With a market cap of $21.3 billion, ON Semiconductor Corporation (ON) is a global provider of intelligent sensing and power solutions. The company operates through three segments: Power Solutions Group, Analog and Mixed-Signal Group, and Intelligent Sensing Group, offering a wide range of semiconductor products for automotive, industrial, computing, and mobile applications. 

Companies valued at $10 billion or more are generally considered “large-cap” stocks, and ON Semiconductor fits this criterion perfectly. Through strategic acquisitions and a secure supply of silicon carbide (SiC), Onsemi continues to expand its technical capabilities and product breadth to meet growing market demands.

Shares of the Scottsdale, Arizona-based company have fallen 33.2% from its 52-week high of $80.08. ON stock has returned 23.9% over the past three months, outperforming the SPDR S&P Semiconductor ETF's (XSD) 12.2% gain during the same period.

In the longer term, the semiconductor components maker's shares have decreased 15.1% on a YTD basis, a steeper dip than XSD's 1.1% decline. Moreover, over the past 52 weeks, ON stock has dipped 25.6%, compared to XSD's 2.2% drop over the same period.

Despite a few fluctuations, the stock has been trading below both its 200-day moving averages since last year. However, it has risen above its 50-day moving average since early May.

Despite beating Q1 2025 expectations with adjusted EPS of $0.55 and revenue of $1.5 billion, ON Semiconductor shares fell 8.4% on May 5 due to a steep 22% year-over-year revenue decline. The Q2 revenue forecast of $1.4 billion - $1.5 billion, while above consensus at the midpoint, failed to ease investor concerns over sustained margin pressures and economic headwinds from new U.S. auto tariffs. Additionally, the scrapped $6.9 billion bid for Allegro MicroSystems and the announcement of 2,400 global layoffs further fueled worries.

In comparison, rival NVIDIA Corporation (NVDA) has outperformed ON stock. NVDA stock has gained 9.6% over the past 52 weeks and 7.7% YTD.

Despite the stock's weak performance, analysts are moderately optimistic about ON Semiconductor. The stock has a consensus rating of “Moderate Buy” from the 30 analysts covering it, and it is currently trading above the mean price target of $49.63.