# ON Semiconductor (ON) Forecast Calculator

Interactive five-year financial forecast and DCF for ON Semiconductor. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/on-semiconductor/forecast
- Industry: Technology
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 5517900000 | 160100000 | 1025800000 | 211700000 |
| 2022 | 5255000000 | 500700000 | 973800000 | 234200000 |
| 2023 | 6739800000 | 1337400000 | 1884300000 | 1009600000 |
| 2024 | 8326200000 | 1597100000 | 2911800000 | 1902200000 |
| 2025 | 8253000000 | 438400000 | 3148200000 | 2183700000 |

## Frequently asked questions

### What does ON Semiconductor (onsemi) do?

ON Semiconductor, operating as onsemi, provides intelligent power and sensing solutions, primarily serving the automotive and industrial markets. The company is strategically transitioning its manufacturing footprint and focusing on high-margin Silicon Carbide and AI data center products.

### What are the main revenue drivers for ON Semiconductor?

ON Semiconductor's revenue is primarily driven by its Power Solutions Group, which accounts for approximately 47% of revenue, and its Analog and Mixed-Signal Group, contributing about 38%. Key growth areas include Silicon Carbide power devices and automotive image sensors within the automotive and industrial sectors.

### What is ON Semiconductor's capital expenditure strategy?

ON Semiconductor's capital expenditure, historically ranging from 10-15% of revenue during its Silicon Carbide capacity build-out, is now decreasing to 5-8%. This shift reflects a move from large growth investments to primarily maintenance capex, following the completion of major SiC manufacturing facility expansions.

### How does ON Semiconductor's working capital impact its free cash flow?

ON Semiconductor maintains a positive and historically high net working capital as a percentage of revenue, driven by strategic inventory buffers. This profile means the company uses its strong cash balance to fund working capital rather than relying on negative working capital, which impacts its overall free cash flow generation.

### Can I download a financial model for ON Semiconductor (ON)?

Yes, a downloadable Excel financial model is available for ON Semiconductor (ON). This model evaluates the company's equity valuation and free cash flow generation capacity, with a forecast horizon extending from FY2026 to FY2030.

### What is ON Semiconductor's strategic focus and competitive position?

ON Semiconductor is strategically transitioning towards high-margin Silicon Carbide and AI data center products, while optimizing its manufacturing footprint through the "Fab Right" strategy. The company holds a strong competitive position in SiC power devices and automotive image sensors, competing with companies like Infineon and STMicroelectronics.