Onsemi (ONSEMI, NASDAQ: ON), a leader in smart power and intelligent sensing technologies, was added to the S&P 500® before the opening of trading on June 21, U.S. time. ON Semiconductor’s inclusion in the index comes on the heels of the company’s highest-ever revenue of $6.74 billion in fiscal 2021, a year-over-year increase of 28.3%, and was recently recognized on the Fortune 500 list.
Hassane El-Khoury, ON Semiconductor President and CEO, said: “Our company’s inclusion in the S&P 500 is most importantly a testament to the contributions of our extraordinary people, enabling ON Semiconductor to move towards a better tomorrow today. The recognition also justifies our focus on the megatrend of high-efficiency applications in the automotive and industrial markets.”
These trends include electric vehicles, advanced driver assistance systems (ADAS), alternative energy and industrial automation. ON Semiconductor’s focus on high-growth and high-margin strategic products and markets, coupled with long-term supply agreements with customers, will allow the company to continue growing for years to come.
The S&P 500 is recognized around the world as one of the premier benchmarks for U.S. stock market performance, covering leading companies in leading industries and representing 75-80% of existing market capitalization.