Stock fact sheet · data as of
ON Semiconductor Corporation (ON): fair value, margin of safety and Wheel Score
Ticker symbol ON · Technology · Semiconductors · United States · Blend
Is ON undervalued?
At 71.24 (close of 5 Nov 2026), ON trades 46% over the GLS average fair value of 48.86, with 3 of 8 models above the price. The stock earns none of the Wheel Score's Value points at this price. That is a statement about price against trailing fundamentals, not about the company's prospects - the Wall Street View and the Growth tab on the Quote page carry the forward numbers.
There is a wide gap between GLS Growth (5.18) and Graham Growth (101.25). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for ON, so the nightly engine files it under Blend (value score 17, growth score 12, out of 100).
Nine valuation models for ON
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 19.93 | -72% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 27.81 | -61% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 101.25 | +42% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 44.25 | -38% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 5.18 | -93% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 93.20 | +31% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 79.59 | +12% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 19.67 | -72% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 2.55 | -96% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 99.77 | +40% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
ON Semiconductor Corporation scores 7 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the "Piotroski 6 or more" Wheel Trade Filter with room to spare. On durability ON scores 5.7/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
Returns on capital are thin or negative - ROIC 1.1%, ROE 1.6%, ROA 1.0% - with debt at 0.45 times equity and a free-cash-flow yield of 5.8%.
ON Semiconductor Corporation pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Power Solutions Group 52%, Analog Solutions Group 34%, Intelligent Sensing Group 14% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 10/10 on the GLS smart-money scales; the last recorded Congressional buy was on 28 Sep 2026.
| Piotroski F-score | 7 / 9 | ROIC | 1.1% |
|---|---|---|---|
| GLS Moat | 5.7 / 10 | ROE | 1.6% |
| Debt / equity | 0.45 | ROA | 1.0% |
| Free-cash-flow yield | 5.8% | Payout ratio | 0% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 10 / 10 |
Wheel Score 42: Weak
With a Wheel Score of 42 ON Semiconductor Corporation sits in the Weak band. It fails filter 3, below fair value - trades 46% above our fair value; Value (weak) is its weakest part.
Implied volatility is 60% on the near-the-money contracts 20-60 days out - above the 60% top of the sweet spot. It still passes the 25-80% filter, but the Wheel Score rewards it less because volatility this high usually comes with a reason. The option chain is deep: 144,495 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 10.8M shares a day on a market cap of $27.7B, with a beta of 2.10 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Fails | trades 46% above our fair value |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 46% above fair value | |
| Premium | Strong | implied volatility 60% | |
| Moat | Fair | moat 5.7/10 | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Good | Red Flags score 80/100 | |
| Option trading | Strong | 13,950 contracts a day, 144,495 open interest | |
| Stability | Fair | beta 2.10, $27.7B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for ON in the nightly calendar.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Semiconductors
The 12 companies below are the closest to ON Semiconductor Corporation by market cap within the Semiconductors industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| CRDO Credo Technology Group Holding Ltd | 136.50 | 83.65 | -63% | 24Weak | $25.7B |
| Q Qnity Electronics, Inc. | 118.78 | 44.98 | -164% | 40Weak | $24.8B |
| GFS GLOBALFOUNDRIES Inc. | 40.34 | 26.95 | -50% | 39Weak | $22.1B |
| ENTG Entegris, Inc. | 142.87 | 55.00 | -160% | 39Weak | $21.8B |
| CBRS Cerebras Systems Inc. | 91.85 | - | - | 21Weak | $20.8B |
| ALAB Astera Labs, Inc. Common Stock | 223.27 | 79.52 | -181% | 29Weak | $38.7B |
| TER Teradyne, Inc. | 250.99 | 145.98 | -72% | 44Weak | $39.2B |
| UMC United Microelectronics Corporation | 16.06 | 13.65 | -18% | 43Weak | $40.1B |
| STM STMicroelectronics N.V. | 45.60 | 14.88 | -206% | 42Weak | $40.8B |
| MCHP Microchip Technology Incorporated | 75.34 | 22.56 | -234% | 41Weak | $40.9B |
| MTSI MACOM Technology Solutions Holdings, Inc. | 233.13 | 61.07 | -282% | 32Weak | $17.8B |
| TSEM Tower Semiconductor Ltd. | 148.80 | 67.88 | -119% | 36Weak | $16.9B |
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about ON
Is ON undervalued right now?
No: at 71.24 the stock trades 46% above the GLS average fair value of 48.86 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of ON and what does it mean?
ON scores 42 out of 100 (Weak) - it fails Wheel Trade Filter 3. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for ON?
48.86 per share as of 5 Nov 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does ON Semiconductor Corporation report earnings next?
No upcoming earnings date is recorded for ON in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does ON have listed options, and how liquid are they?
Yes. The nightly snapshot found 542 listed contracts with 144,495 open interest across all expiries and implied volatility of 60% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.