ONON SEMICONDUCTOR CORP

Semiconductors & Related Devices

Revenue: $6.0B; 15% YoY
Operating margin: 1.4%; 94% YoY
EBITDA: $770M; 68% YoY
Market cap: $27.9B
Employees: 2,400; $2M revenue each
Net debt / EBITDA: -4.3×; −$3.3B net debt
AI in 10-K: 8.1; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
15× net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
78% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 95th pct
Bottom quartile of its SIC industry
Quiet on AINo
8.1 per 10K words · 90th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 4.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$27.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$21M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.7B	$8.3B	$8.3B	$7.1B	$6.0B	15%
Operating income	$1.3B	$2.4B	$2.5B	$1.8B	$84M	95%
Net income	$1.0B	$1.9B	$2.2B	$1.6B	$121M	92%
Operating cash flow	$1.8B	$2.6B	$2.0B	$1.9B	$1.8B	7.7%
Capex	$445M	$1.0B	$1.5B	$694M	$341M	51%
Stock-based comp	$101M	$101M	$121M	$136M	$144M	6.0%
Buybacks	$0	$260M	$564M	$654M	$1.4B	111%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $21M · 15
Net: −$21M

Pay vs performance

No pay-versus-performance disclosure yet.