| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 25 | 56.2x | 17.2x | Bottom tier | |
Growth | 37 | -3.1% | 7.1% | Bottom tier | |
Quality | 65 | 4.8% | 4.5% | Around median | |
Safety | 78 | 1.1x | 2.6x | Top tier | |
Capital Return | 39 | 0.00% | 0.19% | Bottom tier | |
Momentum | 62 | 47.3% | 0.5% | Around median | |
Sentiment | 68 | 20 | 3 | Top tier |
The floor: what the company is worth if growth stopped today
92% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 5.29% as of 2026-09-30. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
ON Semiconductor Corporation, commercially known as onsemi, operates in power semiconductor, sensing, connectivity, and control solutions aimed at automotive and industrial applications and AI data center infrastructure. The company generates revenue from the Power Solutions Group, Analog and Mixed Signal Group, and Intelligent Sensing Group, with a portfolio spanning high-voltage solutions such as EliteSiC and low-voltage power delivery near the processor, as well as the Treo analog and mixed-signal platform, 10BASE-T1S products, and inductive and ultrasonic sensing.
In the second quarter of fiscal 2026, revenue reached $1.6 billion, up 9% year over year and 6% sequentially, while net income according to EDGAR was approximately $226.8 million and diluted GAAP earnings per share were $0.56. GAAP gross margin was 38.4%, while non-GAAP gross margin was 39.3% after rising 80 basis points sequentially, and operating margin reached 16.1% on a GAAP basis and 20.8% on a non-GAAP basis. Free cash flow also increased to $425 million, and its trailing-twelve-month margin reached a record 24%.
Automotive represented the largest end market in the second quarter of fiscal 2026, with revenue of $781 million, down 2% sequentially and up 7% year over year, followed by industrial applications at $423 million, up 1% sequentially and 4% year over year, then the Other category at $400 million, up 34% sequentially, driven primarily by AI data centers. At the business-group level, the Power Solutions Group generated revenue of $829 million and year-over-year growth of 19%, compared with $546 million for the Analog and Mixed Signal Group, down 2% year over year, and $229 million for the Intelligent Sensing Group, up 7% year over year. On a fiscal 2025 basis, the company recorded revenue of $6.0 billion and net income of $121 million, while the trailing-twelve-month figures provided for 2026 were approximately $6.2 billion in revenue and $630.2 million in net income.
The average analyst price target is $104.67, with a consensus Buy rating, but it is below the 52-week range high of $134.92. The wide target range between $40 and $150 limits the significance of the average alone, as it reflects substantial differences in estimates of the impact of the automotive and industrial application recovery, accelerating AI data center demand, and cost and capacity risks. The available data does not provide a usable earnings multiple, so the valuation assessment is based on the target range, the 52-week range, and actual financial performance rather than an unavailable earnings multiple.
Figures in the text are as of 2026-08-28; the live price is shown at the top of the page.
onsemi’s revenue reached approximately $1.6 billion in the second quarter of fiscal 2026, up 9% year over year and 6% sequentially, with the strongest demand coming from AI data centers. The Other category, which includes this business, increased 34% sequentially to $400 million, while the Power Solutions Group delivered 19% year-over-year growth to $829 million. Improved mix and manufacturing performance contributed to raising non-GAAP gross margin to 39.3%, up 80 basis points sequentially.
Management expects AI data center revenue to more than double during fiscal 2026 compared with 2025, and EliteSiC revenue in these applications to grow by approximately 60%. The wins include an expanded role in NVIDIA MGX, two platform wins at Great Wall, and power-supply and backup-battery designs at AWS. The company also expects its content in 800-volt distribution racks to increase from approximately $15 thousand to $115 thousand, with this architecture expected to begin ramping near the end of 2027 or the beginning of 2028.
Automated analysis for informational purposes only — not investment advice.
Automotive revenue declined 2% sequentially in the second quarter of fiscal 2026 to $781 million, but it increased 7% year over year and grew by approximately 6% during the first half of fiscal 2026. In China, automotive revenue grew 13% during the first half despite a 4% decline in total vehicle sales, supported by higher content with Geely Zeekr and Xiaomi. The company expects automotive EliteSiC revenue in China to grow between 60% and 70% year over year, while the Rivian R2 platform also includes MOSFET modules and EliteSiC solutions from onsemi.
In the second quarter of fiscal 2026, the company recorded EDGAR net income of $226.8 million and GAAP earnings per share of $0.56. GAAP gross margin was 38.4%, compared with 39.3% on a non-GAAP basis, while free cash flow reached $425 million. The company returned $332 million through share repurchases during the quarter, and its trailing-twelve-month free cash flow margin reached a record 24%.
The company expects revenue of between $1.65 billion and $1.75 billion in the third quarter of fiscal 2026. Non-GAAP gross margin is expected to range between 40% and 42%, while non-GAAP earnings per share are expected to range between $0.81 and $0.93. Management expects low-single-digit sequential growth in automotive, approximately flat industrial applications, and high-teens growth in the Other category driven by AI data centers.
Operational risks include the extension of average lead times from approximately 27 to 32 weeks, constraints in some power product lanes, and higher raw material and external manufacturing costs. Inventory also stood at 192 days in the second quarter of fiscal 2026, despite declining by nine days, while the company raised factory utilization to 83%. In addition, the agreement to acquire Synaptics remains subject to customary approvals until the targeted closing in mid-2027, while the analyst target range extends widely from $40 to $150.
