ON Semiconductor Corporation

The grade, in three tenses

Headline 4.9 out of ten, 9 of 9 metrics filed: past 6.3 out of ten, present 5.3 out of ten, future 2.9 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 4.7 out of ten. +4.9% a year over 10 filed years; profitable in 10 of 10. 47th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 7.7 out of ten. Share count shrank 2.8% a year. 46% of cash flow returned. Insiders: 15 sales, 0 purchases. 77th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 5.8 out of ten. ROE 2%: 2¢ of profit per shareholder dollar. Leverage 39%: owes 39¢ per asset dollar. 59th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 5.3 out of ten. top 47% of 97 in its family; net margin 2%. 53rd percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 4.4 out of ten. bottom 44% of 66 in its family for leadership; chief executive since 2020. 44th percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 4.3 out of ten. bottom 43% of 94 in its family for room to expand. 43rd percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 1.7 out of ten. bottom 17% of 93 in its family for growth drivers. 17th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 1.7 out of ten. bottom 17% of 88 in its family for expectations against reality. 17th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-02-09 for the period ended 2025-12-31 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-03 for the period ended 2026-07-03 (on EDGAR). Newest results release: Form 8-K filed 2026-08-03 (on EDGAR). Newest filing: Form SCHEDULE 13G/A, 2026-10-07. Filings on record since 1999. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-02-09.

The people

Hassane El-Khoury has been president, chief executive and a director of ON Semiconductor, which trades under the onsemi brand, since December 2020. He came from 13 years at Cypress Semiconductor, which he ran as chief executive from August 2016 to April 2020. Two of his top lieutenants are Cypress veterans too: Thad Trent, chief financial officer since February 2021, was Cypress's finance chief from June 2014 until its sale to Infineon in April 2020, and Sudhir Gopalswamy, who joined in March 2022 and now leads both the sensing (ISG) and analog (AMG) groups, worked at Cypress from 2008 until Infineon bought it. Simon Keeton, with onsemi since July 2007, has been group president of the power business, PSG, since February 26, 2024. [1, 2, 3, 4, 5, 6]

The board keeps the chair separate from the chief executive, and every director except El-Khoury is independent. The chair, Alan Campbell, is retiring at the 2026 annual meeting; the board picked Thomas L. Deitrich, chief executive of Itron since 2019 and a former Freescale Semiconductor general manager, to succeed him, and is shrinking to seven directors. Paul A. Mascarenas, who was at Ford Motor Company from 1982 to 2014 and its chief technical officer from 2011 to 2014, has been a director since 2014, and Susan K. Carter, a former chief financial officer of Ingersoll Rand, KBR and Lennox International, since 2020. [7, 8, 9, 10, 11, 12, 13, 14]

onsemi had about 22,600 regular full-time employees and about 70 part-time or temporary workers in 33 countries at the end of 2025: 73% in Asia Pacific and Japan, 15% in the United States and Canada and 12% in Europe and the Middle East. Around 72% work in manufacturing and 2% in research and development. About 150 US employees, all at the Mountain Top, Pennsylvania plant, are covered by a collective bargaining agreement. Tenure runs long, about 12 years on average, with 44% of employees there for more than a decade, even after a 2025 restructuring that cut about 2,400 jobs. [15, 16, 17]

How it operates

onsemi makes power and sensing chips, mostly for cars and factories. Its Power Solutions Group (PSG) sells power semiconductors in silicon, silicon carbide (SiC) and gallium nitride, materials for high-efficiency, high-power conversion, as bare chips, packaged parts or complete power modules, for electric vehicle drivetrains and fast chargers, energy infrastructure and AI data centers. Its Analog and Mixed-Signal Group (AMG) sells power management chips, gate drivers, sensor interfaces and connectivity chips built on its Treo platform. Its Intelligent Sensing Group (ISG) sells CMOS image sensors, the camera chips behind driver assistance systems (ADAS), factory automation and robots. It earns its revenue mainly from selling chips, and to a much lesser extent from product development agreements. [18, 19, 20, 21, 22, 23]

By its estimate, automotive brought in 51% of 2025 revenue, industrial 28% and other markets, among them AI data centers, computing and consumer, 21%. Distributors took about 54% of revenue and direct customers, mostly large multinationals and regional OEMs, about 46%; one unnamed distributor took about 11%, with sales across all three groups. Many customers sign multi-year long-term supply agreements with committed amounts; about $7.1 billion remained to be delivered under them at the end of 2025, some carry non-cancelable capacity payments that reserve production, and certain of them were modified during 2025 in response to changes in demand. [24, 25, 26, 27, 28, 29, 30]

Counted by where sales are billed, Hong Kong brought in 1.6 billion dollars, 27.3% of 2025 revenue; the United Kingdom 1.3 billion, 22.5%; Singapore 1.3 billion, 20.9%, the steepest fall, down 27.7%; and the United States 1.2 billion, 20.5%. Its global distribution centers are in China, the Philippines and Singapore. [31, 32, 33]

Unlike most chip designers, onsemi makes most of its own chips. It runs wafer fabs in the United States, the Czech Republic, Japan, South Korea and Malaysia, the largest at East Fishkill, New York, at 2,724,137 square feet, and assembly and test plants in Canada, China, Malaysia, the Philippines, Vietnam and the United States. Its Hudson, New Hampshire plant grows SiC crystal boules and its plants in Rožnov pod Radhoštěm, Czech Republic and Bucheon, South Korea make silicon and SiC wafers, a vertically integrated SiC chain it credits with supply assurance and cost. The Leshan plant in China belongs to a joint venture, 80% owned, with Leshan Radio. Contract manufacturers, mainly for wafers and for assembly and test, still accounted for about 34% of manufacturing input costs in 2025. [34, 35, 36, 37, 38, 39, 40, 41]

Its raw materials include silicon and SiC wafers, laminate substrates, gold, copper, lead frames, mold compound and ceramic packages. Some plants are the only source of the product they make, so the filing warns that a disruption at one would delay or stop production of that product. [42, 43]

The specifics

ON Semiconductor Corporation was incorporated in Delaware in 1992. It keeps adding power technology by acquisition: in January 2025 it bought Qorvo's silicon carbide JFET business, a kind of SiC power switch, for $118.8 million in cash, to serve power supplies for AI data centers, and in October 2025 it acquired rights to Aura Semiconductor's Vcore power technologies for up to $144 million, most of it payable on product delivery and revenue milestones through 2030. [44, 45, 46]

2025 was a year of shrinking the factory base. Under its 2025 Manufacturing Realignment Program it cut about 2,400 jobs at a severance cost of $67.1 million, wrote down $496.0 million of manufacturing equipment now held for sale, booked $103.9 million of other exit costs, and charged $268.2 million for excess and obsolete inventory, $230.3 million of it in ISG. It is also exiting product lines that do not enhance gross margin or meet its strategic aims. [47, 48, 49, 50, 17]

It names its competitors: in power, Infineon, STMicroelectronics, Wolfspeed, ROHM Semiconductor and Nexperia; in analog, Texas Instruments, Analog Devices, Infineon, STMicroelectronics, Renesas, Monolithic Power Systems and NXP; in image sensors, Sony Semiconductor Manufacturing, Samsung and Omnivision. It says it was one of the earliest to commercialize CMOS active pixel sensors, and that its silicon, SiC and GaN power technologies are designed and made in house. It holds a substantial number of patents but does not consider its business substantially dependent on any single one. [51, 52, 53, 54, 55, 56]

Trade tension reaches it through China. The filing warns that the Leshan plant may face higher costs or trade restrictions from the tension between the United States and China, and that new rules may require export licenses to supply certain products to customers in China, with no assurance they will be granted. [57]

What drives growth, line by line

Power Solutions Group. The largest line: 2.8 billion dollars, 46.8% of 2025 revenue, down 16.2%. The filing puts the drop on automotive, down $438.0 million, and industrial, down $120.2 million, partly offset by $15.1 million more in other markets that include AI data centers. Gross margin fell to 24.5% from 41.3% on lower volume, underused factories, an unfavorable product mix and a $43.9 million write-off of consumables and supplies. [31, 58, 59]

Analog Mixed Signal Group. 2.3 billion dollars, 37.7% of revenue, down 13.3%. Automotive fell $204.1 million and other markets $161.5 million, mostly from the reduction of lower-margin manufacturing services revenue at the East Fishkill (EFK) fab, while industrial rose $18.4 million. Losing that low-margin work lifted AMG's gross margin to 51.1% from 50.1%, the only group to improve. [31, 60, 61, 62]

Intelligent Sensing Group. 928.4 million dollars, 15.5% of revenue, down 17.5%, mostly in automotive, down $177.9 million, with industrial down $24.2 million. Gross margin collapsed to 15.1% from 46.7%, mainly on $230.3 million of excess and obsolete inventory charges from strategy changes under the realignment program. [31, 63, 64, 49]

Altogether revenue fell 15.3% to $5,995.4 million, the second yearly fall in a row from 8.3 billion dollars in 2023. Gross margin fell to 33.1% from 45.4%, operating income to $84.2 million from $1,767.7 million, and net income attributable to onsemi to $121.0 million from $1,572.8 million. The filing blames the realignment charges and weaker automotive and industrial demand that left factories underused. [65, 66]

What comes next, in the company's words: it intends to keep aligning manufacturing capacity and spending with forecast demand during 2026; it expects about 34% of the $7.1 billion under long-term supply agreements to become revenue over the next 12 months if products ship as contracted; and it has committed to buy about 80% of Leshan's expected production capacity in 2026. [67, 28, 68]

What the desk infers (inferred, not filed)

• The factory capacity onsemi added when capital spending peaked in 2022 and 2023 ran well ahead of demand, and 2025 was the year it wrote part of that build-out down. Because: Capital spending rose to 1.0 billion dollars in 2022 and 1.5 billion in 2023, then fell to 341.2 million in 2025. [66] The $496.0 million impairment relates to previous investments in manufacturing equipment at certain facilities, now held for sale. [48] PSG's margin fell partly on underutilization of its manufacturing facilities, and the program aims to realign internal capacity with anticipated long-term needs. [59, 47] Confidence 75 of 100. Wrong if: A filing showing that the impaired equipment was bought before 2022, or that the factories ran near full in 2025.
• Most of the power group's automotive decline most likely came from silicon carbide sold for electric vehicle drivetrains, and the SiC JFET purchase is a move to find SiC buyers beyond cars, in AI data center power supplies. Because: PSG's automotive revenue fell $438.0 million, the largest drop in any group or end market in 2025. [58] The filing ties its power technologies to the electrification of the automotive drivetrain and names fluctuating demand for EVs as a risk to its automotive sales. [69, 70] It bought the SiC JFET business to address power supplies for AI data centers, and other markets including AI data centers were the one part of PSG that grew. [45, 58] Confidence 55 of 100. Wrong if: A breakdown of PSG automotive revenue showing that silicon rather than silicon carbide products made up most of the 2025 decline.
• The long-term supply agreements gave onsemi less protection in the downturn than their size suggests: customers, mostly automotive and industrial, reshaped them as demand fell, and revenue dropped anyway. Because: A significant portion of revenue comes from automotive and industrial customers, including revenue under long-term supply agreements. [71] Certain agreements were modified during 2025 in response to changes in demand, and some customers have sought to amend or cancel delivery terms. [30, 72] Revenue fell 15.3% in 2025 on lower volumes across all three groups. [65] Confidence 65 of 100. Wrong if: A filing showing that the 2025 modifications were made at onsemi's request for supply reasons rather than at customers' request for lower demand.

Sources

1. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Hassane El-Khoury. Mr. El-Khoury was appointed as President, Chief Executive Officer and Director of onsemi in December 2020. Prior to joining onsemi, he spent 13 years at Cypress Semiconductor Corporation, a semiconductor design and manufacturing company ("Cypress"), serving as Chief Executive Officer from August 2016 to April 2020.”
2. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Thad Trent. Mr. Trent was appointed Executive Vice President and Chief Financial Officer of onsemi in February 2021.”
3. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “He first joined Cypress in 2005 and served as Cypress CFO from June 2014 until its sale to Infineon in April 2020.”
4. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Sudhir Gopalswamy. Mr. Gopalswamy joined onsemi in March 2022 and is currently the Group President, ISG and AMG of onsemi.”
5. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Mr. Gopalswamy worked at Cypress from 2008 until its 2020 acquisition by Infineon.”
6. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Simon Keeton. Mr. Keeton joined onsemi in July 2007 and is currently the Group President, PSG of onsemi. During his career, Mr. Keeton has held various management positions within onsemi. Before Mr. Keeton’s promotion to his current role on February 26, 2024, he served as Executive Vice President and General Manager, PSG starting in January 2019.”
7. ON Semiconductor Corporation, Form DEF 14A filed 2026-04-02: “Currently, the Board has affirmatively determined that each member of our Board, other than our President and CEO, Mr. El-Khoury, is an independent director”
8. ON Semiconductor Corporation, Form DEF 14A filed 2026-04-02: “Mr. Campbell currently serves as our Chair. In light of Mr. Campbell’s retirement effective immediately prior to the annual meeting, the Board has appointed Mr. Deitrich, another independent director, to succeed him in the role as our Chair effective at the annual meeting, assuming Mr. Deitrich’s reelection.”
9. ON Semiconductor Corporation, Form DEF 14A filed 2026-04-02: “our Board, upon recommendation of the GS Committee, has decided to decrease the size of the Board from eight directors to seven directors, effective as of the annual meeting”
10. ON Semiconductor Corporation, Form DEF 14A filed 2026-04-02: “Itron, Inc. (an energy and water resource management technology company), 2015 – Present — President, Chief Executive Officer and Director, 2019 – Present — Chief Operating Officer, 2015 – 2019 ■ Freescale Semiconductor, Inc. (acquired by NXP Semiconductors N.V.), 2006 – 2015 — Senior Vice President and General Manager”
11. ON Semiconductor Corporation, Form DEF 14A filed 2026-04-02: “PAUL A. MASCARENAS Age 64 Director since 2014”
12. ON Semiconductor Corporation, Form DEF 14A filed 2026-04-02: “Ford Motor Company, 1982 – 2014 — Vice President of Research & Advanced Engineering and Chief Technical Officer, 2011 – 2014”
13. ON Semiconductor Corporation, Form DEF 14A filed 2026-04-02: “SUSAN K. CARTER Age 67 Director since 2020 Other Public Company Boards: •Amcor plc •Stanley Black & Decker, Inc. Career Highlights ■ Ingersoll Rand plc (now known as Trane Technologies plc), 2013 – 2020 — Senior Vice President and Chief Financial Officer ■ KBR, Inc., 2009 – 2013 — Executive Vice President and Chief Financial Officer ■ Lennox International, Inc., 2004 – 2009 — Executive Vice President and Chief Financial Officer”
14. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
15. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “As of December 31, 2025, we had approximately 22,600 regular full‑time employees and about 70 part‑time or temporary employees across 33 countries. Of our regular full‑time workforce, roughly 15% are based in the United States and Canada, 12% in Europe and the Middle East, and 73% in Asia Pacific and Japan. Around 72% of employees work in manufacturing, 2% in research and development, 4% in customer service or other sales and marketing functions, and 22% in other roles. Approximately 150 of our U.S. employees, about 4% of our U.S. workforce, are covered by a collective bargaining agreement, all of whom are located at our Mountain Top, Pennsylvania manufacturing facility.”
16. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Our workforce has an average tenure of approximately 12 years, and about 44% of employees have been with onsemi for more than a decade.”
17. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “We incurred total severance costs and related benefit expenses of $67.1 million related to the termination of approximately 2,400 employees.”
18. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “PSG provides a broad portfolio of discrete, module, and integrated semiconductor devices designed to enable high‑efficiency and high‑power conversion across AI data centers, energy infrastructure, automotive and industrial.”
19. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “A central focus of our portfolio is intelligent power technology based on silicon, silicon carbide, and GaN. These wide bandgap technologies are designed and manufactured by onsemi and supplied to customers in multiple forms, including bare die, packaged discrete products, and complete power modules.”
20. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Our intelligent power technologies enable the electrification of drivetrain in the automotive industry to allow for lighter and longer-range electric vehicles and empower efficient fast-charging systems.”
21. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “AMG designs and develops a comprehensive range of analog and mixed-signal solutions including power‑management, sensor‑interface, connectivity, and standard products that serve automotive, industrial automation, AI data center, computing, and mobile end markets.”
22. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “ISG develops advanced imaging technologies that include high‑performance CMOS image sensors, ISPs, SWIR sensors, and more. These technologies support high‑dynamic‑range, low‑noise, and high‑reliability imaging essential to automotive ADAS, industrial automation, robotics, and AI‑enabled perception systems.”
23. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “onsemi generates revenue primarily from the sale of semiconductor products to distributors and direct customers. We also generate revenue, to a much lesser extent, from product development agreements.”
24. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Other includes the end-markets of AI data center, computing, consumer, networking, communication, etc. Automotive Industrial Other 2025 Revenue (%) 51% 28% 21%”
25. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Sales to distributors accounted for approximately 54%, 53% and 52% of our revenue in 2025, 2024 and 2023, respectively.”
26. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Sales to direct customers accounted for approximately 46%, 47% and 48% of our revenue in 2025, 2024 and 2023, respectively. Large multi-national companies and selected regional OEMs, which are significant in specific markets, form our core direct customers.”
27. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “We had one customer, a distributor, whose revenue accounted for approximately 11% and 10% of the total revenue for the years ended December 31, 2025 and 2024, respectively, with sales across all reportable segments.”
28. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Certain of the Company's customer contracts are multi-year agreements that include committed amounts ("Long-term Supply Agreements" or "LTSAs") for which the remaining performance obligations as of December 31, 2025 were approximately $7.1 billion (excluding the remaining performance obligations for contracts having a duration of one year or less). If products are shipped according to the terms of these contracts, the Company expects to recognize approximately 34% of this amount as revenue during the next 12 months.”
29. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Certain LTSAs include non-cancelable capacity payments from the customer, which are generally due within 30 days of agreement. These payments reserve production availability or are prepayments for the same purpose and are not recognized as revenue until the performance obligations are satisfied.”
30. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “During 2025, certain LTSAs were modified in response to changes in demand.”
31. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
32. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Revenue by geographic location, based on sales billed from the respective country or region, was as follows (dollars in millions)”
33. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “We have global distribution centers in China, the Philippines and Singapore.”
34. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “We operate front-end wafer fabrication facilities in the United States, the Czech Republic, Japan, South Korea, and Malaysia and back-end assembly and test site facilities in Canada, China, Malaysia, the Philippines, Vietnam and the United States.”
35. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Front-end Facilities: East Fishkill, New York AMG, ISG and PSG 2,724,137”
36. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “our facility in Hudson, New Hampshire manufactures SiC crystal boules and our facilities in Rožnov pod Radhoštěm, the Czech Republic and Bucheon, South Korea manufacture silicon and SiC wafers that are used by a number of our facilities.”
37. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Our vertically integrated SiC manufacturing strategy enhances supply assurance, cost competitiveness, and device performance.”
38. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “All of our manufacturing facilities are fully owned and operated by us, except our assembly and test operations facility located in Leshan, China, which is owned by Leshan-Phoenix Semiconductor Company Limited, a joint venture company in which we own 80% of the outstanding equity interests ("Leshan").”
39. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Our joint venture partner is Leshan Radio Company Ltd. ("Leshan Radio").”
40. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “We use third-party contractors for some of our manufacturing activities, primarily for wafer fabrication and the assembly and testing of finished goods.”
41. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “These manufacturers collectively accounted for approximately 34% of our total manufacturing input costs in 2025, 33% in 2024 and 36% in 2023.”
42. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Our manufacturing processes use many raw materials, including silicon wafers, SiC wafers, laminate substrates, gold, copper, lead frames, mold compound, ceramic packages and various chemicals and gases.”
43. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Conversely, some of our facilities are single source facilities that only produce one of our end-products, and a disruption at any such facility would materially delay or cease production of the related product.”
44. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “was incorporated under the laws of the State of Delaware in 1992.”
45. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “On January 14, 2025, we completed the acquisition of the Silicon Carbide Junction Field-Effect Transistor ("SiC JFET") technology business from Qorvo US, Inc., and certain of its subsidiaries, for $118.8 million in cash. We believe the acquisition complements our EliteSiC power portfolio within the PSG reportable segment and enables us to help address the need for high energy efficiency and power density in the AC-DC stage in power supply units for AI data centers.”
46. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “On October 27, 2025, we completed the acquisition of rights to Vcore power technologies, including associated intellectual property licenses, from Aura Semiconductor enhancing our power management portfolio. The total purchase consideration is up to $144 million, subject to customary purchase price adjustments, with $7 million paid in cash at close. Of the total purchase price, $72 million is payable upon acceptance and delivery of specified products and the remaining $72 million is contingent upon the achievement of certain revenue milestones through 2030.”
47. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “During the first quarter of 2025, we announced restructuring and cost reduction initiatives based on an evaluation of our operating structure, business strategy, manufacturing technologies and internal capabilities to realign our internal manufacturing capacity and capabilities with anticipated long-term needs.”
48. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Additionally, we recorded non-cash impairment charges of $496.0 million during the year ended December 31, 2025 related to previous investments in manufacturing equipment at certain manufacturing facilities pursuant to held-for-sale accounting guidance. Other charges of $103.9 million for the year ended December 31, 2025, comprised of other exit costs, accelerated depreciation and contract termination costs, were incurred as part of the program.”
49. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “We also recorded $268.2 million relating to excess and obsolete inventory charges, of which $37.9 million and $230.3 million related to inventory primarily considered work in progress within the PSG and ISG reportable segments, respectively.”
50. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “We have taken, and continue to take actions, including but not limited to, exiting product lines that do not enhance gross margin or satisfy strategic objectives.”
51. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “PSG’s primary competitors include: Infineon Technologies AG ("Infineon"), STMicroelectronics N.V. ("STMicroelectronics"), Wolfspeed Inc., ROHM Semiconductor and Nexperia BV.”
52. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Competitors for certain of AMG's products and solutions include: Texas Instruments Incorporated, Analog Devices, Inc., Infineon, STMicroelectronics, Renesas Electronics Corporation, Monolithic Power Systems Inc. and NXP Semiconductors N.V.”
53. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Competitors for certain of ISG's products and solutions include: Sony Semiconductor Manufacturing Corporation, Samsung Electronics Co., Ltd., and Omnivision Technologies Inc.”
54. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “ISG has significant imaging experience and was one of the earliest to commercialize CMOS active pixel sensors and introduce CMOS technology in many of our markets.”
55. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “We hold a substantial number of issued and pending patents worldwide and continue to prosecute applications in areas that are material to our business. We do not consider our business substantially dependent on any single onsemi patent.”
56. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “AMG delivers advanced analog and mixed-signal technology through our Treo Platform.”
57. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “More specifically, our assembly and test operations facility located in Leshan, China, which is owned by Leshan-Phoenix Semiconductor Company Limited, a joint venture company in which we own 80% of the outstanding equity interests, may be subjected to increased costs or additional trade restrictions stemming from the geopolitical tension between the United States and China. The U.S. Department of Commerce may add additional Chinese companies to its restricted entity list or unverified list and regulatory bodies of either country may take other actions that could expand licensing requirements or otherwise impact the market for our products and our revenue.”
58. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Revenue from PSG decreased by $543.1 million, or approximately 16.2%, during 2025 compared to 2024. This was driven by a decrease in revenue of $438.0 million and $120.2 million in the automotive and industrial end-markets, respectively, which was partially offset by increased revenue of $15.1 million in other end-markets which include AI data centers.”
59. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Also contributing to the decrease in gross profit was the $43.9 million write-off of consumables and manufacturing supplies associated with the manufacturing capacity reduction actions taken under the 2025 Manufacturing Realignment Program. PSG gross margin decreased by 16.8 percentage points to 24.5% from 41.3%, primarily as a result of the decline in sales volume, underutilization of our manufacturing facilities, the related impact of unfavorable product mix, and the impact of the consumables and manufacturing supplies write-off discussed above.”
60. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Revenue from AMG decreased by $347.2 million, or approximately 13.3%, during 2025 compared to 2024. This was driven by decreases in revenue of $204.1 million and $161.5 million in the automotive and other end-markets, respectively, which was partially offset by an increase of $18.4 million within the industrial end-market. The decrease in the other end-market primarily related to the reduction of manufacturing services revenue at our EFK location.”
61. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “AMG gross margin increased by 1.0 percentage point to 51.1% from 50.1%, primarily due to the reduction in the lower-margin manufacturing services revenue at our EFK location.”
62. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “EFK East Fishkill, New York fabrication facility”
63. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Revenue from ISG decreased by $196.6 million, or approximately 17.5%, during 2025 compared to 2024. This was driven by decreases in revenue of $177.9 million and $24.2 million in the automotive and industrial end-markets respectively, which was partially offset by increased revenue of $5.5 million in other end-markets.”
64. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “ISG gross margin decreased 31.6 percentage points to 15.1% from 46.7%, primarily due to the excess and obsolete inventory charges resulting from certain strategy changes in connection with the 2025 Manufacturing Realignment Program.”
65. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Our revenue for the year ended December 31, 2025 was $5,995.4 million, representing a decrease of 15.3% from $7,082.3 million for the year ended December 31, 2024. During 2025, we reported net income attributable to onsemi of $121.0 million compared to $1,572.8 million in 2024. Our operating income totaled $84.2 million during 2025 compared to $1,767.7 million during 2024. Our gross margin decreased by approximately 1,230 basis points to 33.1% in 2025 from 45.4% in 2024. Our operating results were significantly impacted by restructuring, asset impairment and other charges resulting from our 2025 Manufacturing Realignment Program.”
66. The record on this page: the filed annual figures (EDGAR's company facts)
67. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Given the conditions, we are actively managing and have taken corrective actions in our manufacturing capacity and spending to align with the forecasted demand. We intend to continue these actions during 2026.”
68. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “We purchased 80% of Leshan's production capacity in each of 2025, 2024 and 2023, and are currently committed to purchase approximately 80% of Leshan's expected production capacity in 2026.”
69. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Our intelligent power technologies enable the electrification of drivetrain in the automotive industry”
70. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Changes in demand in these end-markets (such as fluctuations in demand for EVs), or changes that have the potential to disrupt sales activities to customers in these end-markets, can significantly impact our operating results.”
71. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Because a significant portion of our revenue is derived from customers in the automotive and industrial end-markets, including revenue pursuant to our long-term supply agreements, a downturn or lower sales to customers in either end-market could materially adversely affect our business and results of operations.”
72. ON Semiconductor Corporation, Form 10-K filed 2026-02-09: “Furthermore, certain customers, from time to time, have sought and may seek to amend or cancel the delivery or other terms of their long-term supply agreements with us.”

Where the revenue comes from

Lines of business in fiscal 2025: Power Solutions Group 47%, Analog Mixed Signal Group 38%, Intelligent Sensing Group 16%. By geography: Hong Kong 27%, United Kingdom 23%, Singapore 21%, United States 21%, Other 9%. As tagged in its annual report (Form 10-K, filed 2026-02-09).

Who runs it

El-Khoury, Hassane (CEO & President); Gopalswamy, Sudhir (Group President, AMG & ISG); Shah, Achyut (Group President, PSG); Keeton, Simon (Group President, PSG); Thad, Trent (Exec VP & CFO); Mascarenas, Paul Anthony (director); Carter, Susan K (director); Deitrich, Thomas (director); Kiddoo, Bruce E (director); Waters, Gregory L (director); and 1 more. 11 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-02.

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