• ON Semiconductor average quick ratio for 2023 was 1.61, a 17.86% increase from 2022.
• ON Semiconductor average quick ratio for 2022 was 1.96, a 41.01% decline from 2021.
• ON Semiconductor average quick ratio for 2021 was 1.39, a 3.47% increase from 2020.

Quick ratio can be defined as a liquidity ratio that measures a company's ability to pay short-term obligations. It is calculated by subtracting inventory from current assets and dividing by current liabilities.