Sifting through countless of stocks in the Semiconductors & Semiconductor Equipment industry can be tedious, and sometimes two stocks are just too similar to judge which is the better investment. If you’re on the fence about investing in Micron Technology, Inc. or ON Semiconductor Corporation because you’re not sure how they measure up, it’s important to compare them on a few factors before making your decision.

Read on to learn how Micron Technology, Inc. and ON Semiconductor Corporation compare based on key financial metrics to determine which better meets your investment needs.

About Micron Technology, Inc. and ON Semiconductor Corporation

Micron Technology, Inc. designs, develops, manufactures, and sells memory and storage products in the United States, Taiwan, Japan, Mainland China, Hong Kong, Europe, and internationally. It operates through the Cloud Memory Business Unit; Core Data Center Business Unit; Mobile and Client Business Unit; and Automotive and Embedded Business Unit segments. The company provides memory products, including dynamic random access memory components and modules, CXL-based memory, LPDDR components and modules, graphics memory, high-bandwidth memory, and data center memory products; multichip packages (MCP) comprising embedded multimedia card-based, universal flash storage-based, and NAND-based MCPs; and technology leadership products that include 1y DRAM and G9 NAND technologies. It also offers storage products, such as data center solid-state drives (SSD), client SSD storage, and auto and industrial SSD storage; managed NAND; NAND flash; NOR flash; and memory cards. In addition, the company provides design tools, including FBGA and part decoders; DRAM power calculators; NAND power calculators; simulation models; chipset compatibility guides; serial presence-detection tools; cross-reference tools; UFSparm; SSD firmware; software and drivers; storage executive software; and obsolete part catalogs. It markets its semiconductor memory and storage products under the Micron and Crucial brands. The company serves the data center, PC, graphics, networking, automotive, industrial, and consumer embedded markets, as well as the smartphone and other mobile-device markets. It sells its products through its direct sales force, independent sales representatives, distributors, and retailers; web-based customer direct sales channel; and channel and distribution partners. Micron Technology, Inc. was founded in 1978 and is headquartered in Boise, Idaho.

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. The Power Solutions Group segment offers discrete, module, and integrated semiconductor devices designed to enable power conversion, including power switching, signal conditioning, and circuit protection technologies. Its Analog and Mixed-Signal Group segment designs and develops analog and mixed-signal solutions, including power management, sensor interface, connectivity, and standard products for automotive, industrial automation, AI data centers, computing, and mobile end markets. The Intelligent Sensing Group segment develops complementary metal-oxide-semiconductor image sensors, image signal processors, short-wave infrared sensors, and other products, as well as photon-counting technologies, including single-photon avalanche diode arrays and silicon photomultiplier devices for depth sensing, factory automation, safety systems, and robotics industries. ON Semiconductor Corporation was incorporated in 1992 and is headquartered in Scottsdale, Arizona.

Latest Semiconductors & Semiconductor Equipment and Micron Technology, Inc., ON Semiconductor Corporation Stock News

As of September 4, 2026, Micron Technology, Inc. had a $1.1 trillion market capitalization, compared to the Semiconductors & Semiconductor Equipment median of $4.8 million. Micron Technology, Inc.’s stock is up 256.2% in 2026, up 9% in the previous five trading days and up 718.45% in the past year.

Currently, Micron Technology, Inc.’s price-earnings ratio is 22.9. Micron Technology, Inc.’s trailing 12-month revenue is $90.3 billion with a 55.9% net profit margin. Year-over-year quarterly sales growth most recently was 345.7%. Analysts expect adjusted earnings to reach $73.400 per share for the current fiscal year. Micron Technology, Inc. currently has a 0.1% dividend yield.

As of September 4, 2026, ON Semiconductor Corporation had a $29.0 billion market cap, putting it in the 89th percentile of all stocks. ON Semiconductor Corporation’s stock is up 37.4% in 2026, up 2.4% in the previous five trading days and up 54.77% in the past year.

Currently, ON Semiconductor Corporation’s price-earnings ratio is 47.6. ON Semiconductor Corporation’s trailing 12-month revenue is $6.2 billion with a 10.2% net profit margin. Year-over-year quarterly sales growth most recently was 9.2%. Analysts expect adjusted earnings to reach $3.202 per share for the current fiscal year. ON Semiconductor Corporation does not currently pay a dividend.

How We Compare Micron Technology, Inc. and ON Semiconductor Corporation Stock Grades

Stock evaluation requires access to huge amounts of data and the knowledge and time to sift through it all, make sense of financial ratios, read income statements and analyze recent stock movements. AAII created A+ Investor, a robust data suite that condenses data research in an actionable and customizable way suitable for investors of all knowledge levels, to help investors streamline and work through such data.

AAII’s proprietary stock grades come with A+ Investor. These offer intuitive A‐F grades for each of five key investing factors: value, growth, momentum, earnings estimate revisions and quality. Here, we’ll take a closer look at Micron Technology, Inc. and ON Semiconductor Corporation’s stock grades to see how they measure up against one another.

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Micron Technology, Inc. and ON Semiconductor Corporation Stock Value Grades

Company	Ticker	Value
Micron Technology, Inc.	MU	D
ON Semiconductor Corporation	ON	D

Successful stock investing involves buying low and selling high, so stock valuation is an important consideration for stock selection.

Buying stocks that are going to go up typically means buying stocks that are undervalued in the first place, although momentum investors may argue that point.

AAII’s A+ Investor Value Grade derives from a stock’s value score. The Value Score is the percentile rank of the average of the percentile ranks of the price-to-sales ratio, price-earnings ratio, enterprise-value-to-EBITDA (EV/EBITDA) ratio, shareholder yield, price-to-book-value ratio and price-to-free-cash-flow ratio. The score is variable, meaning it can consider all six ratios or, should any of the six ratios not be valid, the remaining ratios that are valid. To be assigned a Value Score, stocks must have a valid (non-null) ratio and corresponding ranking for at least two of the six valuation ratios.

Stocks with a Value Score from 81 to 100 are considered deep value, those with a score between 61 and 80 are a good value and so on.

Micron Technology, Inc. has a Value Score of 21, which is Expensive. ON Semiconductor Corporation has a Value Score of 28, which is Expensive.

The Value Stock Winner: No Clear Winner

Neither Micron Technology, Inc. or ON Semiconductor Corporation has a high enough value grade to be considered a “winner.” Investors who are considering these companies should do additional due diligence and research to see if either could be a good addition to their portfolio. It’s important to look at a wide range of financial metrics in order to determine if Micron Technology, Inc. or ON Semiconductor Corporation is the better investment when it comes to value.

Micron Technology, Inc. and ON Semiconductor Corporation’s Quality Grades

Company	Ticker	Quality
Micron Technology, Inc.	MU	A
ON Semiconductor Corporation	ON	A

Like the Value Grade, AAII’s A+ Investor Quality Grade comes from the percentile rank of key metrics. Specifically, the Quality Score is the percentile rank of the average of the percentile ranks of return on assets (ROA), return on invested capital (ROIC), gross profit relative to assets, buyback yield, change in total liabilities to assets, accruals, Z double prime bankruptcy risk (Z) score and the F-Score.

The score is variable, meaning it can consider all eight measures or, should any of the eight measures not be valid, the remaining measures that are valid. To be assigned a Quality Score, stocks must have a valid (non-null) measure and corresponding ranking for at least four of the eight quality measures.

The Quality Score is used to assess the underlying “quality” of a particular stock. A higher-quality stock possesses traits associated with upside potential and reduced downside risk. Backtesting of the Quality Grade shows that stocks with higher grades, on average, outperformed stocks with lower grades over the period of 1998 through 2019.

Stocks receive better grades (higher scores) for having higher scores for the quality subcomponents and worse grades (lower scores) for lower scores for the subcomponents.

Micron Technology, Inc. has a Quality Score of 93, which is Very Strong. ON Semiconductor Corporation has a Quality Score of 82, which is Very Strong.

The Quality Grade Winner: It’s a Tie!

Looking at the Quality Grade breakdown above, both Micron Technology, Inc. and ON Semiconductor Corporation have a grade of A. For investors who focus solely on a company’s overall quality, you will need to conduct further research into both companies to see if they are a good fit for your portfolio. As a good rule of thumb, you should always analyze multiple factors based on a wide range of metrics before choosing a company to invest in.

Micron Technology, Inc. and ON Semiconductor Corporation’s Momentum Grades

Company	Ticker	Momentum
Micron Technology, Inc.	MU	A
ON Semiconductor Corporation	ON	B

Momentum grades help to uncover stocks experiencing anomalously high rates of return; research finds that stocks with high relative levels of momentum tend to outperform, whereas those with low levels of momentum tend to continue underperforming. Momentum is based on the price change of a stock over a specified period relative to all other stocks.

Typically, AAII looks at the weighted relative strength over the trailing four quarters. The weighted four-quarter relative strength rank is the relative price change for each of the past four quarters. The most recent quarterly price change is given a weight of 40% and each of the three previous quarters are given a weighting of 20%.

Micron Technology, Inc. has a Momentum Score of 98, which is Very Strong. ON Semiconductor Corporation has a Momentum Score of 67, which is Strong.

The Momentum Grade Winner: Micron Technology, Inc.

As you can clearly see from the Momentum Grade breakdown above, Micron Technology, Inc. is considered to have stronger momentum compared to ON Semiconductor Corporation. For those specifically looking for companies that have stronger momentum compared to other companies in the same industry, Micron Technology, Inc. could be a good stock to invest in. However, it’s important for investors to analyze multiple factors based on a wide range of metrics before deciding whether to buy.

Other Micron Technology, Inc. and ON Semiconductor Corporation Grades

In addition to Momentum, Quality and Value, A+ Investor also provides grades for Growth and Estimate Revisions.

Earnings estimate revisions scores take into account the magnitude of a company’s earnings surprise in its last two reported fiscal quarters. Often, surprises beget further surprises‐or at least continued sales growth (the exact opposite is generally true, too).

Growth investing builds on the idea that stocks of companies exhibiting strong, consistent and prolonged growth outperform those of slower-growth companies. AAII measures growth through consistency of annual sales growth, five-year sales growth rankings adjusted for extreme levels, and consistency of positive annual cash from operations.

These 2 key factors, when combined with the above, provide a holistic view into a particular stock. Further, by joining A+ Investor you can see whether Micron Technology, Inc. and ON Semiconductor Corporation pass any of our 60+ stock screens that have outperformed the market since their creation.

So, Which Is the Better Investment, Micron Technology, Inc. or ON Semiconductor Corporation Stock?

Overall, Micron Technology, Inc. stock has a Value Score of 21, Momentum Score of 98 and Quality Score of 93.

ON Semiconductor Corporation stock has a Value Score of 28, Momentum Score of 67 and Quality Score of 82.

Comparing Micron Technology, Inc. and ON Semiconductor Corporation’s grades, scores and metrics can act as a solid basis to determine whether they may be a good investment or not. You’ll also want to look at your portfolio’s asset allocation as well as your risk tolerance and financial goals to see if either of these stocks would make a good fit for you. AAII can help you figure out which investments align with your individual needs and preferences.

Investors are encouraged to do their own due diligence and research. In this way, individuals can effectively become managers of their own assets‐without having to rely on others for financial independence. You can count on AAII for timeless articles on financial planning and stock-picking, unbiased research and actionable analysis.

A+ Investor adds to our qualitative teaching with a powerful data suite to help you whittle down investment choices to find stocks, exchange-traded funds (ETFs) or mutual funds that meet your needs.

AAII Disclaimer

We make no representations or warranties that any investor will, or is likely to, achieve profits similar to those shown, because past, hypothetical or simulated performance is not necessarily indicative of future results. Before making an investment decision, you should consider your circumstances and whether the information on our content is applicable to your situation. This information was prepared in good faith, and we accept no liability for any errors or omissions. The full disclaimer can be read here.