ON Semiconductor Corp (NASDAQ: ON) stock reported a fiscal fourth-quarter 2024 revenue decline of 15% year-on-year to $1.72 billion, missing the analyst consensus estimate of $1.76 billion.
The adjusted EPS of $0.95 missed the analyst consensus estimate of $0.97. The stock price declined after the print.
Revenue from Power Solutions Group (PSG) declined 16% year over year to $809.4 million, Analog and Mixed-Signal Group (AMG) decreased 18% year over year to $610.6 million and Intelligent Sensing Group (ISG) fell 2% year over year to $302.5 million.
The adjusted gross margin declined by 140 bps to 45.3% while the adjusted operating margin decreased by 490 bps to 26.7%, implying semiconductor industry pricing pressures.
ON Semiconductor generated $422.4 million in free cash flow and held $2.99 billion in cash and equivalents as of December 31, 2024.
CEO Hassane El-Khoury said the company is continuing to navigate this market downturn, something it has been doing for the last four years. He also flagged uncertainty regarding 2025.
Outlook: ON Semiconductor expects first-quarter adjusted revenue of $1.35 billion—$1.45 billion, below the consensus of $1.69 billion.
The company expects adjusted EPS of $0.45–$0.55 below the consensus of $0.89 and an adjusted gross margin of 39.0%-41.0%.
ON Semiconductor stock lost 37% in stock value in the last 12 months. At least seven Wall Street firms reduced their price target on the stock in 2025, including a rating downgrade from Truist Securities.
Price Action: ON stock is down 4.39% at $48.92 premarket at the last check on Monday.
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