ON Semiconductor (ON) stock
Information Technology · Semiconductors
ON Semiconductor (ON) is a Semiconductors company in the Information Technology sector, headquartered in Phoenix, Arizona. As of October 23, 2026, ON closed at $72.25, a market capitalization of $28.13 billion, the 333rd largest company in the S&P 500. Over the last twelve months it generated $6.20 billion in revenue (+9% year over year) and $1.50 billion in free cash flow. The stock trades at 46.6x trailing earnings and 15.8x forward earnings.
- 1-year total return: +39.5% (dividends reinvested)
- 5-year return: +9.5% a year
- 52-week range: $44.56 – $134.92
- Gross margin 42.8%, operating margin 19.5%
- FI Handbook report card: B- across 10 metrics
- 59th largest of 75 Information Technology stocks in the S&P 500
ON price chart
1Y price change: +39.5% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| ON | -2.5% | +33.4% | +39.5% | -4.8% | +9.5% | +19.8% | +4.3% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2000.
ON key statistics
- Market cap
- $28.1B
- #333 in S&P 500
- P/E (TTM)
- 46.6x
- Forward P/E
- 15.8x
- EPS (TTM)
- $1.55
- Revenue (TTM)
- $6.2B
- +9%
- Free cash flow
- $1.5B
- Gross margin
- 42.8%
- Operating margin
- 19.5%
- Return on equity
- 8.3%
- Dividend yield
- None
- 52-week range
- $44.56 – $134.92
- Beta
- 2.05
- Price / sales
- 4.5x
- EV / EBITDA
- 13.9x
- Debt / equity
- 0.65x
- Employees
- 22,600
ON report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth9.2%C
- Gross margin42.8%B
- Operating margin19.5%C
- FCF margin24.2%B
- Return on equity8.3%D
- Net debt / EBITDA0.4xB
- Forward P/E15.8xB
- PEG ratio0.2xA
- Shareholder yield4.9%B
- Share count change / yr-0.3%C
ON Semiconductor financials
Revenue went from $3.9B in fiscal 2016 to $6.0B in fiscal 2025, growing 4.9% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.9B | $5.5B | $5.9B | $5.5B | $5.3B | $6.7B | $8.3B | $8.3B | $7.1B | $6.0B |
| Gross profit | $1.3B | $2.0B | $2.2B | $2.0B | $1.7B | $2.7B | $4.1B | $3.9B | $3.2B | $2.0B |
| Operating income | $246.8M | $681.6M | $847.2M | $432.7M | $348.7M | $1.3B | $2.4B | $2.5B | $1.8B | $84.2M |
| Net income | $182.1M | $810.7M | $627.4M | $211.7M | $234.2M | $1.0B | $1.9B | $2.2B | $1.6B | $121.0M |
| EPS (diluted) | $0.43 | $1.89 | $1.44 | $0.51 | $0.56 | $2.27 | $4.25 | $4.89 | $3.63 | $0.29 |
| Free cash flow | $370.4M | $706.7M | $759.4M | $160.1M | $500.7M | $1.3B | $1.6B | $438.4M | $1.2B | $1.4B |
| Buybacks | $0 | $25.0M | $315.3M | $139.0M | $65.4M | $0 | $259.8M | $564.2M | $654.1M | $1.4B |
| Diluted shares | 420.0M | 428.3M | 435.9M | 416.0M | 418.8M | 443.8M | 448.2M | 446.8M | 432.7M | 411.8M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into ON?
A reverse DCF asks what growth the current price requires. With an enterprise value of $29.0B and $1.5B of trailing free cash flow, ON Semiconductor needs to grow free cash flow about 9.7% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 23.2% a year over the last five years.
P/E ratio history
Current 249.1x vs. median 26.5x (10th–90th percentile 11.8x–206.5x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
ON analyst price targets
27 analysts' average 12-month target is $102.00 (+41% vs. $72.25). Targets range from $75.00 to $137.00. 48% rate it a buy.
ON earnings
Next report: November 2, 2026. ON Semiconductor has beaten EPS estimates 4 quarters in a row. Last quarter's revenue was $1.6B (+9% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 3, 2026 | $0.72 | $0.74 | +3.5% |
| May 4, 2026 | $0.62 | $0.64 | +4.1% |
| Feb 9, 2026 | $0.62 | $0.64 | +2.5% |
| Nov 3, 2025 | $0.59 | $0.63 | +6.6% |
| Aug 4, 2025 | $0.53 | $0.53 | -0.4% |
| May 5, 2025 | $0.50 | $0.55 | +9.6% |
| Feb 10, 2025 | $0.97 | $0.95 | -2.4% |
| Oct 28, 2024 | $0.97 | $0.99 | +2.4% |
Stocks like ON
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 NVDA NVIDIA | -0.59% | +16% | $5.1T | 26.7x | Compare |
 AVGO Broadcom | -0.48% | -6% | $1.5T | 42.9x | Compare |
 MU Micron Technology | +2.46% | +325% | $992.9B | 11.8x | Compare |
 AMD Advanced Micro Devices | +1.74% | +120% | $843.6B | 131.8x | Compare |
 INTC Intel | +1.72% | +128% | $459.7B | — | Compare |
 TXN Texas Instruments | +1.86% | +70% | $260.0B | 36.9x | Compare |
 MRVL Marvell Technology | +2.26% | +177% | $205.4B | 75.2x | Compare |
 ADI Analog Devices | +1.38% | +63% | $189.5B | 46.4x | Compare |
ON news
- Can Analyst Optimism Change The Bull Case For ON Semiconductor (ON)? · Oct 22, 2026
- ON Semiconductor Corp. (ON) Rises Higher Than Market: Key Facts · Oct 21, 2026
- One Semiconductor Stock That Could Surprise Investors in 2027 · Oct 21, 2026
- ON Semiconductor Corp. (ON) Outpaces Stock Market Gains: What You Should Know · Oct 19, 2026
- Investors Heavily Search ON Semiconductor Corporation (ON): Here is What You Need to Know · Oct 19, 2026
ON stock FAQ
What is ON's market cap?
ON Semiconductor's market capitalization is $28.13 billion as of October 23, 2026, ranking 333rd in the S&P 500.
What is ON's P/E ratio?
ON trades at a trailing price-to-earnings ratio of 46.6x and a forward P/E of 15.8x. Its median P/E over the period we track is 26.5x.
Does ON pay a dividend?
No. ON Semiconductor does not currently pay a regular cash dividend.
How much has ON stock returned?
Including reinvested dividends, ON returned +39.5% over one year, +9.5% a year over five years, +19.8% a year over ten years through October 23, 2026.
Is ON stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies ON Semiconductor must grow free cash flow about 10% a year for the next decade. Its free cash flow grew 23% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the ON price target?
27 analysts cover ON with an average 12-month price target of $102.00, +41% from the current price. 48% of them rate it a buy.
When does ON report earnings?
ON Semiconductor is expected to report earnings on November 2, 2026. It has beaten EPS estimates 4 quarters in a row.
How many employees does ON Semiconductor have?
ON Semiconductor has about 22,600 full-time employees, or $274,239 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology