# ON Semiconductor Corp (ON) — Stock CV

ON Semiconductor Corp is a $30.2B technology company. Revenue shrank 3.1% over the last year, it keeps 10¢ of every dollar of sales as profit, and its net debt equals ~0.3 years of free cash flow. It trades at 47.9× earnings — in the most expensive third of its own history.

> Onsemi is a supplier of power semiconductors and sensors focused on the automotive and industrial markets. Onsemi is the second-largest power chipmaker in the world and one of the largest suppliers of image sensors to the automotive market.

## Identity

- **Ticker**: ON
- **Sector**: Technology
- **Industry**: Semiconductors & Related Devices
- **Headquarters**: SCOTTSDALE, AZ
- **Employees**: 22 670
- **Website**: https://www.onsemi.com
- **Market cap**: $30.2B
- **Last price**: $77.60
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $6.20B
- **Net income**: $630M
- **Free cash flow**: $1.50B
- **Net debt**: $433M
- **P/E**: 47.9
- **Revenue growth (YoY)**: -3.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 32 |
| Growth | 25 |
| Profitability | 49 |
| Health | 70 |
| Quality | 77 |
| Moat | 63 |

## Qualifications (beginner checklist) — 7 of 10 passed

- [ ] Revenue growing — -3.1% YoY
- [x] Profitable — $630M TTM
- [ ] Profit growing — -58.9% YoY
- [x] Generates cash — $1.50B TTM
- [x] Debt under control — ~0.3y of cash flow to repay
- [x] Established company — $30.2B market cap
- [x] Not printing shares — -1.7% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 50/100
- [x] Valuation not extreme — P/E 47.9

## Experience (career milestones)

- **FY2023** — Best year on record: $2.18B net income
- **2023** — It was announced the acquisition had been completed
- **2022** — It was announced that BelGaN Group BV had completed the acquisition of all shares of ON…
- **2021** — To better reflect its broad technology portfolio, differentiated product lines
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $3.91B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **Oct 9, 2008** — Catalyst Semiconductor, Inc. announced the approval of the acquisition
- **2003** — CSC was headquartered in East Greenwich, Rhode Island, USA. * In 2003, onsemi acquired TESLA SEZAM (manufacturer of…
- **2000** — Onsemi completed the acquisition of Cherry Semiconductor Corp
- **Apr 28, 2000** — Onsemi launched its initial public offering (IPO)
- **1972** — CSC was founded in 1972 as Micro Components Corporation (MCC)

## Strengths

- Strong cash conversion — FCF is 24.2% of revenue
- Interest covered 30.8× by operating earnings

## Watch-outs

- Revenue shrinking 3.1% year over year

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $6.74B | $1.01B | $1.34B |
| FY2022 | $8.33B | $1.90B | $1.63B |
| FY2023 | $8.25B | $2.18B | $402M |
| FY2024 | $7.08B | $1.57B | $1.21B |
| FY2025 | $6.00B | $121M | $1.42B |

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Source: https://stockcv.com/ON — derived from company filings; may be delayed or incomplete. Information, not investment advice.