Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
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ON Semiconductor Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).
- Revenue and Gross Margin Trends
- Revenue remained stable, consistently representing 100% across all periods. Cost of revenue as a percentage of revenue fluctuated notably, peaking around the mid-2020 period near 69%, then steadily declined through 2021 and into 2024, reaching the low-to-mid 50% range. Consequently, gross profit margin improved over time, rising from about 34-37% in 2019 to consistently over 45% by 2022 and maintaining a marginally declining trend but remaining strong near 46% by early 2024.
- Operating Expenses and Their Composition
- Research and development expenses as a percentage of revenue showed a declining trend from around 12% in early periods to lower single-digit percentages (around 6-8%) toward late 2023 and early 2024. Selling and marketing expenses also declined steadily, decreasing from near 5.5% to about 3-4%. General and administrative expenses fluctuated somewhat but generally decreased from just over 5% to between 4% and 5% in recent quarters. Significant non-recurring costs such as litigation settlements and goodwill impairments appeared sporadically, with notable impairments seen in 2022 affecting the expense profile.
- Operating Income
- Operating income saw considerable variation, being negative in one quarter of 2019 (-3.18%), but generally increased thereafter. From mid-2020 onward, operating income as a percentage of revenue trended upwards, peaking around 33% in Q1 2022 and maintaining levels above 28% through early 2024, reflecting improved profitability driven by lower cost of revenue and controlled operating expenses.
- Interest and Other Income/Expense
- Interest expense percentage decreased steadily over the years from above 3% in early 2020 to less than 1% by mid-2023 and remained low. Interest income correspondingly increased from near zero to about 1.5% of revenue by Q1 2024, enhancing net financial income. Other income (expense) figures showed volatility with some positive spikes in late 2021 and early 2023, including occasional gains on divestiture; the net effect varied, causing minor impacts on total income.
- Income Before Taxes and Net Income
- Income before income taxes followed a similar pattern to operating income, with losses in certain quarters of 2019 and early 2020, then strong recovery to reach peaks above 36% around early 2023. Income tax provisions fluctuated, occasionally showing benefits, but mostly acted as a reducing factor on pre-tax income, typically around 2-5% of revenue. Net income mirrored pre-tax income trends, swinging from negative in early 2020 to achieving sustained positive and robust margins above 20% from late 2021 through early 2024, demonstrating significant improvement in overall profitability and operational efficiency.
- Summary of Financial Performance Trends
- Overall, financial performance improved markedly from 2019 through 2024. The company enhanced gross margins via reduced cost of revenue levels, controlled operating expenses particularly in R&D and selling activities, and managed interest costs effectively. Operating and net income margins increased substantially, underscoring strengthened profitability. Periodic exceptional charges affected some quarters, but the general trajectory is positive, indicating enhanced operational leverage and financial health over the analyzed timeframe.