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.
