MTSI vs ON: MACOM Technology Solutions 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.
- ON Semiconductor is the larger company, worth $29.8B, close to MACOM Technology Solutions's $25.1B.
- MACOM Technology Solutions grew revenue faster over the last year (+35.8% vs +9.2%).
- MACOM Technology Solutions keeps more of each dollar of revenue as operating profit (18.1% vs 10.8%).
- On earnings, ON Semiconductor is the cheaper stock (56.4x vs 139.5x).
- MACOM Technology Solutions's price assumes faster free cash flow growth: about 31% 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 | MTSI | ON |
|---|---|---|
| Market cap | $25.1B | $29.8B |
| Share price | $330.06 | $77.53 |
| Revenue (last fiscal year) | $967M | $6.0B |
| Free cash flow (last fiscal year) | $182M | $1.4B |
| Revenue growth, last year | +35.8% | +9.2% |
| Revenue growth per year, last 5 fiscal years | +12.4% | -2.9% |
| Operating margin | 18.1% | 10.8% |
| Net margin | 20.7% | 10.2% |
| Return on equity | 15.6% | 8.7% |
| P/E (trailing) | 139.5x | 56.4x |
| Price / free cash flow | 130.2x | 21.0x |
| EV / EBITDA | 70.8x | 28.5x |
| FCF growth the price implies | 30.9% | 5.7% |
| Dividend yield | — | — |
| Debt / equity | 0.39x | 0.87x |
| Fundamental grade | B | C |
| Superinvestors holding it | 0 | 5 |
| Insider purchases, last 12 months | 3 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
MACOM Technology Solutions
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $607M | $130M | 13.3% |
| 2022 | $675M | $150M | 19.7% |
| 2023 | $648M | $142M | 16.6% |
| 2024 | $730M | $137M | 10.1% |
| 2025 | $967M | $182M | 13.4% |
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
MACOM Technology Solutions · by regions, 2025
United States$423M44%
China$275M28%
Other Countries$158M16%
Asia Pacific, excluding China$111M12%
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 MTSI in InvestinglyQuestions
Which is bigger, MACOM Technology Solutions or ON Semiconductor?
ON Semiconductor (ON), at $29.8B against $25.1B.
Is MTSI or ON cheaper?
By trailing P/E, ON Semiconductor (56.4x) is cheaper than MACOM Technology Solutions (139.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, MTSI or ON?
MACOM Technology Solutions: revenue grew +35.8% over the last year, against +9.2%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.