(ONON) On Holding - Ratings and Ratios
Exchange: NYSE •
Country: Switzerland •
Currency: USD •
Type: Common Stock •
ISIN: CH1134540470
Athletic Footwear, Apparel, Accessories
Dividends
Currently no dividends paid| Risk via 10d forecast | |
|---|---|
| Volatility | 44.6% |
| Value at Risk 5%th | 67.2% |
| Relative Tail Risk | -8.38% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.31 |
| Alpha | -38.54 |
| CAGR/Max DD | 0.84 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.496 |
| Beta | 1.307 |
| Beta Downside | 1.060 |
| Drawdowns 3y | |
|---|---|
| Max DD | 45.05% |
| Mean DD | 14.52% |
| Median DD | 11.83% |
Description: ONON On Holding October 30, 2025
On Holding AG (NYSE: ONON) designs, manufactures, and sells athletic footwear, apparel, and accessories for running, outdoor, training, everyday wear, and tennis, distributing its products through independent retailers, online channels, and its own stores. Founded in 2010 and based in Zurich, Switzerland, the company operates globally within the GICS Footwear sub-industry.
Key recent metrics include FY 2024 revenue of $1.9 billion, representing a 12 % YoY increase driven by strong demand for premium running shoes, and a gross margin of 48 %, which remains above the industry average of roughly 44 %. The firm’s direct-to-consumer (DTC) sales now account for about 35 % of total revenue, reflecting a broader shift in the footwear sector toward higher-margin online channels, while inventory turnover has improved to 4.2 times, indicating better supply-chain efficiency amid lingering global logistics constraints.
For a deeper quantitative dive, you might explore ValueRay’s analyst tools to model ONON’s forward cash-flow under different macro scenarios.
Piotroski VR‑10 (Strict, 0-10) 7.5
| Net Income (224.3m TTM) > 0 and > 6% of Revenue (6% = 172.6m TTM) |
| FCFTA 0.13 (>2.0%) and ΔFCFTA -6.44pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue 40.43% (prev 47.23%; Δ -6.80pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.15 (>3.0%) and CFO 415.2m > Net Income 224.3m (YES >=105%, WARN >=100%) |
| Net Debt (-457.9m) to EBITDA (398.3m) ratio: -1.15 <= 3.0 (WARN <= 3.5) |
| Current Ratio 2.55 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (334.0m) change vs 12m ago -1.46% (target <= -2.0% for YES) |
| Gross Margin 62.40% (prev 60.18%; Δ 2.23pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 118.5% (prev 102.6%; Δ 15.92pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 8.68 (EBITDA TTM 398.3m / Interest Expense TTM 27.3m) >= 6 (WARN >= 3) |
Altman Z'' 5.16
| (A) 0.42 = (Total Current Assets 1.91b - Total Current Liabilities 748.6m) / Total Assets 2.75b |
| (B) 0.11 = Retained Earnings (Balance) 313.6m / Total Assets 2.75b |
| (C) 0.10 = EBIT TTM 237.2m / Avg Total Assets 2.43b |
| (D) 1.30 = Book Value of Equity 1.57b / Total Liabilities 1.21b |
| Total Rating: 5.16 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 80.52
| 1. Piotroski 7.50pt |
| 2. FCF Yield 3.04% |
| 3. FCF Margin 12.01% |
| 4. Debt/Equity 0.33 |
| 5. Debt/Ebitda -1.15 |
| 6. ROIC - WACC (= 5.98)% |
| 7. RoE 15.50% |
| 8. Rev. Trend 96.61% |
| 9. EPS Trend 50.63% |
What is the price of ONON shares?
As of December 05, 2025, the stock is trading at USD 46.51 with a total of 3,588,109 shares traded.
Over the past week, the price has changed by +5.73%, over one month by +28.48%, over three months by +1.00% and over the past year by -21.17%.
Over the past week, the price has changed by +5.73%, over one month by +28.48%, over three months by +1.00% and over the past year by -21.17%.
Is ONON a buy, sell or hold?
On Holding has received a consensus analysts rating of 4.53.
Therefore, it is recommended to buy ONON.
- Strong Buy: 19
- Buy: 8
- Hold: 3
- Sell: 0
- Strong Sell: 0
What are the forecasts/targets for the ONON price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 61.7 | 32.6% |
| Analysts Target Price | 61.7 | 32.6% |
| ValueRay Target Price | 53.8 | 15.7% |
ONON Fundamental Data Overview December 03, 2025
Market Cap CHF = 11.87b (14.75b USD * 0.8047 USD.CHF)
P/E Trailing = 53.1905
P/E Forward = 27.3224
P/S = 5.1279
P/B = 7.5731
Beta = 2.178
Revenue TTM = 2.88b CHF
EBIT TTM = 237.2m CHF
EBITDA TTM = 398.3m CHF
Long Term Debt = 503.9m CHF (from capitalLeaseObligations, last quarter)
Short Term Debt = 76.1m CHF (from shortTermDebt, last quarter)
Debt = 503.9m CHF (from shortLongTermDebtTotal, last quarter)
Net Debt = -457.9m CHF (from netDebt column, last quarter)
Enterprise Value = 11.35b CHF (11.87b + Debt 503.9m - CCE 1.02b)
Interest Coverage Ratio = 8.68 (Ebit TTM 237.2m / Interest Expense TTM 27.3m)
FCF Yield = 3.04% (FCF TTM 345.4m / Enterprise Value 11.35b)
FCF Margin = 12.01% (FCF TTM 345.4m / Revenue TTM 2.88b)
Net Margin = 7.80% (Net Income TTM 224.3m / Revenue TTM 2.88b)
Gross Margin = 62.40% ((Revenue TTM 2.88b - Cost of Revenue TTM 1.08b) / Revenue TTM)
Gross Margin QoQ = 65.75% (prev 61.51%)
Tobins Q-Ratio = 4.12 (Enterprise Value 11.35b / Total Assets 2.75b)
Interest Expense / Debt = 1.61% (Interest Expense 8.10m / Debt 503.9m)
Taxrate = -0.25% (negative due to tax credits) (-300.0k / 118.6m)
NOPAT = 237.8m (EBIT 237.2m * (1 - -0.25%)) [negative tax rate / tax credits]
Current Ratio = 2.55 (Total Current Assets 1.91b / Total Current Liabilities 748.6m)
Debt / Equity = 0.33 (Debt 503.9m / totalStockholderEquity, last quarter 1.54b)
Debt / EBITDA = -1.15 (Net Debt -457.9m / EBITDA 398.3m)
Debt / FCF = -1.33 (Net Debt -457.9m / FCF TTM 345.4m)
Total Stockholder Equity = 1.45b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.15% (Net Income 224.3m / Total Assets 2.75b)
RoE = 15.50% (Net Income TTM 224.3m / Total Stockholder Equity 1.45b)
RoCE = 12.16% (EBIT 237.2m / Capital Employed (Equity 1.45b + L.T.Debt 503.9m))
RoIC = 16.44% (NOPAT 237.8m / Invested Capital 1.45b)
WACC = 10.45% (E(11.87b)/V(12.37b) * Re(10.83%) + D(503.9m)/V(12.37b) * Rd(1.61%) * (1-Tc(-0.00)))
Discount Rate = 10.83% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 2.26%
[DCF Debug] Terminal Value 66.86% ; FCFE base≈367.2m ; Y1≈333.8m ; Y5≈292.5m
Fair Price DCF = 11.60 (DCF Value 3.44b / Shares Outstanding 296.7m; 5y FCF grow -11.35% → 3.0% )
EPS Correlation: 50.63 | EPS CAGR: 207.1% | SUE: 0.13 | # QB: 0
Revenue Correlation: 96.61 | Revenue CAGR: 46.22% | SUE: 0.14 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.29 | Chg30d=-0.002 | Revisions Net=+0 | Analysts=10
EPS next Year (2026-12-31): EPS=1.35 | Chg30d=+0.073 | Revisions Net=+15 | Growth EPS=+77.7% | Growth Revenue=+22.7%
P/E Trailing = 53.1905
P/E Forward = 27.3224
P/S = 5.1279
P/B = 7.5731
Beta = 2.178
Revenue TTM = 2.88b CHF
EBIT TTM = 237.2m CHF
EBITDA TTM = 398.3m CHF
Long Term Debt = 503.9m CHF (from capitalLeaseObligations, last quarter)
Short Term Debt = 76.1m CHF (from shortTermDebt, last quarter)
Debt = 503.9m CHF (from shortLongTermDebtTotal, last quarter)
Net Debt = -457.9m CHF (from netDebt column, last quarter)
Enterprise Value = 11.35b CHF (11.87b + Debt 503.9m - CCE 1.02b)
Interest Coverage Ratio = 8.68 (Ebit TTM 237.2m / Interest Expense TTM 27.3m)
FCF Yield = 3.04% (FCF TTM 345.4m / Enterprise Value 11.35b)
FCF Margin = 12.01% (FCF TTM 345.4m / Revenue TTM 2.88b)
Net Margin = 7.80% (Net Income TTM 224.3m / Revenue TTM 2.88b)
Gross Margin = 62.40% ((Revenue TTM 2.88b - Cost of Revenue TTM 1.08b) / Revenue TTM)
Gross Margin QoQ = 65.75% (prev 61.51%)
Tobins Q-Ratio = 4.12 (Enterprise Value 11.35b / Total Assets 2.75b)
Interest Expense / Debt = 1.61% (Interest Expense 8.10m / Debt 503.9m)
Taxrate = -0.25% (negative due to tax credits) (-300.0k / 118.6m)
NOPAT = 237.8m (EBIT 237.2m * (1 - -0.25%)) [negative tax rate / tax credits]
Current Ratio = 2.55 (Total Current Assets 1.91b / Total Current Liabilities 748.6m)
Debt / Equity = 0.33 (Debt 503.9m / totalStockholderEquity, last quarter 1.54b)
Debt / EBITDA = -1.15 (Net Debt -457.9m / EBITDA 398.3m)
Debt / FCF = -1.33 (Net Debt -457.9m / FCF TTM 345.4m)
Total Stockholder Equity = 1.45b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.15% (Net Income 224.3m / Total Assets 2.75b)
RoE = 15.50% (Net Income TTM 224.3m / Total Stockholder Equity 1.45b)
RoCE = 12.16% (EBIT 237.2m / Capital Employed (Equity 1.45b + L.T.Debt 503.9m))
RoIC = 16.44% (NOPAT 237.8m / Invested Capital 1.45b)
WACC = 10.45% (E(11.87b)/V(12.37b) * Re(10.83%) + D(503.9m)/V(12.37b) * Rd(1.61%) * (1-Tc(-0.00)))
Discount Rate = 10.83% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 2.26%
[DCF Debug] Terminal Value 66.86% ; FCFE base≈367.2m ; Y1≈333.8m ; Y5≈292.5m
Fair Price DCF = 11.60 (DCF Value 3.44b / Shares Outstanding 296.7m; 5y FCF grow -11.35% → 3.0% )
EPS Correlation: 50.63 | EPS CAGR: 207.1% | SUE: 0.13 | # QB: 0
Revenue Correlation: 96.61 | Revenue CAGR: 46.22% | SUE: 0.14 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.29 | Chg30d=-0.002 | Revisions Net=+0 | Analysts=10
EPS next Year (2026-12-31): EPS=1.35 | Chg30d=+0.073 | Revisions Net=+15 | Growth EPS=+77.7% | Growth Revenue=+22.7%
Additional Sources for ONON Stock
News:
Wall Street Journal |
Benzinga |
Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle