Selected Financial Data
since 2005
Income Statement
ON Semiconductor Corp., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Operating income (loss) | Net income (loss) attributable to ON Semiconductor Corporation |
|---|---|---|---|
| Dec 31, 2023 | 8,253,000) | 2,538,700) | 2,183,700) |
| Dec 31, 2022 | 8,326,200) | 2,360,000) | 1,902,200) |
| Dec 31, 2021 | 6,739,800) | 1,287,600) | 1,009,600) |
| Dec 31, 2020 | 5,255,000) | 348,700) | 234,200) |
| Dec 31, 2019 | 5,517,900) | 432,700) | 211,700) |
| Dec 31, 2018 | 5,878,300) | 847,200) | 627,400) |
| Dec 31, 2017 | 5,543,100) | 680,900) | 810,700) |
| Dec 31, 2016 | 3,906,900) | 236,100) | 182,100) |
| Dec 31, 2015 | 3,495,800) | 261,100) | 206,200) |
| Dec 31, 2014 | 3,161,800) | 228,900) | 189,700) |
| Dec 31, 2013 | 2,782,700) | 218,200) | 150,800) |
| Dec 31, 2012 | 2,894,900) | (16,300) | (90,600) |
| Dec 31, 2011 | 3,442,300) | 113,400) | 11,600) |
| Dec 31, 2010 | 2,313,400) | 374,200) | 290,500) |
| Dec 31, 2009 | 1,768,900) | 142,600) | 61,000) |
| Dec 31, 2008 | 2,054,800) | (365,900) | (380,100) |
| Dec 31, 2007 | 1,566,200) | 277,200) | 242,200) |
| Dec 31, 2006 | 1,531,800) | 317,000) | 272,100) |
| Dec 31, 2005 | 1,260,600) | 167,600) | 100,600) |
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).
The financial performance of the organization from 2005 to 2023 is characterized by significant long-term revenue expansion and a marked transition from volatile profitability to a period of sustained high-margin growth.
- Revenue Growth Trends
- A consistent upward trajectory in revenue is observed, increasing from 1.26 billion USD in 2005 to 8.25 billion USD by 2023. While the growth was steady between 2005 and 2016, a substantial acceleration occurred after 2016, with revenue nearly doubling between 2016 and 2022. A slight plateau is noted between 2022 and 2023, where revenue remained stable at approximately 8.25 billion USD.
- Operating Income Volatility and Recovery
- Operating performance exhibited significant volatility during the first decade of the period. Notable losses were recorded in 2008 (-365.9 million USD) and 2012 (-16.3 million USD), indicating sensitivity to cyclical downturns. However, a structural shift in profitability began in 2017, with operating income rising from 680.9 million USD in 2017 to a peak of 2.54 billion USD in 2023. This suggests a significant improvement in operational efficiency and pricing power in the later years.
- Net Income and Bottom-Line Profitability
- Net income mirrored the volatility of operating income, with deficit years in 2008 and 2012. Following a period of moderate profitability between 2013 and 2016, net income experienced exponential growth starting in 2017. The most aggressive growth occurred between 2020 and 2023, with net income rising from 234.2 million USD to 2.18 billion USD. This indicates that a larger proportion of revenue is being converted into profit compared to the 2005-2016 era.
- Margin Expansion Analysis
- The relationship between revenue and operating income indicates significant margin expansion. In the earlier period, operating income was often a small fraction of revenue or negative. By 2023, operating income reached approximately 30.8% of total revenue, representing a substantial increase in operational leverage and profitability per dollar of sales.
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Balance Sheet: Assets
ON Semiconductor Corp., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 5,912,300) | 13,215,200) |
| Dec 31, 2022 | 5,729,400) | 11,978,500) |
| Dec 31, 2021 | 3,781,600) | 9,626,000) |
| Dec 31, 2020 | 3,184,100) | 8,668,000) |
| Dec 31, 2019 | 3,020,000) | 8,425,500) |
| Dec 31, 2018 | 3,167,800) | 7,587,600) |
| Dec 31, 2017 | 2,933,200) | 7,195,100) |
| Dec 31, 2016 | 2,869,100) | 6,924,400) |
| Dec 31, 2015 | 1,891,500) | 3,869,600) |
| Dec 31, 2014 | 1,805,800) | 3,823,000) |
| Dec 31, 2013 | 1,710,200) | 3,257,000) |
| Dec 31, 2012 | 1,693,400) | 3,328,400) |
| Dec 31, 2011 | 2,127,700) | 3,883,500) |
| Dec 31, 2010 | 1,358,000) | 2,919,200) |
| Dec 31, 2009 | 1,168,600) | 2,414,300) |
| Dec 31, 2008 | 1,045,200) | 2,354,200) |
| Dec 31, 2007 | 745,300) | 1,637,600) |
| Dec 31, 2006 | 700,800) | 1,416,500) |
| Dec 31, 2005 | 600,300) | 1,148,500) |
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).
A comprehensive long-term expansion of the asset base is evident between 2005 and 2023. Total assets grew from 1.15 billion US dollars to 13.22 billion US dollars, representing a substantial increase in the company's scale of operations. This growth occurred in distinct phases, characterized by steady early accumulation, a period of consolidation, and subsequent aggressive expansion.
- Total Asset Growth Trajectory
- Total assets exhibited a consistent upward trend, with a notable acceleration beginning in 2016. Between 2005 and 2015, assets grew from 1.15 billion to 3.87 billion US dollars. However, a significant inflection point occurred in 2016, where total assets jumped to 6.92 billion US dollars, nearly doubling the previous year's balance. This trajectory continued upward, culminating in a peak of 13.22 billion US dollars by the end of 2023.
- Current Asset Analysis
- Current assets followed a similar growth pattern, increasing from 600.3 million US dollars in 2005 to 5.91 billion US dollars in 2023. While the growth was generally positive, a temporary contraction was observed in 2012, where current assets decreased to 1.69 billion US dollars from 2.13 billion US dollars in 2011. Following this dip, a period of sustained growth ensued, with a sharp increase observed between 2021 and 2022, moving from 3.78 billion to 5.73 billion US dollars.
- Asset Composition and Structural Shifts
- An analysis of the relationship between current and total assets indicates a shift in the balance sheet structure. In 2005, current assets comprised approximately 52% of total assets. By 2023, this proportion shifted to approximately 45%. The most pronounced divergence occurred in 2016; while current assets increased, the growth in total assets far outpaced them, suggesting a significant increase in non-current assets, such as property, plant, and equipment or intangible assets from acquisitions.
- Volatility and Stability Periods
- The period between 2012 and 2015 is identified as a phase of relative stability or consolidation, during which total assets remained within a narrow range of 3.26 billion to 3.87 billion US dollars. This contrasts sharply with the volatility and rapid expansion seen from 2016 onward, particularly the accelerated growth observed between 2020 and 2023, where total assets expanded by approximately 52% in three years.
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Balance Sheet: Liabilities and Stockholders’ Equity
ON Semiconductor Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Long-term debt and financing lease liabilities, including current portion | Total ON Semiconductor Corporation stockholders’ equity (deficit) | |
|---|---|---|---|---|
| Dec 31, 2023 | 2,183,600) | 5,414,600) | 3,359,800) | 7,782,600) |
| Dec 31, 2022 | 2,061,400) | 5,771,500) | 3,230,700) | 6,188,500) |
| Dec 31, 2021 | 1,543,400) | 5,021,600) | 3,097,500) | 4,585,400) |
| Dec 31, 2020 | 1,674,500) | 5,109,900) | 3,491,300) | 3,538,500) |
| Dec 31, 2019 | 1,818,400) | 5,101,400) | 3,612,500) | 3,301,700) |
| Dec 31, 2018 | 1,469,300) | 4,393,500) | 2,766,100) | 3,171,600) |
| Dec 31, 2017 | 1,408,900) | 4,394,100) | 2,951,800) | 2,778,800) |
| Dec 31, 2016 | 1,502,600) | 5,046,500) | 3,622,300) | 1,823,200) |
| Dec 31, 2015 | 1,239,300) | 2,237,700) | 1,393,900) | 1,608,200) |
| Dec 31, 2014 | 1,040,800) | 2,175,600) | 1,192,600) | 1,626,500) |
| Dec 31, 2013 | 819,200) | 1,770,200) | 942,200) | 1,454,000) |
| Dec 31, 2012 | 1,024,300) | 1,937,700) | 1,011,900) | 1,361,100) |
| Dec 31, 2011 | 1,275,500) | 2,390,000) | 1,207,000) | 1,468,200) |
| Dec 31, 2010 | 710,900) | 1,531,200) | 888,800) | 1,366,000) |
| Dec 31, 2009 | 619,000) | 1,409,700) | 933,500) | 985,000) |
| Dec 31, 2008 | 544,000) | 1,658,200) | 1,169,300) | 678,700) |
| Dec 31, 2007 | 420,900) | 1,603,200) | 1,159,400) | 15,900) |
| Dec 31, 2006 | 433,000) | 1,621,100) | 1,176,000) | (225,400) |
| Dec 31, 2005 | 398,300) | 1,424,000) | 1,067,000) | (300,300) |
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).
A comprehensive evaluation of the balance sheet from 2005 to 2023 reveals a significant transformation in the capital structure, transitioning from a state of negative equity to a robust equity position. While total liabilities have increased over the nearly two-decade period, the growth in stockholders' equity has outpaced the accumulation of debt, indicating a strengthening of the overall financial position.
- Liability Trends and Debt Obligations
- Total liabilities exhibited a gradual increase from 2005 to 2015, before experiencing a sharp escalation in 2016, where they rose from approximately 2.24 billion USD to 5.05 billion USD. This spike is primarily attributed to a substantial increase in long-term debt and financing lease liabilities, which surged from 1.39 billion USD in 2015 to 3.62 billion USD in 2016. Since 2016, total liabilities have stabilized, fluctuating between 4.39 billion USD and 5.77 billion USD, suggesting a period of consolidated debt management.
- Current liabilities have followed a consistent upward trajectory, growing from 398.3 million USD in 2005 to 2.18 billion USD in 2023. This steady increase indicates a growth in short-term operational obligations as the company's scale of operations expanded.
- Equity Evolution and Solvency
- The company began the period with a stockholders' deficit of 300.3 million USD in 2005. A critical inflection point occurred between 2006 and 2007, when the deficit was eliminated, and the equity position became positive. From 2007 onward, stockholders' equity grew consistently, accelerating significantly after 2017. Equity rose from 2.78 billion USD in 2017 to 7.78 billion USD by 2023.
- The rapid expansion of equity, particularly between 2020 and 2023, has substantially improved the solvency profile. By 2023, the total stockholders' equity surpassed total liabilities for the first time in the recorded period, shifting the balance of funding from debt-heavy to equity-heavy.
- Capital Structure Analysis
- The relationship between long-term debt and equity reveals a strategic shift. In the early years, the company relied heavily on debt to sustain operations while equity was negative or minimal. Following the financing event in 2016, while debt levels remained high, the subsequent aggressive growth in equity has reduced the company's relative leverage. The most recent data indicates a healthy balance sheet where equity serves as the primary source of funding, providing a significant cushion against financial volatility.
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Cash Flow Statement
ON Semiconductor Corp., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 1,977,500) | (1,737,900) | (686,500) |
| Dec 31, 2022 | 2,633,100) | (705,400) | (370,000) |
| Dec 31, 2021 | 1,782,000) | (915,100) | (569,400) |
| Dec 31, 2020 | 884,300) | (453,600) | (244,000) |
| Dec 31, 2019 | 694,700) | (1,510,900) | 623,100) |
| Dec 31, 2018 | 1,274,200) | (548,900) | (605,100) |
| Dec 31, 2017 | 1,094,200) | (364,500) | (810,900) |
| Dec 31, 2016 | 581,200) | (2,434,600) | 2,264,700) |
| Dec 31, 2015 | 470,600) | (264,500) | (99,800) |
| Dec 31, 2014 | 481,300) | (565,600) | 91,400) |
| Dec 31, 2013 | 327,300) | (118,200) | (174,000) |
| Dec 31, 2012 | 276,000) | (133,400) | (299,700) |
| Dec 31, 2011 | 545,500) | (423,700) | (97,200) |
| Dec 31, 2010 | 551,800) | (335,700) | (119,400) |
| Dec 31, 2009 | 276,900) | (126,300) | (83,800) |
| Dec 31, 2008 | 393,800) | 127,700) | (337,100) |
| Dec 31, 2007 | 317,100) | (276,100) | (35,500) |
| Dec 31, 2006 | 349,800) | (130,200) | (184,500) |
| Dec 31, 2005 | 193,100) | 34,800) | (99,600) |
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).
The operational cash flow profile demonstrates a significant long-term expansion in liquidity generation, transitioning from modest levels in the mid-2000s to substantial volumes in the early 2020s. A marked acceleration in cash generation from operating activities is evident starting in 2021, peaking in 2022 before a moderate correction in 2023.
- Operating Cash Flow Trends
- Net cash provided by operating activities remained relatively stable between 2005 and 2012, generally fluctuating between 193 million USD and 551 million USD. A growth phase occurred between 2013 and 2018, with cash flows exceeding 1 billion USD for the first time in 2017. Despite a notable contraction in 2019 to 694.7 million USD, a rapid surge followed, reaching a historical peak of 2.63 billion USD in 2022. This represents a significant increase in the company's capacity to generate internal funding from its core business operations.
- Investing Activity Patterns
- Investing activities are characterized by consistent net outflows, typical of capital-intensive industries, though the magnitude of these outflows has become more volatile. Three primary spikes in investment spending are observable: 2016, 2019, and 2023, with the 2016 outflow being the most significant at 2.43 billion USD. These periodic surges suggest a strategy of concentrated capital expenditure or strategic acquisitions rather than a linear investment path.
- Financing Activity Dynamics
- Financing activities have been predominantly negative for the majority of the period, indicating a general trend of debt repayment, dividend distributions, or share buybacks. However, a significant anomaly occurred in 2016, where a net inflow of 2.26 billion USD was recorded. This financing surge closely aligns with the massive investing outflow of the same year, suggesting that the capital expenditure in 2016 was primarily funded through external financing rather than operational cash.
- Inter-category Cash Flow Correlation
- An analysis of the relationship between the three cash flow categories reveals a shift in funding strategy. In earlier periods, particularly around 2016, large investing requirements necessitated significant external financing. In contrast, the period from 2021 to 2023 shows that the substantial increase in operating cash flow has allowed the company to fund massive investing outflows—such as the 1.73 billion USD spent in 2023—while simultaneously maintaining negative financing cash flows, indicating a transition toward self-funded growth and debt reduction.
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Per Share Data
ON Semiconductor Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 5.07 | 4.89 | 0.00 |
| Dec 31, 2022 | 4.39 | 4.25 | 0.00 |
| Dec 31, 2021 | 2.37 | 2.27 | 0.00 |
| Dec 31, 2020 | 0.57 | 0.56 | 0.00 |
| Dec 31, 2019 | 0.52 | 0.51 | 0.00 |
| Dec 31, 2018 | 1.48 | 1.44 | 0.00 |
| Dec 31, 2017 | 1.92 | 1.89 | 0.00 |
| Dec 31, 2016 | 0.44 | 0.43 | 0.00 |
| Dec 31, 2015 | 0.49 | 0.48 | 0.00 |
| Dec 31, 2014 | 0.43 | 0.43 | 0.00 |
| Dec 31, 2013 | 0.34 | 0.33 | 0.00 |
| Dec 31, 2012 | -0.20 | -0.20 | 0.00 |
| Dec 31, 2011 | 0.03 | 0.03 | 0.00 |
| Dec 31, 2010 | 0.67 | 0.65 | 0.00 |
| Dec 31, 2009 | 0.14 | 0.14 | 0.00 |
| Dec 31, 2008 | -1.00 | -1.00 | 0.00 |
| Dec 31, 2007 | 0.83 | 0.80 | 0.00 |
| Dec 31, 2006 | 0.85 | 0.80 | 0.00 |
| Dec 31, 2005 | 0.24 | 0.21 | 0.00 |
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).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings profile from 2005 to 2023 is characterized by significant volatility in the first decade followed by a period of substantial growth in the latter years. The trajectory of per-share earnings reveals a cyclical pattern with deep contractions and subsequent recoveries, concluding with a strong upward trend in profitability.
- Earnings Per Share Volatility and Recovery
- Between 2005 and 2012, earnings per share exhibited high instability. Following an initial increase in 2006, a sharp contraction occurred in 2008, resulting in a basic earnings per share (EPS) loss of $1.00. Recovery was non-linear, marked by a second dip into negative territory in 2012 (-$0.20) before establishing a consistent positive trend beginning in 2013.
- Growth Acceleration and Peak Performance
- A significant shift in profitability occurred in 2017, with basic EPS rising to $1.92. While a correction followed between 2018 and 2020, earnings entered a phase of rapid acceleration starting in 2021. This growth culminated in the highest values recorded in the series, with basic EPS increasing from $2.37 in 2021 to $5.07 by December 31, 2023.
- Basic versus Diluted Earnings Divergence
- Diluted earnings per share closely tracked the movements of basic earnings per share throughout the entire duration of the analyzed period. The minimal variance between these two metrics suggests that dilutive securities had a negligible impact on the overall earnings per share.
- Dividend Distribution Policy
- No dividend payments per share were recorded from 2005 through 2023. This indicates a consistent corporate strategy of retaining earnings for internal reinvestment or balance sheet strengthening rather than distributing capital to shareholders.
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