Is ON diluting shareholders? — Share Count Reducing
ON SEMICONDUCTOR CORP's share count has DECREASED by 8.90% over the last ~49 months — likely a buyback program or share consolidation. Existing shareholders' percentage ownership is rising rather than falling.
Share-Count History — From ON Annual Filings
Convertible Notes — Cited Language
“s table of contents for definitions of certain abbreviated terms) 3Table of ContentsON SEMICONDUCTOR CORPORATIONFORM 10-KGLOSSARY OF SELECTED ABBREVIATED TERMS* Abbreviated TermDefined Term0% Notes0% Convertible Senior Notes due 20270.50% Notes0.50% Convertible Senior Notes due 20291.625% Notes1.…”
“reviated terms) 3Table of ContentsON SEMICONDUCTOR CORPORATIONFORM 10-KGLOSSARY OF SELECTED ABBREVIATED TERMS* Abbreviated TermDefined Term0% Notes0% Convertible Senior Notes due 20270.50% Notes0.50% Convertible Senior Notes due 20291.625% Notes1.625% Convertible Senior Notes due 20233.875% Notes…”
What Dilution Means for ON Shareholders
Dilution refers to the reduction in existing shareholders' percentage ownership when a company issues new shares. Companies dilute for multiple legitimate reasons — funding growth, acquiring other companies, compensating employees with equity, or converting debt to equity. Whether dilution is good or bad depends on what the new capital is being used for and whether per-share value grows faster than the share count. For ON SEMICONDUCTOR CORP, share count went from 432,497,822 on 2022-02-09 to 394,020,530 on 2026-02-04 — a change of -8.90% over approximately 49 months.
The dilution mechanism shareholders should monitor most closely is the presence of an ATM (at-the-market) equity facility. ATMs give the company standing authority to issue new shares into the open market at any time, often without separate shareholder notice. They create continuous-issuance overhang — even days when no new shares are sold, the facility itself weighs on the stock as supply might appear at any moment. ON SEMICONDUCTOR CORP's most recent annual filing does not mention an ATM facility — though that status can change with each new financing round.
Convertible notes are a separate forward-dilution mechanism: each note converts into shares at a defined price (or formula) at maturity, automatically expanding share count. The presence of large convertible-note balances on the balance sheet — even before conversion — is a material signal that future dilution is contractually scheduled. ON SEMICONDUCTOR CORP has convertible notes outstanding per recent SEC filings. The cited language above shows the specific note series referenced. Conversion mechanics — strike price, ratio, floor — determine the magnitude of forward dilution exposure.
For broader context on ON's risk profile, see the ON Overview page. For audit-opinion status, see the Going Concern page.