Why Synaptics' Product Chief Filing Connects to Core IoT Sales Growing 24%

ON Semiconductor (ON) filed a Form S-4 to issue up to 61.45 million shares for its all-stock acquisition of Synaptics. Each Synaptics share will convert to 1.350 ON shares, implying $156.25 per Synaptics share at ON's June 24 price. The deal requires Synaptics shareholder approval and regulatory clearances.

Synaptics (SYNA) CFO Ken Rizvi resigned on August 20, 2026, to pursue another opportunity. CEO Rahul Patel will take over as interim CFO until the company's merger with ON Semiconductor (ON) closes. Rizvi will stay on in an advisory role until September 30, 2026.

SYNAPTICS Inc. CEO Rahul Patel sold 2,276 shares for $239,867 on August 19, 2026, under a 10b5-1 plan. The stock is down from its 52-week high but up 48% over the past year. onsemi acquired SYNAPTICS in a $7B all-stock deal, with analysts offering mixed reactions. SYNAPTICS also partnered on edge AI for UAVs.

ON Semiconductor CEO and CFO discussed its proposed Synaptics merger at a KeyBanc forum. They said investor confusion has eased and the deal remains favorable. Management targeted $200M in synergies accretive in 18 months, with additional margin and revenue benefits beyond that, and described gross-margin accretion and cash-flow positivity.

Synaptics reported fiscal 2026 Core IoT product sales rose 43% year over year to about $389.7 million, or 33% of total revenue. Total revenue grew 11% to about $1.2 billion. Q4 non-GAAP operating margin was 20% and non-GAAP diluted EPS was $1.23. Synaptics repurchased 1.3 million shares for $92.7 million and is in an all-stock merger with onsemi.

Synaptics (SYNA) reported Q4 FY2026 non-GAAP EPS of $1.23, up 21.8% YoY and 1.65% above the Zacks Consensus. Revenue rose 9% YoY to $308 million, slightly above consensus. Core IoT sales grew 24% to $104.6 million. Non-GAAP operating income rose 29.1% to $60.3 million. The company withheld guidance due to its pending all-stock merger with onsemi.