ON Semiconductor Corp (NASDAQ: ON) is a semiconductor company that designs and manufactures power and sensing technologies sold into automotive, industrial, and consumer end markets. Revenue is transactional, generated by selling chips and modules through direct channels and global distributors. The company operates three reporting segments: Power Solutions Group (PSG), Analog and Mixed-Signal Group (AMG), and Intelligent Sensing Group (ISG). For FY2025, total revenue was $5,995.4 million, down 15.3% from $7,082.3 million in FY2024. PSG was the largest segment at 46.8% of revenue ($2,805.1 million), followed by AMG at 37.7% ($2,261.9 million) and ISG at 15.5% ($928.4 million). Gross margin compressed sharply to 33.1% in FY2025 from 45.4% in FY2024. Net income attributable to ON was $121.0 million in FY2025 versus $1,572.8 million in FY2024. The company is debt-carrying, with $3.0 billion in outstanding notes as of December 31, 2025, and does not appear to pay dividends based on disclosed financing activity, which focused on share repurchases totaling approximately $1,375 million in FY2025.

Revenue model

Transactional product sales of semiconductors through direct customers and independent distributors. Distributors are not subject to minimum purchase commitments. Revenue is recognized on sales of chips and modules across three segments: PSG, AMG, and ISG.

Products and services

Power semiconductors, analog and mixed-signal integrated circuits, image sensors, and intelligent sensing solutions. Product categories include field-effect transistors (FETs), application-specific integrated circuits (ASICs), analog front ends (AFEs), CMOS image sensors, and components for electric vehicles (EV/HEV) and advanced driver assistance systems (ADAS).

Customers and end markets

End markets include automotive (EV/HEV, ADAS, autonomous driving), industrial, and consumer electronics. Products are sold to original equipment manufacturers and through global and regional distributors. No specific customer concentration percentages were disclosed in the excerpts.

Value-chain role

Semiconductor designer and manufacturer. Operates its own fabrication facilities, including a facility in East Fishkill, New York. Sells through both direct channels and independent distributors who manage end-customer relationships.

Geographic exposure

For FY2025, revenue by ship-to geography: Hong Kong 27.3% ($1,634.8 million), United Kingdom 22.5% ($1,347.0 million), Singapore 20.9% ($1,252.4 million), United States not fully disclosed in excerpts but listed as a top region. Operations subject to US and foreign export control, tariff, and trade sanction regulations.

Source: SEC 10-K, filed 2026-02-09

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