ON · CIK 1097864
What ON Semiconductor Corporation told the SEC could break it.
ON Semiconductor's disclosures center on geopolitical and operational concentration: escalating U.S.-China export controls, entity-list additions, and tariffs threaten both its China assembly and test operations and its ability to license sales to Chinese customers. Compounding that, several of its plants are single-source sites that make only one end-product, so a disruption at any one would halt that product, while its results lean heavily on cyclical automotive (including EV) and industrial demand — segments whose softening drove a 15.3% revenue decline in 2025 — and on a single distributor that accounted for roughly 11% of revenue.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- US-China export controls, entity-list and tariffshigh
US-China tensions threaten ON's China assembly/test (Leshan) and sales — Commerce may add Chinese firms to restricted/unverified lists or expand export-license requirements for China customers, and additional tariffs/export controls could materially hurt results.
“These rules may require us to apply for and obtain additional export licenses to supply certain of our products to customers in China, and there is no assurance that we will be issued licenses that we apply for on a timely basis or at all. Additional tariffs, export controls or other trade restrictions between the two countries could materially adversely affect our results of operations.”
Sole-source dependency
- single-product facilities and single-source componentshigh
Some ON facilities are single-source sites producing only one end-product, so a disruption there would delay or stop that product; ON also may be unable to source replacement components on acceptable terms from qualified third parties.
“Conversely, some of our facilities are single source facilities that only produce one of our end-products, and a disruption at any such facility would materially delay or cease production of the related product.”
SEC filing →As of 2026
Customer concentration
- largest distributor (~11% of revenue)medium
One (unnamed) distributor accounted for ~11% of total revenue in 2025 (10% in 2024) with sales across all segments, and ~10% of accounts receivable — a meaningful single-channel concentration.
“We had one customer, a distributor, whose revenue accounted for approximately 11% and 10% of the total revenue for the years ended December 31, 2025 and 2024, respectively, with sales across all reportable segments.”
SEC filing →As of 2026
Other disclosures
- automotive/EV and industrial end-market cyclicalitymedium
ON's revenue fell 15.3% in 2025 (to ~$5.99B) on lower volumes across all segments — driven by weaker automotive (incl. EV) and industrial demand — underscoring concentration in cyclical end-markets.
“Changes in demand in these end-markets (such as fluctuations in demand for EVs), or changes that have the potential to disrupt sales activities to customers in these end-markets, can significantly impact our operating results. ... Lower sales to customers in either end-market may have a material adverse effect on our business and results of operations.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Leshan Radio Company Ltd.
“our assembly and test operations facility located in Leshan, China, which is owned by Leshan-Phoenix Semiconductor Company Limited, a joint venture company in which we own 80% of the outstanding equity interests ("Leshan"). ... Our joint venture partner is Leshan Radio Company Ltd.”
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