ON Semiconductor Corporation (ON)
Recap: Q2 2026
The Margin Step Arrives at a Better Price: Upgrade to Outperform, with a Reserve for Synaptics Dilution
Recap: Q1 2026
The Inflection Is Confirmed and AI Data Center Doubles — But After a 143% Run to 33x Earnings, We Harvest the Outperform Call and Downgrade to Hold
Recap: Q4 2025
The Inflection Arrives: First Year-Over-Year Growth Guide in Three Years, Margins Expand Through Seasonality, and AI Rack Content Doubles — Upgrading to Outperform
Recap: Q3 2025
Stabilization Turns to Seasonality: A Clean Beat, AI Sized at $250M, Margins to 38% — Maintaining Hold as the Restocking Cycle Stays on the Sidelines
Recap: Q2 2025
Stabilization, Not Recovery: onsemi Beats and Meets but Sheds 16% on the Long Road to 53% Margins — Initiating at Hold