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ON Semiconductor (ON) reported a sharp FY2025 earnings decline, with revenue falling 15.3% to $6.0B and net income collapsing 92.3% to $121M, driven by rising costs and severe margin compression, even as the company maintained strong liquidity and aggressively returned capital via share buybacks.
营业收入
$6B
同比 -15.35%
每股收益（基本）
$0.29
同比 -92.12%
毛利率
33.1%
同比 -12.32%
营业利润
$84.2M
同比 -95.24%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
On Semiconductor (ON) FY2025 营收 $6B，同比下降 15.3%。 净利润 $121M，同比下降 92.3%，稀释每股收益 $0.29。 毛利率 33.1%。
Total revenue fell 15.3% year-over-year to $5.995B in FY2025 from $7.082B in FY2024, reflecting broad-based demand weakness likely tied to inventory corrections in key end markets such as automotive and industrial.
来源: Source: 10-K Income Statement
Gross profit dropped 38.3% to $1.984B while cost of revenue actually rose 3.8% to $4.012B, causing gross margin to collapse from 45.4% to 33.1% — a 12.3 percentage point deterioration that signals significant underutilization of manufacturing capacity and pricing pressure.
来源: Source: 10-K Income Statement
Operating income plummeted 95.2% to just $84.2M in FY2025 from $1.768B in FY2024, with operating margin shrinking from 25.0% to just 1.4%, reflecting the combined impact of lower revenues and a fixed cost base that could not be reduced proportionally.
来源: Source: 10-K Income Statement & Key Ratios
Despite the dramatic earnings decline, operating cash flow remained solid at $1.760B (down only 7.7% YoY), supported by $686M in D&A, demonstrating that the business retains meaningful cash generation capacity even in a downturn.
来源: Source: 10-K Cash Flow Statement
The company more than doubled its share repurchase activity, spending $1.378B on buybacks in FY2025 versus $654.1M in FY2024 — a 110.6% increase — signaling management confidence in long-term value even amid near-term earnings pressure.
来源: Source: 10-K Cash Flow Statement
Cost of revenue rose 3.8% to $4.012B even as revenue fell 15.3%, indicating that ON's largely fixed semiconductor fabrication cost base creates severe earnings leverage on the downside. If revenue does not recover, sustained underutilization of fabs will continue to compress margins well below historical levels.
来源: Source: 10-K Income Statement
ON Semiconductor's heavy exposure to automotive and industrial markets — both of which experienced significant inventory corrections in FY2025 — makes the company vulnerable to prolonged demand downturns. The 92.3% collapse in net income illustrates how quickly profitability can deteriorate when these cyclical markets weaken simultaneously.
来源: Source: 10-K Income Statement
Long-term debt stands at $2.981B against stockholders' equity of $7.673B (debt-to-equity of 0.63), and with net income of only $121M in FY2025, the company's ability to service and reduce debt depends heavily on operating cash flow rather than reported earnings. Any further revenue deterioration could strain debt coverage metrics.
来源: Source: 10-K Balance Sheet & Key Ratios
The company spent $1.378B on share repurchases in FY2025 — more than 11x its net income — while cash and equivalents declined 20.2% to $2.148B. This aggressive buyback program, while shareholder-friendly, reduces financial flexibility at a time when earnings are severely depressed and the business environment remains uncertain.
来源: Source: 10-K Cash Flow Statement & Balance Sheet
Total stockholders' equity declined 12.8% to $7.673B in FY2025, driven by the combination of weak earnings and large capital returns. Continued erosion of the equity base could affect credit ratings and borrowing costs if the trend persists into future periods.
来源: Source: 10-K Balance Sheet
FY2025 实际 EPS $0.64，分析师一致预期 $0.64，不及预期 -0.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $6B | $7.08B | -15.35% |
营业成本 | $4.01B | $3.87B | +3.76% |
毛利润 | $1.98B | $3.22B | -38.31% |
营业利润 | $84.2M | $1.77B | -95.24% |
净利润 | $121M | $1.57B | -92.31% |
每股收益（基本） | $0.29 | $3.68 | -92.12% |
每股收益（稀释） | $0.29 | $3.63 | -92.01% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $12.52B | $14.09B | -11.11% |
流动资产 | $5.82B | $6.75B | -13.76% |
总负债 | $4.83B | $5.28B | -8.40% |
流动负债 | $1.29B | $1.33B | -3.53% |
股东权益 | $7.67B | $8.8B | -12.77% |
现金及等价物 | $2.15B | $2.69B | -20.20% |
长期债务 | $2.98B | $3.35B | -10.92% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.76B | $1.91B | -7.69% |
投资活动现金流 | $-538.5M | $-1.01B | +46.67% |
筹资活动现金流 | $-1.76B | $-683.8M | -157.94% |
股票回购 | $1.38B | $654.1M | +110.61% |
折旧及摊销 | $686M | $642.9M | +6.70% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 33.1% | 45.4% | -12.32% |
营业利润率 | 1.4% | 25.0% | -23.55% |
净利率 | 2.0% | — | — |
净资产收益率 | 1.6% | — | — |
总资产收益率 | 1.0% | — | — |
流动比率 | $4.522 | — | — |
资产负债率 | $0.63 | — | — |
Semiconductors 行业其他公司
ON Semiconductor's FY2025 results were severely disappointing, with net income falling 92.3% to $121M from $1.573B in FY2024 and diluted EPS dropping from $3.63 to $0.29. The collapse was driven by a 15.3% revenue decline to $5.995B combined with rising cost of revenue, which caused gross margin to fall from 45.4% to 33.1%.
ON's revenue declined 15.3% to $5.995B in FY2025, likely due to inventory corrections and demand weakness in its key automotive and industrial end markets. Compounding the revenue drop, cost of revenue actually increased 3.8% to $4.012B, reflecting the fixed-cost nature of semiconductor manufacturing.
Despite the dramatic earnings decline, ON Semiconductor's financial position remains solid — the company holds $2.148B in cash, has a current ratio of 4.52, and generated $1.760B in operating cash flow in FY2025. Long-term debt of $2.981B is manageable relative to its $7.673B equity base and strong cash generation.
Yes, ON Semiconductor significantly accelerated its share repurchase program in FY2025, spending $1.378B on buybacks — more than double the $654.1M spent in FY2024, a 110.6% increase. This aggressive capital return occurred even as net income fell to just $121M, reflecting management's confidence in the company's long-term value.
The most significant risks include the inability to reduce fixed manufacturing costs fast enough if revenues remain depressed, continued exposure to cyclical automotive and industrial markets that drove the FY2025 downturn, and the financial flexibility trade-off created by spending $1.378B on buybacks while cash declined 20.2% to $2.148B. A sustained revenue recovery is critical to restoring the company's historically strong margins.