Price to Book Value (P/BV)
since 2005
Calculation
ON Semiconductor Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total ON Semiconductor Corporation stockholders’ equity (deficit)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 5, 2024 | 4.26 | = | 77.59 | ÷ | 18.21 | 18.21 | = | 7,782,600 | ÷ | 427,328,652 | |
| Feb 6, 2023 | 5.61 | = | 80.40 | ÷ | 14.33 | 14.33 | = | 6,188,500 | ÷ | 431,967,907 | |
| Feb 14, 2022 | 5.53 | = | 58.66 | ÷ | 10.60 | 10.60 | = | 4,585,400 | ÷ | 432,497,822 | |
| Feb 16, 2021 | 4.87 | = | 41.85 | ÷ | 8.59 | 8.59 | = | 3,538,500 | ÷ | 411,881,071 | |
| Feb 19, 2020 | 2.60 | = | 20.90 | ÷ | 8.03 | 8.03 | = | 3,301,700 | ÷ | 411,065,636 | |
| Feb 20, 2019 | 2.92 | = | 22.59 | ÷ | 7.74 | 7.74 | = | 3,171,600 | ÷ | 409,710,366 | |
| Feb 21, 2018 | 3.56 | = | 23.23 | ÷ | 6.53 | 6.53 | = | 2,778,800 | ÷ | 425,440,679 | |
| Feb 28, 2017 | 3.48 | = | 15.13 | ÷ | 4.34 | 4.34 | = | 1,823,200 | ÷ | 419,610,858 | |
| Feb 24, 2016 | 2.13 | = | 8.30 | ÷ | 3.90 | 3.90 | = | 1,608,200 | ÷ | 412,095,180 | |
| Feb 27, 2015 | 3.38 | = | 12.75 | ÷ | 3.77 | 3.77 | = | 1,626,500 | ÷ | 431,315,129 | |
| Feb 21, 2014 | 2.84 | = | 9.38 | ÷ | 3.30 | 3.30 | = | 1,454,000 | ÷ | 440,421,919 | |
| Feb 26, 2013 | 2.63 | = | 7.95 | ÷ | 3.03 | 3.03 | = | 1,361,100 | ÷ | 449,492,111 | |
| Feb 22, 2012 | 2.78 | = | 9.04 | ÷ | 3.25 | 3.25 | = | 1,468,200 | ÷ | 452,136,921 | |
| Feb 24, 2011 | 3.59 | = | 11.10 | ÷ | 3.09 | 3.09 | = | 1,366,000 | ÷ | 441,905,088 | |
| Feb 25, 2010 | 3.47 | = | 7.99 | ÷ | 2.30 | 2.30 | = | 985,000 | ÷ | 427,691,133 | |
| Feb 27, 2009 | 2.22 | = | 3.66 | ÷ | 1.65 | 1.65 | = | 678,700 | ÷ | 411,874,486 | |
| Feb 12, 2008 | 116.34 | = | 6.32 | ÷ | 0.05 | 0.05 | = | 15,900 | ÷ | 292,687,576 | |
| Feb 23, 2007 | — | = | 10.76 | ÷ | -0.78 | -0.78 | = | -225,400 | ÷ | 289,598,624 | |
| Feb 22, 2006 | — | = | 6.63 | ÷ | -0.96 | -0.96 | = | -300,300 | ÷ | 312,027,864 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of ON Semiconductor Corp. Annual Report.
The financial trajectory from 2006 to 2024 is characterized by a transition from negative equity to sustained growth in both asset value and market valuation. A consistent upward trend in book value per share (BVPS) is observed, moving from negative territory in 2006 and 2007 to a peak of 18.21 US$ by February 2024.
- Book Value Evolution
- A critical shift occurred between 2007 and 2008, where the book value per share transitioned from -0.78 US$ to a positive 0.05 US$. Following this inflection point, BVPS exhibited uninterrupted annual growth for 16 consecutive years, reflecting a steady accumulation of net assets.
- Price to Book Value (P/BV) Volatility and Stabilization
- The P/BV ratio experienced an extreme anomaly in 2008, reaching 116.34. This spike is attributable to the very low positive book value relative to the share price. From 2009 through 2020, the ratio entered a period of relative stability, generally fluctuating within a range of 2.13 to 3.59, suggesting that market valuation grew in approximate proportion to the company's underlying book value.
- Recent Valuation Expansion
- A significant expansion in valuation multiples occurred between 2021 and 2023. The P/BV ratio rose from 4.87 in 2021 to a peak of 5.61 in 2023. This indicates that the share price increased at a rate significantly outpacing the growth of the book value during this period. This trend corrected slightly in 2024, with the ratio descending to 4.26.
- Correlation Between Share Price and BVPS
- While both share price and BVPS trended upward over the long term, the share price demonstrated higher volatility. The growth in BVPS provided a rising floor for the valuation, while the P/BV ratio reflected shifts in investor sentiment and market expectations, particularly the aggressive rerating observed after 2020.
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Comparison to Competitors
ON Semiconductor Corp., P/BV, long-term trends, comparison to competitors
| ON Semiconductor Corp. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | KLA Corp. | Lam Research Corp. | Marvell Technology Inc. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 5, 2024 | 4.26 | 4.85 | 2.53 | 8.23 | 21.59 | 1.75 | 23.25 | 10.58 | 2.24 | 1.74 | 26.03 | 5.72 | 8.57 |
| Feb 6, 2023 | 5.61 | 2.32 | 2.35 | 7.25 | 10.23 | 1.15 | 40.04 | 10.10 | 3.52 | 1.15 | 24.95 | 7.00 | 11.33 |
| Feb 14, 2022 | 5.53 | 19.21 | 2.50 | 10.60 | 10.50 | 2.21 | 15.98 | 13.64 | 3.84 | 1.79 | 20.14 | 15.59 | 11.87 |
| Feb 16, 2021 | 4.87 | 17.77 | 4.22 | 7.63 | 7.40 | 2.84 | 11.83 | 10.55 | 1.45 | 1.50 | 15.49 | 24.00 | 17.02 |
| Feb 19, 2020 | 2.60 | 20.46 | 3.61 | 6.67 | 5.09 | 3.78 | 8.15 | 6.40 | 1.75 | 1.40 | 10.09 | 19.69 | 13.79 |
| Feb 20, 2019 | 2.92 | 18.30 | 3.02 | 4.73 | 3.74 | 2.94 | 11.40 | 4.28 | 2.52 | 1.49 | 19.60 | 82.57 | 11.20 |
| Feb 21, 2018 | 3.56 | 19.87 | 3.22 | 5.94 | 5.28 | 3.08 | 10.50 | 3.82 | 1.96 | 2.51 | 10.51 | 2.56 | 9.89 |
| Feb 28, 2017 | 3.48 | 31.66 | 4.35 | 4.93 | 3.84 | 2.60 | 17.57 | 2.45 | 1.39 | 1.48 | 3.98 | 3.12 | 7.36 |
| Feb 24, 2016 | 2.13 | — | 3.72 | 2.87 | 8.24 | 2.21 | 19.59 | 2.23 | 1.50 | 1.47 | 2.84 | 2.88 | 5.30 |
| Feb 27, 2015 | 3.38 | 12.72 | 3.64 | 3.80 | 7.98 | 2.91 | 3.26 | 2.29 | 1.65 | 3.22 | 2.19 | 3.28 | 5.94 |
| Feb 21, 2014 | 2.84 | 4.94 | 3.28 | 2.82 | 4.46 | 2.11 | 2.78 | 1.69 | 1.18 | 1.92 | 1.63 | 3.26 | 4.46 |
| Feb 26, 2013 | 2.63 | 3.45 | 2.90 | 1.79 | 3.25 | 2.04 | 2.61 | 1.24 | 1.82 | 0.72 | 2.20 | 2.95 | 3.45 |
| Feb 22, 2012 | 2.78 | 3.28 | 2.62 | 1.65 | 3.51 | 2.90 | 2.11 | 1.80 | 1.85 | 0.64 | 3.27 | 3.25 | 3.48 |
| Feb 24, 2011 | 3.59 | 6.21 | 3.36 | 2.35 | 4.24 | 2.46 | 2.41 | 2.63 | 2.96 | 0.96 | 3.74 | 3.54 | 4.00 |
| Feb 25, 2010 | 3.47 | 8.23 | 3.43 | 2.53 | 3.78 | 2.76 | 2.44 | 2.67 | 1.53 | 1.25 | 2.27 | 3.61 | 3.10 |
| Feb 27, 2009 | 2.22 | — | 2.04 | 1.84 | — | 1.72 | 2.20 | 2.69 | 1.96 | 0.42 | 4.24 | 3.05 | 2.09 |
| Feb 12, 2008 | 116.34 | 1.44 | 3.99 | 3.14 | — | 2.76 | 3.26 | 4.05 | 3.29 | 0.96 | 5.06 | 4.11 | 4.14 |
| Feb 23, 2007 | — | 1.42 | 3.36 | 3.81 | — | 3.27 | 2.75 | 4.19 | 5.52 | 1.30 | 5.75 | 4.48 | 3.93 |
| Feb 22, 2006 | — | 5.83 | 3.75 | 3.42 | — | 3.34 | 3.19 | 3.75 | 3.85 | 1.47 | 3.63 | 5.97 | 4.00 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Semiconductors & Semiconductor Equipment)
ON Semiconductor Corp., P/BV, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| ON Semiconductor Corp. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Feb 5, 2024 | 4.26 | 6.26 |
| Feb 6, 2023 | 5.61 | 5.10 |
| Feb 14, 2022 | 5.53 | 6.22 |
| Feb 16, 2021 | 4.87 | 5.97 |
| Feb 19, 2020 | 2.60 | 5.04 |
| Feb 20, 2019 | 2.92 | 4.59 |
| Feb 21, 2018 | 3.56 | 4.04 |
| Feb 28, 2017 | 3.48 | 3.35 |
| Feb 24, 2016 | 2.13 | 2.84 |
| Feb 27, 2015 | 3.38 | 3.36 |
| Feb 21, 2014 | 2.84 | 2.64 |
| Feb 26, 2013 | 2.63 | 2.32 |
| Feb 22, 2012 | 2.78 | 2.71 |
| Feb 24, 2011 | 3.59 | 2.82 |
| Feb 25, 2010 | 3.47 | 2.88 |
| Feb 27, 2009 | 2.22 | 2.07 |
| Feb 12, 2008 | 116.34 | 3.09 |
| Feb 23, 2007 | — | 3.39 |
| Feb 22, 2006 | — | 3.77 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Information Technology)
ON Semiconductor Corp., P/BV, long-term trends, comparison to industry (information technology)
| ON Semiconductor Corp. | Information Technology | |
|---|---|---|
| Feb 5, 2024 | 4.26 | 11.29 |
| Feb 6, 2023 | 5.61 | 10.25 |
| Feb 14, 2022 | 5.53 | 12.37 |
| Feb 16, 2021 | 4.87 | 10.94 |
| Feb 19, 2020 | 2.60 | 8.41 |
| Feb 20, 2019 | 2.92 | 7.00 |
| Feb 21, 2018 | 3.56 | 5.46 |
| Feb 28, 2017 | 3.48 | 4.53 |
| Feb 24, 2016 | 2.13 | 4.30 |
| Feb 27, 2015 | 3.38 | 4.36 |
| Feb 21, 2014 | 2.84 | 3.50 |
| Feb 26, 2013 | 2.63 | 3.75 |
| Feb 22, 2012 | 2.78 | 3.98 |
| Feb 24, 2011 | 3.59 | 4.16 |
| Feb 25, 2010 | 3.47 | 4.31 |
| Feb 27, 2009 | 2.22 | 4.00 |
| Feb 12, 2008 | 116.34 | 8.64 |
| Feb 23, 2007 | — | 7.24 |
| Feb 22, 2006 | — | 7.40 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).