Stock Analysis on Net
Stock Analysis on Net

ON Semiconductor Corp. (NASDAQ:ON)

This company has been moved to the archive! The financial data has not been updated since April 29, 2024.

Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

ON Semiconductor Corp., FCFE calculation

US$ in thousands

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income attributable to ON Semiconductor Corporation 2,183,700 1,902,200 1,009,600 234,200 211,700
Net income attributable to non-controlling interest 1,900 1,600 1,600 2,200 2,200
Net noncash charges 654,600 979,700 829,700 646,600 747,500
Changes in assets and liabilities, exclusive of acquisitions and divestitures (862,700) (250,400) (58,900) 1,300 (266,700)
Net cash provided by operating activities 1,977,500 2,633,100 1,782,000 884,300 694,700
Purchase of property, plant and equipment (1,575,600) (1,005,000) (444,600) (383,600) (534,600)
Proceeds from sale of property, plant and equipment 4,000 59,100 14,000 6,300 1,900
Deposits (made) utilized for purchases of property, plant and equipment 36,500 (31,000) (47,400) 2,200 4,600
Issuance and borrowings under debt agreements 1,845,000 500,000 787,300 1,858,000 1,404,800
Reimbursement of debt issuance and other financing costs 4,500 — 2,700 — —
Payment of debt issuance and other financing costs (12,400) — (3,800) (2,400) (24,000)
Repayment of borrowings under debt agreements (1,723,400) (530,000) (1,270,500) (2,023,900) (594,400)
Payment of finance lease obligations (15,300) (11,500) — — (800)
Payment for purchase of bond hedges (414,000) — (160,300) — —
Free cash flow to equity (FCFE) 126,800 1,614,700 659,400 340,900 952,200

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).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to ON Semiconductor Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. ON Semiconductor Corp. FCFE increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Price to FCFE Ratio, Current

ON Semiconductor Corp., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 430,231,889
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 126,800
FCFE per share 0.29
Current share price (P) 70.82
Valuation Ratio
P/FCFE 240.29
Benchmarks
P/FCFE, Competitors1
Advanced Micro Devices Inc. 205.65
Analog Devices Inc. 29.84
Applied Materials Inc. 19.68
Broadcom Inc. 45.14
First Solar Inc. —
Intel Corp. —
KLA Corp. 23.65
Lam Research Corp. 25.26
Micron Technology Inc. —
NVIDIA Corp. 131.74
Qualcomm Inc. 17.50
Texas Instruments Inc. 47.82
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 115.11
P/FCFE, Industry
Information Technology 52.35

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

ON Semiconductor Corp., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 427,328,652 431,967,907 432,497,822 411,881,071 411,065,636
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 126,800 1,614,700 659,400 340,900 952,200
FCFE per share3 0.30 3.74 1.52 0.83 2.32
Share price1, 4 77.59 80.40 58.66 41.85 20.90
Valuation Ratio
P/FCFE5 261.49 21.51 38.47 50.56 9.02
Benchmarks
P/FCFE, Competitors6
Advanced Micro Devices Inc. 241.70 33.46 44.72 133.51 —
Analog Devices Inc. 22.28 24.14 34.67 33.98 37.52
Applied Materials Inc. 17.53 19.17 27.20 23.21 19.53
Broadcom Inc. 30.06 14.62 22.35 9.16 5.64
First Solar Inc. — 61.91 — — —
Intel Corp. — — 14.25 8.57 16.55
KLA Corp. 26.78 9.01 28.05 19.15 9.84
Lam Research Corp. 18.67 24.95 34.58 16.89 6.14
Micron Technology Inc. — 18.66 37.24 81.71 13.92
NVIDIA Corp. 151.07 54.83 35.22 44.24 30.15
Qualcomm Inc. 11.97 19.13 17.93 34.91 16.39
Texas Instruments Inc. 37.61 23.88 21.87 24.10 18.77
P/FCFE, Sector
Semiconductors & Semiconductor Equipment 48.29 29.17 25.08 17.87 14.27
P/FCFE, Industry
Information Technology 33.47 26.69 27.52 23.46 19.14

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).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 126,800,000 ÷ 427,328,652 = 0.30

4 Closing price as at the filing date of ON Semiconductor Corp. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 77.59 ÷ 0.30 = 261.49

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. ON Semiconductor Corp. P/FCFE ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.