ON Semiconductor Corporation (ON)

Hold Recap: Q1 2026

The Inflection Is Confirmed and AI Data Center Doubles — But After a 143% Run to 33x Earnings, We Harvest the Outperform Call and Downgrade to Hold

Outperform Recap: Q4 2025

The Inflection Arrives: First Year-Over-Year Growth Guide in Three Years, Margins Expand Through Seasonality, and AI Rack Content Doubles — Upgrading to Outperform

Hold Recap: Q3 2025

Stabilization Turns to Seasonality: A Clean Beat, AI Sized at $250M, Margins to 38% — Maintaining Hold as the Restocking Cycle Stays on the Sidelines

Hold Recap: Q2 2025

Stabilization, Not Recovery: onsemi Beats and Meets but Sheds 16% on the Long Road to 53% Margins — Initiating at Hold