ON Semiconductor

ON Semiconductor, which markets itself as onsemi, designs and manufactures power and sensing chips used heavily in electric vehicles, industrial automation and renewable energy systems. It has repositioned away from commodity components toward higher-value silicon carbide and intelligent power products, aiming for structurally better margins in fast-growing end markets. The company pays no dividend, directing its cash flow into capacity, technology and acquisitions rather than shareholder distributions. That makes it a growth and cyclical play tied to semiconductor demand, not an income holding. Its low score reflects the absence of a payout and the earnings swings typical of the chip industry, so it fits investors seeking capital appreciation.