ON Semiconductor (ON)
Forward P/E 19.42x is 1.25x the peer median of 15.59x — a premium above the 1.15x level — while latest-quarter revenue grew only +9.2% year over year (PRIMARY/EDGAR), far behind its semiconductor cluster, so delivered growth does not pay for the premium. Trailing P/E 48.50x shows recent earnings were trough-level, and PEG 0.58 reflects an expected earnings recovery rather than current growth. Delivered demand check: the cluster median grew +36.5% year over year — demand rising across semiconductors, which makes ON's own +9.2% a company-specific lag, not a sector excuse.
What would change this label: Moves to FAIRLY PRICED if revenue growth accelerates to +20% or better year over year, closing the gap to the semiconductor cluster, or the price falls enough to bring forward P/E to about 17.9x (1.15x the peer median) or below. Moves toward UNDERVALUED only on evidence, not hope: two consecutive quarters of +20% growth at a forward P/E below about 14x (0.90x the peer median).
ON Semiconductor makes chips for cars and factories. Its sales grew only about 9% while other chip companies grew much faster, yet its shares cost about 19 times next year's expected profit versus about 16 times for peers. You are paying extra for a recovery that has not yet appeared in its sales.
Both lines start at 100 on 2020-09-01. Over the full window ON Semiconductor returned +261.70% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for ON Semiconductor: -70.4% (2023-08-01 to 2025-04-08). Source: Nasdaq official daily history.
What the label rests on
Forward P/E 19.42x is 1.25x the peer median of 15.59x — a premium above the 1.15x level — while latest-quarter revenue grew only +9.2% year over year (PRIMARY/EDGAR), far behind its semiconductor cluster, so delivered growth does not pay for the premium. Trailing P/E 48.50x shows recent earnings were trough-level, and PEG 0.58 reflects an expected earnings recovery rather than current growth. Delivered demand check: the cluster median grew +36.5% year over year — demand rising across semiconductors, which makes ON's own +9.2% a company-specific lag, not a sector excuse. The company’s forward P/E is 19.4× against a peer median of 15.6×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Semiconductors group's median latest-quarter revenue growth was 36.5% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +9.2% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| ON Semiconductor (ON) | $75.70 | 19.4× | 48.5× |
| FSLR | $171.62 | 8.1× | 10.6× |
| MCHP | $78.48 | 20.1× | 115.7× |
| SWKS | $86.38 | 15.6× | 44.6× |
| MPWR | $1,211.89 | 37.5× | 73.9× |
| NXPI | $253.50 | 14.4× | 19.9× |
| Peer median | 15.6× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jul 2026 2026-07-03 | $1.6B | 38.4% | $227M | 0.56 | $425M |
| Q/E Apr 2026 2026-04-03 | $1.5B | 38.5% | $-33M | -0.08 | $217M |
| Q/E Dec 2025 2025-12-31 | $1.5B | 36.0% | $182M | — | $485M |
| Q/E Oct 2025 2025-10-03 | $1.6B | 37.9% | $255M | 0.63 | $372M |
| Q/E Jul 2025 2025-07-04 | $1.5B | 37.6% | $170M | 0.41 | $106M |
| Q/E Apr 2025 2025-04-04 | $1.4B | 20.3% | $-486M | -1.15 | $455M |
| Q/E Dec 2024 2024-12-31 | $1.7B | 45.2% | $380M | — | $435M |
| Q/E Sep 2024 2024-09-27 | $1.8B | 45.4% | $402M | 0.93 | $294M |
| Q/E Jun 2024 2024-06-28 | $1.7B | 45.2% | $338M | 0.78 | $208M |
| Q/E Mar 2024 2024-03-29 | $1.9B | 45.8% | $453M | 1.04 | $276M |
| Q/E Dec 2023 2023-12-31 | $2.0B | 46.7% | $563M | — | $221M |
| Q/E Sep 2023 2023-09-29 | $2.2B | 47.3% | $583M | 1.29 | $134M |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | ON SEMICONDUCTOR CORP |
| Chief executive | Hassane El-Khoury (source: https://www.reuters.com/technology/chipmaker-onsemi-forecasts-quarterly-revenue-above-estimates-resilient-auto-2026-05-04/) |
| Sector | Technology — Semiconductors — sells power and sensing semiconductors for cars and industrial equipment |
| Share price (Oct 28, 2026) | $75.70 |
| Market value (market cap) | $30.6B — share price times shares outstanding of 389,311,721 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $6.2B |
| Net income, last twelve months | $630M |
| Free cash flow, last twelve months | $1.5B |
| Latest reported quarter | Q/E Jul 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +261.70% vs +118.28% |
| Worst peak-to-trough fall | -70.4% (2023-08-01 to 2025-04-08) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Valuation multiples were captured on Oct 28 at $75.70 while the price series closes Oct 27 at $78.67 — the shares moved between the two; multiples correspond to the captured price.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001097864.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001097864.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/ON/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.