Company Overview
About ON Semiconductor
ON Semiconductor Corporation (onsemi) is a Scottsdale, Arizona-based intelligent power and sensing technology company — publicly traded on the NASDAQ (NASDAQ: ON) as an S&P 500 Information Technology component — designing and manufacturing silicon carbide (SiC) power semiconductors, intelligent power modules, image sensors, and analog and mixed-signal ICs for electric vehicles, industrial automation, energy infrastructure, and automotive safety applications through approximately 30,000 employees at fabrication facilities in New Hampshire, Oregon, Czech Republic, Slovakia, South Korea, and Malaysia. In fiscal year 2024, ON Semiconductor reported revenues of approximately $6.8 billion (down from the 2023 peak of $8.3 billion) as the EV semiconductor supply chain underwent significant inventory destocking — automakers (Tesla, GM, Ford, Stellantis, European OEMs) who overstocked EV power semiconductors during the 2022-2023 supply shortage worked through accumulated SiC MOSFET inventory rather than placing new orders, creating a revenue trough at ON Semiconductor and competitors (Wolfspeed, STMicroelectronics, Infineon). CEO Hassane El-Khoury's "Intelligent Power" strategy — pivoting onsemi from a broad-based analog/discrete semiconductor company toward automotive and industrial SiC focus — has concentrated the portfolio on the highest-growth, highest-margin applications (EV powertrains consuming 15-20 SiC MOSFETs per vehicle at $100-200/device, versus $5-10 for traditional silicon IGBT modules) where onsemi's EliteSiC MOSFET technology achieves the switching frequency and efficiency that enables smaller battery packs with longer range.
Business Model & Competitive Advantage
ON Semiconductor's intelligent power and sensing model creates competitive advantages through the vertical integration of SiC crystal growth and wafer manufacturing: onsemi operates its own SiC boule crystal growth (transforming silicon carbide powder into 150mm and 200mm diameter SiC wafers through a 1-2 week sublimation process) at its Hudson, New Hampshire facility — providing control over the supply chain upstream of SiC device manufacturing that competitors relying on external SiC wafer suppliers (Coherent, Wolfspeed, Cree's wafer business) cannot match. The long-term supply agreements (onsemi signed $4+ billion in long-term supply agreements with global automakers through 2024 — providing revenue visibility for SiC modules for EV inverters, on-board chargers, and DC-DC converters) create multi-year contracted revenue from automotive customers who committed to onsemi's SiC technology roadmap. The CMOS image sensor portfolio (onsemi's AR0820AT automotive image sensors used in ADAS and autonomous driving camera systems for Level 2 and Level 3 driver assistance) creates a second revenue pillar in automotive sensing alongside power semiconductors — addressing both the power and perception layers of EV and ADAS systems.
Competitive Landscape 2025–2026
In 2025, ON Semiconductor competes in SiC power semiconductors, automotive image sensors, and industrial power modules against Wolfspeed (NYSE: WOLF, 150mm-200mm SiC MOSFET dominant at John Palmour's Durham NC fab), STMicroelectronics (NYSE: STM, SiC power for automotive — major Tesla supplier historically), and Infineon Technologies (XETRA: IFX, CoolSiC MOSFET for EV inverters) for EV powertrain SiC module design wins, industrial solar inverter power device contracts, and ADAS image sensor automotive platform programs. The EV market SiC demand recovery (as EV production volumes recover from 2024 softness and OEM inventory destocking completes in H1 2025) provides the catalyst for onsemi's revenue reacceleration — with long-term supply agreements providing volume visibility as destocking ends. The industrial SiC market (renewable energy inverters for solar, wind, and grid storage requiring high-efficiency power conversion) provides revenue diversification from the automotive SiC cycle. The 2025 strategy focuses on SiC market share defense against Wolfspeed's 200mm capacity ramp, automotive design win conversion from long-term supply agreements to production purchase orders, and industrial power semiconductor new customer wins in solar and industrial motor drive applications.
Company Timeline
Major milestones in ON Semiconductor's journey
Leadership Team
Meet the leaders behind ON Semiconductor
Hassane El-Khoury
Hassane El-Khoury was elected as a director of ON Semiconductor Corporation and appointed as President and Chief Executive Officer of onsemi and Semiconductor Components Industries, LLC in December 2020. Prior to joining onsemi, El-Khoury served as president, chief executive officer and member of the board of directors at Cypress Semiconductor until its sale to Infineon in April 2020. El-Khoury brings extensive experience in the semiconductor industry, having led Cypress through significant growth and ultimately a successful acquisition. He also serves as a board member of the Semiconductor Industry Association, contributing to industry leadership and advocacy. Under his leadership, onsemi has accelerated its strategic transformation toward intelligent power and sensing technologies, with particular emphasis on automotive and industrial markets. El-Khoury has championed major strategic initiatives including the company's rebranding to onsemi in 2021, aggressive expansion in silicon carbide technologies, and strategic acquisitions to strengthen market position in high-growth segments.
Thad Trent
Thad Trent has served as Chief Financial Officer, Treasurer, and Executive Vice President of onsemi since 2021. Prior to this role, he served as the Chief Financial Officer of Cypress Semiconductor, where he worked alongside current CEO Hassane El-Khoury. Trent brings deep financial expertise and experience in semiconductor industry finance, having navigated complex financial operations, strategic transactions, and capital allocation decisions. His partnership with El-Khoury dates back to their Cypress days, providing strong continuity in onsemi's executive leadership team. As CFO, Trent oversees all financial operations including financial planning and analysis, accounting, treasury, tax, and investor relations. He plays a critical role in onsemi's strategic planning, capital allocation, and communication with investors and analysts. Trent regularly represents the company in earnings calls and investor presentations, articulating the company's financial performance and strategic direction.
Paul Dutton
Paul Dutton has served as Senior Vice President, Chief Legal Officer, and Secretary of onsemi since 2024. In this role, Dutton oversees all legal affairs for the company, including corporate governance, regulatory compliance, intellectual property, litigation, and strategic transactions. As Chief Legal Officer, he provides legal counsel to the board of directors and executive management team on a wide range of matters. Dutton's appointment in 2024 came during a period of significant corporate activity for onsemi, including major acquisitions and strategic partnerships. His role is particularly critical as the company navigates complex regulatory environments across global markets, manages intellectual property portfolios essential to competitive positioning, and structures strategic transactions to drive growth.
Keith Jackson
Keith Jackson served as the founding CEO of ON Semiconductor from its inception in 1999 until his retirement in 2020, leading the company for over two decades. Prior to founding ON Semiconductor, Jackson led Motorola's Semiconductor Components Group, which became the foundation for the new independent company. During his tenure as CEO, Jackson transformed ON Semiconductor from a Motorola spin-off into a global semiconductor leader through organic growth and strategic acquisitions. Under his leadership, the company successfully navigated multiple semiconductor industry cycles, executed numerous strategic acquisitions including the transformative Fairchild Semiconductor acquisition in 2016, and established strong positions in power management and automotive markets. Jackson's legacy includes building a company culture focused on operational excellence, customer service, and strategic focus on power and analog semiconductors. His long tenure provided strategic continuity and vision that established the foundation for onsemi's current market position.
Open Positions
Reddit Discussions
Key Differentiators
Strong Challenger
ON Semiconductor is an established challenger with significant market presence and competitive offerings in Semiconductors.
Enterprise Scale
With $6800M in revenue, ON Semiconductor operates at enterprise scale with proven market validation.
Top 10 Ranked
Ranked #9 in the Semiconductors category, among the industry's best.
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