On Semiconductor Nears Breakout After 1.9% ETF Surge and Q4 Free Cash Flow Growth

ONON

On Semiconductor shares rallied as part of a 1.9% gain in the semiconductor ETF, ranking among the S&P 500’s leading stocks. Its Q4 2025 earnings confirmed a return to revenue growth with projected margin expansion, rising free cash flow and scheduled capital returns, underpinning a potential breakout.

1. Chip Sector Rally Propels On Semiconductor

On Semiconductor shares climbed as the iShares Semiconductor ETF gained 1.9%, making it one of the S&P 500’s top performers alongside Sandisk, Micron Technology and Western Digital.

2. Q4 2025 Financials Fuel Breakout Thesis

Its Q4 2025 earnings confirmed a return to revenue growth with improving gross margin expectations, a rise in free cash flow and a plan for capital returns, underpinning analyst views of a near-term technical breakout.

Sources

BM