In the dynamic landscape of technology, ON Semiconductor Corporation (ON) and MicroVision, Inc. (MVIS) emerge as intriguing contenders, each carving its niche within the semiconductor and hardware industries. While ON focuses on intelligent sensing and power solutions, enhancing electric vehicle capabilities and sustainable energy, MVIS pioneers lidar technology for automotive safety and augmented reality applications. Both companies are at the forefront of innovation, making them worthy of comparison. Join me as I delve into their strengths and challenges to identify which company might be the more compelling investment opportunity for you.
Table of contents
Company Overview
ON Semiconductor Corporation Overview
ON Semiconductor Corporation (ticker: ON) is a leading provider of intelligent sensing and power solutions, pivotal in fostering the electrification of the automotive sector. With a market capitalization of approximately $20.3B, ON operates through three segments: Power Solutions Group, Advanced Solutions Group, and Intelligent Sensing Group. The company is instrumental in developing technologies that empower long-range electric vehicles and fast-charging systems, as well as sustainable energy applications across various industries. Founded in 1992 and headquartered in Phoenix, Arizona, ON has a workforce of around 26,400 employees and remains at the forefront of semiconductor innovation.
MicroVision, Inc. Overview
MicroVision, Inc. (ticker: MVIS) specializes in cutting-edge lidar sensor technology for automotive safety and autonomous driving applications. With a market cap of about $279M, the company leverages its advanced micro-electrical mechanical systems and laser technology to create innovative products, including augmented reality displays and consumer lidar systems. Founded in 1993 and based in Redmond, Washington, MicroVision employs approximately 185 people, focusing on developing solutions for original equipment manufacturers and design firms.
Key similarities between ON and MicroVision lie in their commitment to advancing technology in the automotive sector. However, while ON specializes in a broader range of semiconductor products, MicroVision focuses specifically on lidar and augmented reality technologies, indicating a more niche market approach.
Income Statement Comparison
The following table presents a comparison of key financial metrics from the most recent income statements of ON Semiconductor Corporation and MicroVision, Inc. for the fiscal year 2024.
| Metric | ON Semiconductor | MicroVision, Inc. |
|---|---|---|
| Revenue | 7.08B | 4.70M |
| EBITDA | 2.54B | -70.98M |
| EBIT | 1.90B | -75.20M |
| Net Income | 1.57B | -96.92M |
| EPS | 3.68 | -0.46 |
Interpretation of Income Statement
In the latest fiscal year, ON Semiconductor exhibited a significant decline in revenue, down from 8.25B in 2023 to 7.08B in 2024. Despite this drop, the company maintained a positive net income of 1.57B, indicating robust cost management and operational efficiency. In contrast, MicroVision continues to struggle, reporting a revenue of only 4.70M and a net loss of 96.92M for the same period. This stark contrast highlights ON Semiconductor’s stability and profitability against MicroVision’s challenges, underscoring the importance of careful investment selection in this sector.
Financial Ratios Comparison
In this section, I present a comparison of key financial metrics and ratios for ON Semiconductor Corporation (ON) and MicroVision, Inc. (MVIS). Analyzing these metrics will help in assessing the financial health and performance of both companies.
| Metric | ON | MVIS |
|---|---|---|
| ROE | 17.88% | -198.72% |
| ROIC | 11.88% | -83.29% |
| P/E | 17.13 | N/A |
| P/B | 3.06 | 5.63 |
| Current Ratio | 5.06 | 1.79 |
| Quick Ratio | 3.38 | 1.74 |
| D/E | 0.38 | 1.06 |
| Debt-to-Assets | 0.24 | 0.43 |
| Interest Coverage | 28.37 | -19.19 |
| Asset Turnover | 0.50 | 0.04 |
| Fixed Asset Turnover | 1.61 | 0.20 |
| Payout Ratio | 0% | 0% |
| Dividend Yield | 0% | 0% |
Interpretation of Financial Ratios
The financial ratios for ON Semiconductor indicate a strong performance, particularly in profitability and efficiency metrics, such as ROE and interest coverage. In contrast, MicroVision displays concerning figures, with negative returns on equity and a very high debt-to-equity ratio, signaling significant financial distress. Investors should exercise caution and prioritize risk management when considering investments in MVIS.
Dividend and Shareholder Returns
ON Semiconductor Corporation (ON) does not pay dividends, reflecting its focus on growth and reinvestment in capital projects. Despite this, the company has a share buyback program, which indicates a commitment to returning value to shareholders. Conversely, MicroVision, Inc. (MVIS) also does not distribute dividends due to negative net income and a high growth phase. Both companies prioritize investment over immediate shareholder returns, which may align with long-term value creation if managed prudently.
Strategic Positioning
ON Semiconductor Corporation (ON) holds a significant market share in the semiconductor industry, particularly in intelligent power solutions, which are critical for the automotive sector’s electrification. With a market cap of $20.3B, ON faces competitive pressure from other tech giants but benefits from advancements in electrification and sustainable energy technologies. In contrast, MicroVision, Inc. (MVIS), with a market cap of $279M, is carving out a niche in lidar sensors for autonomous driving, yet it struggles against technological disruptions and increased competition in the AR and automotive sensor markets.
Stock Comparison
In this section, I will present a comparative analysis of ON Semiconductor Corporation (ON) and MicroVision, Inc. (MVIS), focusing on their weekly stock price dynamics and significant movements over the past year.
Trend Analysis
ON Semiconductor Corporation (ON) Over the past year, ON’s stock price has decreased by -34.62%, indicating a bearish trend. The stock has experienced notable volatility with a standard deviation of 12.59. The highest price recorded was 81.14, while the lowest was 33.7. Furthermore, the recent trend from September 14, 2025, to November 30, 2025, shows a slight recovery with a +2.56% change, although this still confirms the overall bearish sentiment. The acceleration status suggests that the downward trend is gaining momentum.
MicroVision, Inc. (MVIS) MVIS has faced a more severe decline, with a -65.53% change over the past year, also categorizing it as a bearish trend. The stock’s volatility is lower, with a standard deviation of 0.42. The price has fluctuated between a high of 2.66 and a low of 0.82. In the recent analysis period from September 14, 2025, to November 30, 2025, the stock has further decreased by -19.56%, reinforcing the bearish outlook but indicating a deceleration in its downward movement.
Both companies exhibit significant challenges in their respective stock performances, and careful consideration of these trends is essential for informed investment decisions.
Analyst Opinions
Recent analyst recommendations reflect a cautious stance towards ON Semiconductor Corporation (ON) and MicroVision, Inc. (MVIS). Analysts have rated ON with a “B,” highlighting its strong discounted cash flow and return on assets, suggesting it is a solid buy. In contrast, MVIS received a “D+,” with analysts citing poor performance in key metrics, indicating a sell or hold position. The consensus for ON is a buy, while MVIS leans towards a sell, reflecting differing market sentiments for these companies this year.
Stock Grades
In this section, I will present the latest stock grades from reliable sources for ON Semiconductor Corporation and MicroVision, Inc.
ON Semiconductor Corporation Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| Morgan Stanley | maintain | Equal Weight | 2025-11-24 |
| TD Cowen | maintain | Buy | 2025-11-04 |
| Truist Securities | maintain | Hold | 2025-11-04 |
| Baird | maintain | Neutral | 2025-11-04 |
| Rosenblatt | maintain | Neutral | 2025-11-04 |
| Morgan Stanley | maintain | Equal Weight | 2025-11-04 |
| UBS | maintain | Neutral | 2025-10-27 |
| B of A Securities | maintain | Neutral | 2025-09-05 |
| Citigroup | maintain | Neutral | 2025-08-05 |
| JP Morgan | maintain | Neutral | 2025-08-05 |
MicroVision, Inc. Grades
| Grading Company | Action | New Grade | Date |
|---|---|---|---|
| D. Boral Capital | maintain | Buy | 2025-11-12 |
| WestPark Capital | maintain | Buy | 2025-10-21 |
| WestPark Capital | maintain | Buy | 2025-09-05 |
| D. Boral Capital | maintain | Buy | 2025-09-02 |
| WestPark Capital | maintain | Buy | 2025-08-27 |
| D. Boral Capital | maintain | Buy | 2025-08-11 |
| D. Boral Capital | maintain | Buy | 2025-05-21 |
| D. Boral Capital | maintain | Buy | 2025-05-13 |
| WestPark Capital | maintain | Buy | 2025-03-27 |
| D. Boral Capital | maintain | Buy | 2025-03-25 |
Overall, ON Semiconductor shows a mix of grades, primarily maintaining a neutral stance among several analysts, while MicroVision has a consistently positive outlook with a strong buy rating from multiple sources. This indicates a robust sentiment for MicroVision compared to the more cautious approach observed for ON Semiconductor.
Target Prices
For ON Semiconductor Corporation (ticker: ON), analysts show a strong target consensus indicating growth potential.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| ON Semiconductor Corporation | 64 | 51 | 58.33 |
The consensus suggests a positive outlook for ON, with a target price above its current level of approximately 49.60 USD.
For MicroVision, Inc. (ticker: MVIS), target prices reflect a stable outlook but with limited upside.
| Company | Target High | Target Low | Consensus |
|---|---|---|---|
| MicroVision, Inc. | 5 | 5 | 5 |
The consensus for MVIS mirrors its current price of about 0.91 USD, indicating limited growth expectations.
Strengths and Weaknesses
The following table outlines the strengths and weaknesses of ON Semiconductor Corporation (ON) and MicroVision, Inc. (MVIS), based on their most recent performance metrics.
| Criterion | ON Semiconductor (ON) | MicroVision (MVIS) |
|---|---|---|
| Diversification | High, across power and sensing solutions | Low, focused on lidar and display technology |
| Profitability | Strong, with a net profit margin of 22.2% | Negative, with a net profit margin of -20.6% |
| Innovation | Robust R&D in semiconductor technology | Limited, primarily focusing on lidar applications |
| Global presence | Extensive, operating in multiple markets | Limited, mainly in North America |
| Market Share | Significant in the semiconductor industry | Minimal, facing competition from established players |
| Debt level | Moderate, with a debt-to-equity ratio of 0.38 | High, with a debt-to-equity ratio of 1.06 |
Key takeaways indicate that ON Semiconductor shows strong profitability, a diversified product offering, and substantial market presence. In contrast, MicroVision struggles with profitability and market share, indicating higher risk for investors.
Risk Analysis
In the following table, I will outline the key risks associated with ON Semiconductor Corporation and MicroVision, Inc. for your assessment.
| Metric | [Company A: ON Semiconductor] | [Company B: MicroVision] |
|---|---|---|
| Market Risk | Medium | High |
| Regulatory Risk | Medium | High |
| Operational Risk | Low | High |
| Environmental Risk | Medium | Medium |
| Geopolitical Risk | Medium | High |
Both companies face significant risks, particularly in the realms of market and regulatory challenges. MicroVision’s high operational risks stem from its ongoing development in the competitive lidar technology sector, while ON Semiconductor is affected by market volatility and geopolitical issues, especially given the semiconductor supply chain complexities.
Which one to choose?
When comparing ON Semiconductor Corporation (ON) and MicroVision, Inc. (MVIS), ON appears to be the more favorable option for investors. ON boasts strong fundamentals, with a market cap of $26.9B and a healthy net profit margin of approximately 22%. In contrast, MVIS is struggling with negative margins and a market cap of $0.27B, reflecting significant operational challenges.
Ratios further underscore this disparity, as ON holds a debt-to-equity ratio of 0.38, compared to MVIS’s alarming 1.06. Analyst ratings for ON are solid at a “B” grade, while MVIS has a much lower rating of “D+”. Recent stock trends show ON’s price has decreased by 34.62% in the past year, while MVIS has plummeted by 65.53%, indicating higher volatility and risk.
Recommendation: I would recommend ON for growth-oriented investors, while those seeking stability may wish to avoid MVIS given its current financial distress.
Specific risks for investors in this sector include competition and market dependence, particularly for MVIS.
Disclaimer: This article is not financial advice. Each investor is responsible for their own investment decisions.
Go further
I encourage you to read the complete analyses of ON Semiconductor Corporation and MicroVision, Inc. to enhance your investment decisions:
