ON Semiconductor (ON)
Technology · NASDAQ · US
Fundamentals
Valuation and ratings
ON Semiconductor trades at $88.12, which is 56% above the $38.38 our discounted cash flow model puts on the business. On that measure it screens as expensive, which is not the same as saying it will fall.
Our moat model scores it 51 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 70.6 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About ON Semiconductor
ON Semiconductor Corporation provides intelligent sensing and power solutions in Hong Kong, Singapore, the United Kingdom, the United States, and internationally. It operates through three segments: Power Solutions Group, Analog and Mixed-Signal Group, and Intelligent Sensing Group. The Power Solutions Group segment offers discrete, module, and integrated semiconductor devices designed to enable power conversion, including power switching, signal conditioning, and circuit protection technologies. Its Analog and Mixed-Signal Group segment designs and develops analog and mixed-signal solutions, including power management, sensor interface, connectivity, and standard products for automotive, industrial automation, AI data centers, computing, and mobile end markets. The Intelligent Sensing Group segment develops complementary metal-oxide-semiconductor image sensors, image signal processors, short-wave infrared sensors, and other products, as well as photon-counting technologies, including single-photon avalanche diode arrays and silicon photomultiplier devices for depth sensing, factory automation, safety systems, and robotics industries. ON Semiconductor Corporation was incorporated in 1992 and is headquartered in Scottsdale, Arizona.
ON passes 1 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Smart money ownership
13 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- David Greenspan, Slate Path Capital LP$482.90M · 7.2% of book
- Two Sigma, TWO SIGMA INVESTMENTS, LP$275.78M · 0.2% of book
- Baillie Gifford, BAILLIE GIFFORD & CO$265.47M · 0.3% of book
- Scott Ferguson, Sachem Head Capital Management LP$120.43M · 2.9% of book
- Marshall Wace, MARSHALL WACE, LLP$85.08M · 0.1% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is ON Semiconductor (ON) undervalued?
Against our discounted cash flow estimate of $38.38, ON at $88.12 is 56% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own ON?
13 of the institutions we track reported a position in ON in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is ON's P/E ratio?
ON trades at 70.6 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
The full research page for ON, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.