ON SEMICONDUCTOR CORP

10-K & 10-Q Filings

ON Semiconductor Corporation is a Delaware corporation that provides intelligent power and intelligent sensing solutions, primarily for the automotive and industrial markets. The company's business strategy focuses on profitable revenue and operating income growth by capturing high-growth megatrends in its target markets and optimizing manufacturing footprint to support growth and maintain gross margins. The company operates in three reportable segments: Power Solutions Group (PSG), Advanced Solutions Group (ASG), and Intelligent Sensing Group (ISG). PSG offers a wide range of analog, discrete, module, and integrated semiconductor products for power applications, while ASG designs and develops analog, mixed-signal, Power Management ICs and Sensor Interface devices for various end-markets. ISG focuses on CMOS image sensors, image signal processors, single photon detectors, and actuator drivers for automotive and industrial applications. The company's website is onsemi.com, and its ticker symbol is ON. The company generated approximately 52% of its revenue from the automotive industry, 28% from industrial, and 20% from other markets in 2023. Key competitors for PSG include Infineon, STMicroelectronics, Wolfspeed, Texas Instruments, and Nexperia. ASG competes on design experience, manufacturing capability, depth and quality of IP, ability to service customer needs, length of design cycle, longevity of technology support, and experience of sales and technical support personnel. Competitors for certain of ASG's products and solutions include TI, Analog Devices, Infineon, STMicroelectronics, Renesas Electronics, Monolithic Power Systems, and NXP. ISG differentiates itself from the competition through deep technical knowledge and close customer relationships to drive leading edge sensing performance primarily in machine vision applications. Competitors for certain of ISG's products and solutions include Sony Semiconductor Manufacturing Corporation, Samsung Electronics, and Omnivision Technologies. The company has manufacturing facilities in the United States, the Czech Republic, Japan, South Korea, Malaysia, and other countries. It also uses third-party contractors for some manufacturing activities, primarily for wafer fabrication and the assembly and testing of finished goods. The company holds patents, trademarks, copyrights, trade secrets, employee and non-disclosure agreements, and licensing agreements to protect its intellectual property. The company's business is driven more by content gains within applications and secular growth drivers, but it could still experience period-to-period fluctuations in operating results due to general industry or macroeconomic conditions. The company is subject to various environmental and worker health and safety laws and regulations, as well as numerous United States and foreign laws and regulations, including tariffs, trade sanctions, trade barriers, trade embargoes, regulations relating to import-export control, technology transfer restrictions, ITAR, FCPA, and anti-boycott provisions of the U.S. Export Administration Act. The company believes that its operations are in material compliance with applicable environmental and health and safety laws and regulations, but future developments, including changes in laws and regulations, government policies, customer specification, personnel, and physical property conditions, could lead to material costs and have a material adverse effect on its future business or prospects.

12 mos ending Dec 31, 201112 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 29, 2024CAGR %YoY %Revenue (+)
$3442.30
2894.90
2782.70
3161.80
3495.80
3906.90
5543.10
5878.30
5517.90
5255.00
6739.80
8326.20
8253.00
1959.70
1862.70
7.56%-4.95%Cost of Revenue (-)
$2433.50
1943.00
1844.30
2076.90
2302.60
2610.00
3509.30
3639.60
3544.30
3539.20
4025.50
4249.00
4369.50
1042.20
1009.10
5.00%-3.18%Gross Profit (+)
$1008.80
951.90
938.40
1084.90
1193.20
1296.90
2033.80
2238.70
1973.60
1715.80
2714.30
4077.20
3883.50
917.50
853.60
11.89%-6.96%Selling, General & Administrative (-)
$387.50
341.50
319.70
380.90
386.60
468.30
600.80
618.00
585.00
537.40
598.40
631.10
641.50
147.70
164.40
4.29%11.31%Research & Development (-)
$362.50
367.50
334.20
366.60
396.70
452.30
594.40
650.70
640.90
642.90
655.00
600.20
577.30
138.40
150.00
3.95%8.38%Depreciation & Amortization (-)
$
33.10
68.40
135.70
104.80
123.80
111.70
115.20
120.30
99.00
81.20
51.10
15.00
12.60
-16.00%Non-recurring Operating Expenses (-)
$
13.10
6.80
1.60
Operating Expenses (-)
$895.40
968.20
720.20
856.00
932.10
1060.80
1352.90
1391.50
1540.90
1367.10
1426.70
1717.20
1344.80
352.60
328.40
3.45%-6.86%Costs & Expenses (Total) (-)
$3328.90
2911.20
2564.50
2932.90
3234.70
3670.80
4849.70
5026.10
5085.20
4906.30
5442.00
5966.20
5715.00
1395.90
1337.50
4.61%-4.18%Operating Income/Loss (+)
$113.40
-16.30
218.20
228.90
261.10
236.10
680.90
847.20
432.70
348.70
1287.60
2360.00
2538.70
564.90
525.20
29.57%-7.03%Non-operating Income/Expense (+)
$-75.60
-56.60
-37.30
-37.00
-41.30
-55.50
-133.40
-92.20
-156.10
-172.10
-129.80
2.20
-2.90
-19.00
13.00
168.42%Interest Expense (-)
$68.90
56.10
38.60
34.10
49.70
145.30
141.20
128.20
148.30
168.40
130.40
94.90
74.80
26.40
15.60
0.69%-40.91%Earnings before Tax (+)
$37.80
-72.90
180.90
191.90
219.80
180.60
547.50
755.00
276.60
176.60
1157.80
2362.20
2535.80
545.90
538.20
41.98%-1.41%Tax Expense (-)
$22.90
13.40
26.90
-0.20
10.80
-3.90
-265.50
125.10
62.70
-59.80
146.60
458.40
350.20
83.70
84.50
25.52%0.96%Income/Loss (Continuing Operations) (+)
$14.90
-86.30
154.00
192.10
209.00
184.50
813.00
629.90
213.90
236.40
1011.20
1903.80
2185.60
462.20
453.70
51.54%-1.84%Profit/Loss (+)
$14.90
-86.30
154.00
192.10
209.00
184.50
813.00
629.90
213.90
236.40
1011.20
1903.80
2185.60
462.20
453.70
51.54%-1.84%Net Income/Loss (NCI) (-)
$3.30
4.30
3.20
2.40
2.80
2.40
2.30
2.50
2.20
2.20
1.60
1.60
1.90
0.50
0.70
-4.50%40.00%Net Income/Loss (+)
$11.60
-90.60
150.80
189.70
206.20
182.10
810.70
627.40
211.70
234.20
1009.60
1902.20
2183.70
461.70
453.00
54.73%-1.88%Net Income/Loss (Common) (+)
$11.60
-90.60
150.80
189.70
206.20
182.10
810.70
627.40
211.70
234.20
1009.60
1904.20
2185.00
462.10
453.00
54.73%-1.97%EPS (Basic)
$0.03
-0.20
0.34
0.43
0.49
0.44
1.92
1.48
0.52
0.57
2.37
4.39
5.07
1.07
1.06
53.34%-0.93%EPS (Diluted)
$0.03
-0.20
0.33
0.43
0.48
0.43
1.89
1.44
0.51
0.56
2.27
4.25
4.89
1.03
1.04
52.88%0.97%Weighted Avg Shares (Basic)
446.70
452.60
447.90
439.50
421.20
415.20
421.90
423.80
410.90
410.70
425.70
433.20
430.70
431.90
428.10
-0.30%-0.88%Weighted Avg Shares (Diluted)
457.20
452.60
450.70
443.50
427.80
420.00
428.30
435.90
416.00
418.80
443.80
448.20
446.80
448.50
436.50
-0.19%-2.68%Cash
$652.90
486.90
509.50
511.70
617.60
1028.10
949.20
1069.60
894.20
1080.70
1352.60
2919.00
2483.00
2702.40
2614.40
11.77%-3.26%Short-term Investments
$248.60
144.80
116.20
6.10
Receivables
$457.20
357.80
383.40
417.50
426.40
629.80
701.50
686.00
705.00
676.00
809.40
842.30
935.40
880.90
873.30
6.15%-0.86%Inventory
$637.40
581.70
611.80
729.90
750.40
1030.20
1089.50
1225.20
1232.40
1251.40
1379.50
1616.80
2111.80
1814.90
2147.10
10.50%18.30%Other Assets (Current)
$121.60
111.70
89.30
140.60
97.10
181.00
193.00
187.00
188.40
176.00
240.10
351.30
382.10
318.10
514.10
10.01%61.62%Assets (Current)
$2127.70
1693.40
1710.20
1805.80
1891.50
2869.10
2933.20
3167.80
3020.00
3184.10
3781.60
5729.40
5912.30
5716.30
6148.90
8.89%7.57%Property, Plant & Equipment (Net)
$1109.50
1103.30
1074.20
1203.90
1274.10
2159.10
2279.10
2549.60
2591.60
2512.30
2524.30
3496.50
4443.90
3738.10
4426.10
12.26%18.41%Goodwill & Intangibles
$535.90
441.60
408.00
722.30
596.40
1686.80
1545.20
1498.90
2249.70
2132.40
2433.20
1937.30
1876.90
1917.40
1867.00
11.01%-2.63%Other Assets
$110.40
90.10
64.60
91.00
107.60
209.40
437.60
371.30
564.20
839.20
886.90
815.30
982.10
902.50
1040.90
19.98%15.34%Assets (Non-current)
$1755.80
1635.00
1546.80
2017.20
1978.10
4055.30
4261.90
4419.80
5405.50
5483.90
5844.40
6249.10
7302.90
6558.00
7334.00
12.61%11.83%Assets (Total)
$3883.50
3328.40
3257.00
3823.00
3869.60
6924.40
7195.10
7587.60
8425.50
8668.00
9626.00
11978.50
13215.20
12274.30
13482.90
10.74%9.85%Accounts Payable
$699.80
513.30
497.10
666.10
583.90
839.00
1160.80
1330.80
543.60
572.90
1382.70
1899.40
1388.80
1642.20
1343.90
5.88%-18.16%Debt (Current)
$370.10
353.60
181.60
209.60
543.40
553.80
248.10
138.50
736.00
531.60
160.70
162.00
794.80
937.80
795.10
6.58%-15.22%Other Liabilities (Current)
$205.60
157.40
140.50
165.10
112.00
109.80
538.80
570.00
Liabilities (Current)
$1275.50
1024.30
819.20
1040.80
1239.30
1502.60
1408.90
1469.30
1818.40
1674.50
1543.40
2061.40
2183.60
2580.00
2139.00
4.58%-17.09%Debt (Non-current)
$836.90
658.30
760.60
983.00
850.50
3068.50
2703.70
2627.60
2876.50
2959.70
2913.90
3068.70
2565.00
2562.00
2565.40
9.78%0.13%Other Liabilities
$277.60
255.10
190.40
151.80
147.90
475.40
281.50
296.60
406.50
475.70
564.30
641.40
666.00
665.30
635.90
7.57%-4.42%Liabilities (Non-current)
$1114.50
913.40
951.00
1134.80
998.40
3543.90
2985.20
2924.20
3283.00
3435.40
3478.20
3710.10
3231.00
3227.30
3201.30
9.28%-0.81%Liabilities (Total)
$2390.00
1937.70
1770.20
2175.60
2237.70
5046.50
4394.10
4393.50
5101.40
5109.90
5021.60
5771.50
5414.60
5807.30
5340.30
7.05%-8.04%Treasury Stock
$401.30
466.40
572.50
702.80
1065.70
1078.00
1131.10
1478.00
1650.50
1968.20
2448.40
2829.70
3937.40
2988.20
4075.10
20.96%36.37%Retained Earnings
$-1202.30
-1292.90
-1142.10
-915.60
-709.40
-527.30
351.50
979.60
1191.30
1425.50
2435.10
4364.40
6548.10
4826.10
7001.10
45.07%AOCI
$-46.70
-41.10
-47.40
-41.50
-42.30
-50.20
-40.60
-37.90
-54.30
-57.60
-40.60
-23.20
-45.20
-29.60
-52.20
-76.35%Shareholder's Equity
$1493.50
1390.70
1486.80
1647.40
1631.90
1845.00
2801.00
3194.10
3324.10
3558.10
4604.40
6207.00
7800.60
6467.00
8142.60
14.77%25.91%Liabilities & Equity
$3883.50
3328.40
3257.00
3823.00
3869.60
6924.40
7195.10
7587.60
8425.50
8668.00
9626.00
11978.50
13215.20
12274.30
13482.90
10.74%9.85%Net Income/Loss
$14.90
-86.30
154.00
192.10
209.00
184.50
813.00
629.90
213.90
236.40
1011.20
1903.80
2185.60
462.20
453.70
51.54%-1.84%Depreciation & Amortization
$266.60
269.10
224.30
277.20
377.90
376.10
497.90
521.90
606.10
637.20
607.40
562.80
620.80
147.90
157.60
7.30%6.56%Increase/Decrease in Working Capital
$-65.70
123.90
128.50
69.50
205.50
-20.90
102.20
121.30
262.10
-3.50
106.30
281.40
862.70
248.70
98.90
-60.23%Share-based Compensation
$33.50
20.50
32.30
45.80
46.90
56.10
69.80
78.30
79.40
67.70
101.30
100.80
121.10
27.70
33.00
11.30%19.13%Adjustments to Reconcile Net Income
$530.60
363.70
172.00
291.80
260.20
394.50
273.00
648.40
485.40
650.10
770.80
729.30
-208.10
-53.30
45.00
184.43%Net Cash (Operating)
$545.50
276.00
327.30
481.30
470.60
581.20
1094.20
1274.20
694.70
884.30
1782.00
2633.10
1977.50
408.90
498.70
11.33%21.96%Capital Expenditure
$331.00
250.10
145.50
626.50
291.00
2390.30
354.00
540.80
1415.50
351.30
423.60
682.80
1571.60
556.10
222.30
13.86%-60.03%Net Cash (Investing)
$-423.70
-133.40
-118.20
-565.60
-264.50
-2434.60
-364.50
-548.90
-1510.90
-453.60
-915.10
-705.40
-1737.90
-562.00
-235.30
58.13%Increase/Decrease in Debt
$-89.20
-252.30
-88.90
212.00
298.70
2282.00
-734.10
-286.70
810.40
-165.90
-483.20
-41.50
106.30
252.70
-0.90
-100.36%Increase/Decrease in Equity
$-11.20
-47.20
-92.70
-111.80
-302.00
8.20
101.80
-284.60
-135.10
-44.20
113.50
-236.90
-308.30
141.00
-92.40
-165.53%Dividends Paid
$
4.20
4.30
1.90
2.20
2.30
5.00
4.30
2.40
Net Cash (Financing)
$-97.20
-299.70
-174.00
91.40
-99.80
2264.70
-810.90
-605.10
623.10
-244.00
-569.40
-370.00
-686.50
-63.40
-130.80
-106.31%Effect of Exchange Rate
$5.00
-8.90
-12.50
-4.90
-0.40
-0.80
2.30
0.30
0.20
0.60
-1.30
-2.40
-1.10
0.10
-0.90
-1000.00%Increase/Decrease in Cash
$29.60
-166.00
22.60
2.20
105.90
410.50
-78.90
120.50
-192.90
187.30
296.20
1555.30
-448.00
-216.40
131.70
160.86%Cash (Beginning)
$623.30
652.90
486.90
509.50
511.70
617.60
1028.10
966.60
1087.10
894.20
1081.50
1377.70
2933.00
2933.00
2485.00
13.78%-15.27%Cash (Ending)
$652.90
486.90
509.50
511.70
617.60
1028.10
949.20
1087.10
894.20
1081.50
1377.70
2933.00
2485.00
2716.60
2616.70
11.78%-3.68%NOPAT
$44.70
-13.30
185.75
228.66
248.27
241.20
1011.09
706.82
334.62
466.78
1124.56
1902.03
2188.10
478.29
442.74
38.30%-7.43%Gross Margin %
29.31%
32.88%
33.72%
34.31%
34.13%
33.20%
36.69%
38.08%
35.77%
32.65%
40.27%
48.97%
47.06%
46.82%
45.83%
Operating Margin %
3.29%
-0.56%
7.84%
7.24%
7.47%
6.04%
12.28%
14.41%
7.84%
6.64%
19.10%
28.34%
30.76%
28.83%
28.20%
NOPAT Margin %
1.30%
-0.46%
6.68%
7.23%
7.10%
6.17%
18.24%
12.02%
6.06%
8.88%
16.69%
22.84%
26.51%
24.41%
23.77%
Net Margin %
0.34%
-3.13%
5.42%
6.00%
5.90%
4.66%
14.63%
10.67%
3.84%
4.46%
14.98%
22.85%
26.46%
23.56%
24.32%
Tax Rate %
60.58%
18.38%
14.87%
0.10%
4.91%
-2.16%
-48.49%
16.57%
22.67%
-33.86%
12.66%
19.41%
13.81%
15.33%
15.70%
ROA
1.15%
-0.40%
5.70%
5.98%
6.42%
3.48%
14.05%
9.32%
3.97%
5.39%
11.68%
15.88%
16.56%
3.90%
3.28%
ROE
2.99%
-0.96%
12.49%
13.88%
15.21%
13.07%
36.10%
22.13%
10.07%
13.12%
24.42%
30.64%
28.05%
7.40%
5.44%
ROIC
1.96%
-0.61%
8.49%
8.66%
9.01%
4.82%
20.19%
13.55%
5.13%
7.48%
17.47%
27.86%
24.85%
6.93%
5.43%
Asset Turnover
0.89
0.87
0.85
0.83
0.90
0.56
0.77
0.77
0.65
0.61
0.70
0.70
0.62
0.16
0.14
Inventory Turnover
3.82
3.34
3.01
2.85
3.07
2.53
3.22
2.97
2.88
2.83
2.92
2.63
2.07
0.57
0.47
Equity Multiplier
2.60
2.39
2.19
2.32
2.37
3.75
2.57
2.38
2.53
2.44
2.09
1.93
1.69
1.90
1.66
Current Ratio
1.66
1.64
2.09
1.74
1.53
1.91
2.08
2.16
1.66
1.90
2.45
2.78
2.71
2.22
2.87
Quick Ratio
1.07
0.97
1.23
0.90
0.84
1.10
1.17
1.19
0.88
1.05
1.40
1.82
1.57
1.39
1.63
Debt/Equity Ratio
0.81
0.73
0.63
0.72
0.85
1.96
1.05
0.87
1.09
0.98
0.67
0.52
0.43
0.54
0.41
Working Capital/Sales
0.18
0.22
0.25
0.23
0.25
0.30
0.21
0.20
0.30
0.30
0.22
0.17
0.30
0.64
1.00
R&D/Sales
0.11
0.13
0.12
0.12
0.11
0.12
0.11
0.11
0.12
0.12
0.10
0.07
0.07
0.07
0.08
Dividend Payout Ratio %
1.84%
1.78%
0.19%
0.31%
0.69%
1.07%
0.23%
0.11%
Total Payout
$100.40
299.50
181.60
-96.00
3.30
-2285.90
634.20
573.50
-673.00
215.10
369.70
282.70
204.40
-393.70
93.30
6.10%123.70%Payout Ratio %
224.61%
2251.23%
97.76%
-41.98%
1.33%
-947.73%
62.72%
81.14%
-201.13%
46.08%
32.87%
14.86%
9.34%
-82.31%
21.07%