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ON Semiconductor Corporation, together with its wholly and majority-owned subsidiaries, which operate under the onsemi TM brand ("onsemi," "we," "us," "our," or the "Company"), was incorporated under the laws of the State of Delaware in 1992. We offer intelligent power and intelligent sensing solutions that drive electrification, energy efficiency, safety, and automation in automotive,…
Operating margin is thin at 1.40%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 15.3% YoY. Margins deteriorated 23.6pp alongside, both lines moving the wrong way.
ROIC dropped from 12.62% to 0.65%, capital efficiency is deteriorating. Operating margin contracted 23.6pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$6.06B
▼ -15.3% YoY
Net Income (TTM)
$574M
▼ -92.3% YoY
Op. Margin
9.97%
▼ -23.6pp YoY
ROIC
4.78%
▼ -12.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.18B
▲ +17.0% YoY
Op. Cash Flow (TTM)
$1.40B
▼ -7.7% YoY
Net Debt
$842M
Cash & Equiv.
$2.40B
5Y CAGR: +2.7%
5Y CAGR: +23.2%
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