- Prev close
- $71.72
- Day range
- $71.18 – $73.83
- Next earnings
- in 41 days
ON Semiconductor fell -9.0% even as the S&P 500 rose 1.1% and the Nasdaq 100 rose 1.7%, while peers such as ALAB +9.1% and MRVL +4.8% moved higher; the drop points to stock-specific disappointment around its Analyst/Investor Day rather than a broad market reset.
ON
ON SEMICONDUCTOR
As of Sep 17, 2026
38/100
Deserves your attentionHealth ScoreWhy it moved
The move looks stock-specific. ON Semiconductor closed at $66.6, down -9.0%, while the S&P 500 rose 9.0% and the Nasdaq 100 rose 9.0%; peers also held up, with ALAB +9.1%, MRVL +4.8%, CBRS +1.9%, and MCHP +1.4%. That gap says the decline was not driven by the market or the broader semiconductor group. The clearest trigger was the company’s Analyst/Investor Day and the market’s reaction to its long-term targets, including the push for $2.5B AI Data-Center Revenue and ambitious 2030 margin goals.
Normal volatility?
This is more than ordinary noise. The stock has a beta of 2.13, so it is naturally volatile, but the business profile is not deteriorating sharply: revenue is -3.1% YoY (TTM), the latest quarter was +9.2% YoY, EPS is +44.7% YoY (TTM), gross margin is +37.7%, operating margin is +10.8%, and net margin is +10.2%. The valuation is still demanding at PE 45.2 and forward PE 22.2, while PEG is 1.38 — a PEG of 1.38 means investors are paying 1.38 times the growth rate, so strong growth is already partly priced in. With that setup, a sharp drop on a strategy update is not a clean fundamentals break, but it does show the stock is sensitive to any gap between long-term ambition and what investors expected.
Earnings preview
The next earnings date is 2026-11-02. The facts do not give a formal consensus revenue or EPS estimate for that print, so I cannot quote market expectations for the upcoming quarter. What is available is the current operating backdrop: revenue is -3.1% YoY (TTM), the latest quarter was +9.2% YoY, EPS is +44.7% YoY (TTM), and margins are +37.7% gross, +10.8% operating, and +10.2% net. The market will be focused on whether the Analyst/Investor Day goals — including $2.5B AI Data-Center Revenue, 2026 sampling for the Embedded Power Platform, and the long-run 2030 margin targets — translate into nearer-term order momentum, margin trajectory, and proof that AI data-center and EV demand can offset the weaker TTM revenue trend.
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