ON Semiconductor Corporation

The stock is in a corrective phase after a strong run, trading below its 200-day average and well off the 52-week high. That leaves the setup more tactical than trend-following, with the next question being whether it can rebuild support above the longer-term moving average.

Street sentiment stays constructive: the consensus is Buy, with 25 Buy, 21 Hold, and 1 Sell ratings. The average target sits around 108.88, above the recent close, though several firms have trimmed or reset targets recently, including Mizuho to 125 from 150 and UBS to 95.

The next print comes after a mixed recent beat rate of 4 of 7 quarters. EPS estimates point higher over time, with 2026 EPS at 3.08 and 2027 at 4.28, so shareholders should watch whether management confirms that earnings recovery and margin discipline are holding.

Recent insider activity leans negative on the discretionary side, led by three open-market sales from the CFO totaling 90,000 shares in April and a 6,114-share sale from a group president in March. Most other activity was award or vesting-related, which is routine noise rather than a trading signal.

Profitability is solid but not elite, with gross margin at 42.7% and operating margin at 18.23%. Growth is still uneven: revenue rose 4.7% year over year, while earnings growth was down 48.7%, even as free cash flow reached $2.10 billion and FCF yield was 5.83%.

ON’s edge is its mix of power, sensing, and automotive exposure, which supports better margin structure than many commodity-oriented chip names. Valuation is not cheap, with a 38.44 P/E, so the market is paying for a recovery that still needs execution.