ON Semiconductor Corp.
ON
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+ FollowMarket Cap$30.6B
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Earnings Call Q2 2026
August 3, 2026 - AI Summary
Q2 performance beat guidance; strong profitability + cash return
- Revenue $1.6B, +9% YoY and +6% QoQ, above the midpoint of guidance; AI data center was the key demand driver.
- Non-GAAP gross margin 39.3% (+80 bps sequentially), and non-GAAP EPS $0.74.
- Free cash flow $425M in Q2; $332M share repurchases; ~105% of free cash flow returned to shareholders YTD.
Demand recovery visible, with supply tightening + prioritization decisions
- Management cites a healthy recovery: strengthening signals include orders within lead time and customer escalations.
- Lead times extended from ~27 weeks to ~32 weeks on average; this implies rising backlog/visibility.
- Because supply lagged accelerating demand, they prioritized shipments to AI data center over automotive/industrial in Q2; expect normalization as supply catches up in Q3/Q4.
Major upside forecast: AI data center to more than double in 2026
- Company now expects AI data center revenue to >2x in 2026 (vs 2025).
- Expanded partnership footprint: broader role in NVIDIA MGX ecosystem (advanced power systems) + 2 platform wins with Great Wall (China cloud/AI).
- Product/content expansion across the “Power Tree,” including silicon carbide: AI data center silicon carbide revenue expected to grow ~60% YoY in 2026 (high-voltage architectures, including 800V DC distribution).
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$17.64
76% downside
Current Fair Value
76% downsideOvervalued by 76% based on the discounted cash flow analysis.
Share Statistics
| Market cap | $30.60 Billion |
|---|---|
| Enterprise Value | $31.57 Billion |
| Dividend Yield | $- (-) |
| 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 | 49.07 |
|---|---|
| PEG | 147.9 |
| Price to Sales | 4.89 |
| Price to Book Ratio | 4.08 |
| Enterprise Value to Revenue | 5.09 |
| Enterprise Value to EBIT | 41.95 |
| Enterprise Value to Net Income | 50 |
| Total Debt to Enterprise | 0.14 |
| Debt to Equity | 0.62 |
Revenue Sources
No data
Insider Trades
Last Earnings Call
Report Date
August 3, 2026
EPS Estimate
$0.71
Average shareholder expectationRevenue Estimate
$1.59 B
Average shareholder expectationNext Earnings Call
Expected Date
November 2, 2026
EPS Estimate
$0.88
Average shareholder expectationRevenue Estimate
$1.70 B
Average shareholder expectationInstitutional Put/Call Ratio
Market sentiment based on institutional option activity.
| Put/Call Ratio | 0.0000▼ 62.34% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 0.11%▼ 103.33% |
|---|---|
| Total Invested | $34.20M▼ 99.91% |
| Investors Holding | 30▼ 1054.00% |
ESG Score
No data
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...