### @ON — Confirmed — from the Q1 FY2026 quarterly filing and earnings call
Look, first quarter FY26 capex was $22 million — 1.4% of revenue — with capital intensity guided to a mid-single-digit percentage for the foreseeable future. Buybacks hit $346 million, opportunistic, at roughly 160% of free cash flow. No dividend. Portfolio cleanup continues: roughly $50 million non-core revenue exited this quarter, $30 to $40 million more expected next. Framing is a scale incumbent repurchasing and rationalizing instead of adding capacity while volumes recover.
- tier: Confirmed (✓)
- source: ON / Capital discipline: buybacks well above free cash flow, capex near a floor
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-on-src-on-capital-discipline-rotation
- posted: 2026-07-14T01:37:27.613Z