nsemi (Nasdaq: ON), a leader in intelligent power and sensing technologies, will be added to the Nasdaq-100 Index® prior to market open on Tuesday, June 20, 2023. The inclusion comes after two consecutive years of record results, tripling the company’s market cap over the last 30 months. The company closed out 2022 with $8.3 billion in revenue and with earnings growing 3x faster than revenue.
“Our addition to the prestigious Nasdaq-100 Index is a testament to the successful execution of our strategy over the last two years, during which our employees around the world have unlocked tremendous value for onsemi shareholders through their unwavering dedication and innovation,” said Hassane El-Khoury, president and chief executive officer, onsemi. “We are leading with superior technology in our key end markets of automotive and industrial, and we intend to deliver above-market revenue growth while maintaining our industry-leading financial performance.”
onsemi has been driving structural changes across the company while delivering intelligent power and sensing solutions for the high-growth megatrends in automotive and industrial. Today, the company is doubling down on its premium businesses to address the market opportunity with silicon carbide, silicon power, power ICs, image sensors and sensor interfaces. With a proven strategy and committed revenue through long-term supply agreements, the company is well-positioned to further accelerate growth in the semiconductor industry.
Widely recognized as one of the world’s largest preeminent large-cap indexes, the Nasdaq-100 Index is comprised of the 100 largest non-financial companies listed on the Nasdaq Stock Market and acts as a benchmark for financial products such as options, futures and funds. It is heavily allocated towards top-performing industries such as technology, consumer goods and healthcare.
onsemi was previously added to the S&P 500® index, another premier benchmark of the U.S. equities market, in June of 2022.
Credit: Onsemi
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