Adjustments to Financial Statements
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
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Adjustments to Total Assets
ON Semiconductor Corp., adjusted total assets
US$ in thousands
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »
2 Deferred tax assets. See details »
- Total assets
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The total assets exhibit consistent growth over the five-year period. Starting at approximately 8.43 billion USD at the end of 2019, the value increases steadily each year, reaching about 13.22 billion USD by the end of 2023. This trend indicates an expansion in the company's asset base, reflecting either acquisitions, investments, or organic growth of asset holdings.
- Adjusted total assets
-
The adjusted total assets follow a similar upward trajectory, rising from approximately 8.12 billion USD in 2019 to around 12.61 billion USD in 2023. The growth pattern closely mirrors that of the reported total assets but remains consistently lower, suggesting that certain adjustments reduce the asset base slightly. This could indicate the exclusion of specific asset items or application of valuation adjustments.
- Comparison and analysis
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Both total assets and adjusted total assets grow at a similar pace, with the gap between them remaining relatively stable across the years. This stability implies consistent adjustment criteria or accounting policies applied across the periods. The steady asset growth might reflect the company's strategy to scale operations, invest in capital assets, or expand through acquisitions. The increments in adjusted total assets support the notion that the company maintains a substantial asset base even after accounting for adjustments, reinforcing financial robustness.
Adjustments to Total Liabilities
ON Semiconductor Corp., adjusted total liabilities
US$ in thousands
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Deferred tax liabilities. See details »
- Total liabilities
- The total liabilities remained relatively stable from 2019 to 2021, showing a slight decrease from approximately 5.1 billion US dollars to around 5 billion US dollars. In 2022, there was a noticeable increase, peaking at about 5.77 billion US dollars, followed by a decline in 2023 to approximately 5.41 billion US dollars. This pattern indicates a period of increased borrowing or liabilities in 2022 that was partially reversed the following year.
- Adjusted total liabilities
- The adjusted total liabilities exhibit a trend similar to that of total liabilities. From 2019 through 2021, there is a gradual decline from around 5.04 billion to just under 5 billion US dollars. In 2022, a significant rise occurs, reaching approximately 5.73 billion US dollars, after which a reduction is observed in 2023, declining to roughly 5.36 billion US dollars. The adjusted figures consistently remain slightly lower than the total liabilities, suggesting some adjustments made to the reported liabilities, but the overall trend aligns closely with the unadjusted values.
Adjustments to Stockholders’ Equity
ON Semiconductor Corp., adjusted total ON Semiconductor Corporation stockholders’ equity
US$ in thousands
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Net deferred tax asset (liability). See details »
The analysis of the financial data reveals a consistent upward trend in the stockholders' equity of the company over the five-year period from 2019 to 2023.
- Total ON Semiconductor Corporation Stockholders’ Equity
- The total stockholders’ equity increased steadily each year, beginning at $3,301,700 thousand in 2019 and rising to $7,782,600 thousand by the end of 2023. This growth reflects a significant strengthening of the company's equity base, showing an approximate 135.7% increase over the five years. The increase each year exhibits accelerating growth, particularly notable between 2021 and 2023, where the increments appear larger compared to earlier years.
- Adjusted Total Stockholders’ Equity
- Similarly, the adjusted total stockholders’ equity demonstrates a continuous rising trend, starting from $3,076,700 thousand in 2019 and reaching $7,256,400 thousand by 2023. This represents an increase of about 135.9% over the period, closely mirroring the trend in total stockholders’ equity. The year-over-year increase also accelerates in later years, particularly from 2021 onward, indicating improved adjustments that positively affect the equity measurement.
Overall, the data indicate a robust financial position with an expanding equity base. The consistent increase in both reported and adjusted equity suggests effective retention of earnings and/or capital infusions, contributing to an enhanced financial stability and potential for future growth.
Adjustments to Capitalization Table
ON Semiconductor Corp., adjusted capitalization table
US$ in thousands
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Operating lease liabilities (included in Accrued expenses and other current liabilities). See details »
3 Operating lease liabilities (included in Other long-term liabilities). See details »
4 Net deferred tax asset (liability). See details »
The financial data indicates a consistent evolution in the company’s capital structure over the five-year period ending December 31, 2023. Several key trends can be observed in the components of debt, stockholders' equity, and total capital, both in reported and adjusted terms.
- Total Reported Debt
- The total reported debt shows a gradual decline from 3,612,500 thousand US dollars in 2019 to 3,097,500 thousand US dollars in 2021, followed by a slight increase reaching 3,359,800 thousand US dollars in 2023. This suggests an initial strategy of debt reduction, with a moderate growth or stabilization in debt levels in the last two reported years.
- Total ON Semiconductor Corporation Stockholders’ Equity
- Stockholders’ equity exhibits a strong upward trend, increasing from 3,301,700 thousand US dollars in 2019 to 7,782,600 thousand US dollars in 2023. This steady increase indicates significant growth in the company’s net assets, potentially due to retained earnings growth, equity issues, or an increase in asset valuations.
- Total Reported Capital
- Total reported capital, the sum of debt and equity, consistently rises from 6,914,200 thousand US dollars in 2019 to 11,142,400 thousand US dollars in 2023. This reflects an overall expansion of the company’s funding base.
- Adjusted Total Debt
- The adjusted total debt follows a pattern similar to the reported debt, trending downward from 3,726,500 thousand US dollars in 2019 to 3,272,400 thousand US dollars in 2021, then slightly rising to 3,623,800 thousand US dollars in 2023. The adjustments lead to somewhat higher reported debt values, but the overall pattern is consistent.
- Adjusted Total Stockholders’ Equity
- Adjusted stockholders’ equity shows pronounced growth, increasing from 3,076,700 thousand US dollars in 2019 to 7,256,400 thousand US dollars in 2023. The trend parallels the growth seen in reported equity, indicating increasing shareholder value over time after adjustments.
- Adjusted Total Capital
- Adjusted total capital expands from 6,803,200 thousand US dollars in 2019 to 10,880,200 thousand US dollars in 2023, mirroring the increase in reported capital. This demonstrates a consistent enhancement of the company’s overall capital base when adjusted for accounting considerations.
In summary, the data reflects a strategic emphasis on strengthening the equity base while maintaining or slightly reducing debt levels in the earlier years, followed by a mild increase in debt in recent years. The upward trajectory in equity and total capital signals growth and increased financial stability. The adjustments applied do not materially alter the observed trends but provide a refined perspective on the company’s financial structure.
Adjustments to Reported Income
ON Semiconductor Corp., adjusted net income attributable to ON Semiconductor Corporation
US$ in thousands
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 Deferred income tax expense (benefit). See details »
- Net Income Attributable to ON Semiconductor Corporation
- The net income demonstrates a consistent upward trend from 2019 through 2023. Starting at approximately 211.7 million USD in 2019, the net income rose modestly in 2020 to 234.2 million USD. A significant increase occurred in 2021, elevating net income to nearly 1.01 billion USD. This upward trajectory continued sharply into 2022, reaching around 1.90 billion USD, and further increased to approximately 2.18 billion USD in 2023. The data reveal marked growth in profitability over the five-year period, with acceleration particularly visible after 2020.
- Adjusted Net Income
- Similar to net income, adjusted net income trends upward over the period but with some variation in 2020. It started near 210.2 million USD in 2019, then declined considerably to 124.6 million USD in 2020, suggesting an adjustment in accounting or one-time factors affecting that year's results. From 2020 onward, adjusted net income considerably increased, reaching about 1.12 billion USD in 2021 and continuing to rise to nearly 1.94 billion USD in 2022. In 2023, adjusted net income experienced a slight decline compared to 2022, settling at approximately 2.06 billion USD, though it remained near its peak levels.
- Overall Trends and Insights
- The company showed strong financial performance growth from 2019 to 2023, particularly notable after 2020. The disparity between net income and adjusted net income in 2020 indicates possible extraordinary items or adjustments that affected reported earnings. Both metrics demonstrate substantial improvement in profitability, with net income showing consistent increases and adjusted net income stabilizing at higher levels following initial variability. The data suggest effective operational improvements or market conditions contributing to enhanced earnings over the analyzed period.