onsemi is a cyclical trough story: FY2025 was the low of an 18-month EV + industrial inventory correction (revenue -15% YoY, GAAP operating margin collapsed to 1.4% from 25.0%), and the FabRight restructuring (12% fab capacity cut, $45-50M annual depreciation savings into 2026) is actively re-basing the cost structure. The structural call is that SiC remains the dominant EV traction inverter chemistry into 2028-2029 (GaN is displacing auxiliary OBC/DC-DC but not the main inverter), and that onsemi's vertically integrated SiC stack (ingot → substrate → epi → device → module, ~50% internal substrate sufficiency post-GTAT) positions it as the #2 global SiC player in TrendForce's 2023 revenue ranking (onsemi 23.6%, behind STMicroelectronics at 32.6% and ahead of Infineon at 16.5% — no confirmed 2024/2025 share update has been published). The secondary call is that AI data center SiC JFET revenue (>$250M FY2025, guided high-teens Q1 2026 YoY growth) adds a genuine non-automotive growth vector — though competition from Infineon (CoolSiC JFET at the NVIDIA 800VDC reference architecture), TI (full 800VDC architecture unveiled at GTC 2026), ST and Navitas means onsemi is a participant, not a leader. Europe capacity expansion is supported by the €450M Czech state aid approved by the European Commission on November 21, 2025 for onsemi's €1.64B Rožnov fab — Europe's first 8-inch SiC integrated line, commercial operations targeted 2027. Downside is bounded by ~$1.4B FCF through the trough and a $6B three-year buyback authorization launched January 2026.