ON Semiconductor Corporation ON

The business

ON makes power and sensing chips: the silicon carbide and analog parts that manage electricity inside an electric vehicle, an industrial motor, or increasingly a data center rack, plus image sensors that let cars and factory equipment see. Three segments. Power Solutions is now 51.7% of revenue and the only one really growing. Analog and Mixed-Signal is 34.0% and went slightly backwards. Intelligent Sensing is the rest.

The customer concentration is automotive and industrial, which is why the last two years looked the way they did. Both end markets spent 2025 working off inventory built during the shortage, and semiconductor companies do not get to smooth that.