ON Semiconductor Corp.
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+ FollowMarket Cap$27.9B
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Earnings Call Q3 2026
November 2, 2026 - AI Summary
Strong Q3 performance + operating leverage (better than plan)
- Revenue: $1.72B, +7% sequential and +11% YoY, above the midpoint of guidance (+$22M).
- Profitability: Non-GAAP gross margin ~41.2% (up ~190 bps QoQ), and Non-GAAP EPS $0.90 (above guidance; EPS growing ~4x faster than revenue).
- Cash flow: Free cash flow $489M (~28% of revenue); CapEx $28M (~1.6% of revenue).
- Execution drivers: improved mix, utilization catching up, and ramp of higher-margin/new products.
AI data center is the key upside—accelerating demand and raised 2026/2030 targets
- Q3 AI data center revenue: $180M, +39% sequential and +175% YoY.
- Raised 2026 AI data center forecast to ~ $620M (implies +140% YoY), and expects 2027 to double off the higher 2026 base.
- Strategic positioning: onsemi is shipping across the power tree (PSUs through smart power stages near processors) with emphasis on power density as the differentiator for AI racks.
- Surprising / notable: AI data center momentum is scaling faster than originally anticipated entering the year, leading to the strong upward revisions.
Automotive: growth is temporarily muted due to supply allocation—not share loss
- Automotive Q3 revenue: $777M, down 1% sequential and slightly down YoY.
- Management attribution: they reallocated supply toward faster-growing AI data center and industrial, and customers are not getting replenishment inventory (end demand is still being supported).
- Outlook: expects automotive revenue to decrease further in Q4 (high single-digit % points) from continued supply reallocation/timing; Q1 expected to normalize as supply comes online.
- 2027 expectation: automotive growth to return to long-term target (i.e., “in line with the long-term target”), implying no long-term market share damage.
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$18.46
74.1% downside
Current Fair Value
74.1% downsideOvervalued by 74.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $27.90 Billion |
|---|---|
| Enterprise Value | $28.87 Billion |
| Earnings per Share | $0.29 |
| Beta | 2.05 |
| Outstanding Shares | 390,300,000 |
Return
| Return on Equity | 8.73% |
|---|---|
| Return on Assets | 4.67% |
| Return on Invested Capital | 6.61% |
Valuation & Multiples
| P/E Ratio | 45.36 |
|---|---|
| PEG | 136.72 |
| Price to Sales | 4.75 |
| Price to Book Ratio | 3.96 |
| Enterprise Value to Revenue | 4.66 |
| Enterprise Value to EBIT | 38.37 |
| Enterprise Value to Net Income | 45 |
| Total Debt to Enterprise | 0.16 |
| Debt to Equity | 0.62 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 2, 2026
EPS Estimate
$0.88
Consensus analyst estimateRevenue Estimate
$1.71 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 8, 2027
EPS Estimate
$0.97
Consensus analyst estimateRevenue Estimate
$1.77 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.74, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.7351▲ 111.17% |
|---|---|
| Total Calls | 388,800▼ 97.54% |
| Total Puts | 674,600▼ 93.16% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.68%▼ 99.76% |
|---|---|
| Total Invested | $1.11B▼ 97.09% |
| Investors Holding | 308▼ 777.00% |
About ON Semiconductor Corp.
22,600 employees
CEO: Keith Jackson
Globally, ON Semiconductor Corporation delivers advanced solutions for intelligent sensing and power management. The company's innovative power technologies are instrumental in revolutionizing the automotive sector, facilitating the deve...