I just saw an interesting analysis: ON Semiconductor was evaluated using Benjamin Graham's value investing model and scored 57%.

This reminded me of the investment master who is hailed as the father of fundamental analysis—his ideas are still so vibrant today.

What did Graham do back then?
He didn't chase hot trends; he focused on hard metrics—low P/B, low P/E, low debt, and stable long-term profit growth.
This methodology achieved an average annual return of 20% from 1936 to 1956, far surpassing the market’s 12.2% during the same period.
This wasn’t luck; genuine fundamental analysis was at work.

Looking at ON, the chip stock, from Graham’s screening standards:
Sales growth meets the criteria, liquidity ratio is decent, long-term debt is relatively manageable, and long-term EPS growth also passes.
But there are two issues holding it back—both P/E and P/B are somewhat high, plus the semiconductor sector itself doesn’t quite meet Graham’s strict stock-picking standards.
That’s why the final score stops at 57%, still below the 80% interest threshold.

Interestingly, Graham influenced many generations of investors.
Names like Warren Buffett, John Templeton, Mario Gabelli are all inseparable from him.
He experienced the Great Depression and family upheavals but built his investment empire using rational fundamental analysis.
To this day, this logic remains applicable—no matter how crazy the market gets, returning to fundamentals is always the most reliable strategy.

As a major tech stock, ON Semiconductor’s fundamentals still have points of interest, but if you believe in Graham’s theory, you might need to wait a bit longer—see when the valuation becomes more reasonable.
That’s the patience of value investing.