On Semiconductor Corp. (ON) intrinsic value & 10-year financials
On Semiconductor Corp. (ON) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 4.9% a year to $6.0B, with an average return on invested capital of 14.2%.
- Graham intrinsic value
- —
- Share price (Oct 20, 2026)
- $73.12
- Market cap
- $30.1B
- Revenue (FY2025)
- $6.0B
- Revenue growth (10-yr CAGR)
- 4.9%
- ROIC (10-yr avg)
- 14.2%
- Free cash flow (FY2025)
- $1.4B
ON 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $6.0B | $121.0M | $0.29 | $1.4B | 1.4% | 1.1% |
| FY2024 | $7.1B | $1.6B | $3.63 | $1.2B | 25.0% | 16.7% |
| FY2023 | $8.3B | $2.2B | $4.89 | $401.9M | 30.8% | 29.0% |
| FY2022 | $8.3B | $1.9B | $4.25 | $1.6B | 28.3% | 29.8% |
| FY2021 | $6.7B | $1.0B | $2.27 | $1.3B | 19.1% | 18.3% |
| FY2020 | $5.3B | $234.2M | $0.56 | $500.7M | 6.6% | 5.8% |
| FY2019 | $5.5B | $211.7M | $0.51 | $160.1M | 7.8% | 6.1% |
| FY2018 | $5.9B | $627.4M | $1.44 | $759.4M | 14.4% | 14.6% |
| FY2017 | $5.5B | $810.7M | $1.89 | $706.7M | 12.3% | 14.8% |
| FY2016 | $3.9B | $182.1M | $0.43 | $370.5M | 6.0% | 5.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ON Semiconductor has demonstrated mature, steady growth, with revenue compounding at 4.9% annually over the past decade.
ON Semiconductor returns on capital have been average, hovering around 14.2% ROIC over the decade.
ON Semiconductor has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ON Semiconductor is modeled at -4.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.02 per share.