ON Semiconductor Corporation
ON · Technology · $34.4B mkt cap · FY2025 filings · Shallow moat ·
Price verdict withheld — value if growth stopped today unreliable
The five investor questions
2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $6.7B to $6.0B, decreasing; diluted EPS 2.27 to 0.29, decreasing.
Median gross margin 37.4% over 10y, stable.
Median ROIC 14.4%, above the 12% hurdle in 60% of years.
Net debt/EBITDA 1.1x, interest coverage 1x.
Owner earnings changed +3.7%/yr over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- $1.6B
- $44.05
- $44.05
- $86.81
- 97% above value if growth stopped today
What today’s price assumes: owner earnings growing ~15%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. ON revenue fell in each of the three most recent year-over-year FY comparisons, so this estimate is flagged as unreliable for this company.
Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.
Score records captured Jul 26, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY
Missing a usable price or zero-growth estimate: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
19 years of fundamentals
The business, in plain English
ON Semiconductor Corporation booked $6.0B of revenue in FY2025 in the Technology sector and kept 33.1% of it as gross profit — a moderate-margin business by that measure. After every other cost, 2.0% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $2.1B (FY2008) to $6.0B (FY2025) — about 6.5% a year compounded over 17 years.
It earned 0.9% on invested capital in the latest filed year, FY2025. Across the full 18-year measurable filed record, median ROIC was 9.9%. Over the v3 recent window (10 measurable filed years), median ROIC was 14.4%. The Returns on Capital filter above scores it 62/100.
The balance sheet carried $3.0B of total debt in FY2025 against $466M of owner earnings — roughly 6.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 40/100.
Put together: Returns on Capital is the strongest of the five filters (62/100) and Business Trend the weakest (24/100), which is how ON lands at 48/100 — a Shallow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in ON’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Aug 11, 2026.
36 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
No reported Form 4 rows were captured for ON; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.
A filing source-event date will appear when a Form 4 row is captured.
Retrieved .
Technology context
#337 of 744 scored Technology companies, ranked by Moat Score.
Nearest peers by Moat Score
- #335SPT SPROUT SOCIAL, INC.47.8 out of 100, Shallow moatShallow moat
- #336DTGI Digerati Technologies, Inc.47.7 out of 100, Shallow moatShallow moat
- #338PNXP PINEAPPLE EXPRESS CANNABIS COMPANY47.6 out of 100, Shallow moatShallow moat
- #339RNG RingCentral, Inc.47.5 out of 100, Shallow moatShallow moat
Compare ON with its nearest peers →All Technology companies on the Index →
Common questions about ON
- Does ON Semiconductor Corporation have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores ON Semiconductor Corporation (ON) 47.7 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 24, pricing power 51, returns on capital 62, balance-sheet safety 40, capital allocation 61.
- Is ON trading below the conservative owner-earnings estimate?
- The value if growth stopped today — a zero-growth baseline — is $44.05 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $86.81, that is 97% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has ON's Moat Score changed over time?
- The record logs 16 readings since Jul 17, 2026; the latest reads 47.7 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.