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ON
ON Semiconductor (onsemi) · Technology
$121.62
+14.71% this month
VERSUS
⟷
COMPARE
ADI
Analog Devices, Inc. · Technology
$434.46
+4.86% this month
Scoreboard verdict
Across AI score, momentum, valuation, upside, operating margin
ON
2
ADI
3
Comparison scoreboard
ADI LEADS 3/5AI Score
ON 61.4
ADI ✓64.2
1Y Return
ON ✓+129.73%
ADI +91.02%
Fwd P/E
ON ✓27.38
ADI 28.28
Target Up.
ON -8.97%
ADI ✓+7.96%
Op. Margin
ON 18.23%
ADI ✓38.08%
Metrics last refreshed: 6/20/2026
Quick take
ON vs ADI Stock Comparison: AI Score, Valuation, Performance and Upside
ON Semiconductor (onsemi) and Analog Devices are both power and analog semiconductor companies but with different strategic emphasis. Onsemi is aggressively pivoting to EV silicon carbide power semiconductors — a specific technology for the automotive electrification market. Analog Devices maintains a broad high-performance analog portfolio serving industrial, automotive, communications, and healthcare across thousands of product families. Onsemi is a more focused EV/SiC bet; ADI is the broader precision analog semiconductor franchise.
ON vs ADI is onsemi's focused SiC power semiconductor strategy for EV traction inverters and industrial power (ON Semiconductor) versus Analog Devices' broad high-performance analog portfolio across industrial, automotive, communications, and healthcare requiring precision measurement (ADI) — concentrated EV/SiC market bet vs broad precision analog semiconductor franchise.
Live analysis · updated 6/20/2026
ADI holds the edge across 3 of 5 key metrics in this comparison. ON leads on both 1-year return (+129.73%) and forward P/E (27.38x vs 28.28x for ADI), a relatively favorable combination of momentum and valuation. ADI leads on both revenue growth (37.20%) and operating margin (38.08%), suggesting a stronger fundamental setup on both dimensions. Analyst consensus implies meaningfully more upside for ADI (+7.96%) than for ON (-8.97%).
Normalized 1Y performance
ON
ADI
Recent returns
ON
ADI
Analyst price targets & sentiment
ON · 29 analysts
Price target range
analyst low$33.00
analyst mean$106.31
current price$121.62
-9.0% upside to analyst mean
ADI · 31 analysts
STRONG BUYHOLDSTRONG SELL
Buy (1.9/5.0)
Price target range
analyst low$155.00
analyst mean$451.03
current price$434.46
+8.0% upside to analyst mean
Who should consider this stock?
ON may suit investors who:
- →prefer SiC power semiconductor exposure as the enabling technology for EV traction inverters and industrial power conversion systems
- →value onsemi's vertically integrated SiC manufacturing from crystal growth through device enabling better cost control than competitors
- →want automotive electrification silicon content exposure with multi-year design win revenue visibility from long EV platform lifecycle
- →are comfortable with EV adoption growth rate variability, intense SiC competition from Wolfspeed/STMicroelectronics/Infineon, and onsemi's concentration risk from high automotive dependence
ADI may suit investors who:
- →prefer broad high-performance analog semiconductor exposure across industrial, automotive, communications, and healthcare without EV/SiC concentration
- →value ADI's precision measurement leadership where performance requirements justify premium pricing unavailable to commodity analog competitors
- →want analog semiconductor recovery exposure as industrial and automotive inventory destocking completes and ordering normalizes
- →are comfortable with extended inventory correction timeline, Texas Instruments commodity analog competition, and industrial capex cycle sensitivity
Performance & AI score
| Metric | ON | ADI |
|---|---|---|
| AI score | 61.4 | 64.2 |
| AI rank | #138 | #73 |
| Latest close | $121.62 | $434.46 |
| 1M return | +14.71% | +4.86% |
| 6M return | +128.05% | +60.29% |
| 1Y return | +129.73% | +91.02% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | ON | ADI |
|---|---|---|
| 1Y ago | $23.27K (+132.7%) started 2025-06-18 | $18.92K (+89.2%) started 2025-06-18 |
| 5Y ago | $33.33K (+233.3%) started 2021-06-21 | $30.32K (+203.2%) started 2021-06-21 |
| 10Y ago | $124.36K (+1143.6%) started 2016-06-20 | $109.21K (+992.1%) started 2016-06-20 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | ON | ADI |
|---|---|---|
| Market cap | $45.41B | $203.5B |
| Trailing P/E | 86.51 | 62.08 |
| Forward P/E | 27.38 | 28.28 |
| Price/Sales | 3.15 | 11.23 |
| EV/Revenue | 7.69 | 16.39 |
| Analyst target | $106.31 | $451.03 |
| Target upside | -8.97% | +7.96% |
Growth, profitability & risk
| Metric | ON | ADI |
|---|---|---|
| Revenue growth | 4.70% | 37.20% |
| Earnings growth | -48.70% | 110.50% |
| EPS growth | -48.70% | +110.50% |
| FCF margin | +21.15% | +30.37% |
| Operating margin | 18.23% | 38.08% |
| Profit margin | 9.46% | 26.01% |
| ROIC proxy | 7.49% | 9.64% |
| Return on equity | 7.49% | 9.64% |
| Dividend yield | N/A | 1.05% |
| Beta | 1.98 | 1.18 |
| Debt/equity | 44.34 | 25.81 |
| Current ratio | 4.87 | 1.75 |
| Quick ratio | 2.80 | 1.23 |
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
ON max drawdown28.10%
ADI max drawdown15.99%
ON max wkly drop19.08%
ADI max wkly drop11.24%
5Y risk snapshot
ON max drawdown70.44%
ADI max drawdown32.20%
ON max wkly drop26.38%
ADI max wkly drop18.34%
10Y risk snapshot
ON max drawdown70.44%
ADI max drawdown33.62%
ON max wkly drop43.93%
ADI max wkly drop18.34%
Performance metrics by period
| Period | Metric | ON | ADI |
|---|---|---|---|
| 1Y | Growth | +132.72% | +89.18% |
| CAGR | +133.00% | +89.36% | |
| Sharpe ratio | 1.73 | 2.01 | |
| Max drawdown | 28.10% | 15.99% | |
| Max daily drop | 15.58% | 6.38% | |
| Max wkly drop | 19.08% | 11.24% | |
| 5Y | Growth | +233.30% | +182.96% |
| CAGR | +27.27% | +23.17% | |
| Sharpe ratio | 0.64 | 0.66 | |
| Max drawdown | 70.44% | 32.20% | |
| Max daily drop | 21.77% | 9.37% | |
| Max wkly drop | 26.38% | 18.34% | |
| 10Y | Growth | +1143.56% | +807.02% |
| CAGR | +28.69% | +24.69% | |
| Sharpe ratio | 0.66 | 0.70 | |
| Max drawdown | 70.44% | 33.62% | |
| Max daily drop | 26.84% | 16.61% | |
| Max wkly drop | 43.93% | 18.34% |
Business comparison
| Category | ON | ADI |
|---|---|---|
| Company | ON Semiconductor (onsemi) | Analog Devices, Inc. |
| Sector | Technology | Technology |
| Industry | Semiconductors | Semiconductors |
| Core business | ON Semiconductor (branded onsemi) focuses on intelligent power and sensing technologies — primarily silicon carbide (SiC) power devices for electric vehicles and industrial power systems, plus image sensors and analog semiconductors. SiC power semiconductors are critical for EV inverters (converting battery DC to motor AC) and EV charging stations. Onsemi's SiC platform competes with Wolfspeed and STMicroelectronics in the rapidly growing EV power semiconductor market. The company has pivoted strongly toward automotive electrification as its primary growth market. | Analog Devices designs high-performance analog and mixed-signal semiconductors — data converters, amplifiers, signal chains, and power management for industrial automation, communications, healthcare, and automotive applications. ADI serves the more demanding end of the analog spectrum where precision measurements matter more than cost. After acquiring Maxim Integrated, ADI expanded its automotive and industrial sensor and power management reach. ADI's broad product line serves demanding applications where signal accuracy is critical. |
| Investor focus | Investors track SiC revenue as onsemi converts automotive design wins to production revenue, automotive segment revenue, and SiC fab capacity expansion milestones. | Investors track end-market recovery across industrial, automotive, communications, and consumer segments, inventory normalization at distribution and customers, and gross margin improvement as utilization recovers. |
ON strengths
- →SiC power semiconductor leadership in EV traction inverters — onsemi's CR series SiC MOSFETs and modules are designed into leading EV platforms globally
- →Automotive focus with long-term design wins: EV platforms with onsemi SiC continue generating revenue for the 7–10 year vehicle platform lifecycle
- →Vertical SiC manufacturing integration from boule growth to wafer to device provides better cost control than companies depending on external SiC wafer supply
ADI strengths
- →High-precision analog at the demanding end of the signal chain — data converters and signal processing where performance requirements justify premium pricing
- →Automotive and industrial end markets provide better revenue quality than consumer electronics — longer design cycles and longer product lifetimes
- →Maxim integration doubles ADI's scale and added automotive power management content per vehicle
Risks to watch — ON
- →SiC market growth has slowed from the rapid 2022–2023 expectations as EV adoption has grown more gradually than initial forecasts
- →Wolfspeed, STMicroelectronics, and Infineon all compete vigorously in SiC power semiconductors for EV applications
- →Onsemi's transition to being an automotive-focused SiC company creates concentration risk — industrial and non-auto revenue has been deemphasized
Risks to watch — ADI
- →Prolonged inventory correction in industrial and automotive — customers built excess analog inventory in 2021–2022 and the destocking has extended longer than expected
- →TXN's broad analog portfolio competes in many ADI market segments at competitive pricing
- →Industrial capex cycles and automotive OEM production fluctuations create revenue visibility challenges
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