ON Semiconductor Corporation

Semiconductors · Technology

Price

$87.37

-0.75 (-0.85%)

Market Cap

$34.00B

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−7.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 443.8M (2021) → 411.8M (2025)

ON 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 se

Winston Score History

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-11.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-49.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$584M/ year

→ Flat (-5% vs prior year)

9.7% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$2.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

ON Semiconductor Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

34.9%

Modest — 34.9% gross margin

Operating Margin

16.5%

Healthy — 16.5% operating margin

ROCE

2.3%

Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-15.3%

Shrinking sales (-15.3% YoY)

EPS YoY

-90.8%

Earnings shrinking (-90.8% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

1454%

Turns 1454% of profit into real cash

FCF Margin

20.7%

Converts sales into free cash efficiently (20.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.42

Conservative — low debt load (0.42)

Interest Cover

1.93x

Dangerous — barely covers interest (1.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

257.0x

Expensive — P/E 257.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+227.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (257.0 → 29.6)

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Dividends

Not applicable for this business.

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