Latest Ratios: P/E Ratio 36.5x · EV/EBITDA 16.1x · ROE 1.5%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $24.6B | $22.3B | $27.3B | $37.3B | $28.0B | $30.1B | $13.7B | $10.1B | $7.2B | $9.0B | $5.4B |
| Enterprise Value | $26.0B | $23.6B | $28.0B | $38.2B | $28.3B | $31.9B | $16.1B | $12.9B | $8.9B | $11.0B | $8.0B |
| P/E Ratio → | 36.50 | 186.72 | 17.37 | 17.08 | 14.68 | 29.92 | 58.45 | 47.80 | 11.47 | 11.08 | 29.67 |
| P/S Ratio | 3.87 | 3.72 | 3.85 | 4.52 | 3.36 | 4.47 | 2.61 | 1.84 | 1.22 | 1.62 | 1.37 |
| P/B Ratio | 3.39 | 2.90 | 3.10 | 4.78 | 4.50 | 6.55 | 3.85 | 3.05 | 2.25 | 3.20 | 2.90 |
| P/FCF | 15.24 | 15.72 | 22.50 | 85.13 | 17.50 | 23.37 | 34.21 | 168.75 | 9.48 | 12.69 | 14.56 |
| P/OCF | 14.00 | 12.67 | 14.31 | 18.87 | 10.62 | 16.92 | 15.50 | 14.60 | 5.65 | 8.20 | 9.22 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.94 | 3.95 | 4.63 | 3.39 | 4.73 | 3.07 | 2.33 | 1.51 | 1.98 | 2.04 |
| EV / EBITDA | 16.08 | 30.67 | 11.60 | 12.13 | 9.71 | 16.92 | 16.55 | 10.49 | 6.51 | 9.16 | 12.31 |
| EV / EBIT | 308.31 | 116.81 | 14.72 | 14.63 | 11.50 | 24.75 | 46.72 | 30.27 | 10.07 | 15.93 | 24.40 |
| EV / FCF | — | 16.65 | 23.06 | 87.13 | 17.70 | 24.72 | 40.22 | 213.98 | 11.71 | 15.52 | 21.60 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 33.1% | 33.1% | 45.4% | 47.1% | 49.0% | 40.3% | 32.7% | 35.8% | 38.1% | 36.7% | 33.3% |
| Operating Margin | 1.4% | 1.4% | 25.0% | 30.8% | 28.3% | 19.1% | 6.6% | 11.5% | 14.6% | 12.9% | 7.2% |
| Net Profit Margin | 2.0% | 2.0% | 22.2% | 26.5% | 22.8% | 15.0% | 4.5% | 3.8% | 10.7% | 14.6% | 4.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.5% | 1.5% | 18.9% | 31.2% | 35.2% | 24.7% | 6.8% | 6.5% | 20.9% | 34.9% | 10.5% |
| ROA | 0.9% | 0.9% | 11.5% | 17.3% | 17.6% | 11.0% | 2.7% | 2.6% | 8.5% | 11.5% | 3.4% |
| ROIC | 0.7% | 0.7% | 14.6% | 25.1% | 27.5% | 15.7% | 4.4% | 8.7% | 13.3% | 11.6% | 6.2% |
| ROCE | 0.7% | 0.7% | 14.9% | 24.2% | 26.2% | 17.1% | 5.1% | 9.9% | 14.4% | 12.8% | 7.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.45 | 0.45 | 0.38 | 0.43 | 0.52 | 0.67 | 0.98 | 1.09 | 0.87 | 1.05 | 1.96 |
| Debt / EBITDA | 4.50 | 4.50 | 1.40 | 1.07 | 1.11 | 1.64 | 3.59 | 2.95 | 2.02 | 2.47 | 5.60 |
| Net Debt / Equity | — | 0.17 | 0.08 | 0.11 | 0.05 | 0.38 | 0.68 | 0.82 | 0.53 | 0.71 | 1.41 |
| Net Debt / EBITDA | 1.71 | 1.71 | 0.28 | 0.28 | 0.11 | 0.93 | 2.48 | 2.22 | 1.24 | 1.67 | 4.01 |
| Debt / FCF | — | 0.93 | 0.56 | 2.00 | 0.20 | 1.35 | 6.02 | 45.23 | 2.23 | 2.83 | 7.05 |
| Interest Coverage | 2.85 | 2.85 | 30.49 | 34.90 | 25.89 | 9.88 | 2.05 | 2.87 | 6.89 | 4.88 | 2.24 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.52 | 4.52 | 5.06 | 2.71 | 2.78 | 2.45 | 1.89 | 1.66 | 2.16 | 2.08 | 1.91 |
| Quick Ratio | 2.98 | 2.98 | 3.38 | 1.74 | 2.00 | 1.56 | 1.15 | 0.98 | 1.32 | 1.31 | 1.22 |
| Cash Ratio | 1.98 | 1.98 | 2.24 | 1.14 | 1.42 | 0.88 | 0.64 | 0.49 | 0.73 | 0.67 | 0.68 |
| Asset Turnover | — | 0.48 | 0.50 | 0.62 | 0.70 | 0.70 | 0.61 | 0.65 | 0.77 | 0.77 | 0.56 |
| Inventory Turnover | 2.02 | 2.02 | 1.72 | 2.07 | 2.63 | 2.92 | 2.83 | 2.88 | 2.97 | 3.22 | 2.53 |
| Days Sales Outstanding | — | 58.16 | 59.79 | 41.37 | 36.92 | 43.83 | 46.95 | 46.63 | 42.60 | 46.19 | 58.84 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 0.5% | 5.8% | 5.9% | 6.8% | 3.3% | 1.7% | 2.1% | 8.7% | 9.0% | 3.4% |
| FCF Yield | 6.6% | 6.4% | 4.4% | 1.2% | 5.7% | 4.3% | 2.9% | 0.6% | 10.6% | 7.9% | 6.9% |
| Buyback Yield | 5.6% | 6.2% | 2.4% | 1.5% | 0.9% | 0.0% | 0.5% | 1.4% | 4.4% | 0.3% | 0.0% |
| Total Shareholder Yield | 5.6% | 6.2% | 2.4% | 1.5% | 0.9% | 0.0% | 0.5% | 1.4% | 4.4% | 0.3% | 0.0% |
| Shares Outstanding | — | $412M | $433M | $447M | $448M | $444M | $419M | $416M | $436M | $428M | $420M |
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying ON stock.
ON Semiconductor Corporation's current P/E ratio is 36.5x. The historical average is 33.2x. This places it at the 79th percentile of its historical range.
ON Semiconductor Corporation's current EV/EBITDA is 16.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.7x.
ON Semiconductor Corporation's return on equity (ROE) is 1.5%. The historical average is 8.0%.
Based on historical data, ON Semiconductor Corporation is trading at a P/E of 36.5x. This is at the 79th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ON Semiconductor Corporation has 33.1% gross margin and 1.4% operating margin.
ON Semiconductor Corporation's Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Cyclical margin recovery durability
Metrics are mathematically derived from official filings.
Trailing Multiples Distorted by Trough Earnings
Based on reported figures, ON's trailing P/E of 217.28 reflects depressed trough earnings rather than a fair market price, while the forward P/E of 19.67 implies investors are pricing in a substantial margin recovery over the coming year.
The gap between trailing and forward P/E indicates the market is capitalizing expected normalization rather than current earnings power. Compared with its own 2024 quarterly profitability, the forward multiple appears more reasonable, but it still embeds a recovery that has not yet been demonstrated across several consecutive quarters. Investors should monitor whether forward EPS guidance holds, since the current valuation depends heavily on that outcome.
Margin Recovery Remains Below Prior Peak
As reported in financial statements, ON's gross margin climbed from 20.3% in 2025Q1 to 41.4% in 2026Q3, yet it still trails the roughly 45% levels recorded throughout 2024, suggesting incomplete normalization.
Operating margin of 22.0% and net margin of 18.2% in the latest quarter show meaningful operating leverage returning as revenue stabilizes. However, the net margin remains well below the approximately 23% achieved in 2024Q3, which may indicate structural cost pressure from the fab transition or a lower product mix. Earnings power should be judged on a normalized basis rather than the latest quarter alone.
Returns Recovering From Negative Territory
Based on ON's reported quarterly ratios, ROIC improved from -4.7% in 2025Q1 to 3.5% in 2026Q3, but this remains well below the 3.2% to 3.5% range sustained across 2024, leaving capital efficiency only partially restored.
The recovery in ROIC has been driven primarily by margin expansion rather than improved asset turnover, which remains near 0.13 and stable. Returns on equity of 4.2% are modest for a capital-intensive manufacturer, suggesting the company is not yet compounding value at a high rate. The durability of this improvement depends on sustained utilization of the existing fab base.
Debt Rising Into Recovery Phase
Based on ON's reported figures, the debt-to-equity ratio increased from 0.41 in 2026Q1 to 0.62 in 2026Q3, while interest coverage recovered to 29.73x, indicating debt service remains comfortable despite the higher borrowing level.
Leverage has risen as the company rebuilt cash and funded operations, and the debt-to-EBITDA ratio of 9.17x in the latest quarter sits above the 5.5x to 6.1x range seen in 2024, which warrants monitoring. Strong interest coverage suggests near-term servicing capacity is adequate. Refinancing exposure and the cyclical nature of revenue remain the key variables to track.
Liquidity Cushion Substantially Rebuilt
According to recent SEC filings, ON's current ratio recovered to 3.55 and quick ratio to 2.61 in 2026Q3, up from 4.87 and 3.14 in 2026Q1 only in relative terms, reflecting a cash build that restores a strong short-term buffer.
A quick ratio above 2.5 indicates the company can meet current obligations without relying on inventory liquidation, which is important given the inventory-intensive manufacturing model. The decline from 2024 levels of roughly 3.0 to 3.4 quick ratio is modest and still comfortable. Under severe stress, the liquidity position would likely hold, though sustained negative cash flow would erode this cushion over time.
Trailing Metrics Mislead on Cyclical Earnings
Based on reported figures, the trailing P/E of 217.28 is the ratio most commonly misapplied to ON, since it captures a cyclical trough rather than normalized earnings power and can wrongly suggest the stock is grossly overvalued.
For a cyclical IDM with high fixed costs, earnings swing sharply with fab utilization, making trailing P/E a poor guide to value. EV/EBITDA on forward estimates or normalized mid-cycle earnings offers a more useful lens, though the depreciation base of the SiC build-out complicates EBITDA comparisons. Analysts should pair multiples with free cash flow yield, which currently reflects operating recovery more directly.