Current EV
Historical EV

ON Semiconductor Corp., current enterprise value calculation

Current share price (P)	$70.82
No. shares of common stock outstanding	430,231,889
US$ in thousands
Common equity (market value)¹	30,469,022)
Add: Non-controlling interest (per books)	18,000)
Total equity	30,487,022)
Add: Current portion of financing lease liabilities (per books)	800)
Add: Current portion of long-term debt (per books)	794,000)
Add: Long-term debt, excluding current portion (per books)	2,542,600)
Add: Long-term financing lease liabilities (per books)	22,400)
Total equity and debt	33,846,822)
Less: Cash and cash equivalents	2,483,000)
Enterprise value (EV)	31,363,822)

Based on: 10-K (reporting date: 2023-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 70.82 × 430,231,889

ON Semiconductor Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$77.59	$80.40	$58.66	$41.85	$20.90
No. shares of common stock outstanding¹	427,328,652	431,967,907	432,497,822	411,881,071	411,065,636
US$ in thousands
Common equity (market value)³	33,156,430)	34,730,220)	25,370,322)	17,237,223)	8,591,272)
Add: Non-controlling interest (book value)	18,000)	18,500)	19,000)	19,600)	22,400)
Total equity	33,174,430)	34,748,720)	25,389,322)	17,256,823)	8,613,672)
Add: Current portion of financing lease liabilities (book value)	800)	14,200)	12,700)	—)	—)
Add: Current portion of long-term debt (book value)	794,000)	147,800)	160,700)	531,600)	736,000)
Add: Long-term debt, excluding current portion (book value)	2,542,600)	3,045,700)	2,913,900)	2,959,700)	2,876,500)
Add: Long-term financing lease liabilities (book value)	22,400)	23,000)	10,200)	—)	—)
Total equity and debt	36,534,230)	37,979,420)	28,486,822)	20,748,123)	12,226,172)
Less: Cash and cash equivalents	2,483,000)	2,919,000)	1,352,600)	1,080,700)	894,200)
Enterprise value (EV)	34,051,230)	35,060,420)	27,134,222)	19,667,423)	11,331,972)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of ON Semiconductor Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 77.59 × 427,328,652

Common Equity (Market Value): The common equity market value demonstrates a consistent upward trend from 2019 through 2022, increasing from approximately $8.59 billion to $34.73 billion. However, in 2023, there is a slight decline to approximately $33.16 billion, indicating a minor reduction in market valuation after several years of growth.
Total Equity: Total equity follows a parallel pattern to common equity, rising steadily from about $8.61 billion in 2019 to $34.75 billion in 2022. Similar to common equity, there is a marginal decrease to $33.17 billion in 2023, suggesting a small contraction in shareholders' equity after four years of expansion.
Total Equity and Debt: This combined metric increases significantly over the five-year period, starting at approximately $12.23 billion in 2019 and peaking at $37.98 billion in 2022. This growth reflects the company's increased leverage or additional financing activities. In 2023, a decline to about $36.53 billion is noted, consistent with the reductions observed in equity values, indicating some deleveraging or repayment of debt alongside the equity decrease.
Enterprise Value (EV): Enterprise value rises steadily from around $11.33 billion in 2019 to a maximum near $35.06 billion in 2022. In 2023, EV decreases slightly to approximately $34.05 billion. This pattern mirrors the trends found in equity and total capital metrics, indicating that the company’s overall valuation and market perception improved substantially over most of the period before a modest pullback in the most recent year.

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ON Semiconductor Corp. (NASDAQ:ON)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)