ON (ON) Stock Trading at $93.30 with P/E Ratios of 338.07 and 33.78

AI Summary

ON Semiconductor Corporation (ON) shares were trading at $93.30 on April 28, with trailing and forward P/E ratios of 338.07 and 33.78, respectively. The company's AI thermal segment has been growing approximately 100% year-over-year and is expected to maintain that trajectory into 2026 while offering gross margins of 55-60%. Management expects to see utilization rates recover to around 80%, which could drive a gross margin expansion of up to 900 basis points. The shift toward AI-driven demand positions ON favorably for earnings expansion and potential re-rating in valuation.