Microchip Technology (MCHP) vs ON Semiconductor (ON)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
ON Semiconductor (ON) has outperformed Microchip Technology (MCHP) over the past year, gaining 71.3% versus a gain of 20.1%. Over five years, ON leads with a +90.4% price change compared with +7.2% for MCHP. Microchip Technology is the larger company by market cap ($40.71 billion vs $30.77 billion), about 1.3 times the size.
On valuation, Microchip Technology trades at a lower forward P/E (16.4x vs 17.5x for ON Semiconductor). Microchip Technology pays a dividend yielding 2.43%, while ON Semiconductor does not currently pay one. Microchip Technology converts more of its revenue into profit, with a net margin of 4.9% versus 2.0%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | MCHP | ON |
|---|---|---|
| Share price | $74.97 | $79.03 |
| Market cap | $40.71B | $30.77B |
| 1-day change | -3.91% | -4.22% |
| YTD return | +22.44% | +52.37% |
| 1-year return | +20.10% | +71.29% |
| 5-year return | +7.20% | +90.42% |
| P/E ratio (TTM) | 110.25 | 50.99 |
| Forward P/E | 16.36 | 17.45 |
| EPS (TTM) | $0.68 | $1.55 |
| Dividend yield | 2.43% | 0.00% |
| Annual dividend | $1.82 | $0.00 |
| Revenue (latest FY) | $4.71B | $6.00B |
| Revenue growth (YoY) | +7.08% | -15.35% |
| Net income (latest FY) | $230.00M | $121.00M |
| Gross margin | 57.73% | 33.09% |
| Operating margin | 10.40% | 1.40% |
| Net margin | 4.88% | 2.02% |
| 52-week high | $105.91 | $134.92 |
| 52-week low | $48.52 | $44.56 |
| Distance from 52-week high | -29.21% | -41.42% |
| Analyst consensus | buy | buy |
| Avg. price target upside | +43.84% | +32.18% |
| Average volume | 9.29M | 10.01M |
| Shares outstanding | 543.01M | 389.32M |
| Employees | 17,900 | 22,600 |
| Sector | Technology | Technology |
| Industry | Semiconductors | Semiconductors |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- ON has outperformed MCHP by 51.2 percentage points over the past year.
- Microchip Technology trades at a higher earnings multiple (110.3x vs 51.0x trailing P/E).
- Microchip Technology offers a meaningfully higher dividend yield (2.43% vs 0.00%).
- Microchip Technology grew revenue faster in its latest fiscal year (+7.08% vs -15.35%).
About Microchip Technology
MCHP stock →Microchip Technology Incorporated develops, manufactures, and sells smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. It operates in two segments, Semiconductor Products and Technology Licensing.
Technology · Semiconductors · 17,900 employees
About ON Semiconductor
ON stock →ON Semiconductor Corporation provides intelligent sensing and power solutions in Hong Kong, Singapore, the United Kingdom, the United States, and internationally. It operates through three segments: Power Solutions Group, Analog and Mixed-Signal Group, and Intelligent Sensing Group.
Technology · Semiconductors · 22,600 employees
MCHP vs ON FAQ
Which is bigger, Microchip Technology or ON Semiconductor?
Microchip Technology (MCHP) is larger, with a market capitalization of $40.71B compared with $30.77B for ON Semiconductor (ON).
Which stock has performed better over the past year, MCHP or ON?
ON returned +71.29% over the past 12 months, compared with +20.10% for MCHP (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, MCHP or ON?
ON has the lower trailing P/E at 51.0, versus 110.3 for MCHP. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Microchip Technology or ON Semiconductor?
Microchip Technology pays a dividend yielding 2.43%, while ON Semiconductor does not currently pay a regular dividend.
Are Microchip Technology and ON Semiconductor in the same industry?
Yes. Both are classified in the Semiconductors industry within the Technology sector.