Scottsdale, Arizona, May 3, 2026, 08:07 MST
- ON Semiconductor is set to release first-quarter numbers after the bell Monday. Analysts are targeting earnings of roughly 61 cents per share from $1.49 billion in revenue.
- The stock surged ahead of the report, settling at $103.03 on Friday—well above the average analyst target listed by MarketBeat.
- Investors want to see proof that demand for auto and industrial chips is actually steadying—not just that the company manages to beat an easy benchmark.
ON Semiconductor Corporation goes into Monday’s first-quarter earnings call with shares sitting close to a recent peak—leaving management facing heightened pressure to prove that demand for automotive and industrial chips has finally rebounded.
Scottsdale’s own chipmaker plans to release its results for the quarter that wrapped up April 3 once markets close on May 4, with a conference call set for 5 p.m. Eastern. Investors have already baked in expectations of a smoother rebound than management acknowledged three months back, so Monday’s numbers are shaping up as the next critical check for the stock.
ON shares finished Friday at $103.03, up 2.2%, putting the company’s market cap around $42.0 billion. That move happened ahead of its first-quarter results—the next swing could hinge on what management says about the second quarter, not so much the Q1 print itself.
According to MarketBeat on Saturday, 30 brokerages tracking onsemi settled on a consensus “Hold” rating: 14 labeled it a buy, 15 went with hold, and just one suggested sell. Analysts set the average 12-month target at $67.15—a notable drop from where shares have recently been trading. MarketBeat
The immediate hurdle isn’t high. TradingView shows consensus for first-quarter revenue at $1.49 billion, with EPS pegged at 61 cents. That matches up with onsemi’s own outlook from February: revenue between $1.435 billion and $1.535 billion, and adjusted EPS in the 56-to-66-cent range.
Whether investors are convinced the rebound is broadening remains to be seen. According to TradingView’s StockStory feed, sentiment for analog semiconductors has turned higher, with shares in the sector jumping 34.9% on average in the past month. Texas Instruments posted 18.6% first-quarter revenue growth, while Magnachip saw a 3.3% gain—examples StockStory highlighted as potential early reads from industry peers. ON, for its part, surged 62.6% during the same stretch, according to the feed.
ON makes power and sensing chips for vehicles, industrial equipment, and data centers. Power chips handle electrical flow across devices and cars. Silicon carbide, known as SiC, is key for high-voltage power chips—especially in EVs—thanks to its ability to reduce both energy loss and heat.
Management keeps pushing the narrative. Back in late April, onsemi rolled out news of deeper ties with NIO and Geely—both linked to 900-volt EV architectures. These higher-voltage systems aim for quicker charging and less energy loss to heat. CEO Hassane El-Khoury pointed to the Geely partnership as an example of chipmakers and automakers getting involved “more closely and earlier” in the car design process. NIO, for its part, said the tie-up would help shift from 400V to 900V vehicle platforms. onsemi
The last quarter was far from straightforward. ON’s fourth-quarter revenue dropped 11% year-over-year to $1.53 billion, with declines hitting every business segment. “Increasing signs of stabilization,” CEO El-Khoury said at the time. CFO Thad Trent added that onsemi had given back all $1.4 billion of 2025 free cash flow to shareholders via buybacks. onsemi
Stability still looks fragile. Back in February, Reuters said onsemi was wrestling with an inventory surplus, as buyers burned through chip stockpiles. Analysts flagged mounting pressure on its SiC segment—Chinese rivals crowding in, plus EV sales lagging forecasts. There’s also the risk of slower uptake if U.S. clean-energy tax credit cuts hit soon, Reuters noted.
So Monday’s call isn’t expected to do much heavy lifting. Even a modest earnings beat might fall flat unless management can point to stronger orders, fuller factories, or some margin improvement. If the forecast comes in on the cautious side—even if first-quarter results look fine—investors could start to doubt a stock that’s already trading above most of Wall Street’s target range.
