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.
B · Sound & dependable
Forensic grade
Safe
Financial health
6.2
Distress distance
Clean
Earnings quality
3
Forensic signals
1.5%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 6.2, 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 across FY2023–FY2025 from 23.4%. After-tax operating profit was $2.2B in FY2023 and $76M in FY2025, with operating income at 30.8% of revenue in FY2023, 25.0% in FY2024 and 1.4% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: short-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. FY2025's operating profit carried a $496M asset write-down that alone took about 4.7 points off that year's return, so about 4.7 of the 22.6-point fall across FY2023–FY2025 is that charge landing in the latest year rather than the capital earning less. A non-cash write-down lowers the reported return in the year it lands.
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 actually been EASING, not tightening further — down from ~129% of free cash flow two years back. Counting the $144M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 107%.
$10M
FY2024
Goodwill impairments.Took $10M of goodwill writedowns across 1 year (FY2024 ($10M)) — about 1% 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%
Revenue CAGR (2yr)-14.8%
Net Margin2.0%
Free Cash Flow$1.42B
Return on Equity1.5%
Debt / Equity0.44x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from On Semiconductor Corp's actual 10-K/10-Q/8-K filings?