What happened with ON today?
No read yet
Uses news and trading volume to explain the day’s move and how it relates to the market.
Stop guessing. Get the call, a three-month target price, the best and worst cases, and a source for every claim.
ON Semiconductor, which markets its products as onsemi, supplies chips that convert and control electricity and help equipment detect its surroundings. Power devices and analog and mixed-signal chips generate most of its revenue; imaging sensors are a smaller business. These products support uses such as electric-vehicle power systems, driver assistance and factory automation. Automotive is its largest market, followed by industrial equipment; it also serves AI data centers and other electronics markets.
The company earns mainly by selling these components. Distributors account for the larger share of sales and resell to equipment makers, contract manufacturers and other buyers. Direct sales to large multinational companies and regional equipment makers provide the rest. One distributor contributes a meaningful share of revenue, though the company says it does not depend on any single customer.
ON Semiconductor combines its own factories with outside manufacturing contractors, so supplying customers depends on both networks. Its automotive and industrial exposure ties demand closely to those markets. Export controls and other trade restrictions also limit market access, and required export licenses for Chinese customers may be delayed or denied.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
onsemi’s results hinge on automotive and industrial chip demand and power-device pricing, making Infineon—absent from this list but a rival in both power and analog chips—a company to watch.
STMicroelectronics competes with onsemi for automotive and industrial manufacturers’ spending on power discretes, silicon-carbide devices and analog chips. Its business with carmakers and their suppliers is worth watching for demand in markets that generated 51% and 28% of onsemi’s revenue, respectively, in 2025.
Wolfspeed, Inc. competes with onsemi to sell silicon-carbide power switches, diodes and modules for electric vehicles, charging and industrial power conversion. Watch its power-device business rather than its wafer sales for clues to demand and pricing in these overlapping applications.
NXP Semiconductors competes with onsemi in analog and interface chips sold for automotive and industrial systems. Those products are the relevant comparison, rather than NXP’s processors or onsemi’s power devices, when watching demand from these equipment makers.
Texas Instruments competes with onsemi’s power-management and other analog chips, selling semiconductors to electronics designers and manufacturers worldwide. Its Analog segment is the part to watch for demand and pricing pressure relevant to onsemi, rather than Embedded Processing.
Analog Devices competes with onsemi’s Analog and Mixed-Signal Group for customers buying high-performance analog and mixed-signal chips. Watch its product-performance news—especially accuracy, power use and reliability—for how it positions its chips against alternatives from onsemi.
Allegro MicroSystems, Inc. competes with onsemi to sell automotive and industrial customers chips that regulate power and drive power switches, including regulators, power-management ICs and gate drivers. Its power-chip business is the closer comparison for onsemi than its magnetic sensors.
Monolithic Power Systems competes with onsemi to supply power-management chips, converters and drivers for automotive, industrial and computing systems. Read its results by end market: storage and computing and enterprise data were its two largest markets in 2025, unlike onsemi’s automotive-heavy revenue mix.
Diodes competes with onsemi for sales of discrete semiconductors, analog and mixed-signal devices, and standard logic products. Watch Diodes’ price cuts or product-line changes: it says these responses to competition can affect sales and margins.
Vishay Intertechnology competes with onsemi in power-control and conversion components, including MOSFET switches and diodes. Watch those product lines rather than Vishay’s overall results, which also include a substantial business selling resistors, inductors and capacitors.
Microchip and onsemi face the same automotive and industrial production and customer-inventory cycles: Microchip sells chips that control equipment, while onsemi supplies power and analog devices. Watch Microchip’s automotive and industrial microcontroller demand for clues to the equipment demand affecting both.
Alpha and Omega Semiconductor competes with onsemi in power switches and chips that deliver, manage and protect power, including MOSFETs and power-management devices. Computing is its largest market, so its results offer a different demand mix from onsemi’s automotive-led business.
Power Integrations Inc and onsemi sell power-conversion and driver chips, and Power Integrations explicitly names onsemi as a motor-driver competitor. Watch its motor-driver products for direct rivalry; its broader sales also include chips sold through distributors to equipment and power-supply manufacturers.
Littelfuse competes with onsemi to supply electronics and industrial systems with silicon and silicon-carbide power switches, diodes and protection devices. Its Electronics segment contains these competing products; its Transportation and Industrial segments also sell other protection and control equipment.
Navitas Semiconductor competes with onsemi to sell silicon-carbide power devices for industrial and energy applications, but no longer targets electric vehicles. Its late-2025 shift toward AI data centers, energy and grid infrastructure, performance computing and industrial electrification makes those markets the ones to watch for overlap with onsemi.
indie Semiconductor, Inc. and onsemi both sell sensing, power-management and interface solutions for driver-assistance systems and related vehicle electronics. Watch indie’s driver-assistance business for demand tied to automotive electronics and ADAS adoption, rather than treating it as a readout of onsemi’s industrial business.
Texas Instruments Incorporated earningsTXN
Texas Instruments’ report will show how demand and pricing pressure are changing for analog chips, which compete directly with onsemi’s analog and mixed-signal products.
Watch Texas Instruments’ Analog sales and margin. If sales hold and the margin remains firm, customer demand appears steadier and pricing pressure on chipmakers may be easing—a constructive read-through for onsemi’s analog and mixed-signal business. If both weaken, demand or pricing pressure remains a concern for onsemi too.
STMicroelectronics N.V. earningsSTM
STMicroelectronics’ report will show demand from automotive and industrial makers for power discretes, silicon-carbide devices and analog chips that overlap with onsemi’s products.
Watch demand in STMicroelectronics’ automotive and industrial businesses alongside sales and pricing for its overlapping power products. Stronger demand in both markets, with power-product sales and prices holding up, would suggest customer spending is supporting markets shared with onsemi. Weaker demand or pressure on sales and prices would point to a tougher backdrop for onsemi’s related products. The companies have different product mixes, so this is a market signal, not a substitute for onsemi’s own results.
ON Semiconductor Corp earningsThis company
onsemi sells power, analog and sensing chips to automotive and industrial equipment makers, and this report will show whether shipments and factory economics are improving together.
Read total revenue alongside gross margins—the share of sales left after production costs—in PSG and ISG; those product groups serve several markets, so their sales are not a direct measure of automotive or industrial demand. If revenue rises and both groups’ margins recover, shipment volume, product mix or lower charges may be easing the drag from underused capacity. If revenue stays weak and margins remain low, those pressures still limit how much profit onsemi can turn its sales into.
Microchip Technology Inc earningsMCHP
Microchip’s report will show demand for the control chips bought by automotive and industrial equipment makers, helping indicate whether customers that also buy from onsemi are increasing production or still using up inventory.
Watch demand for Microchip’s automotive and industrial microcontrollers alongside signs that customers are still using up inventory. Rising demand and renewed restocking would suggest a firmer production cycle among equipment makers that also buy onsemi’s power and analog chips. Weak demand and continued inventory reduction would suggest that shared cycle is still holding back onsemi shipments. This is a clue about overlapping customers, not a direct measure of onsemi orders.
Industrial Production MoM (Oct)
ON Semiconductor sells power, analog and sensing chips to customers, so factory, mine and utility output matters because it can shape automotive and industrial customers’ demand and ON’s chip sales.
Read stronger factory, mine and utility output as potential support for demand from ON’s automotive and industrial customers and its chip sales; weaker output may weigh on customer demand and sales. The connection is not automatic, since customer demand and product mix also matter.
