Common-Size Income Statement
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- Income Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
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ON Semiconductor Corp., common-size consolidated income statement
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
- Revenue and Cost of Revenue
- Revenue remained consistent at 100% across all periods, serving as the baseline for other financial metrics. The cost of revenue showed a downward trend from -64.23% in 2019, peaking at -67.35% in 2020, before declining to -52.94% in 2023. This indicates improved cost efficiency over the analyzed period following a temporary increase in 2020.
- Gross Profit
- Gross profit as a percentage of revenue increased notably from 35.77% in 2019 to 47.06% in 2023, peaking at 48.97% in 2022. This trend suggests enhanced profitability in core operations, supported by the reduction in cost of revenue.
- Research and Development (R&D)
- R&D expenses decreased steadily from -11.61% in 2019 to -7.00% in 2023, indicating a strategic reduction in investment relative to revenue or increased efficiency in development spending.
- Selling and Marketing, and General and Administrative Expenses
- Selling and marketing expenses declined from -5.45% in 2019 to -3.38% in 2023. General and administrative costs also decreased from -5.15% in 2019 to -4.39% in 2023, albeit with slight fluctuations. Both trends point toward enhanced operational efficiency and cost management.
- Special Charges and Other Expenses
- Litigation settlement was only present in 2019 at -3.07% and absent thereafter. Amortization of acquisition-related intangible assets consistently declined from -2.09% in 2019 to -0.62% in 2023, reflecting the amortization process reducing over time. Restructuring, asset impairments, and other charges fluctuated slightly but remained below -1% from 2021 to 2023.
- Goodwill and Intangible Asset Impairment
- This item was negligible except for a significant impairment charge of -4.65% in 2022, after which it did not appear in 2023. The 2022 charge likely impacted profitability for that year temporarily.
- Operating Expenses and Operating Income
- Operating expenses relative to revenue consistently decreased from -27.93% in 2019 to -16.29% in 2023, reflecting robust expense control. Correspondingly, operating income improved significantly from 7.84% in 2019 to 30.76% in 2023, demonstrating stronger operational profitability.
- Interest and Other Financial Items
- Interest expense steadily diminished from -2.69% in 2019 to -0.91% in 2023, signaling reduced debt costs or lower debt levels. Interest income dipped until 2021 before increasing sharply to 1.13% in 2023. Loss on debt refinancing and prepayment was minor and irregular. Gains on divestiture appeared in 2021 and 2022, with a slight loss in 2023. Other income (expense), net, fluctuated without a clear pattern but remained a small percentage of revenue.
- Income Before Taxes and Net Income
- Income before income taxes increased markedly from 5.01% in 2019 to 30.73% in 2023, illustrating improving profitability before tax. Income tax provisions shifted from a -1.14% charge in 2019 to a positive benefit of 1.14% in 2020 but resumed charges thereafter, peaking at -5.51% in 2022 and easing to -4.24% in 2023. Net income expanded substantially from 3.88% in 2019 to 26.48% in 2023, mirroring the upward trend in operating income and income before taxes, confirming strong overall financial performance improvement.
- Net Income Attributable to ON Semiconductor Corporation
- Net income attributable to the corporation followed the net income trend closely, rising from 3.84% in 2019 to 26.46% in 2023, indicating that the majority of net income benefits shareholders with minimal impact from non-controlling interests.