ONON Stock Analysis: On Holding | NYSE
Footwear & Accessories | NYSE, USA | Market Cap: 12.120m USD | 12M Return: -31.4% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 181M
EPS Trend: 81.3%
Qual. Beats: 0
Rev. Trend: 99.7%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 4.8 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
On Holding AG is a Swiss performance sports brand that designs and distributes athletic footwear, apparel, and accessories under the On brand across more than 60 markets worldwide. Its product range spans performance running, outdoor, all-day, training, tennis, and childrens segments, with a particular reputation in the premium running shoe category built around its proprietary CloudTec cushioning technology.
The company operates a hybrid distribution model, selling through wholesale partners - including run specialty, sporting goods, outdoor, luxury, and lifestyle retailers - alongside direct-to-consumer channels comprising e-commerce platforms and owned retail stores. This DTC-plus-wholesale structure is typical of premium athletic footwear peers competing in the global performance and lifestyle segments.
Founded in 2010 and headquartered in Zurich, On listed on the NYSE in September 2021 under the ticker ONON, and is classified within the Consumer Discretionary sectors footwear sub-industry.
- Direct-to-consumer mix shift expands gross margins above peers
- Asia-Pacific and outdoor categories drive double-digit revenue growth
- Hoka and Nike competition pressures US running market share
| Net Income: 252.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.10 > 0.02 and ΔFCF/TA -4.05 > 1.0 |
| NWC/Revenue: 43.44% < 20% (prev 45.61%; Δ -2.17% < -1%) |
| CFO/TA 0.13 > 3% & CFO 388.8m > Net Income 252.2m |
| Net Debt (122.7m) to EBITDA (424.7m): 0.29 < 3 |
| Current Ratio: 2.98 > 1.5 & < 3 |
| Outstanding Shares: last quarter (335.6m) vs 12m ago -0.97% < -2% |
| Gross Margin: 63.88% > 18% (prev 60.62%; Δ 3.27% > 0.5%) |
| Asset Turnover: 116.6% > 50% (prev 104.9%; Δ 11.70% > 0%) |
| Interest Coverage Ratio: 9.23 > 6 (EBIT TTM 289.5m / Interest Expense TTM 31.4m) |
| A: 0.46 (Total Current Assets 2.05b - Total Current Liabilities 686.5m) / Total Assets 2.95b |
| B: 0.16 (Retained Earnings 484.4m / Total Assets 2.95b) |
| C: 0.11 (EBIT TTM 289.5m / Avg Total Assets 2.69b) |
| D: 1.49 (Book Value of Equity 1.77b / Total Liabilities 1.19b) |
| Altman-Z'' = 5.84 = AAA |
| DSRI: 0.90 (Receivables 401.4m/362.7m, Revenue 3.13b/2.54b) |
| GMI: 0.95 (GM 60.62% / 63.88%) |
| AQI: 1.10 (AQ_t 0.08 / AQ_t-1 0.07) |
| SGI: 1.23 (Revenue 3.13b / 2.54b) |
| TATA: -0.05 (NI 252.2m - CFO 388.8m) / TA 2.95b) |
| Beneish M = -2.94 (Cap -4..+1) = A |
As of July 03, 2026, the stock is trading at USD 36.83 with a total of 3,543,932 shares traded. Over the past week, the price has changed by +0.68%, over one month by -3.89%, over three months by +11.50% and over the past year by -31.42%.
Current recommended Stop Loss: 34.20 (which is 7.1% or 1.7 ATR below the current price).
On Holding has received a consensus analysts rating of 4.53. Therefore, it is recommended to buy ONON.
- StrongBuy: 19
- Buy: 8
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 52.3 | 42.1% |
Market Cap CHF = 9.80b (12.1b USD * 0.8085 USD.CHF)
P/E Trailing = 39.0968
P/E Forward = 22.2222
P/S = 3.8854
P/B = 5.4138
P/EG = 0.6928
Revenue TTM = 3.13b CHF
EBIT TTM = 289.5m CHF
EBITDA TTM = 424.7m CHF
Long Term Debt = 461.5m CHF (estimated: total debt 598.1m - short term 136.6m)
Short Term Debt = 136.6m CHF (from shortTermDebt, last quarter)
Debt = 1.14b CHF (from shortLongTermDebtTotal, last quarter) + Leases 541.9m
Net Debt = 122.7m CHF (calculated: Debt 1.14b - CCE 1.02b)
Enterprise Value = 9.92b CHF (9.80b + Debt 1.14b - CCE 1.02b)
Interest Coverage Ratio = 9.23 (Ebit TTM 289.5m / Interest Expense TTM 31.4m)
EV/FCF = 32.29x (Enterprise Value 9.92b / FCF TTM 307.3m)
FCF Yield = 3.10% (FCF TTM 307.3m / Enterprise Value 9.92b)
FCF Margin = 9.81% (FCF TTM 307.3m / Revenue TTM 3.13b)
Net Margin = 8.05% (Net Income TTM 252.2m / Revenue TTM 3.13b)
Gross Margin = 63.88% ((Revenue TTM 3.13b - Cost of Revenue TTM 1.13b) / Revenue TTM)
Gross Margin QoQ = 64.23% (prev 63.90%)
Tobins Q-Ratio = 3.36 (Enterprise Value 9.92b / Total Assets 2.95b)
Interest Expense / Debt = 2.75% (Interest Expense 31.4m / Debt 1.14b)
Taxrate = 2.81% (7.28m / 259.5m)
NOPAT = 281.4m (EBIT 289.5m * (1 - 2.81%))
Current Ratio = 2.98 (Total Current Assets 2.05b / Total Current Liabilities 686.5m)
Debt / Equity = 0.65 (Debt 1.14b / totalStockholderEquity, last quarter 1.77b)
Debt / EBITDA = 0.29 (Net Debt 122.7m / EBITDA 424.7m)
Debt / FCF = 0.40 (Net Debt 122.7m / FCF TTM 307.3m)
Total Stockholder Equity = 1.58b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.39% (Net Income 252.2m / Total Assets 2.95b)
RoE = 15.91% (Net Income TTM 252.2m / Total Stockholder Equity 1.58b)
RoCE = 14.15% (EBIT 289.5m / Capital Employed (Equity 1.58b + L.T.Debt 461.5m))
RoIC = 12.51% (NOPAT 281.4m / Invested Capital 2.25b)
WACC = 9.59% (E(9.80b)/V(10.9b) * Re(10.40%) + D(1.14b)/V(10.9b) * Rd(2.75%) * (1-Tc(0.03)))
Discount Rate = 10.40% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 35.81 | Cagr: 2.23%
[DCF] Terminal Value 69.15% ; FCFF base≈324.2m ; Y1≈292.4m ; Y5≈249.9m
[DCF] Fair Price = 10.57 (EV 3.30b - Net Debt 122.7m = Equity 3.18b / Shares 300.8m; r=9.59% [WACC]; 5y FCF grow -12.09% → 2.50% )
EPS Correlation: 81.33 | EPS CAGR: 56.71% | SUE: 0.54 | # QB: 0
Revenue Correlation: 99.72 | Revenue CAGR: 29.86% | SUE: 0.43 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.40 | Chg30d=+0.00% | Revisions=+7% | Analysts=14
EPS current Year (2026-12-31): EPS=1.41 | Chg30d=-0.03% | Revisions=+80% | GrowthEPS=+76.1% | GrowthRev=+17.9%
EPS next Year (2027-12-31): EPS=1.73 | Chg30d=+0.76% | Revisions=+80% | GrowthEPS=+22.6% | GrowthRev=+20.2%
[Analyst] Revisions Ratio: +80%