.38B1.34B1.37B1.43B1.72B1.34B1.45B
OpEx % of Revenue0.26%0.26%0.24%0.23%0.24%0.26%0.21%0.21%0.16%0.2%
Selling, General & Admin386.6M466.7M601.6M618M585M537.4M598.4M631.1M641.5M649.8M
SG&A % of Revenue0.11%0.12%0.11%0.11%0.11%0.1%0.09%0.08%0.08%0.09%
Research & Development396.7M446.8M594.7M650.7M640.9M642.9M655M600.2M577.3M612.7M
R&D % of Revenue0.11%0.11%0.11%0.11%0.12%0.12%0.1%0.07%0.07%0.09%
Other Operating Expenses135.7M104.8M123.8M111.7M115.2M186.8M173.3M485.9M126M185.9M
Operating Income+274.2M282.2M715.5M858.3M632.5M348.7M1.29B2.36B2.54B1.77B
Operating Margin %0.08%0.07%0.13%0.15%0.11%0.07%0.19%0.28%0.31%0.25%
Operating Income Growth %0.02%0.03%1.54%0.2%-0.26%-0.45%2.69%0.83%0.08%-0.3%
EBITDA+631.8M646.3M1.2B1.37B1.23B973.8M1.88B2.91B3.15B2.41B
EBITDA Margin %0.18%0.17%0.22%0.23%0.22%0.19%0.28%0.35%0.38%0.34%
EBITDA Growth %0.17%0.02%0.85%0.14%-0.1%-0.21%0.93%0.55%0.08%-0.23%
D&A (Non-Cash Add-back)357.6M364.1M481.9M508.7M593.1M625.1M596.7M551.8M609.5M642.9M
EBIT269.5M325.9M688.7M883.2M424.9M345M1.29B2.46B2.61B1.9B
Net Interest Income+-48.6M-140.8M-138.2M-122.1M-138.1M-163.5M-129M-79.4M18.3M49.1M
Interest Income1.1M4.5M3M6.1M10.2M4.9M1.4M15.5M93.1M111.4M
Interest Expense49.7M145.3M141.2M128.2M148.3M168.4M130.4M94.9M74.8M62.3M
Other Income/Expense-54.4M-101.6M-168M-103.3M-355.9M-172.1M-129.8M2.2M-2.9M69.7M
Pretax Income+219.8M180.6M547.5M755M276.6M176.6M1.16B2.36B2.54B1.84B
Pretax Margin %0.06%0.05%0.1%0.13%0.05%0.03%0.17%0.28%0.31%0.26%
Income Tax+10.8M-3.9M-265.5M125.1M62.7M-59.8M146.6M458.4M350.2M262.8M
Effective Tax Rate %0.94%1.01%1.48%0.83%0.77%1.33%0.87%0.81%0.86%0.86%
Net Income+206.2M182.1M810.7M627.4M211.7M234.2M1.01B1.9B2.18B1.57B
Net Margin %0.06%0.05%0.15%0.11%0.04%0.04%0.15%0.23%0.26%0.22%
Net Income Growth %0.09%-0.12%3.45%-0.23%-0.66%0.11%3.31%0.88%0.15%-0.28%
Net Income (Continuing)209M184.5M813M629.9M213.9M236.4M1.01B1.9B2.19B1.57B
Discontinued Operations0000000000
Minority Interest23.7M21.8M22.2M22.5M22.4M19.6M19M18.5M18M18.1M
EPS (Diluted)+0.480.431.891.440.510.562.274.254.893.63
EPS Growth %0.09%-0.1%3.4%-0.24%-0.65%0.1%3.05%0.87%0.15%-0.26%
EPS (Basic)0.490.441.921.480.520.572.374.395.073.68
Diluted Shares Outstanding427.8M420M428.3M435.9M416M418.8M443.8M448.2M446.8M432.7M
Basic Shares Outstanding421.2M415.2M421.9M423.8M410.9M410.7M425.7M433.2M430.7M427.4M
Dividend Payout Ratio----------

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+1.89B2.87B2.93B3.17B3.02B3.18B3.78B5.73B5.91B6.75B
Cash & Short-Term Investments617.6M1.03B949.2M1.07B894.2M1.08B1.35B2.92B2.48B2.99B
Cash Only617.6M1.03B949.2M1.07B894.2M1.08B1.35B2.92B2.48B2.69B
Short-Term Investments000000000300M
Accounts Receivable426.4M629.8M701.5M686M705M676M809.4M842.3M935.4M1.16B
Days Sales Outstanding44.5258.8446.1942.646.6346.9543.8336.9241.3759.79
Inventory750.4M1.03B1.09B1.23B1.23B1.25B1.38B1.62B2.11B2.24B
Days Inventory Outstanding118.95144.27113.38122.87126.92129.06125.08138.89176.41211.66
Other Current Assets97.1M181M193M187M188.4M176M240.1M351.3M382.1M358.6M
Total Non-Current Assets+1.98B4.06B4.26B4.42B5.41B5.48B5.83B6.25B7.3B7.34B
Property, Plant & Equipment1.27B2.16B2.28B2.55B2.59B2.51B2.55B3.5B4.44B4.4B
Fixed Asset Turnover2.74x1.81x2.43x2.31x2.13x2.09x2.65x2.38x1.86x1.61x
Goodwill270.6M930.1M916.9M932.5M1.66B1.66B1.94B1.58B1.58B1.59B
Intangible Assets325.8M762.1M628.3M566.4M590.5M469M484.1M359.7M299.3M257.9M
Long-Term Investments0000000000
Other Non-Current Assets63.1M70.5M98.5M105.1M256.4M410.2M498.3M438.6M381.3M360.2M
Total Assets+3.87B6.92B7.2B7.59B8.43B8.67B9.63B11.98B13.22B14.09B
Asset Turnover0.90x0.56x0.77x0.77x0.65x0.61x0.70x0.70x0.62x0.50x
Asset Growth %0.01%0.79%0.04%0.05%0.11%0.03%0.11%0.24%0.1%0.07%
Total Current Liabilities+1.24B1.5B1.41B1.47B1.82B1.68B1.54B2.06B2.18B1.33B
Accounts Payable337.7M434M548M671.7M543.6M572.9M635.1M852.1M725.6M574.5M
Days Payables Outstanding53.5360.7857.0367.3655.9859.0857.5973.260.6154.24
Short-Term Debt543.4M553.8M248.1M138.5M736M531.6M160.7M147.8M794M0
Deferred Revenue (Current)1000K1000K0000001000K1000K
Other Current Liabilities120.4M219.7M381.1M380.1M362.9M377.7M425.9M491.4M354.4M502.2M
Current Ratio1.53x1.91x2.08x2.16x1.66x1.89x2.45x2.78x2.71x5.06x
Quick Ratio0.92x1.22x1.31x1.32x0.98x1.15x1.56x2.00x1.74x3.38x
Cash Conversion Cycle109.94142.33102.5498.1117.57116.93111.33102.61157.16217.21
Total Non-Current Liabilities+998.4M3.58B2.99B2.92B3.28B3.44B3.48B3.71B3.23B3.94B
Long-Term Debt850.5M3.07B2.7B2.63B2.88B2.96B2.91B3.05B2.54B3.35B
Capital Lease Obligations00000010.2M23M22.4M20.7M
Deferred Tax Liabilities0288.9M55.1M54.8M60.2M57.3M43.2M34.1M38.7M37.6M
Other Non-Current Liabilities130.6M219.4M226.4M241.8M346.3M418.4M510.9M607.3M627.3M536.3M
Total Liabilities2.24B5.08B4.39B4.39B5.1B5.11B5.02B5.77B5.41B5.28B
Total Debt+1.39B3.62B2.95B2.77B3.61B3.49B3.1B3.23B3.36B3.37B
Net Debt776.3M2.59B2B1.7B2.72B2.41B1.74B311.7M876.8M675.6M
Debt / Equity0.85x1.96x1.05x0.87x1.09x0.98x0.67x0.52x0.43x0.38x
Debt / EBITDA2.21x5.60x2.47x2.02x2.95x3.59x1.64x1.11x1.07x1.40x
Net Debt / EBITDA1.23x4.01x1.67x1.24x2.22x2.48x0.93x0.11x0.28x0.28x
Interest Coverage5.52x1.94x5.07x6.70x4.27x2.07x9.87x24.87x33.94x28.37x
Total Equity+1.63B1.84B2.8B3.19B3.32B3.56B4.6B6.21B7.8B8.81B
Equity Growth %-0.01%0.13%0.52%0.14%0.04%0.07%0.29%0.35%0.26%0.13%
Book Value per Share3.814.396.547.337.998.5010.3713.8517.4620.37
Total Shareholders' Equity1.61B1.82B2.78B3.17B3.3B3.54B4.59B6.19B7.78B8.8B
Common Stock5.3M5.4M5.5M5.6M5.7M5.7M6M6.1M6.2M6.2M
Retained Earnings-709.4M-527.3M351.5M979.6M1.19B1.43B2.44B4.36B6.55B8.12B
Treasury Stock-1.07B-1.08B-1.13B-1.48B-1.65B-1.97B-2.45B-2.83B-3.94B-4.64B
Accumulated OCI-42.3M-50.2M-40.6M-37.9M-54.3M-57.6M-40.6M-23.2M-45.2M-62.4M
Minority Interest23.7M21.8M22.2M22.5M22.4M19.6M19M18.5M18M18.1M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+470.6M581.1M1.09B1.27B694.7M884.3M1.78B2.63B1.98B1.91B
Operating CF Margin %0.13%0.15%0.2%0.22%0.13%0.17%0.26%0.32%0.24%0.27%
Operating CF Growth %-0.02%0.23%0.88%0.16%-0.45%0.27%1.02%0.48%-0.25%-0.04%
Net Income209M184.5M813M629.9M213.9M236.4M1.01B1.9B2.19B1.57B
Depreciation & Amortization357.6M364.1M481.9M508.7M593.1M625.1M596.7M551.8M609.5M642.9M
Stock-Based Compensation46.9M56.1M69.8M78.3M79.4M67.7M101.3M100.8M121.1M136.1M
Deferred Taxes-9.2M-38.1M-348.3M69.2M11.2M-122.6M62.4M3.1M-127.7M-129.6M
Other Non-Cash Items70.4M-8.5M104.8M57.8M63.8M76.4M69.3M324M51.7M64.4M
Working Capital Changes-204.1M23M-27M-69.7M-266.7M1.3M-58.9M-250.4M-862.7M-382M
Change in Receivables-11.3M28.1M-57.9M-2.7M4.7M31.4M-136.3M-47.8M-112.8M-244.3M
Change in Inventory-72.5M-7.9M-59.9M-129.5M34.6M-26.3M-122.8M-235.2M-495.2M-129.6M
Change in Payables-32.2M42.4M51.8M44.8M-79.9M34.2M70.7M38.2M-91.7M-62.5M
Cash from Investing+-264.5M-2.43B-364.5M-548.9M-1.51B-453.6M-915.1M-705.4M-1.74B-1.01B
Capital Expenditures-272.2M-212.9M-387.5M-514.8M-534.6M-383.6M-492M-1.04B-1.54B-694M
CapEx % of Revenue0.08%0.05%0.07%0.09%0.1%0.07%0.07%0.12%0.19%0.1%
Acquisitions----------
Investments----------
Other Investing31.5M-43.5M5.1M53M-93.5M-91.5M14M59.1M4M4.7M
Cash from Financing+-99.8M2.26B-810.9M-605.1M623.1M-244M-569.4M-370M-686.5M-683.8M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000000
Share Repurchases----------
Other Financing-144M-23.4M-178.6M-33.8M-75.4M-36.3M-203.5M-91.6M-496.9M-52.7M
Net Change in Cash----------
Free Cash Flow+198.4M368.2M706.7M759.4M60.1M400.7M1.29B1.6B438.4M1.21B
FCF Margin %0.06%0.09%0.13%0.13%0.01%0.08%0.19%0.19%0.05%0.17%
FCF Growth %-0.28%0.86%0.92%0.07%-0.92%5.67%2.22%0.24%-0.73%1.77%
FCF per Share0.460.881.651.740.140.962.913.560.982.80
FCF Conversion (FCF/Net Income)2.28x3.19x1.35x2.03x3.28x3.78x1.77x1.38x0.91x1.21x
Interest Paid28.4M106.7M92.1M80M0096.9M80.7M73.2M62.7M
Taxes Paid20M27.3M67.8M53.2M0088.2M443.2M428.2M347.5M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)12.55%10.47%34.9%20.93%6.5%6.81%24.74%35.19%31.18%18.93%
Return on Invested Capital (ROIC)8.68%6.18%11.61%13.28%8.68%4.35%15.68%27.51%25.06%14.59%
Gross Margin34.13%33.29%36.72%38.08%35.77%32.65%40.27%48.97%47.06%45.41%
Net Margin5.9%4.66%14.63%10.67%3.84%4.46%14.98%22.85%26.46%22.21%
Debt / Equity0.85x1.96x1.05x0.87x1.09x0.98x0.67x0.52x0.43x0.38x
Interest Coverage5.52x1.94x5.07x6.70x4.27x2.07x9.87x24.87x33.94x28.37x
FCF Conversion2.28x3.19x1.35x2.03x3.28x3.78x1.77x1.38x0.91x1.21x
Revenue Growth10.56%11.76%41.88%6.05%-6.13%-4.76%28.26%23.54%-0.88%-14.19%

Revenue by Segment

2015201620172018201920202021202220232024
Power Solutions Group-1.71B2.82B3.04B2.79B2.61B3.44B4.21B4.45B3.35B
Power Solutions Group Growth--65.01%7.76%-8.23%-6.53%31.96%22.36%5.72%-24.74%
Analog Solutions Group-1.48B1.95B2.07B1.97B1.91B2.4B2.84B2.49B2.61B
Analog Solutions Group Growth--31.68%6.17%-4.78%-3.14%25.62%18.39%-12.42%4.85%
Intelligent Sensing Group---768.9M757.3M738.5M900.8M1.28B1.32B1.13B
Intelligent Sensing Group Growth-----1.51%-2.48%21.98%41.73%3.04%-14.48%
Standard Products Group1.22B---------
Standard Products Group Growth----------
Automotive Industrial Medical And Mil Aero1.06B---------
Automotive Industrial Medical And Mil Aero Growth----------
Image Sensor Group717.3M---------
Image Sensor Group Growth----------
System Solutions Group506.9M---------
System Solutions Group Growth----------

Revenue by Geography

2015201620172018201920202021202220232024
Hong Kong------1.83B2.32B2.17B1.78B
Hong Kong Growth-------26.64%-6.36%-17.95%
Singapore------2.1B2.13B1.94B1.73B
Singapore Growth-------1.72%-9.14%-10.60%
United Kingdom------1.12B1.49B1.75B1.64B
United Kingdom Growth-------32.81%17.50%-6.59%
United States------931.6M1.46B1.57B1.31B
United States Growth-------57.22%7.44%-16.92%
Other------758.2M919.5M818.5M624.5M
Other Growth-------21.27%-10.98%-23.70%
Other Geographical Areas---625M655.6M609.4M----
Other Geographical Areas Growth----4.90%-7.05%----
HONG KONG874.4M1.09B1.78B-------
HONG KONG Growth-24.29%64.24%-------
SINGAPORE1.12B1.11B1.47B-------
SINGAPORE Growth--0.92%32.11%-------
UNITED STATES544.3M588.4M748.8M-------
UNITED STATES Growth-8.10%27.26%-------
UNITED KINGDOM503.2M541.1M668.8M-------
UNITED KINGDOM Growth-7.53%23.60%-------
Other Asia And Pacific171.5M245.7M444.6M-------
Other Asia And Pacific Growth-43.27%80.95%-------
JAPAN281.7M334.5M429M-------
JAPAN Growth-18.74%28.25%-------

Frequently Asked Questions

Valuation & Price

ON Semiconductor Corporation (ON) has a price-to-earnings (P/E) ratio of 16.6x. This is roughly in line with market averages.

Growth & Financials

ON Semiconductor Corporation (ON) reported $6.19B in revenue for fiscal year 2024. This represents a 80% increase from $3.44B in 2011.

ON Semiconductor Corporation (ON) saw revenue decline by 14.2% over the past year.

Yes, ON Semiconductor Corporation (ON) is profitable, generating $319.1M in net income for fiscal year 2024 (22.2% net margin).

Dividend & Returns

ON Semiconductor Corporation (ON) has a return on equity (ROE) of 18.9%. This is reasonable for most industries.

ON Semiconductor Corporation (ON) generated $1.64B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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