ON Semiconductor (ON) FY2019 results: revenue $5.5 billion, down 6.1% on the year
ON Semiconductor Corp. (ON) reported revenue of $5.5 billion for fiscal 2019, the year ended 31 December 2019, down 6.1% on the year before. Net income was $212 million, down 66.3%, and diluted earnings per share $0.51. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2020.
Revenue
$5.5 billion
-6.1% on the year
FY2012FY2019
Operating margin
7.8%
14.4% a year earlier
FY2012FY2019
Net income
$212 million
-66.3% on the year
FY2012FY2019
Diluted EPS
$0.51
-64.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
5,518
5,878
5,543
-6.1%
Cost of revenue
3,544
3,640
3,509
-2.6%
Gross profit
1,974
2,239
2,034
-11.8%
Gross margin
35.8%
38.1%
36.7%
Research and development
641
651
594
-1.5%
Operating income
433
847
681
-48.9%
Operating margin
7.8%
14.4%
12.3%
Interest expense
148
128
141
+15.7%
Pre-tax income
277
755
548
-63.4%
Income tax
62.7
125
-266
-49.9%
Effective tax rate
22.7%
16.6%
-48.5%
Net income
212
627
811
-66.3%
Net margin
3.8%
10.7%
14.6%
Diluted EPS
$0.51
$1.44
$1.89
-64.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
695
1,274
1,094
-45.5%
Capital expenditure
535
515
388
+3.8%
Free cash flow
160
759
707
-78.9%
Free cash flow margin
2.9%
12.9%
12.7%
Cash from investing
-1,511
-549
-364
Cash from financing
623
-605
-811
Depreciation and amortisation
593
509
482
+16.6%
Share-based compensation
79.4
78.3
69.8
+1.4%
Buybacks
139
315
25.0
-55.9%
Diluted shares, weighted
416m
436m
428m
-4.6%
Shares outstanding at period end
411m
414m
425m
-0.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,302
3,172
2,779
+4.1%
Non-controlling interest
22.4
22.5
22.2
-0.4%
Redeemable equity
n/a
n/a
0.0
Debt
3,749
2,939
3,175
+27.6%
Operating lease liabilities
87.9
n/a
n/a
Other liabilities
1,264
1,454
1,219
-13.1%
Total liabilities and equity
8,426
7,588
7,195
+11.0%
Fixed assets
2,592
2,550
2,279
+1.6%
Goodwill
1,659
932
917
+77.9%
Intangible assets
590
566
628
+4.3%
Cash and equivalents
894
1,070
949
-16.4%
Receivables
705
686
702
+2.8%
Inventory
1,232
1,225
1,090
+0.6%
Other assets
753
558
631
+34.8%
Total assets
8,426
7,588
7,195
+11.0%
10-K for the year ended 31 December 2019, filed 19 February 2020: the filing.