PHOENIX – May 23, 2022 – onsemi (Nasdaq: ON), a leader in intelligent power and sensing technologies, has been recognized as a Fortune 500® company thanks to its highest ever fiscal year revenue of $6.74 billion in 2021. This represented a 28.3% year-over-year growth in revenue with a majority stemming from the high-value automotive and industrial markets.
onsemi’s record-setting financial performance came after CEO Hassane El-Khoury took over the company’s reigns in December 2020 and a shift in focus towards secular megatrends of electric vehicles, advanced driver assistance systems (ADAS), alternative energy and industrial automation. onsemi is ranked 483 on the 2022 Fortune 500 list.
“Being recognized as a Fortune 500 company is a testament to the hard work of our entire global team and a great recognition of our success over the last year,” said Thad Trent, executive vice president and chief financial officer, onsemi. “To do this during extremely challenging times and while executing on many transformation initiatives is especially impressive. It highlights the calibre of our employees and bodes well for our future goals.”
onsemi expects to see sustained growth in the coming years as many megatrends are in the early stages of adoption, accelerating quickly and requiring higher energy efficiency for applications in the company’s key automotive and industrial markets. Long-term supply agreements with customers and an expanding pipeline of intelligent power and sensing products at favorable margins guide the continued reallocation of investments and resources to strategic products and markets with high growth and high margins.
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies as well as privately held companies for which revenues are publicly available. The Fortune 500 makes up approximately two-thirds of the U.S. economy.
This press release contains “forward-looking statements,” as that term is defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often characterized by the use of words such as “believes,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “should,” or “anticipates,” and similar expressions. However, all statements, other than statements of historical facts, could be deemed forward-looking statements. All forward-looking statements in this press release are made based on onsemi’s current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. Additional factors that could cause results to differ materially from those projected in the forward-looking statements are contained in onsemi’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other of onsemi’s filings with the SEC, respectively. onsemi assumes no obligation to update such information, except as may be required by law.