Stock Analysis on Net

ON Semiconductor Corp. (NASDAQ:ON)

This company has been moved to the archive! The financial data has not been updated since April 29, 2024.

Analysis of Profitability Ratios 
Quarterly Data

Microsoft Excel

Profitability Ratios (Summary)

ON Semiconductor Corp., profitability ratios (quarterly data)

Microsoft Excel
Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019
Return on Sales
Gross profit margin 46.83% 47.06% 47.52% 47.78% 48.36% 48.97% 48.20% 46.62% 43.79% 40.27% 37.53% 35.50% 33.60% 32.65% 32.70% 32.95% 34.43% 35.77%
Operating profit margin 30.64% 30.76% 31.55% 28.36% 27.31% 28.34% 26.47% 27.71% 25.11% 19.10% 15.38% 11.75% 8.35% 6.64% 6.13% 2.97% 5.03% 7.84%
Net profit margin 26.67% 26.46% 26.69% 23.41% 21.98% 22.85% 21.36% 22.60% 20.13% 14.98% 10.61% 8.85% 6.19% 4.46% 3.87% -0.37% 1.55% 3.84%
Return on Investment
Return on equity (ROE) 26.77% 28.06% 29.73% 27.98% 28.44% 30.74% 30.48% 31.94% 29.01% 22.02% 16.31% 13.84% 9.32% 6.62% 5.89% -0.61% 2.60% 6.41%
Return on assets (ROA) 16.13% 16.52% 16.76% 15.31% 14.94% 15.88% 15.53% 15.96% 14.20% 10.49% 7.52% 6.09% 3.92% 2.70% 2.18% -0.21% 0.89% 2.51%

Based on: 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).


Gross Profit Margin
The gross profit margin demonstrates a consistent and notable upward trend over the analyzed periods. Starting at 35.77% in the first available quarter, it has gradually increased to a peak of 48.97% before slightly decreasing but remaining above 46% in the most recent quarters. This indicates improving efficiency in production or cost management relative to sales revenue over time.
Operating Profit Margin
The operating profit margin shows significant fluctuation in the earlier quarters, with a low of 2.97% followed by a recovery and steady increase after the second year. From an initial 7.84%, the margin rose steadily, reaching a high near 31.55% before a minor decline stabilizing around 30.64%. This signifies enhanced operating performance and control over operating expenses, contributing positively to profitability.
Net Profit Margin
Net profit margin illustrates considerable volatility in the initial quarters, even reaching negative territory (-0.37%) at one point. However, from that low, the margin improved markedly to exceed 26% in the most recent quarters. This reflects both improved operational efficiency and favorable non-operating factors such as financial costs, taxes, or other income components.
Return on Equity (ROE)
ROE follows a pattern similar to profitability margins, with an early decline into negative territory followed by a robust recovery and growth. It peaked around 31.94% and stabilized somewhat near 27-29% in the later periods. This metric underscores the company's growing ability to generate profit from shareholders' equity, the improved profitability being translated into higher equity returns.
Return on Assets (ROA)
ROA has exhibited consistent improvement over time, starting near 2.5% and progressively increasing to peak above 16% in the latest quarters. The steady rise reflects better asset utilization and overall profitability relative to total assets, indicating effective management of the asset base in generating earnings.

Return on Sales


Return on Investment


Gross Profit Margin

ON Semiconductor Corp., gross profit margin calculation (quarterly data)

Microsoft Excel
Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019
Selected Financial Data (US$ in thousands)
Gross profit 853,600 941,900 1,030,700 993,400 917,500 1,020,500 1,058,300 1,037,100 961,300 832,200 720,800 640,100 521,200 497,600 441,200 374,300 402,700 485,700 475,200 499,000 513,700
Revenue 1,862,700 2,018,100 2,180,800 2,094,400 1,959,700 2,103,600 2,192,600 2,085,000 1,945,000 1,846,100 1,742,100 1,669,900 1,481,700 1,446,300 1,317,300 1,213,500 1,277,900 1,401,800 1,381,800 1,347,700 1,386,600
Profitability Ratio
Gross profit margin1 46.83% 47.06% 47.52% 47.78% 48.36% 48.97% 48.20% 46.62% 43.79% 40.27% 37.53% 35.50% 33.60% 32.65% 32.70% 32.95% 34.43% 35.77%
Benchmarks
Gross Profit Margin, Competitors2
Advanced Micro Devices Inc. 46.76% 46.12% 45.01% 43.70% 43.98% 44.93% 46.55% 48.01% 48.53% 48.25% 46.82% 45.71% 44.79% 44.53%
Analog Devices Inc. 62.47% 64.01% 65.23% 65.69% 65.62% 62.70% 58.63% 58.33% 57.81% 61.83% 68.04% 67.36% 66.37% 65.87% 65.39% 65.56% 66.43% 67.00%
Applied Materials Inc. 46.98% 46.70% 46.40% 46.35% 46.39% 46.51% 47.05% 47.51% 47.67% 47.32% 46.69% 45.83% 44.96% 44.72% 44.23% 44.04% 43.81% 43.72%
Broadcom Inc. 67.06% 68.93% 68.28% 67.71% 66.98% 66.55% 65.68% 64.42% 62.95% 61.36% 60.18% 58.98% 57.54% 56.58% 55.70% 55.21% 55.32% 55.24%
Intel Corp. 41.49% 40.04% 38.14% 38.27% 38.34% 42.61% 46.56% 49.85% 54.32% 55.45% 56.27% 55.59% 54.62% 56.01%
KLA Corp. 59.44% 59.81% 60.16% 60.69% 61.23% 61.00% 60.86% 60.77% 60.27% 59.93% 59.38% 58.80% 58.43% 57.81% 56.81% 56.09% 57.21% 59.08%
Lam Research Corp. 44.80% 44.62% 44.65% 45.31% 45.74% 45.69% 45.93% 46.30% 46.19% 46.53% 46.49% 46.59% 46.43% 45.88% 45.86% 45.20% 45.13% 45.15%
Micron Technology Inc. -14.49% -9.11% 9.03% 27.51% 41.34% 45.18% 46.89% 45.81% 41.37% 37.62% 33.66% 30.70% 31.37% 30.57% 29.03% 30.33% 36.11% 45.72%
NVIDIA Corp. 56.31% 56.93% 57.84% 60.45% 65.26% 64.93% 64.40% 63.76% 62.43% 62.34% 62.62% 62.84% 63.47% 61.99%
Qualcomm Inc. 55.54% 55.70% 56.31% 56.46% 57.22% 57.84% 57.99% 58.51% 58.16% 57.51% 59.82% 59.99% 60.17% 60.67% 56.96% 65.07% 65.22% 64.57%
Texas Instruments Inc. 61.01% 62.90% 64.46% 66.29% 67.64% 68.76% 69.51% 69.26% 68.68% 67.47% 66.36% 65.46% 64.70% 64.10%

Based on: 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).

1 Q1 2024 Calculation
Gross profit margin = 100 × (Gross profitQ1 2024 + Gross profitQ4 2023 + Gross profitQ3 2023 + Gross profitQ2 2023) ÷ (RevenueQ1 2024 + RevenueQ4 2023 + RevenueQ3 2023 + RevenueQ2 2023)
= 100 × (853,600 + 941,900 + 1,030,700 + 993,400) ÷ (1,862,700 + 2,018,100 + 2,180,800 + 2,094,400) = 46.83%

2 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals several notable trends in both gross profit and revenue over the observed periods.

Gross Profit Trend
Gross profit exhibited a generally positive trajectory from the beginning of the dataset in early 2019 up to late 2022. Initially, gross profit figures fluctuated, starting at approximately 513.7 million US dollars and experiencing a decline during the early portions of 2020, coinciding likely with broader market or operational challenges. However, from mid-2020 onward, gross profit steadily increased, reaching a peak of approximately 1.06 billion US dollars by the third quarter of 2022.
Following this peak, gross profit displayed a downward adjustment, particularly evident from late 2022 through the first quarter of 2024, declining to around 853.6 million US dollars by the latest reported quarter. This suggests a recent softness in profit margins or cost pressures.
Revenue Trend
Revenue initially hovered around the range of 1.38 billion to 1.40 billion US dollars in 2019 but experienced a downturn during early 2020, dropping to approximately 1.22 billion US dollars. Subsequent quarters showed a recovery and a strong upward trend, with revenue peaking at about 2.19 billion US dollars in the third quarter of 2022.
After this peak, revenue declined notably, falling to approximately 1.86 billion US dollars in the first quarter of 2024. This decrease mirrors the pattern seen in gross profit, indicating that both top-line and profitability metrics faced pressure in recent quarters.
Gross Profit Margin Analysis
The gross profit margin data, available from the fourth quarter of 2019, provides insight into profitability relative to revenue. Initially, the margin was around 35.77% and showed a downward trend during 2020, dropping to approximately 32.7%-32.95%. However, from late 2020, the margin exhibited a consistent and significant improvement, rising sharply to peak at 48.97% in the third quarter of 2022.
Following this peak, the margin experienced a slight decline but remained relatively stable, maintaining margins above 46% through the most recent quarters. This indicates improved operational efficiency or favorable cost management despite the recent declines in gross profit and revenue.

In summary, the company demonstrated a robust growth phase from mid-2020 through 2022 characterized by increasing revenue, gross profit, and improving gross profit margins. Recent quarters have shown signs of contraction in revenue and gross profit, although the gross profit margin remains comparatively strong. This suggests that while the scale of operations may have reduced somewhat, the underlying cost structure or pricing strategies continue to support healthy profitability levels.


Operating Profit Margin

ON Semiconductor Corp., operating profit margin calculation (quarterly data)

Microsoft Excel
Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019
Selected Financial Data (US$ in thousands)
Operating income (loss) 525,200 612,100 687,000 674,700 564,900 704,300 424,500 584,000 647,200 480,300 399,200 282,200 125,900 168,000 119,000 43,100 18,600 138,900 (43,900) 158,300 179,400
Revenue 1,862,700 2,018,100 2,180,800 2,094,400 1,959,700 2,103,600 2,192,600 2,085,000 1,945,000 1,846,100 1,742,100 1,669,900 1,481,700 1,446,300 1,317,300 1,213,500 1,277,900 1,401,800 1,381,800 1,347,700 1,386,600
Profitability Ratio
Operating profit margin1 30.64% 30.76% 31.55% 28.36% 27.31% 28.34% 26.47% 27.71% 25.11% 19.10% 15.38% 11.75% 8.35% 6.64% 6.13% 2.97% 5.03% 7.84%
Benchmarks
Operating Profit Margin, Competitors2
Advanced Micro Devices Inc. 2.55% 1.77% -0.41% -1.73% 0.73% 5.36% 11.48% 16.83% 20.86% 22.20% 20.27% 18.83% 16.23% 14.02%
Analog Devices Inc. 28.34% 31.07% 33.43% 33.06% 32.15% 27.29% 20.49% 20.42% 18.87% 23.12% 31.59% 30.06% 28.83% 26.74% 24.91% 25.30% 26.56% 28.55%
Applied Materials Inc. 28.89% 28.86% 28.92% 29.28% 29.64% 30.20% 31.03% 31.80% 31.37% 29.87% 28.47% 26.49% 25.30% 25.37% 24.26% 23.58% 23.20% 22.93%
Broadcom Inc. 36.50% 45.25% 45.00% 45.19% 44.23% 42.84% 40.47% 37.37% 34.35% 31.03% 28.16% 24.83% 20.81% 16.80% 15.27% 14.85% 15.90% 15.24%
Intel Corp. 0.89% 0.17% -6.86% -7.01% -6.16% 3.70% 12.16% 18.88% 25.87% 24.62% 25.93% 26.00% 26.17% 30.41%
KLA Corp. 37.20% 38.06% 39.00% 39.86% 40.05% 39.67% 39.30% 38.90% 37.26% 35.97% 34.43% 28.42% 27.28% 25.87% 23.51% 26.24% 27.73% 30.41%
Lam Research Corp. 28.42% 29.69% 30.76% 31.76% 31.71% 31.24% 31.18% 31.60% 31.06% 30.64% 29.55% 28.68% 28.02% 26.62% 26.37% 25.20% 25.40% 25.53%
Micron Technology Inc. -41.18% -36.97% -15.14% 8.73% 25.27% 31.54% 34.38% 31.86% 27.17% 22.68% 17.60% 15.21% 15.19% 14.01% 12.33% 13.36% 20.04% 31.51%
NVIDIA Corp. 17.37% 15.66% 20.79% 26.93% 33.69% 37.31% 35.34% 33.36% 28.62% 27.18% 27.17% 27.13% 29.41% 26.07%
Qualcomm Inc. 22.74% 21.74% 26.03% 30.91% 33.66% 35.88% 35.82% 32.65% 30.88% 29.16% 31.74% 30.35% 29.04% 26.58% 17.52% 32.49% 32.59% 31.59%
Texas Instruments Inc. 39.78% 41.85% 44.03% 46.54% 48.77% 50.63% 51.84% 51.52% 50.55% 48.84% 47.02% 45.19% 42.73% 40.76%

Based on: 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).

1 Q1 2024 Calculation
Operating profit margin = 100 × (Operating income (loss)Q1 2024 + Operating income (loss)Q4 2023 + Operating income (loss)Q3 2023 + Operating income (loss)Q2 2023) ÷ (RevenueQ1 2024 + RevenueQ4 2023 + RevenueQ3 2023 + RevenueQ2 2023)
= 100 × (525,200 + 612,100 + 687,000 + 674,700) ÷ (1,862,700 + 2,018,100 + 2,180,800 + 2,094,400) = 30.64%

2 Click competitor name to see calculations.


The financial performance over the analyzed periods reveals several important trends in operating income, revenue, and operating profit margin.

Operating Income (Loss)
Operating income exhibited notable volatility throughout the periods. Initially, figures fluctuated with a significant loss observed in "Sep 27, 2019" (-43,900 thousand US$), interrupting otherwise positive income levels. From 2020 onward, operating income generally trended upwards, reaching a peak of 704,300 thousand US$ in "Dec 31, 2022". Although some fluctuations occurred in the most recent periods, operating income remained robust, ending at 525,200 thousand US$ on "Mar 29, 2024". This upward trend indicates improving operational efficiency and profitability over time.
Revenue
Revenue demonstrated moderate growth with some degree of variability. Starting at 1,386,600 thousand US$ on "Mar 29, 2019", the revenue showed a modest decline through early 2020, reaching a relatively low point of 1,213,500 thousand US$ in "Jul 3, 2020". Subsequent quarters saw a consistent upward trajectory, peaking at 2,192,600 thousand US$ in "Sep 30, 2022". However, in the most recent quarters, there was a noticeable contraction, with revenue declining to 1,862,700 thousand US$ by "Mar 29, 2024". Overall, the revenue pattern illustrates a growth phase followed by a mild retrenchment in sales.
Operating Profit Margin
The operating profit margin displayed a significant improvement trend over the periods where data was available. Starting from 7.84% in "Dec 31, 2019", the margin increased steadily to reach levels exceeding 30% by the latest recorded periods. The margin peaked at 31.55% in "Dec 31, 2023" and slightly decreased to 30.64% in "Mar 29, 2024". This progression underscores enhanced profitability and greater operational leverage, indicating more efficient cost controls or favorable product mix improvements.

In summary, the data suggests the company successfully improved its operational income and profit margins substantially over the analyzed timeframe, despite some fluctuations and a recent reduction in revenue. The upward margin trend indicates better management of operating expenses or increased pricing power, contributing to stronger profitability. The recent decline in revenue might warrant further attention to assess potential impacts on future earnings stability.


Net Profit Margin

ON Semiconductor Corp., net profit margin calculation (quarterly data)

Microsoft Excel
Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to ON Semiconductor Corporation 453,000 562,700 582,700 576,600 461,700 604,300 311,900 455,800 530,200 425,900 309,700 184,100 89,900 89,000 160,600 (1,400) (14,000) 56,500 (60,700) 101,800 114,100
Revenue 1,862,700 2,018,100 2,180,800 2,094,400 1,959,700 2,103,600 2,192,600 2,085,000 1,945,000 1,846,100 1,742,100 1,669,900 1,481,700 1,446,300 1,317,300 1,213,500 1,277,900 1,401,800 1,381,800 1,347,700 1,386,600
Profitability Ratio
Net profit margin1 26.67% 26.46% 26.69% 23.41% 21.98% 22.85% 21.36% 22.60% 20.13% 14.98% 10.61% 8.85% 6.19% 4.46% 3.87% -0.37% 1.55% 3.84%
Benchmarks
Net Profit Margin, Competitors2
Advanced Micro Devices Inc. 4.89% 3.77% 0.94% -0.11% 1.71% 5.59% 9.96% 14.51% 17.98% 19.24% 26.72% 25.76% 25.24% 25.50%
Analog Devices Inc. 24.34% 26.94% 29.23% 28.16% 27.27% 22.88% 17.00% 16.84% 15.18% 19.00% 26.15% 25.16% 23.99% 21.79% 20.14% 20.05% 21.06% 22.75%
Applied Materials Inc. 27.03% 25.86% 24.27% 24.36% 24.57% 25.31% 26.42% 27.20% 27.10% 25.53% 24.54% 22.35% 21.19% 21.04% 19.58% 18.89% 18.83% 18.52%
Broadcom Inc. 29.93% 39.31% 39.25% 39.06% 37.19% 34.62% 31.96% 29.76% 27.47% 24.54% 22.90% 19.11% 16.01% 12.39% 10.70% 10.97% 11.64% 12.05%
Intel Corp. 7.36% 3.11% -3.11% -1.71% -5.06% 12.71% 19.13% 26.03% 31.68% 25.14% 26.89% 23.91% 23.93% 26.84%
KLA Corp. 30.51% 32.27% 33.01% 33.77% 33.28% 36.06% 36.41% 36.57% 36.52% 30.04% 28.77% 22.52% 21.76% 20.96% 18.26% 21.55% 23.04% 25.73%
Lam Research Corp. 25.08% 25.88% 26.08% 26.91% 26.96% 26.73% 27.13% 27.78% 27.07% 26.72% 26.07% 24.85% 23.60% 22.42% 21.81% 21.67% 22.38% 22.70%
Micron Technology Inc. -42.47% -37.54% -16.02% 6.99% 22.78% 28.24% 30.61% 28.95% 24.86% 21.16% 16.20% 13.60% 13.59% 12.54% 11.16% 11.72% 17.01% 26.97%
NVIDIA Corp. 18.52% 16.19% 20.85% 26.03% 32.02% 36.23% 33.81% 32.33% 27.66% 25.98% 25.89% 25.94% 28.18% 25.61%
Qualcomm Inc. 21.39% 20.19% 22.33% 25.67% 27.40% 29.27% 30.52% 28.42% 27.71% 26.94% 28.25% 27.28% 25.21% 22.09% 13.72% 16.36% 17.31% 18.07%
Texas Instruments Inc. 35.16% 37.16% 39.21% 40.84% 42.33% 43.68% 44.21% 43.78% 43.34% 42.35% 41.61% 40.12% 40.04% 38.69%

Based on: 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).

1 Q1 2024 Calculation
Net profit margin = 100 × (Net income (loss) attributable to ON Semiconductor CorporationQ1 2024 + Net income (loss) attributable to ON Semiconductor CorporationQ4 2023 + Net income (loss) attributable to ON Semiconductor CorporationQ3 2023 + Net income (loss) attributable to ON Semiconductor CorporationQ2 2023) ÷ (RevenueQ1 2024 + RevenueQ4 2023 + RevenueQ3 2023 + RevenueQ2 2023)
= 100 × (453,000 + 562,700 + 582,700 + 576,600) ÷ (1,862,700 + 2,018,100 + 2,180,800 + 2,094,400) = 26.67%

2 Click competitor name to see calculations.


Net Income (Loss) Attributable to ON Semiconductor Corporation
Net income exhibits a high degree of volatility over the observed periods. It swung from positive values above $100 million in early 2019 to a significant loss of approximately $60.7 million in September 2019. Following this trough, net income gradually improved, turning positive again by year-end 2019 and fluctuating moderately in early 2020 with losses near $14 million and $1.4 million. Starting in the third quarter of 2020, net income trends upward sharply, reaching a peak of over $530 million in the first quarter of 2022. After this peak, net income shows a general decline with some fluctuations, ending at approximately $453 million in the first quarter of 2024.
Revenue
Revenue fluctuates within a range between approximately $1.21 billion and $2.19 billion. The revenue initially decreases slightly from the first quarter of 2019 through mid-2020 but begins a steady growth trajectory from late 2020, peaking at over $2.19 billion in the third quarter of 2022. Subsequent quarters display a downward trend, with revenue decreasing gradually to approximately $1.86 billion by the first quarter of 2024. This suggests a broad growth phase followed by a moderate contraction in recent periods.
Net Profit Margin
Net profit margin data starts only from the fourth quarter of 2019, showing a low positive margin of approximately 3.84%. It experiences fluctuations early on, with a moderate dip negative in mid-2020 but then reflects a strong upward trend from late 2020 onwards. Margins increase impressively, reaching peaks above 26% in multiple quarters from late 2022 through early 2024. This improvement in percentage profitability occurs despite recent revenue declines, indicating enhanced cost control or improved operational efficiency.
Overall Financial Trends
The financial performance reveals an initial period of instability in net income and revenue through 2019 and early 2020, including some net losses coinciding with reduced revenue. From mid-2020 onwards, both revenue and net income show significant growth, with net income outpacing revenue growth by a large margin as reflected in expanding profit margins. The highest profitability occurs in 2022 and early 2023, followed by a retreat in revenue and net income in late 2023 and early 2024, although profit margins remain robust. These patterns suggest the company successfully navigated early volatility, optimized profitability during a high-growth phase, and then encountered market or operational pressures leading to recent decreases in top-line performance, while maintaining strong margin levels.

Return on Equity (ROE)

ON Semiconductor Corp., ROE calculation (quarterly data)

Microsoft Excel
Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to ON Semiconductor Corporation 453,000 562,700 582,700 576,600 461,700 604,300 311,900 455,800 530,200 425,900 309,700 184,100 89,900 89,000 160,600 (1,400) (14,000) 56,500 (60,700) 101,800 114,100
Total ON Semiconductor Corporation stockholders’ equity 8,123,900 7,782,600 7,484,300 6,984,100 6,448,000 6,188,500 5,656,000 5,389,500 4,998,200 4,585,400 4,123,700 3,784,400 3,629,600 3,538,500 3,423,400 3,236,100 3,214,900 3,301,700 3,215,300 3,274,300 3,198,200
Profitability Ratio
ROE1 26.77% 28.06% 29.73% 27.98% 28.44% 30.74% 30.48% 31.94% 29.01% 22.02% 16.31% 13.84% 9.32% 6.62% 5.89% -0.61% 2.60% 6.41%
Benchmarks
ROE, Competitors2
Advanced Micro Devices Inc. 1.99% 1.53% 0.38% -0.05% 0.72% 2.41% 4.17% 5.67% 6.13% 42.18% 55.62% 48.63% 44.51% 42.66%
Analog Devices Inc. 7.92% 9.32% 10.45% 10.06% 9.39% 7.54% 5.15% 4.43% 3.43% 3.66% 13.87% 12.83% 11.63% 10.17% 9.44% 9.59% 10.37% 11.64%
Applied Materials Inc. 41.07% 41.94% 42.69% 45.93% 48.06% 53.51% 55.06% 58.35% 55.09% 48.08% 44.00% 36.95% 33.62% 34.21% 33.30% 32.31% 32.64% 32.94%
Broadcom Inc. 16.55% 58.70% 63.03% 62.20% 54.90% 50.62% 48.50% 42.58% 34.09% 26.99% 24.94% 20.40% 16.49% 12.40% 10.54% 10.48% 10.83% 10.92%
Intel Corp. 3.84% 1.60% -1.61% -0.91% -2.91% 7.90% 13.32% 18.88% 23.87% 20.83% 23.42% 21.78% 23.30% 25.79%
KLA Corp. 103.76% 116.01% 130.76% 136.01% 156.01% 237.04% 77.19% 73.76% 70.61% 61.53% 59.60% 46.59% 46.99% 45.65% 44.35% 42.61% 42.32% 44.21%
Lam Research Corp. 49.36% 54.94% 58.49% 61.71% 65.45% 73.35% 75.35% 70.88% 73.28% 64.85% 64.42% 53.86% 48.15% 43.53% 46.21% 47.26% 43.02% 46.89%
Micron Technology Inc. -16.02% -13.22% -6.41% 3.41% 12.55% 17.41% 20.12% 18.86% 16.04% 13.34% 9.77% 7.86% 7.51% 6.89% 5.98% 6.20% 9.62% 17.59%
NVIDIA Corp. 19.55% 19.76% 27.90% 32.45% 35.93% 36.65% 34.49% 33.48% 28.37% 25.64% 24.95% 24.36% 25.34% 22.91%
Qualcomm Inc. 33.67% 33.51% 41.68% 53.52% 62.58% 71.81% 80.15% 83.73% 88.12% 90.88% 112.56% 108.05% 91.17% 85.54% 83.00% 132.94% 94.02% 89.35%
Texas Instruments Inc. 34.78% 38.53% 42.70% 48.22% 54.16% 60.02% 61.52% 60.86% 58.62% 58.27% 60.23% 60.30% 60.73% 60.90%

Based on: 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).

1 Q1 2024 Calculation
ROE = 100 × (Net income (loss) attributable to ON Semiconductor CorporationQ1 2024 + Net income (loss) attributable to ON Semiconductor CorporationQ4 2023 + Net income (loss) attributable to ON Semiconductor CorporationQ3 2023 + Net income (loss) attributable to ON Semiconductor CorporationQ2 2023) ÷ Total ON Semiconductor Corporation stockholders’ equity
= 100 × (453,000 + 562,700 + 582,700 + 576,600) ÷ 8,123,900 = 26.77%

2 Click competitor name to see calculations.


Net Income (Loss) Attributable to ON Semiconductor Corporation
The net income exhibits significant volatility across the periods observed. Starting with a positive net income of $114.1 million in March 2019, the company experienced a decline, reaching a negative value of $-60.7 million in September 2019. Following this, net income showed recovery and growth, peaking at $425.9 million in December 2021. From 2022 onward, the net income remained robust but showed quarterly fluctuations, with the highest recorded profit of $604.3 million in December 2022 and a subsequent decrease to $453.0 million by March 2024. Generally, the trend reflects strong recovery and growth after initial losses, with some quarter-to-quarter variability in recent periods.
Total ON Semiconductor Corporation Stockholders’ Equity
Stockholders’ equity expanded steadily over the period in question. Beginning at approximately $3.2 billion in March 2019, equity increased consistently each quarter, culminating at about $8.1 billion by March 2024. This steady upward trend suggests sustained capital growth and retention of earnings, contributing positively to the company’s financial strength and shareholders' value over time.
Return on Equity (ROE)
ROE data is incomplete for early periods but becomes available in 2019. It initially exhibited moderate performance, ranging from 2.6% to 6.62% in 2019 and early 2020. Subsequently, a marked upward trend is apparent, with ROE climbing sharply and reaching all-time highs of over 30% between Q1 2022 and Q1 2023. The ROE slightly decreased toward the end of 2023 and early 2024 but remained above 25%, indicative of strong profitability relative to shareholders’ equity. The trend of increasing ROE aligns with the improvements seen in net income and equity growth, reflecting efficient capital utilization and improved earnings generation capacity over the period.

Return on Assets (ROA)

ON Semiconductor Corp., ROA calculation (quarterly data)

Microsoft Excel
Mar 29, 2024 Dec 31, 2023 Sep 29, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jul 1, 2022 Apr 1, 2022 Dec 31, 2021 Oct 1, 2021 Jul 2, 2021 Apr 2, 2021 Dec 31, 2020 Oct 2, 2020 Jul 3, 2020 Apr 3, 2020 Dec 31, 2019 Sep 27, 2019 Jun 28, 2019 Mar 29, 2019
Selected Financial Data (US$ in thousands)
Net income (loss) attributable to ON Semiconductor Corporation 453,000 562,700 582,700 576,600 461,700 604,300 311,900 455,800 530,200 425,900 309,700 184,100 89,900 89,000 160,600 (1,400) (14,000) 56,500 (60,700) 101,800 114,100
Total assets 13,482,900 13,215,200 13,281,300 12,762,700 12,274,300 11,978,500 11,100,700 10,788,700 10,212,400 9,626,000 8,940,700 8,594,400 8,630,400 8,668,000 9,254,000 9,527,800 9,420,800 8,425,500 8,522,300 8,524,500 7,564,300
Profitability Ratio
ROA1 16.13% 16.52% 16.76% 15.31% 14.94% 15.88% 15.53% 15.96% 14.20% 10.49% 7.52% 6.09% 3.92% 2.70% 2.18% -0.21% 0.89% 2.51%
Benchmarks
ROA, Competitors2
Advanced Micro Devices Inc. 1.64% 1.26% 0.31% -0.04% 0.58% 1.95% 3.35% 4.64% 5.07% 25.46% 35.59% 32.14% 28.70% 27.78%
Analog Devices Inc. 5.82% 6.79% 7.60% 7.32% 6.83% 5.46% 3.75% 3.23% 2.50% 2.66% 7.86% 7.23% 6.56% 5.69% 5.15% 5.21% 5.67% 6.37%
Applied Materials Inc. 22.69% 22.31% 21.19% 22.31% 23.07% 24.41% 25.40% 26.54% 25.76% 22.80% 21.68% 18.40% 16.55% 16.19% 15.05% 13.37% 14.30% 14.22%
Broadcom Inc. 6.54% 19.33% 19.44% 19.10% 17.54% 15.69% 14.20% 12.45% 10.69% 8.91% 8.00% 6.47% 5.14% 3.90% 3.13% 3.08% 3.26% 4.04%
Intel Corp. 2.11% 0.88% -0.87% -0.50% -1.54% 4.40% 7.61% 11.21% 13.96% 11.80% 12.56% 12.00% 12.35% 13.65%
KLA Corp. 21.95% 24.07% 25.64% 25.79% 24.99% 26.37% 26.21% 25.57% 24.46% 20.23% 18.68% 13.93% 13.85% 13.11% 11.57% 12.30% 12.20% 13.05%
Lam Research Corp. 21.43% 24.02% 25.55% 26.68% 25.91% 26.78% 27.37% 27.51% 27.40% 24.59% 22.64% 19.28% 17.33% 15.47% 16.21% 17.37% 17.21% 18.26%
Micron Technology Inc. -10.78% -9.08% -4.43% 2.42% 9.11% 13.11% 15.18% 14.17% 12.02% 9.96% 7.38% 5.91% 5.59% 5.01% 4.35% 4.63% 7.07% 12.91%
NVIDIA Corp. 10.78% 10.61% 14.71% 17.80% 20.92% 22.07% 20.20% 18.32% 17.30% 15.05% 14.23% 13.46% 14.27% 16.15%
Qualcomm Inc. 14.89% 14.17% 17.58% 21.80% 23.54% 26.39% 27.35% 25.19% 23.32% 21.93% 23.74% 21.58% 17.95% 14.60% 8.49% 12.67% 12.81% 13.31%
Texas Instruments Inc. 16.93% 20.12% 22.44% 24.85% 28.25% 32.16% 34.25% 34.69% 32.51% 31.48% 31.45% 32.64% 31.44% 28.91%

Based on: 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).

1 Q1 2024 Calculation
ROA = 100 × (Net income (loss) attributable to ON Semiconductor CorporationQ1 2024 + Net income (loss) attributable to ON Semiconductor CorporationQ4 2023 + Net income (loss) attributable to ON Semiconductor CorporationQ3 2023 + Net income (loss) attributable to ON Semiconductor CorporationQ2 2023) ÷ Total assets
= 100 × (453,000 + 562,700 + 582,700 + 576,600) ÷ 13,482,900 = 16.13%

2 Click competitor name to see calculations.


Net Income (Loss) Attributable to ON Semiconductor Corporation
The net income figures demonstrate significant volatility over the observed periods. Initially, the company showed positive net income, with values around 114,100 thousand US dollars in March 2019 and a slight decrease thereafter. Negative net income was reported in September 2019 (-60,700 thousand), reflecting a temporary setback. Subsequently, a recovery phase began, with net income returning to positive territory and exhibiting a pronounced upward trend starting from October 2020. The peak values were observed in late 2021 and early 2022, reaching up to 530,200 thousand US dollars. Despite fluctuations, the net income remained relatively high in the most recent quarters, though a slight decline is noted in the final period ending March 2024, where it falls to 453,000 thousand US dollars.
Total Assets
Total assets have steadily increased throughout the timeline. Beginning at approximately 7.56 billion US dollars in March 2019, total assets showed consistent growth, crossing the 10 billion mark by early 2022 and reaching about 13.48 billion US dollars by the most recent quarter in March 2024. No major declines are observed, indicating sustained asset accumulation and potentially ongoing investments or capital acquisitions over the periods.
Return on Assets (ROA)
ROA data starts being reported in December 2019, initially at 2.51%, followed by a dip to 0.89% and further into negative territory (-0.21%) in April 2020, coinciding with the observed losses. From July 2020 onwards, a strong and consistent upward trajectory is evident, with ROA increasing from 2.18% to a peak of 16.76% in September 2023. The ROA then slightly decreased but remained robust around 16.13% in March 2024. This pattern indicates improving operational efficiency and profitability relative to the asset base, particularly during the latter periods.
Overall Trends and Insights
The company experienced an initial phase of income volatility, including losses, before entering a prolonged period of profitability growth both in absolute net income and in efficiency as reflected by ROA. Asset growth has been steady and significant, suggesting expansion or enhanced asset utilization. The combination of rising net income and ROA alongside increasing assets points to an overall strengthening financial position and improved return generation capacity. The moderate decline in net income in the latest quarter, while ROA remains high, may warrant attention but does not currently undermine the general positive trend observed in profitability and asset management.