Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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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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Current Valuation Ratios
ON Semiconductor Corp., current price multiples
| ON Semiconductor Corp. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | KLA Corp. | Lam Research Corp. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | Semiconductors & Semiconductor Equipment | Information Technology | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||
| Current share price (P) | |||||||||||||||||
| No. shares of common stock outstanding | |||||||||||||||||
| Growth rate (g) | |||||||||||||||||
| Earnings per share (EPS) | |||||||||||||||||
| Next year expected EPS | |||||||||||||||||
| Operating profit per share | |||||||||||||||||
| Sales per share | |||||||||||||||||
| Book value per share (BVPS) | |||||||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||||||
| Price to earnings (P/E) | |||||||||||||||||
| Price to next year expected earnings | |||||||||||||||||
| Price-earnings-growth (PEG) | |||||||||||||||||
| Price to operating profit (P/OP) | |||||||||||||||||
| Price to sales (P/S) | |||||||||||||||||
| Price to book value (P/BV) | |||||||||||||||||
Based on: 10-K (reporting date: 2023-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
ON Semiconductor Corp., historical price multiples
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to earnings (P/E) ratio
- The P/E ratio exhibited a marked fluctuation over the five-year period. It initially increased sharply from 40.58 in 2019 to a peak of 73.6 in 2020, indicating a significant rise in valuation relative to earnings. Subsequently, the ratio declined steadily each year to 25.13 in 2021, 18.26 in 2022, and further down to 15.18 in 2023. This trend suggests a normalization or correction in price relative to earnings, possibly reflecting improved earnings or a decrease in market optimism.
- Price to operating profit (P/OP) ratio
- The P/OP ratio followed a similar trajectory to the P/E ratio, starting at 19.86 in 2019 and increasing substantially to 49.43 in 2020. From 2021 onward, the ratio decreased consistently to 19.7 in 2021, then to 14.72 in 2022, and 13.06 in 2023. This decline in price relative to operating profit indicates enhanced operating performance or market reevaluation, aligning with the observed P/E ratio trend.
- Price to sales (P/S) ratio
- The P/S ratio showed a general upward trend throughout the period, increasing from 1.56 in 2019 to a peak of 4.17 in 2022. It slightly declined to 4.02 in 2023 but remained significantly elevated compared to earlier years. This pattern suggests growing investor confidence in revenue generation capacity or an increase in the market's willingness to pay for each unit of sales despite the recent minor decrease.
- Price to book value (P/BV) ratio
- The P/BV ratio rose from 2.6 in 2019 to 5.61 in 2022, indicating increasing valuation relative to the company's net asset value over these years. In 2023, the ratio decreased to 4.26, signaling a partial correction or revaluation. Despite this reduction, the ratio remains higher than the initial year, reflecting sustained market confidence in the company’s underlying assets.
Price to Earnings (P/E)
ON Semiconductor Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income attributable to ON Semiconductor Corporation (in thousands) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| Intel Corp. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| P/E Ratio, Industry | ||||||
| Information Technology | ||||||
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 2023 Calculation
EPS = Net income attributable to ON Semiconductor Corporation ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of ON Semiconductor Corp. Annual Report.
4 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a consistent upward trend over the five-year period. Starting at $20.9 at the end of 2019, it doubled to $41.85 by the end of 2020, then continued increasing significantly to $58.66 in 2021 and reached a peak of $80.4 in 2022. In 2023, there was a moderate decline to $77.59, indicating a slight correction after strong growth.
- Earnings per Share (EPS)
- The EPS showed substantial growth throughout the period. Beginning at $0.52 in 2019, it increased slightly to $0.57 in 2020, then surged to $2.33 in 2021. The upward momentum continued with EPS reaching $4.4 in 2022 and further increased to $5.11 in 2023. This demonstrates improving profitability and efficient earnings generation over the years.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio decreased significantly over the period, moving from a high valuation of 40.58 in 2019 to 15.18 in 2023. The ratio spiked to 73.6 in 2020 despite minimal EPS growth, likely reflecting market optimism or price inflation. However, as EPS rose substantially, the P/E ratio normalized downward to 25.13 in 2021, further declining to 18.26 in 2022 and 15.18 in 2023. This trend suggests increasing earnings outpacing price increases, indicating a more reasonable market valuation relative to earnings.
Price to Operating Profit (P/OP)
ON Semiconductor Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (in thousands) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| Intel Corp. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
| P/OP Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| P/OP Ratio, Industry | ||||||
| Information Technology | ||||||
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 2023 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of ON Semiconductor Corp. Annual Report.
4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated a significant upward trend from 2019 to 2022, increasing from $20.90 to a peak of $80.40. However, in 2023, the price experienced a slight decline to $77.59, indicating a minor correction or stabilization following the previous growth.
- Operating Profit Per Share
- Operating profit per share initially declined from $1.05 in 2019 to $0.85 in 2020. From 2020 onwards, there was a consistent and substantial improvement, reaching $2.98 in 2021, more than doubling to $5.46 in 2022, and further increasing to $5.94 in 2023. This suggests enhanced operational efficiency or higher profitability over the recent years.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio exhibits notable volatility. Starting at 19.86 in 2019, it spiked sharply to 49.43 in 2020, indicating that the share price outpaced the operating profit per share growth that year. Following this spike, the ratio decreased steadily to 19.7 in 2021, and further declined to 14.72 in 2022 and 13.06 in 2023. The downward trend in P/OP suggests the market valuation became more aligned with the company's operating profitability over time, potentially reflecting increased investor confidence or a recalibration of valuation metrics.
Price to Sales (P/S)
ON Semiconductor Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Revenue (in thousands) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| Intel Corp. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
| P/S Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| P/S Ratio, Industry | ||||||
| Information Technology | ||||||
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 2023 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of ON Semiconductor Corp. Annual Report.
4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated a consistent upward trend from 2019 to 2022, increasing from $20.9 to $80.4. However, in 2023, there was a slight decline to $77.59, indicating a minor correction after several years of growth.
- Sales per Share
- Sales per share fluctuated initially, decreasing marginally from $13.42 in 2019 to $12.76 in 2020. From 2020 onwards, it increased steadily to $19.31 by 2023, suggesting an improvement in the company’s revenue generation on a per-share basis.
- Price-to-Sales Ratio (P/S)
- The P/S ratio showed a significant increase from 1.56 in 2019 to a peak of 4.17 in 2022. In 2023, the ratio slightly decreased to 4.02, which aligns with the observed dip in the share price. This indicates that market valuation relative to sales remained elevated throughout the period, suggesting investor optimism or expectations of continued growth, despite the recent moderation.
Price to Book Value (P/BV)
ON Semiconductor Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total ON Semiconductor Corporation stockholders’ equity (in thousands) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Advanced Micro Devices Inc. | ||||||
| Analog Devices Inc. | ||||||
| Applied Materials Inc. | ||||||
| Broadcom Inc. | ||||||
| Intel Corp. | ||||||
| KLA Corp. | ||||||
| Lam Research Corp. | ||||||
| Micron Technology Inc. | ||||||
| NVIDIA Corp. | ||||||
| Qualcomm Inc. | ||||||
| Texas Instruments Inc. | ||||||
| P/BV Ratio, Sector | ||||||
| Semiconductors & Semiconductor Equipment | ||||||
| P/BV Ratio, Industry | ||||||
| Information Technology | ||||||
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 2023 Calculation
BVPS = Total ON Semiconductor Corporation stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of ON Semiconductor Corp. Annual Report.
4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price demonstrated a strong upward trend from 2019 to 2022, increasing from $20.9 to a peak of $80.4. However, in 2023, there was a slight decline to $77.59, indicating a modest correction after several years of significant growth.
- Book Value per Share (BVPS)
- The book value per share steadily increased over the entire period, rising from $8.03 in 2019 to $18.21 in 2023. This consistent growth suggests strengthening equity value and potentially improving financial stability.
- Price to Book Value Ratio (P/BV)
- The P/BV ratio rose sharply from 2.6 in 2019 to a high of 5.61 in 2022, reflecting market optimism and investors valuing the shares at a higher premium relative to book value. In 2023, the P/BV ratio declined to 4.26, pointing to a partial market revaluation, possibly correcting the overvaluation observed in the previous year.