MCHP vs ON: Microchip Technology and ON Semiconductor compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Microchip Technology is the larger company, worth $39.7B, about 1.3 times ON Semiconductor.
- Microchip Technology grew revenue faster over the last year (+38.0% vs +9.2%).
- Microchip Technology keeps more of each dollar of revenue as operating profit (15.5% vs 10.8%).
- On earnings, ON Semiconductor is the cheaper stock (56.4x vs 333.3x).
- Microchip Technology's price assumes faster free cash flow growth: about 16% a year, against 6% for ON Semiconductor (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MCHP | ON |
|---|---|---|
| Market cap | $39.7B | $29.8B |
| Share price | $75.55 | $77.53 |
| Revenue (last fiscal year) | $4.7B | $6.0B |
| Free cash flow (last fiscal year) | $871M | $1.4B |
| Revenue growth, last year | +38.0% | +9.2% |
| Revenue growth per year, last 5 fiscal years | -8.8% | -2.9% |
| Operating margin | 15.5% | 10.8% |
| Net margin | 9.3% | 10.2% |
| Return on equity | 7.4% | 8.7% |
| P/E (trailing) | 333.3x | 56.4x |
| Price / free cash flow | 51.4x | 21.0x |
| EV / EBITDA | 32.6x | 28.5x |
| FCF growth the price implies | 15.8% | 5.7% |
| Dividend yield | 2.4% | — |
| Debt / equity | 1.23x | 0.87x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 5 |
| Insider purchases, last 12 months | 4 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Microchip Technology
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $6.8B | $2.5B | 27.1% |
| 2023 | $8.4B | $3.1B | 36.9% |
| 2024 | $7.6B | $2.6B | 33.7% |
| 2025 | $4.4B | $772M | 6.7% |
| 2026 | $4.7B | $871M | 10.4% |
ON Semiconductor
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.7B | $1.3B | 19.1% |
| 2022 | $8.3B | $1.6B | 28.3% |
| 2023 | $8.3B | $438M | 30.8% |
| 2024 | $7.1B | $1.2B | 25.0% |
| 2025 | $6.0B | $1.4B | 1.4% |
Where the revenue comes from
Microchip Technology · by segments, 2026
Semiconductor products$4.5B97%
Technology Licensing Member$164M3%
ON Semiconductor · by segments, 2025
PSG$2.8B47%
AMG$2.3B38%
ISG$928M15%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MCHP in InvestinglyQuestions
Which is bigger, Microchip Technology or ON Semiconductor?
Microchip Technology (MCHP), at $39.7B against $29.8B.
Is MCHP or ON cheaper?
By trailing P/E, ON Semiconductor (56.4x) is cheaper than Microchip Technology (333.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, MCHP or ON?
Microchip Technology: revenue grew +38.0% over the last year, against +9.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.