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    ON Semiconductor Corp (ON)

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    Business Description

    ON Semiconductor Corporation, known as onsemi, specializes in providing intelligent power and sensing solutions, primarily for the automotive and industrial markets . The company offers a range of semiconductor products organized into three main segments: Power Solutions Group, Analog and Mixed-Signal Group, and Intelligent Sensing Group . onsemi is strategically focused on high-growth areas such as vehicle electrification and advanced driver-assistance systems (ADAS), and is expanding its silicon carbide (SiC) manufacturing capabilities to meet the increasing demand for high-efficiency power applications .

    1. Power Solutions Group (PSG) - Offers analog, discrete, module, and integrated semiconductor products, serving as the largest revenue contributor by providing essential components for power management and conversion .
    2. Analog and Mixed-Signal Group (AMG) - Develops a variety of analog and mixed-signal semiconductor products, previously known as the Advanced Solutions Group, supporting a wide range of applications in the automotive and industrial sectors .
    3. Intelligent Sensing Group (ISG) - Focuses on CMOS image sensors and related technologies, catering to the growing needs for advanced sensing solutions in various applications .

    Key Metrics

    View all financials →
    Revenue by Segment - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024
    PSG1,230.61,085.84,449.0874.2835.2829.4809.43,348.2
    AMG/ASG621.6624.62,488.5697.0647.8653.7610.62,609.1
    ISG328.6307.71,315.5291.5252.2278.8302.51,125.0
    Automotive1,157.8-4,319.91,017.2906.9--3,900.8
    Industrial615.8-2,278.4476.1468.0--1,800.8
    Other End-Markets407.2-1,654.7369.4360.3--1,380.7
    Intelligent Power1,154.8-4,214.8953.4898.0914.5882.73,648.6
    Intelligent Sensing406.3-1,606.8362.9310.8344.0361.51,379.2
    Other Products619.7-2,431.4546.4526.4503.4478.32,054.5
    Product Sales---1,804.3----
    Manufacturing Services---54.0----
    Product Development---4.4----
    Application Products Group--------
    Standard Products Group--------
    System Solutions Group--------
    Total Revenue2,180.82,018.18,253.01,862.71,735.21,761.91,722.57,082.3
    Revenue by Geography - in Millions of USDFY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024
    Hong Kong581.9566.12,168.6405.4453.5466.9453.51,779.3
    Singapore506.84621,938.8433.2390.3449.5460.21,733.2
    United Kingdom464.2426.51,753.4444.0413.8395.8384.21,637.8
    United States424.5379.21,573.7419.0324.9281.9281.71,307.5
    China--------
    Japan--------
    Other203.4184.3818.5161.1152.7167.8142.9624.5
    Total Revenue2,180.82,018.18,253.01,862.71,735.21,761.91,722.57,082.3
    KPIs - Metric (Unit, Scale)FY 2013Q1 2014Q2 2014Q3 2014Q4 2014FY 2014Q1 2015Q2 2015Q3 2015Q4 2015FY 2015Q1 2016Q2 2016Q3 2016Q4 2016FY 2016Q1 2017Q2 2017Q3 2017Q4 2017FY 2017Q1 2018Q2 2018Q3 2018Q4 2018FY 2018Q1 2019Q2 2019Q3 2019Q4 2019FY 2019Q1 2020Q2 2020Q3 2020Q4 2020FY 2020Q1 2021Q2 2021Q3 2021Q4 2021FY 2021Q1 2022Q2 2022Q3 2022Q4 2022FY 2022Q1 2023Q2 2023Q3 2023Q4 2023FY 2023Q1 2024Q2 2024Q3 2024Q4 2024FY 2024
    Total Remaining Performance Obligations for Long-term Supply Agreements (USD billions)---15.614.713.7--
    Percentage of Remaining Performance Obligations for Long-term Supply Agreements Recognized in Next 12 Months (percentage)---30%30%31%--

    Leadership

    NamePositionExternal RolesShort Bio

    Hassane El-Khoury

    ExecutiveBoard

    President, Chief Executive Officer, and Director

    Chairman of the Board of Leia Inc.

    CEO since December 2020, previously CEO of Cypress Semiconductor. Increased Cypress's revenue from $723M to $2.5B and enterprise value fivefold.

    		View Report →

    Simon Keeton

    Executive

    Group President, Power Solutions Group (PSG)

    None

    Joined ON in 2007. Held multiple leadership roles, including EVP and GM of PSG since 2019. Extensive experience in power solutions and semiconductors.

    Sudhir Gopalswamy

    Executive

    Group President, Intelligent Sensing Group (ISG) and Analog and Mixed-Signal Group (AMG)

    None

    Joined ON in March 2022 as Chief Strategy Officer. Promoted to Group President in February 2024. Previously EVP at Infineon and Cypress Semiconductor.

    Thad Trent

    Executive

    Executive Vice President, Chief Financial Officer, and Treasurer

    Board Member of Leia Inc.

    CFO since February 2021, previously CFO of Cypress Semiconductor. Oversaw revenue growth from $723M to $2.5B at Cypress.

    Alan Campbell

    Board

    Chair of the Board of Directors

    None

    Chair since 2017. Former CFO of Freescale Semiconductor. Extensive experience in financial compliance, M&A, and global operations.

    Bruce E. Kiddoo

    Board

    Director

    Board Member of San Onofre Parks Foundation

    Director since 2020. Former CFO of Maxim Integrated. Expertise in financial compliance, M&A, and regulatory matters.

    Christina Lampe-Önnerud

    Board

    Director

    Founder and CEO of Cadenza Innovation, Inc.; MIT Corporation Visiting Committee for Chemistry

    Director since 2023. Renowned expert in energy storage with over 80 patents. Founder of Cadenza Innovation.

    Christine Y. Yan

    Board

    Director

    Board Member of Ansell Limited, Cabot Corporation, and Modine Manufacturing Company

    Director since 2018. Extensive experience in industrial manufacturing and corporate governance.

    Gregory L. Waters

    Board

    Director

    Founder and CEO of MatrixSpace, Inc.

    Director since 2020. Founder of MatrixSpace, Inc. Previously served on boards of Cyxtera Technologies, Mythic Inc., and Sierra Wireless.

    Paul A. Mascarenas

    Board

    Director

    Board Member of The Shyft Group and United States Steel Corporation

    Director since 2014. Former CTO of Ford Motor Company. Extensive experience in automotive technology and corporate governance.

    Susan K. Carter

    Board

    Director

    Board Member of Amcor plc and Stanley Black & Decker, Inc.

    Director since 2020. Former CFO of Ingersoll Rand and KBR. Expertise in financial reporting, M&A, and ESG matters.

    Thomas L. Deitrich

    Board

    Director

    President, CEO, and Director of Itron, Inc.; Board Member of National Electrical Manufacturers Association

    Director since 2020. CEO of Itron, Inc. since 2019. Extensive experience in energy and resource management technologies.

    Questions to Ask Management

    1. Given the current market softness and slowdown in silicon carbide growth, how confident are you in your strategy of building up bridge inventory in silicon carbide substrates, and is there a risk that this inventory could become obsolete or lead to pricing pressure?

    2. With the expansion of distribution inventory to support mass market customers despite a softer macro environment, how are you mitigating the risk of creating an overhang or potential write-downs if demand does not materialize as expected?

    3. Considering that you are reducing capital expenditures and capital intensity, are you at risk of underinvesting in future capacity, especially in light of your competitors receiving significant CHIPS Act funding that could enhance their competitive position?

    4. As you transition from 6-inch to 8-inch silicon carbide wafer production, which increases capacity by 2.5 times, how are you balancing this capacity expansion with the current demand environment to avoid potential overcapacity and its impact on pricing?

    5. In your efforts to capture share in 800-volt EV systems in China, you previously mentioned approaching 60% share but now state 50%; has there been a change in your competitive positioning or market dynamics affecting your share, and what are you doing to address this?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateFebruary 2023
    End Date/DurationDecember 31, 2025
    Total additional amount$3.0 billion
    Remaining authorization amount$2.0 billion
    DetailsThe program allows for repurchase at the company's discretion, subject to market conditions and other factors. It can be modified, suspended, or terminated by the Board of Directors at any time without prior notice.

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2024$804.9 0% Notes0.00% 23.8% = (804.9 / 3,379.9) * 100
    2028$375.0 Revolving Credit Facility6.60% 11.1% = (375.0 / 3,379.9) * 100
    2028$700.0 3.875% Notes3.875% 20.7% = (700.0 / 3,379.9) * 100
    2029$1,500.0 0.50% Notes0.50% 44.4% = (1,500.0 / 3,379.9) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    CompanyDescription

    Infineon Technologies AG

    PSG's primary competitors include this company, which competes in the semiconductor industry with a focus on power technologies and integrated circuit solutions.

    STMicroelectronics NV

    PSG's primary competitors include this company, which operates in the semiconductor market and focuses on power density and efficiency solutions.

    Wolfspeed Inc

    PSG's primary competitors include this company, which specializes in silicon carbide and wide band gap technologies for power solutions.

    ROHM Semiconductor

    PSG's primary competitors include this company, which provides semiconductor solutions with a focus on power technologies.

    Nexperia BV

    PSG's primary competitors include this company, which focuses on discrete and power semiconductor solutions.

    Texas Instruments Inc

    AMG competes with this company, which is known for its expertise in analog and mixed-signal semiconductor solutions.

    Analog Devices Inc

    AMG competes with this company, which specializes in analog and mixed-signal technologies for various applications.

    Renesas Electronics Corporation

    AMG competes with this company, which provides semiconductor solutions including microcontrollers and analog devices.

    Monolithic Power Systems Inc

    AMG competes with this company, which focuses on high-performance power solutions.

    NXP Semiconductors NV

    AMG competes with this company, which offers semiconductor solutions for automotive, industrial, and IoT applications.

    Sony Semiconductor Manufacturing Corporation

    ISG's competitors include this company, which is a leader in imaging and sensing technologies, particularly for machine vision applications.

    Samsung Electronics Co., Ltd.

    ISG's competitors include this company, which provides imaging and sensing solutions for various markets, including automotive and industrial.

    Omnivision Technologies Inc.

    ISG's competitors include this company, which specializes in CMOS imaging solutions for automotive and industrial applications.

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1999 PresentCurrent auditor

    Recent Mergers & Acquisitions

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    United Silicon Carbide (SiC JFET technology business from Qorvo)

    2024

    onsemi announced a $115 million cash acquisition (expected to close in Q1 2025) to add SiC JFET technology that offers the lowest on-resistance and faster development, broadening its EliteSiC portfolio for AI data centers, EV battery disconnects, and SSCBs.

    Immaterial Business (ISG Segment)

    2024

    The immaterial business acquisition within the Intelligent Sensing Group (ISG) concluded in the quarter ended September 27, 2024, increasing the goodwill balance by $10.3 million, reflecting an incremental addition to the ISG segment.

    East Fishkill (EFK) Facility

    2022

    onsemi completed the acquisition of the EFK facility from GLOBALFOUNDRIES for a total of $406.3 million (with payments spanning from 2019 to January 2023), enhancing its manufacturing capacity for silicon power products despite a subsequent 250 basis points margin dilution.

    GT Advanced Technologies Inc. (GTAT)

    2021

    GTAT was acquired for a total price of $434.9 million (including $424.6 million in cash and $10 million in non-cash settlements), with key assets and $274.8 million in goodwill allocated to support intelligent power technologies and secure silicon carbide supply.

    Latest news

    Recent developments and announcements about ON.

    Earnings

    • New Earnings (Q4 2024)

      ·
      Feb 10, 2025, 6:15 PM

      ON’s Q4 2024 rev: $1.72B; Q1 guide: $1.35-$1.45B amid weak demand & a $350-$400M noncore exit. Auto rev -25%+, but AI data center soared 40%. The focus on SiC & Treo aims to sustain margins, eyeing a 53% GM goal.

      View full earnings summary →

    8-K Filings

    • 8-K Filing

      ·
      Feb 25, 2025, 10:22 PM
      Financial Exhibits
      Other Events

      ON Semiconductor filed an 8‐K announcing a proposal to acquire Allegro MicroSystems for $35.10 per share in cash—representing a 57% premium to Allegro’s Feb 28 closing price. The move aims to unite complementary technologies.

      View full 8-K filing →