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WOLF
Wolfspeed, Inc. · Technology - Pure-Play Silicon Carbide
$57.41
-2.41% this month
VERSUS
⟷
COMPARE
ON
ON Semiconductor Corporation · Technology - Power Semiconductors
$121.62
+14.71% this month
Scoreboard verdict
Across AI score, momentum, valuation, upside, operating margin
WOLF
1
ON
2
Comparison scoreboard
ON LEADS 2/5AI Score
WOLF 38.5
ON ✓61.4
1Y Return
WOLF N/A
ON +129.73%
Fwd P/E
WOLF ✓-11.47
ON 27.38
Target Up.
WOLF -30.33%
ON ✓-8.97%
Op. Margin
WOLF N/A
ON 18.23%
Metrics last refreshed: 6/20/2026
Quick take
WOLF vs ON Stock Comparison: AI Score, Valuation, Performance and Upside
WOLF (Wolfspeed) and ON (ON Semiconductor) are both competing for SiC power semiconductor leadership in electric vehicles and industrial applications — Wolfspeed is the pure-play SiC pioneer with the world's largest SiC manufacturing scale including substrate sales, but is cash-flow negative during its fab ramp; ON is a profitable diversified power company building SiC market share with stronger financial fundamentals and a broader automotive portfolio.
WOLF vs ON is pure-play SiC commitment (Wolfspeed's all-in bet on silicon carbide as the dominant EV power technology, with vertical integration and substrate sales to the entire SiC industry) versus profitable power semiconductor transformation (ON Semiconductor's SiC-focused but diversified intelligent power portfolio generating cash flow while investing in SiC capacity) — high-risk SiC purity versus lower-risk SiC positioning.
Live analysis · updated 6/20/2026
ON holds the edge across 2 of 5 key metrics in this comparison. Analyst consensus implies meaningfully more upside for ON (-8.97%) than for WOLF (-30.33%).
Normalized 1Y performance
WOLF
ON
Recent returns
WOLF
ON
Analyst price targets & sentiment
WOLF · 1 analysts
Price target range
analyst low$40.00
analyst high$40.00
analyst mean$40.00
current price$57.41
-30.3% upside to analyst mean
ON · 29 analysts
Price target range
analyst low$33.00
analyst mean$106.31
current price$121.62
-9.0% upside to analyst mean
Who should consider this stock?
WOLF may suit investors who:
- →Want maximum pure-play exposure to the SiC power semiconductor market — Wolfspeed is the only publicly traded company whose entire business is silicon carbide, providing undiluted SiC demand exposure
- →Value Wolfspeed's vertical integration (crystal growth through finished devices plus substrate sales) as a structural advantage that creates multiple revenue streams within the SiC ecosystem
- →Accept Wolfspeed's significant near-term financial challenges (operating losses, capital raises) as the necessary cost of building the SiC manufacturing infrastructure to lead a secular growth market
ON may suit investors who:
- →Want SiC and EV power semiconductor exposure within a profitable company with long-term supply agreements providing revenue visibility and a broader intelligent power portfolio
- →Value ON Semiconductor's combined automotive offering of SiC power devices plus image sensors as a more comprehensive automotive customer proposition than a standalone SiC supplier
- →Prefer the more conservative financial profile of a profitable diversified power company building SiC positions versus accepting pure-play SiC's current losses during the investment phase
Performance & AI score
| Metric | WOLF | ON |
|---|---|---|
| AI score | 38.5 | 61.4 |
| AI rank | #1272 | #138 |
| Latest close | $57.41 | $121.62 |
| 1M return | -2.41% | +14.71% |
| 6M return | +234.75% | +128.05% |
| 1Y return | N/A | +129.73% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | WOLF | ON |
|---|---|---|
| 1Y ago | $25.98K (+159.8%) started 2025-09-29 | $23.27K (+132.7%) started 2025-06-18 |
| 5Y ago | $25.98K (+159.8%) started 2025-09-29 | $33.33K (+233.3%) started 2021-06-21 |
| 10Y ago | $25.98K (+159.8%) started 2025-09-29 | $124.36K (+1143.6%) started 2016-06-20 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | WOLF | ON |
|---|---|---|
| Market cap | $2.98B | $45.41B |
| Trailing P/E | N/A | 86.51 |
| Forward P/E | -11.47 | 27.38 |
| Price/Sales | 4.19 | 3.15 |
| EV/Revenue | 3.99 | 7.69 |
| Analyst target | $40.00 | $106.31 |
| Target upside | -30.33% | -8.97% |
Growth, profitability & risk
| Metric | WOLF | ON |
|---|---|---|
| Revenue growth | -19.00% | 4.70% |
| Earnings growth | N/A | -48.70% |
| EPS growth | N/A | -48.70% |
| FCF margin | +10.77% | +21.15% |
| Operating margin | N/A | 18.23% |
| Profit margin | -72.93% | 9.46% |
| ROIC proxy | -84.19% | 7.49% |
| Return on equity | -84.19% | 7.49% |
| Dividend yield | 0.00% | N/A |
| Beta | 6.09 | 1.98 |
| Debt/equity | 179.16 | 44.34 |
| Current ratio | 7.03 | 4.87 |
| Quick ratio | 5.51 | 2.80 |
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
WOLF max drawdown58.22%
ON max drawdown28.10%
WOLF max wkly drop36.70%
ON max wkly drop19.08%
5Y risk snapshot
WOLF max drawdown58.22%
ON max drawdown70.44%
WOLF max wkly drop36.70%
ON max wkly drop26.38%
10Y risk snapshot
WOLF max drawdown58.22%
ON max drawdown70.44%
WOLF max wkly drop36.70%
ON max wkly drop43.93%
Performance metrics by period
| Period | Metric | WOLF | ON |
|---|---|---|---|
| 1Y | Growth | +159.77% | +132.72% |
| CAGR | +278.43% | +133.00% | |
| Sharpe ratio | 1.64 | 1.73 | |
| Max drawdown | 58.22% | 28.10% | |
| Max daily drop | 18.22% | 15.58% | |
| Max wkly drop | 36.70% | 19.08% | |
| 5Y | Growth | +159.77% | +233.30% |
| CAGR | +278.43% | +27.27% | |
| Sharpe ratio | 1.64 | 0.64 | |
| Max drawdown | 58.22% | 70.44% | |
| Max daily drop | 18.22% | 21.77% | |
| Max wkly drop | 36.70% | 26.38% | |
| 10Y | Growth | +159.77% | +1143.56% |
| CAGR | +278.43% | +28.69% | |
| Sharpe ratio | 1.64 | 0.66 | |
| Max drawdown | 58.22% | 70.44% | |
| Max daily drop | 18.22% | 26.84% | |
| Max wkly drop | 36.70% | 43.93% |
Business comparison
| Category | WOLF | ON |
|---|---|---|
| Company | Wolfspeed, Inc. | ON Semiconductor Corporation |
| Sector | Technology - Pure-Play Silicon Carbide | Technology |
| Industry | N/A | Semiconductors |
| Core business | Wolfspeed is a pure-play silicon carbide (SiC) semiconductor company — the world's largest SiC power device supplier and the only company with fully vertical SiC manufacturing from raw SiC crystal growth through substrates, epitaxy, and finished power devices. Wolfspeed supplies SiC MOSFETs and diodes for EV inverters, charging infrastructure, industrial motor drives, and renewable energy inverters. | ON Semiconductor (onsemi) has transformed from a diversified analog company to a focused intelligent power and sensing solutions company — making SiC power devices, intelligent power modules, MOSFET transistors, image sensors, and power management ICs for automotive electrification and industrial automation. ON has invested in building vertical SiC manufacturing while maintaining a broader power semiconductor portfolio. |
| Investor focus | Investors track Wolfspeed's SiC revenue growth, Mohawk Valley fab ramp (a massive new SiC device facility in upstate New York), substrate sales to device makers who don't make their own SiC devices, customer design-wins with EV manufacturers, and the critical question of when Wolfspeed's heavy capital investment transitions to positive free cash flow. | Investors track ON's SiC revenue growth and long-term supply agreements, automotive image sensor revenue, margin trajectory as SiC mix increases, free cash flow, and the balance between automotive concentration and industrial diversification in the intelligent power portfolio. |
WOLF strengths
- →World's largest SiC manufacturer by volume — Wolfspeed's scale in SiC crystal growth, substrate production, and device manufacturing creates cost advantages from experience and capital efficiency that smaller entrants struggle to match
- →SiC substrate sales to competitors — Wolfspeed sells SiC substrates to other device makers who cannot grow their own crystals, giving Wolfspeed revenue from the entire SiC ecosystem even when a customer uses a competitor's devices
- →Vertical integration from boule to device — growing SiC crystals requires proprietary processes developed over decades; Wolfspeed's crystal growth expertise is a fundamental competitive advantage that is very difficult to replicate
ON strengths
- →Financial stability versus pure-play SiC — ON Semiconductor generates profitable revenue from its broader power portfolio while investing in SiC, avoiding the capital-intensive losses that pure-play Wolfspeed faces during its fab ramp
- →SiC combined with MOSFET and image sensors — ON's ability to supply SiC power devices AND automotive image sensors (for ADAS/cameras) AND intelligent power modules gives automotive customers a more comprehensive power and sensing portfolio from one supplier
- →Long-term supply agreements with automotive customers — ON has secured multi-year SiC commitments providing revenue visibility as automotive manufacturers secure their EV power component supply chains
Risks to watch — WOLF
- →Extreme capital intensity at Wolfspeed — the Mohawk Valley fab required over $1 billion in investment; Wolfspeed has operated at a loss while building this capacity, creating significant near-term financial pressure and requiring capital raises
- →EV adoption pace is critical — Wolfspeed's valuation depends heavily on EV market growth assumptions; SiC content in EVs is the primary demand driver and any slowdown in EV adoption creates risk to the investment thesis
- →Competition is intensifying — ON Semiconductor, STMicroelectronics, Infineon, ROHM, and Chinese SiC producers are all investing in SiC capacity, potentially commoditizing the market faster than expected
Risks to watch — ON
- →Pure SiC revenue is smaller than Wolfspeed's — ON is building SiC market position but from a smaller absolute SiC revenue base; investors wanting maximum SiC exposure may prefer Wolfspeed
- →Automotive concentration risk — ON's strategic focus on automotive creates sensitivity to EV adoption rates and automotive industry cycles that are outside ON's control
- →SiC fab investment is still significant — ON's capacity expansion requires capital investment that constrains near-term free cash flow even if ON remains profitable unlike Wolfspeed
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