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ONON Semiconductor

Technology · Semiconductors · Nasdaq

ON Semiconductor Corporation, together with its wholly and majority-owned subsidiaries, which operate under the onsemiTM brand ("onsemi," "we," "us," "our," or the "Company"), was incorporated under the laws of the State of Delaware in 1992. 10-K, Item 1

Headquarters
Scottsdale, AZ
Next results
around Feb 8, 2027
Compare with peers → Embed
All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)1.71Sales (ttm)6.4BNet income (ttm)689.1MSales growth-15.3%EPS growth-92.0%Sales Q/Q+11.1%
Free cash flow1.6BGross margin38.7%Oper. margin12.3%Net margin10.8%FCF margin25.4%ROE9.1%
ROA4.9%R&D / sales9.7%Dividend-Debt/Eq0.60Curr. ratio3.55Cash4.2B
Op. cash flow (ttm)1.8BEBITDA770.2MEBITDA margin12.8%Net debt347.0MQuick ratio2.65Interest cover1.19
ROIC0.7%Tax rate5.9%Stock pay / sales2.4%Shares out.389.3MShares Y/Y-4.8%Book / share19.42
Cash / share10.68Sales / share16.36Asset turnover0.46Inventory turns2.02Days sales out.55Sales 3Y CAGR-10.4%
Sales 5Y CAGR+2.7%EPS 3Y CAGR-59.1%EPS 5Y CAGR-12.3%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Operating margin narrowed to 1.4%25.0% → 1.4% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

ON against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
ONPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
-15.3%75th of 75 · median +14.1%
Net margin
10.8%56th of 75 · median 19.1%
Return on equity
9.1%58th of 69 · median 23.9%
Free cash flow margin
25.4%34th of 71 · median 22.3%
Debt / equity (less is better)
0.6038th of 61 · median 0.46
ON and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
ON ON Semiconductor$6.4B -15.3%38.7%10.8%9.1%25.4%0.60
KEYS Keysight Technologies$6.6B +8.0%64.7%19.1%19.2%22.3%0.38
TDY Teledyne Technologies$6.5B +7.9%43.6%15.8%9.2%17.6%0.18
IT Gartner$6.4B +3.7%70.6%14.8%---
ZBRA Zebra Technologies$6.1B +8.3%48.9%9.8%16.9%16.1%0.72
CDNS Cadence Design Systems$6.1B +14.1%-22.5%20.1%28.8%0.36

From $6.7B of sales to $1.0B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.7BRevenue to Cost of revenue: $4.0BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $1.4BOperating profit to Net profit: $1.0BOperating profit to Tax & other: $278.0MOperating expenses to R&D: $655.0MOperating expenses to Sales, admin & other: $771.7M Revenue: $6.7B Revenue$6.7B +28% Y/Y Gross profit: $2.7B · 40% margin Gross profit$2.7B40% margin +58% Y/Y Cost of revenue: $4.0B · 60% of revenue Cost of revenue$4.0B60% of revenue Operating profit: $1.3B · 19% margin Operating profit$1.3B19% margin +269% Y/Y Operating expenses: $1.4B · 21% of revenue Operating expenses$1.4B21% of revenue Net profit: $1.0B · 15% margin Net profit$1.0B15% margin +331% Y/Y Tax & other: $278.0M · 4% of revenue Tax & other$278.0M4% of revenue R&D: $655.0M · 10% of revenue R&D$655.0M10% of revenue Sales, admin & other: $771.7M · 11% of revenue Sales, admin & other$771.7M11% of revenue

Swipe sideways for the whole flow →

From $8.3B of sales to $1.9B of profit

FY2022, from the 10-K income statement and revenue by segment
PSG to Revenue: $3.5BAMG to Revenue: $3.6BISG to Revenue: $1.3BRevenue to Gross profit: $4.1BRevenue to Cost of revenue: $4.2BGross profit to Operating profit: $2.4BGross profit to Operating expenses: $1.7BOperating profit to Net profit: $1.9BOperating profit to Tax: $457.8MOperating expenses to R&D: $600.2MOperating expenses to Sales, admin & other: $1.1B PSG: $3.5B · 42% PSG$3.5B42% AMG: $3.6B · 43% AMG$3.6B43% ISG: $1.3B · 15% ISG$1.3B15% Revenue: $8.3B Revenue$8.3B +24% Y/Y Gross profit: $4.1B · 49% margin Gross profit$4.1B49% margin +50% Y/Y Cost of revenue: $4.2B · 51% of revenue Cost of revenue$4.2B51% of revenue Operating profit: $2.4B · 28% margin Operating profit$2.4B28% margin +83% Y/Y Operating expenses: $1.7B · 21% of revenue Operating expenses$1.7B21% of revenue Net profit: $1.9B · 23% margin Net profit$1.9B23% margin +88% Y/Y Tax: $457.8M · 5% of revenue Tax$457.8M5% of revenue R&D: $600.2M · 7% of revenue R&D$600.2M7% of revenue Sales, admin & other: $1.1B · 13% of revenue Sales, admin & other$1.1B13% of revenue

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From $8.3B of sales to $2.2B of profit

FY2023, from the 10-K income statement and revenue by segment
PSG to Revenue: $3.9BAMG to Revenue: $3.1BISG to Revenue: $1.3BRevenue to Gross profit: $3.9BRevenue to Cost of revenue: $4.4BGross profit to Operating profit: $2.5BGross profit to Operating expenses: $1.3BOperating profit to Net profit: $2.2BOperating profit to Tax & other: $355.0MOperating expenses to R&D: $577.3MOperating expenses to Sales, admin & other: $767.5M PSG: $3.9B · 47% PSG$3.9B47% AMG: $3.1B · 37% AMG$3.1B37% ISG: $1.3B · 16% ISG$1.3B16% Revenue: $8.3B Revenue$8.3B −1% Y/Y Gross profit: $3.9B · 47% margin Gross profit$3.9B47% margin −5% Y/Y Cost of revenue: $4.4B · 53% of revenue Cost of revenue$4.4B53% of revenue Operating profit: $2.5B · 31% margin Operating profit$2.5B31% margin +8% Y/Y Operating expenses: $1.3B · 16% of revenue Operating expenses$1.3B16% of revenue Net profit: $2.2B · 26% margin Net profit$2.2B26% margin +15% Y/Y Tax & other: $355.0M · 4% of revenue Tax & other$355.0M4% of revenue R&D: $577.3M · 7% of revenue R&D$577.3M7% of revenue Sales, admin & other: $767.5M · 9% of revenue Sales, admin & other$767.5M9% of revenue

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From $7.1B of sales to $1.6B of profit

FY2024, from the 10-K income statement and revenue by segment
PSG to Revenue: $3.3BAMG to Revenue: $2.6BISG to Revenue: $1.1BRevenue to Gross profit: $3.2BRevenue to Cost of revenue: $3.9BGross profit to Operating profit: $1.8BGross profit to Operating expenses: $1.4BOperating profit to Net profit: $1.6BOperating profit to Tax & other: $194.9MOperating expenses to R&D: $612.7MOperating expenses to Sales, admin & other: $835.7M PSG: $3.3B · 47% PSG$3.3B47% AMG: $2.6B · 37% AMG$2.6B37% ISG: $1.1B · 16% ISG$1.1B16% Revenue: $7.1B Revenue$7.1B −14% Y/Y Gross profit: $3.2B · 45% margin Gross profit$3.2B45% margin −17% Y/Y Cost of revenue: $3.9B · 55% of revenue Cost of revenue$3.9B55% of revenue Operating profit: $1.8B · 25% margin Operating profit$1.8B25% margin −30% Y/Y Operating expenses: $1.4B · 20% of revenue Operating expenses$1.4B20% of revenue Net profit: $1.6B · 22% margin Net profit$1.6B22% margin −28% Y/Y Tax & other: $194.9M · 3% of revenue Tax & other$194.9M3% of revenue R&D: $612.7M · 9% of revenue R&D$612.7M9% of revenue Sales, admin & other: $835.7M · 12% of revenue Sales, admin & other$835.7M12% of revenue

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From $6.0B of sales to $121.0M of profit

FY2025, from the 10-K income statement and revenue by segment
PSG to Revenue: $2.8BAMG to Revenue: $2.3BISG to Revenue: $928.4MRevenue to Gross profit: $2.0BRevenue to Cost of revenue: $4.0BGross profit to Operating profit: $84.2MGross profit to Operating expenses: $1.9BOperating profit to Net profit: $76.5MOperating profit to Tax: $7.7MOther income to Net profit: $44.5MOperating expenses to R&D: $583.6MOperating expenses to Sales, admin & other: $1.3B PSG: $2.8B · 47% PSG$2.8B47% AMG: $2.3B · 38% AMG$2.3B38% ISG: $928.4M · 15% ISG$928.4M15% Revenue: $6.0B Revenue$6.0B −15% Y/Y Gross profit: $2.0B · 33% margin Gross profit$2.0B33% margin −38% Y/Y Cost of revenue: $4.0B · 67% of revenue Cost of revenue$4.0B67% of revenue Operating profit: $84.2M · 1% margin Operating profit$84.2M1% margin −95% Y/Y Other income: $44.5M · 1% of revenue Other income$44.5M1% of revenue Operating expenses: $1.9B · 32% of revenue Operating expenses$1.9B32% of revenue Net profit: $121.0M · 2% margin Net profit$121.0M2% margin −92% Y/Y Tax: $7.7M · 0% of revenue Tax$7.7M0% of revenue R&D: $583.6M · 10% of revenue R&D$583.6M10% of revenue Sales, admin & other: $1.3B · 22% of revenue Sales, admin & other$1.3B22% of revenue

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Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Costs, tax, other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 4
  • !
    Net margin below the peer median10.8% vs 19.1%
  • ✓
    Gross margin up over 5 years32.7% → 33.1%
  • !
    Return on equity below 15%9.1%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 4.7% → 2.0%

Balance sheet

3 of 4
  • !
    Interest covered less than 5 timesOperating income is 1.2× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.60 on the latest balance sheet (peer median 0.46)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 3.55
  • ✓
    More cash than debtNet cash $53.0M
Debt / equity at each year end, FY2016 to FY2025: 2.09 → 0.39
What the debt is made of ↓

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$1.4B last year
  • ✓
    Share count down over 5 years−1.7%
  • ✓
    Cash from operations above net income$1.8B vs $121.0M
Free cash flow, FY2016 to FY2025: 370.4M → 1.4B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Oct 2, 2026
Debt: $4.5B Debt$4.5B Long-term debt: $3.7B · 82% Long-term debt$3.7B · 82% Due within a year: $802.8M · 18% Due within a year$802.8M · 18% Year 2: $700.0M · 16% Year 2$700.0M · 16% Year 3: $1.5B · 33% Year 3$1.5B · 33%

The debt note's own lines, 2025-12-31

Line, as the company names itKindRateFixed or floatingAmount
0.50% Notes (Convertible Debt)Convertible0.50%not stated$1.5B
0% Notes (Convertible Debt)Convertible–not stated$804.9M
3.875% Notes (Notes Payable Other Payables)Notes and bonds3.88%not stated$700.0M

From the debt note in the 10-K's XBRL (0001097864-26-000006), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 6.0B Net income 121.0M
FY2016 revenue 3.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-19-045025 FY2016 net income 182.1M · NetIncomeLoss, 0001193125-19-045025 3.9B FY2016 FY2017 revenue 5.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001193125-20-041751 FY2017 net income 810.7M · NetIncomeLoss, 0001193125-20-041751 5.5B FY2017 FY2018 revenue 5.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-21-002219 FY2018 net income 627.4M · NetIncomeLoss, 0001628280-21-002219 5.9B FY2018 FY2019 revenue 5.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-22-002416 FY2019 net income 211.7M · NetIncomeLoss, 0001628280-22-002416 5.5B FY2019 FY2020 revenue 5.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-23-002350 FY2020 net income 234.2M · NetIncomeLoss, 0001628280-23-002350 5.3B FY2020 FY2021 revenue 6.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-24-003201 FY2021 net income 1.0B · NetIncomeLoss, 0001628280-24-003201 6.7B FY2021 FY2022 revenue 8.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-25-004557 FY2022 net income 1.9B · NetIncomeLoss, 0001628280-25-004557 8.3B FY2022 FY2023 revenue 8.3B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001097864-26-000006 FY2023 net income 2.2B · NetIncomeLoss, 0001097864-26-000006 8.3B FY2023 FY2024 revenue 7.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001097864-26-000006 FY2024 net income 1.6B · NetIncomeLoss, 0001097864-26-000006 7.1B FY2024 FY2025 revenue 6.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001097864-26-000006 FY2025 net income 121.0M · NetIncomeLoss, 0001097864-26-000006 6.0B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

ON's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue6.0B
FY2016: 3.9BFY2017: 5.5BFY2018: 5.9BFY2019: 5.5BFY2020: 5.3BFY2021: 6.7BFY2022: 8.3BFY2023: 8.3BFY2024: 7.1BFY2025: 6.0B FY2017FY2019FY2021FY2023FY2025
Net income121.0M
FY2016: 182.1MFY2017: 810.7MFY2018: 627.4MFY2019: 211.7MFY2020: 234.2MFY2021: 1.0BFY2022: 1.9BFY2023: 2.2BFY2024: 1.6BFY2025: 121.0M FY2017FY2019FY2021FY2023FY2025
Free cash flow1.4B
FY2016: 370.4MFY2017: 706.7MFY2018: 759.4MFY2019: 160.1MFY2020: 500.7MFY2021: 1.3BFY2022: 1.6BFY2023: 438.4MFY2024: 1.2BFY2025: 1.4B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)0.29
FY2016: 0.43FY2017: 1.89FY2018: 1.44FY2019: 0.51FY2020: 0.56FY2021: 2.27FY2022: 4.25FY2023: 4.89FY2024: 3.63FY2025: 0.29 FY2017FY2019FY2021FY2023FY2025
Diluted shares411.8M
FY2016: 420.0MFY2017: 428.3MFY2018: 435.9MFY2019: 416.0MFY2020: 418.8MFY2021: 443.8MFY2022: 448.2MFY2023: 446.8MFY2024: 432.7MFY2025: 411.8M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
PSG 2.8B46.8% -16.2%
AMG 2.3B37.7% -13.3%
ISG 928.4M15.5% -17.5%

10-K 0001097864-26-000006, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
Hong Kong 1.6B27.3% -8.1%
United Kingdom 1.3B22.5% -17.8%
Singapore 1.3B20.9% -27.7%
United States 1.2B20.5% -5.9%
Other 530.6M8.9% -15.0%

10-K 0001097864-26-000006, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue3.9B5.5B5.9B5.5B5.3B6.7B8.3B8.3B7.1B6.0B
Cost of revenue2.6B3.5B3.6B3.5B3.5B4.0B4.2B4.4B3.9B4.0B
Gross profit1.3B2.0B2.2B2.0B1.7B2.7B4.1B3.9B3.2B2.0B
R&D446.8M594.7M650.7M640.9M642.9M655.0M600.2M577.3M612.7M583.6M
SG&A230.0M285.0M293.3M284.0M258.7M304.8M343.2M362.4M376.3M348.9M
Operating income246.8M681.6M847.2M432.7M348.7M1.3B2.4B2.5B1.8B84.2M
Interest expense145.3M141.2M128.2M148.3M168.4M130.4M94.9M74.8M62.3M70.9M
Pretax income180.6M547.5M755.0M276.6M176.6M1.2B2.4B2.5B1.8B131.3M
Income tax-3.9M-265.5M125.1M62.7M-59.8M146.6M458.4M350.2M262.8M7.7M
Net income182.1M810.7M627.4M211.7M234.2M1.0B1.9B2.2B1.6B121.0M
EPS (diluted)0.431.891.440.510.562.274.254.893.630.29
Diluted shares420.0M428.3M435.9M416.0M418.8M443.8M448.2M446.8M432.7M411.8M
Depreciation & amortization364.1M481.9M508.7M593.1M625.1M596.7M551.8M609.5M642.9M686.0M
EBITDA610.9M1.2B1.4B1.0B973.8M1.9B2.9B3.1B2.4B770.2M
Gross margin33.3%36.7%38.1%35.8%32.7%40.3%49.0%47.1%45.4%33.1%
Operating margin6.3%12.3%14.4%7.8%6.6%19.1%28.3%30.8%25.0%1.4%
Net margin4.7%14.6%10.7%3.8%4.5%15.0%22.8%26.5%22.2%2.0%
Revenue growth-+41.9%+6.0%-6.1%-4.8%+28.3%+23.5%-0.9%-14.2%-15.3%
EPS growth-+340%-23.8%-64.6%+9.8%+305%+87.2%+15.1%-25.8%-92.0%

Cash flow

From EDGAR

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)56.1M69.8M78.3M79.4M67.7M101.3M100.8M121.1M136.1M144.3M
Stock-based pay / revenue1.4%1.3%1.3%1.4%1.3%1.5%1.2%1.5%1.9%2.4%
Operating lease cost---35.0M38.2M39.7M47.8M48.0M54.7M77.8M
Operating lease cash paid---37.6M36.9M42.1M42.5M45.7M44.2M56.2M
Finance lease principal paid--3.6M800K0011.5M15.3M2.2M1.7M
Right-of-use assets--112.3M110.2M136.3M170.1M262.1M247.3M249.7M200.8M
Operating lease liabilities--117.4M114.0M147.9M174.9M281.7M264.0M276.2M248.4M
Finance lease liabilities---100K022.9M37.2M23.2M21.0M24.3M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on ON in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/ON/export.csv") into a cell.