(ONON) On Holding - Overview

Sector: Consumer Cyclical | Industry: Footwear & Accessories | Exchange: NYSE (USA) | Market Cap: 12.640m USD | Total Return: -33.7% in 12m

Athletic Footwear, Apparel, Accessories
Total Rating 47
Safety 78
Buy Signal 0.37
Footwear & Accessories
Industry Rotation: -0.5
Market Cap: 12.6B
Avg Turnover: 235M
Risk 3d forecast
Volatility42.7%
VaR 5th Pctl7.15%
VaR vs Median1.53%
Reward TTM
Sharpe Ratio-0.79
Rel. Str. IBD10.1
Rel. Str. Peer Group13.6
Character TTM
Beta1.337
Beta Downside1.393
Hurst Exponent0.493
Drawdowns 3y
Max DD49.89%
CAGR/Max DD0.28
CAGR/Mean DD0.75
EPS (Earnings per Share) EPS (Earnings per Share) of ONON over the last years for every Quarter: "2021-03": -0.0387, "2021-06": 0.0465, "2021-09": 0.04, "2021-12": -0.6, "2022-03": 0.0504, "2022-06": 0.1593, "2022-09": 0.0772, "2022-12": -0.0415, "2023-03": 0.14, "2023-06": 0.01, "2023-09": 0.2052, "2023-12": -0.06, "2024-03": 0.36, "2024-06": 0.15, "2024-09": 0.1072, "2024-12": 0.33, "2025-03": 0.21, "2025-06": -0.12, "2025-09": 0.36, "2025-12": 0.25, "2026-03": 0.37,
EPS CAGR: 56.71%
EPS Trend: 81.3%
Last SUE: 0.54
Qual. Beats: 0
Revenue Revenue of ONON over the last years for every Quarter: 2021-03: 140.393, 2021-06: 175.062, 2021-09: 218.037, 2021-12: 191.108, 2022-03: 235.681, 2022-06: 291.662, 2022-09: 328, 2022-12: 366.744, 2023-03: 420.2, 2023-06: 444.3, 2023-09: 480.5, 2023-12: 447.1, 2024-03: 508.2, 2024-06: 567.7, 2024-09: 635.8, 2024-12: 606.6, 2025-03: 726.6, 2025-06: 749.2, 2025-09: 794.4, 2025-12: 738.148067, 2026-03: 850.455957,
Rev. CAGR: 29.86%
Rev. Trend: 99.7%
Last SUE: 0.43
Qual. Beats: 0

Warnings

No concerns identified

Tailwinds

Confidence

Description: ONON On Holding

On Holding AG (ONON) is a Swiss-based developer and distributor of performance athletic footwear, apparel, and accessories. Founded in 2010 and headquartered in Zurich, the company targets a broad demographic ranging from professional athletes to lifestyle consumers across major global markets, including Europe, North America, and the Asia-Pacific.

The business operates a multi-channel distribution model, utilizing both wholesale partnerships and direct-to-consumer (DTC) platforms, such as e-commerce and owned retail stores. This hybrid approach is common in the premium footwear sector to maintain brand equity while scaling volume through specialty run and luxury fashion retailers. The company utilizes proprietary cushioning technology to differentiate its products in a highly competitive performance running market.

Investors can evaluate the company’s long-term growth trajectory and margin profile on ValueRay. On Holding continues to expand its product categories beyond running into tennis, outdoor, and training segments to capture a larger share of the global sportswear market.

Headlines to Watch Out For
  • Direct-to-consumer channel growth improves overall gross profit margins
  • Expansion into professional tennis and training categories diversifies revenue streams
  • Wholesale partnership scaling increases global market share across major retailers
  • Apparel segment penetration drives higher average order value and brand loyalty
  • Foreign currency fluctuations impact reported earnings for the Swiss-based company
Piotroski VR‑10 (Strict) 7.5
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 (102.3m) to EBITDA (422.5m): 0.24 < 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 0.61%; Δ 6.33k% > 0.5%)
Asset Turnover: 116.6% > 50% (prev 104.9%; Δ 11.70% > 0%)
Interest Coverage Ratio: 9.16 > 6 (EBITDA TTM 422.5m / Interest Expense TTM 31.4m)
Altman Z'' 5.19
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 287.3m / Avg Total Assets 2.69b)
D: 0.87 (Book Value of Equity 1.03b / Total Liabilities 1.19b)
Altman-Z'' = 5.19 = AAA
Beneish M -2.98
DSRI: 0.90 (Receivables 401.4m/362.7m, Revenue 3.13b/2.54b)
GMI: 0.95 (GM 63.88% / 60.62%)
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 = -2.98 (Cap -4..+1) = A
What is the price of ONON shares? As of May 22, 2026, the stock is trading at USD 39.19 with a total of 8,107,020 shares traded.
Over the past week, the price has changed by +6.38%, over one month by +6.70%, over three months by -17.39% and over the past year by -33.73%.
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.
  • StrongBuy: 19
  • Buy: 8
  • Hold: 3
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the ONON price?
Analysts Target Price 52.8 34.7%
On Holding (ONON) - Fundamental Data Overview as of 20 May 2026
Market Cap CHF = 9.95b (12.64b USD * 0.7871 USD.CHF)
P/E Trailing = 39.9158
P/E Forward = 23.5294
P/S = 4.0521
P/B = 5.6398
P/EG = 0.7337
Revenue TTM = 3.13b CHF
EBIT TTM = 287.3m CHF
EBITDA TTM = 422.5m 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 = 1.12b CHF (from shortLongTermDebtTotal, last quarter) + Leases 521.5m
Net Debt = 102.3m CHF (calculated: Debt 1.12b - CCE 1.02b)
Enterprise Value = 10.05b CHF (9.95b + Debt 1.12b - CCE 1.02b)
Interest Coverage Ratio = 9.16 (Ebit TTM 287.3m / Interest Expense TTM 31.4m)
EV/FCF = 32.71x (Enterprise Value 10.05b / FCF TTM 307.3m)
FCF Yield = 3.06% (FCF TTM 307.3m / Enterprise Value 10.05b)
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 = 3.40 (Enterprise Value 10.05b / Total Assets 2.95b)
Interest Expense / Debt = 0.73% (Interest Expense 8.18m / Debt 1.12b)
Taxrate = 11.02% (13.1m / 118.7m)
NOPAT = 255.6m (EBIT 287.3m * (1 - 11.02%))
Current Ratio = 2.98 (Total Current Assets 2.05b / Total Current Liabilities 686.5m)
Debt / Equity = 0.63 (Debt 1.12b / totalStockholderEquity, last quarter 1.77b)
Debt / EBITDA = 0.24 (Net Debt 102.3m / EBITDA 422.5m)
Debt / FCF = 0.33 (Net Debt 102.3m / 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 = 14.04% (EBIT 287.3m / Capital Employed (Equity 1.58b + L.T.Debt 461.5m))
RoIC = 18.42% (NOPAT 255.6m / Invested Capital 1.39b)
WACC = 9.67% (E(9.95b)/V(11.07b) * Re(10.68%) + D(1.12b)/V(11.07b) * Rd(0.73%) * (1-Tc(0.11)))
Discount Rate = 10.68% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 35.81 | Cagr: 2.23%
[DCF] Terminal Value 67.75% ; FCFF base≈324.2m ; Y1≈254.1m ; Y5≈165.6m
[DCF] Fair Price = 7.62 (EV 2.38b - Net Debt 102.3m = Equity 2.28b / Shares 299.2m; r=9.67% [WACC]; 5y FCF grow -25.79% → 3.0% )
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 (2026-06-30): EPS=0.34 | Chg30d=+5.58% | Revisions=+62% | Analysts=14
EPS next Quarter (2026-09-30): EPS=0.40 | Chg30d=+1.33% | Revisions=+7% | Analysts=14
EPS current Year (2026-12-31): EPS=1.41 | Chg30d=+9.10% | Revisions=+79% | GrowthEPS=+76.3% | GrowthRev=+17.8%
EPS next Year (2027-12-31): EPS=1.71 | Chg30d=+6.60% | Revisions=+68% | GrowthEPS=+21.6% | GrowthRev=+20.3%
[Analyst] Revisions Ratio: +79%