Is MCHP or ON cheaper?

On trailing earnings, ON is cheaper: MCHP trades at a 359.53 P/E and ON at 82.83.

Which has grown faster, MCHP or ON?

Over the past five years, ON grew revenue faster — MCHP at a -2.82% CAGR versus ON at 2.12%.

Does MCHP or ON pay a bigger dividend?

MCHP pays a dividend (1.91% yield) while ON does not currently pay one.

Is MCHP or ON more profitable?

ON runs the higher net margin — MCHP at 4.29% versus ON at 9.46%.

Which has been the better investment, MCHP or ON?

Over the past 10-year, ON delivered the higher annualized total return — MCHP at 15.96% versus ON at 28.11%. Past performance doesn't predict future results.

Microchip Technology Incorporated (MCHP) vs ON Semiconductor Corporation (ON)

ON leads on 13 of 14 compared metrics.

A side-by-side comparison of Microchip Technology Incorporated and ON Semiconductor Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of June 13, 2026. The ● marks the stronger figure on each row (cheaper multiple, higher margin/return).

MCHP

Microchip Technology Incorporated

$51.63B

$95.24Technology

ON Semiconductor Corporation

$45.77B

$116.79Technology

Total return — MCHP vs ON

growth of $100 · last 26y

MCHP +636.6%ON +386.6%MCHP compounded faster

MCHP ON

MCHP vs ON: by the numbers

•MCHP is the larger company ($51.63B vs $45.77B market cap).
•ON trades at the lower earnings multiple (82.83 vs 359.53 P/E).
•ON converts more revenue to profit (9.46% vs 4.29% net margin).
•ON grew revenue faster over the past five years (2.12% vs -2.82% CAGR).
•MCHP pays a dividend (1.91% yield) while ON does not currently pay one.

Which is better, MCHP or ON?

Metric tally: MCHP 1 · ON 13

It depends on what you're optimizing for:

ValueON(lower P/E)

GrowthON(faster 5Y revenue CAGR)

QualityON(higher ROIC)

Valuation

Metric	MCHP	ON
P/E ratio	359.53	82.83●
Forward P/E	—	37.82
P/S ratio	11.07	7.59●
P/B ratio	8.11	6.30●
PEG ratio	519.48	—
EV / EBITDA	80.79	38.67●
FCF yield	1.67%	3.16%●

Profitability

Metric	MCHP	ON
Gross margin	57.73%●	37.22%
Operating margin	10.40%	10.84%●
Net margin	4.29%	9.46%●
ROE	3.14%	7.86%●
ROIC	3.11%	6.24%●

Dividends

Metric	MCHP	ON
Dividend yield	1.91%	—
Payout ratio	674.07%	—

Growth (annualized)

Metric	MCHP	ON
Revenue CAGR (5Y)	-2.82%	2.12%●
EPS CAGR (5Y)	-16.62%	-12.64%●
FCF CAGR (5Y)	-13.74%	23.39%●
Total return CAGR (5Y)	6.56%	25.31%●

Frequently asked

Which is better, MCHP or ON?: It depends on your goal. value: ON (lower P/E); growth: ON (faster 5Y revenue CAGR); quality: ON (higher ROIC). Across all compared metrics, ON leads 13 to 1.
Is MCHP or ON cheaper?: On trailing earnings, ON is cheaper: MCHP trades at a 359.53 P/E and ON at 82.83.
Which has grown faster, MCHP or ON?: Over the past five years, ON grew revenue faster — MCHP at a -2.82% CAGR versus ON at 2.12%.
Does MCHP or ON pay a bigger dividend?: MCHP pays a dividend (1.91% yield) while ON does not currently pay one.
Is MCHP or ON more profitable?: ON runs the higher net margin — MCHP at 4.29% versus ON at 9.46%.
Which has been the better investment, MCHP or ON?: Over the past 10-year, ON delivered the higher annualized total return — MCHP at 15.96% versus ON at 28.11%. Past performance doesn't predict future results.

Go deeper

Full MCHP analysis Full ON analysis Interactive comparison tool

Dig into the metrics

Microchip Technology P/E ratio ON Semiconductor P/E ratio Microchip Technology dividend yield ON Semiconductor dividend yield Microchip Technology ROE ON Semiconductor ROE Microchip Technology operating margin ON Semiconductor operating margin Microchip Technology revenue growth ON Semiconductor revenue growth Microchip Technology free cash flow ON Semiconductor free cash flow

Microchip Technology & ON Semiconductor appear in these rankings

Best 10-Year Total Return Stocks

Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified June 13, 2026.