ON Semiconductor Corp

onsemi.com

What Do They Do?

Sells power-conversion and sensing semiconductors for automotive, industrial, and AI data center customers.

How Do They Make Money?

Most money comes from distributors and direct customers buying semiconductor products. Sales count when products ship or are delivered, or when products held at customer sites are used; smaller amounts come from product development agreements and manufacturing services.

revenue

Segment	Share	How money arrives
PSG Sold outright	47% FY2022: 42%	Sold outright
AMG Sold outright	38% FY2022: 43%	Sold outright
ISG Sold outright	15% FY2022: 15%	Sold outright

Who Are Their Customers?

Large multinational companies and selected regional equipment makers buy directly. Distributors resell products to equipment makers, contract manufacturers, and other end customers.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 10% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025 and turned 24 cents into free cash flow.

Operating income, FY2025

1% of revenue

▼ −95% vs FY2024 ($1.8B, 25%)

Net income, FY2025

2% of revenue

▼ −92% vs FY2024 ($1.6B, 22%)

Free cash flow, FY2025

24% of revenue

▲ +17% vs FY2024 ($1.2B, 17%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jul 3, 2026

Revenue: ▲ +9%; vs $1.5B in Q2 FY2025
Net income: ▲ +33%; vs $170.3M in Q2 FY2025

PSG share of revenue vs 47.5% in Q2 FY2025

Aug 13, 2026 FTC ends waiting period for planned Synaptics merger The merger still requires Synaptics stockholder approval and other regulatory clearances; the parties expect to close in mid-2027.

Shrinking. Revenue fell 11% in 4 years, from $6.7B in FY2021 to $6B in FY2025, about 3% a year.

Revenue over time

PSG AMG ISG ASG

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Infineon, STMicroelectronics, Wolfspeed, ROHM Semiconductor, Nexperia, Texas Instruments, Analog Devices, Renesas Electronics, Monolithic Power Systems, NXP Semiconductors, Sony Semiconductor Manufacturing, Samsung Electronics, and Omnivision Technologies

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