Question 1

What is ON Semiconductor's P/FCF ratio?

Accepted Answer

ON Semiconductor (ON) P/FCF ratio is 25.0× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for ON Semiconductor?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For ON Semiconductor specifically, the relevant sector benchmark is the current sector median of 21.8×.

Question 5

Is ON Semiconductor's P/FCF ratio high or low?

Accepted Answer

ON Semiconductor's P/FCF ratio of 25.0× is above its own 5-year average of 24.9× and above the sector median of 21.8×. That places the current reading at the 58th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is ON Semiconductor's historical P/FCF ratio range?

Accepted Answer

In the available daily series, ON Semiconductor (ON) P/FCF ratio has ranged from a low of 4.6× in 2008 to a high of 174.7× in 2012. The 5-year average is 24.9× and the 5-year median is 19.6×.

Question 7

What was ON Semiconductor's P/FCF ratio in 2025?

Accepted Answer

ON Semiconductor (ON) P/FCF ratio at the end of 2025 was 12.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does ON Semiconductor's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$21.7B	$1.69B	12.8×	-9.3×	Dec 31, 2025
2024	$26.8B	$1.21B	22.1×	-33.9×	Dec 31, 2024
2023	$35.8B	$638M	56.0×	+39.1×	Dec 31, 2023
2022	$27B	$1.59B	16.9×	-5.8×	Dec 31, 2022
2021	$29.3B	$1.29B	22.7×	-10.9×	Dec 31, 2021
2020	$13.5B	$401M	33.6×	-132.5×	Dec 31, 2020
2019	$10B	$60.3M	166.1×	+157.0×	Dec 31, 2019
2018	$6.88B	$759M	9.1×	-3.7×	Dec 31, 2018
2017	$8.88B	$699M	12.7×	-1.7×	Dec 31, 2017
2016	$5.32B	$368M	14.5×	-5.9×	Dec 31, 2016
2015	$4.04B	$198M	20.4×	+4.4×	Dec 31, 2015
2014	$4.42B	$277M	15.9×	-5.4×	Dec 31, 2014
2013	$3.65B	$171M	21.3×	-153.4×	Dec 31, 2013
2012	$3.16B	$18.1M	174.7×	+159.6×	Dec 31, 2012
2011	$3.48B	$230M	15.1×	+3.3×	Dec 31, 2011
2010	$4.29B	$362M	11.8×	-5.2×	Dec 31, 2010
2009	$3.75B	$220M	17.1×	+12.4×	Dec 31, 2009
2008	$1.38B	$299M	4.6×	-11.0×	Dec 31, 2008
2007	$2.75B	$176M	15.6×	-1.9×	Dec 31, 2007
2006	$2.42B	$139M	17.4×	+5.6×	Dec 31, 2006
2005	$1.72B	$145M	11.9×	—	Dec 31, 2005
2004	$1.15B	-$87.8M	—	—	Dec 31, 2004
2003	$1.16B	-$14.1M	—	—	Dec 31, 2003
2002	$241M	$1.9M	126.8×	—	Dec 31, 2002


Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Strategy (MSTR)	9.2×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for ON Semiconductor (ON) 2002-2026

P/FCF Ratio daily chart for ON Semiconductor (ON)

Historical P/FCF Ratio for ON Semiconductor (ON) from 2002 to 2025

About P/FCF Ratio at ON Semiconductor (ON)

ON Semiconductor P/FCF Ratio by Year

ON Semiconductor P/FCF Ratio 2025: 12.8×

ON Semiconductor P/FCF Ratio 2024: 22.1×

ON Semiconductor P/FCF Ratio 2023: 56.0×

ON Semiconductor P/FCF Ratio 2022: 16.9×

ON Semiconductor P/FCF Ratio 2021: 22.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

ON Semiconductor (ON) Key Financials