ON Semiconductor (ON) Q3 2026 earnings — TrendMatrix coverage
Reported
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Full disclosure · Editorial policy
Key numbers
- Adjusted EPS
- $0.90
- Estimate
- $0.88
- Surprise
- +2.4%
- Revenue (period 2026-10-02)
- $1.72B
- Score at report (before → after)
- 5.7 → 5.8/10
Revenue source: xbrl.
How the report landed
ON Semiconductor (ON) beat the $0.88 estimate with adjusted EPS of $0.90 — a modest 2.4% upside surprise. TrendMatrix's engine moved from Buy (Wait) (5.7/10) to Sell at 5.8/10 after the report.
Coverage in the report window
- On Semi Shares Slip After Q3 Earnings, Deal to Acquire Ferric — benzinga, 2026-11-02
Where TrendMatrix's rating stands now
TrendMatrix currently rates ON Sell at 5.8/10.
4 of the last 4 quarters beat the estimate; this quarter's +2.4% surprise compares with a +3.1% four-quarter average.
What supports the rating
- Strong earnings beat streak (4/4)
- Attractive valuation
What argues against it
- Concentration risk — Customer: automotive end-market (51.0%)
- Sector modifier (Technology): -0.8
- Negative momentum
This section and the ones below it reflect TrendMatrix’s latest engine read — they update after the report date and are not frozen to it.
The levels TrendMatrix's engine tracks
- Current price
- $70.11
- Price target
- $91.04
- Stop
- $67.55
- Upside to target
- +29.9%
- Reward-to-risk
- 2.8:1
The stock trades at 45.2× trailing but 15.4× forward earnings — consensus estimates already build in a substantial earnings recovery.
Model outputs from TrendMatrix’s engine as of 2026-11-03 — shown for context, not personalized investment advice.
ON at TrendMatrix's latest read
Technology names get repriced on forward expectations more than trailing prints — a quarter here is read through next-year growth and multiple, not the EPS line alone.
- Industry
- Semiconductors
- Market cap
- $27.30B
- P/E (fwd)
- 15.4
- P/E (ttm)
- 45.2
- 52-week range
- $44.56–$134.92
- Off 52-week high
- 48.0%
- RSI (14)
- 39
- Volume vs avg
- 1.23×
- Score today
- 5.8/10