Forensic Analysis · Semiconductors · as of Aug 7, 2026

On Semiconductor Corp (ON)

A forensic read on On Semiconductor Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Safe

Financial health

11.2

Distress distance

Clean

Earnings quality

Forensic signals

48.6

P / E (ttm)

1.6%

ROE

$31.6B

Market cap

-15.3%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

On Semiconductor Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 11.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

0.8%

FY2025

Return on invested capital. Return on invested capital is 0.8% in the latest fiscal year and slipping from 27% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.

97% of FCF

FY2025

Shareholder returns. Returned $1.4B to shareholders (buybacks + dividends) in FY2025 — 97% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has been CLIMBING toward the limit — 16% of free cash flow a few years back — not just sitting there. Counting the $144M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 107%.

$340M

FY2022–FY2024

Goodwill impairments. Took $340M of goodwill writedowns across 2 years (FY2022 ($330M), FY2024 ($10M)) — about 6% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$6.00B

Revenue Growth YoY-15.3%

Net Margin2.0%

Free Cash Flow$1.42B

Return on Equity1.6%

Debt / Equity0.44x

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Data from SEC EDGAR public filings · metrics as of Aug 7, 2026. Forensic signals flag probability, not certainty.