ONON Stock Analysis: On Holding | NYSE
Footwear & Accessories | NYSE, USA | Market Cap: 10.311m USD | 12M Return: -19% | CH1134540470 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 339M
EPS Trend: 88.1%
Qual. Beats: 0
Rev. Trend: 99.5%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 5 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 founded in 2010 and headquartered in Zurich. The company designs and distributes athletic footwear, apparel, and accessories under the On brand across six product categories: performance running, outdoor, all day, training, tennis, and young movers. It operates a global, omnichannel distribution model that combines direct-to-consumer sales (owned retail stores and e-commerce platforms) with wholesale partnerships spanning run specialty, sporting goods, outdoor, luxury, and lifestyle retailers. The business serves customers in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the Americas, and Asia-Pacific. The company trades on the NYSE under the ticker ONON, having gone public in September 2021, and is classified within the Consumer Discretionary sectors footwear sub-industry.
- DTC channel mix drives sustained gross margin expansion
- Hoka competition pressures pricing in performance running market
- Asia-Pacific and EMEA growth offsets mature US market
| Net Income: 398.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.13 > 0.02 and ΔFCF/TA -0.59 > 1.0 |
| NWC/Revenue: 45.79% < 20% (prev 38.48%; Δ 7.31% < -1%) |
| CFO/TA 0.16 > 3% & CFO 513.5m > Net Income 398.6m |
| Net Debt (-676.9m) to EBITDA (558.4m): -1.21 < 3 |
| Current Ratio: 2.83 > 1.5 & < 3 |
| Outstanding Shares: last quarter (335.9m) vs 12m ago -0.89% < -2% |
| Gross Margin: 64.82% > 18% (prev 61.00%; Δ 3.82% > 0.5%) |
| Asset Turnover: 111.9% > 50% (prev 106.9%; Δ 5.08% > 0%) |
| Interest Coverage Ratio: 17.95 > 6 (EBIT TTM 442.9m / Interest Expense TTM 24.7m) |
| A: 0.46 (Total Current Assets 2.29b - Total Current Liabilities 810.0m) / Total Assets 3.24b |
| B: 0.20 (Retained Earnings 658.3m / Total Assets 3.24b) |
| C: 0.15 (EBIT TTM 442.9m / Avg Total Assets 2.89b) |
| D: 1.44 (Book Value of Equity 1.91b / Total Liabilities 1.33b) |
| Altman-Z'' = 6.20 = AAA |
| DSRI: 0.80 (Receivables 374.0m/394.6m, Revenue 3.24b/2.72b) |
| GMI: 0.94 (GM 61.00% / 64.82%) |
| AQI: 0.92 (AQ_t 0.08 / AQ_t-1 0.08) |
| SGI: 1.19 (Revenue 3.24b / 2.72b) |
| TATA: -0.04 (NI 398.6m - CFO 513.5m) / TA 3.24b) |
| Beneish M = -3.16 (Cap -4..+1) = AA |
As of October 10, 2026, the stock is trading at USD 35.09 with a total of 11,120,917 shares traded. Over the past week, the price has changed by +13.74%, over one month by +30.74%, over three months by -4.57% and over the past year by -18.96%.
Current recommended Stop Loss: 33.60 (which is 4.2% or 1.3 ATR below the current price).
On Holding has received a consensus analysts rating of 4.29. Therefore, it is recommended to buy ONON.
- StrongBuy: 17
- Buy: 8
- Hold: 5
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 43.6 | 24.1% |
Market Cap CHF = 8.59b (10.3b USD * 0.8328 USD.CHF)
P/E Trailing = 21.8794
P/E Forward = 15.8228
P/S = 3.2016
P/B = 4.3296
P/EG = 0.4943
Revenue TTM = 3.24b CHF
EBIT TTM = 442.9m CHF
EBITDA TTM = 558.4m CHF
Long Term Debt = 474.6m CHF (estimated: total debt 562.5m - short term 87.9m)
Short Term Debt = 87.9m CHF (from shortTermDebt, last quarter)
Debt = 562.5m CHF (from shortLongTermDebtTotal, last quarter) (leases 562.5m already included)
Net Debt = -676.9m CHF (calculated: Debt 562.5m - CCE 1.24b)
Enterprise Value = 7.91b CHF (8.59b + Debt 562.5m - CCE 1.24b)
Interest Coverage Ratio = 17.95 (Ebit TTM 442.9m / Interest Expense TTM 24.7m)
EV/FCF = 18.65x (Enterprise Value 7.91b / FCF TTM 424.2m)
FCF Yield = 5.36% (FCF TTM 424.2m / Enterprise Value 7.91b)
FCF Margin = 13.10% (FCF TTM 424.2m / Revenue TTM 3.24b)
Net Margin = 12.31% (Net Income TTM 398.6m / Revenue TTM 3.24b)
Gross Margin = 64.82% ((Revenue TTM 3.24b - Cost of Revenue TTM 1.14b) / Revenue TTM)
Gross Margin QoQ = 65.35% (prev 64.23%)
Tobins Q-Ratio = 2.44 (Enterprise Value 7.91b / Total Assets 3.24b)
Interest Expense / Debt = 4.39% (Interest Expense 24.7m / Debt 562.5m)
Taxrate = 7.94% (34.4m / 433.0m)
NOPAT = 407.7m (EBIT 442.9m * (1 - 7.94%))
Current Ratio = 2.83 (Total Current Assets 2.29b / Total Current Liabilities 810.0m)
Debt / Equity = 0.29 (Debt 562.5m / totalStockholderEquity, last quarter 1.91b)
Debt / EBITDA = -1.21 (Net Debt -676.9m / EBITDA 558.4m)
Debt / FCF = -1.60 (Net Debt -676.9m / FCF TTM 424.2m)
Total Stockholder Equity = 1.71b (last 4 quarters mean from totalStockholderEquity)
RoA = 13.78% (Net Income 398.6m / Total Assets 3.24b)
RoE = 23.26% (Net Income TTM 398.6m / Total Stockholder Equity 1.71b)
RoCE = 20.24% (EBIT 442.9m / Capital Employed (Equity 1.71b + L.T.Debt 474.6m))
RoIC = 17.28% (NOPAT 407.7m / Invested Capital 2.36b)
WACC = 9.46% (E(8.59b)/V(9.15b) * Re(9.82%) + D(562.5m)/V(9.15b) * Rd(4.39%) * (1-Tc(0.08)))
Discount Rate = 9.82% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 40.70 | Cagr: 1.24%
[DCF] Terminal Value 74.45% ; FCFF base≈393.6m ; Y1≈451.2m ; Y5≈664.0m
[DCF] Fair Price = 29.92 (EV 8.35b - Net Debt -676.9m = Equity 9.03b / Shares 301.7m; r=9.46% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 88.15 | EPS CAGR: 55.27% | SUE: 0.07 | # QB: 0
Revenue Correlation: 99.49 | Revenue CAGR: 28.54% | SUE: -0.59 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.39 | Chg30d=+0.18% | Revisions=-40% | Analysts=15
EPS current Year (2026-12-31): EPS=1.43 | Chg30d=+1.16% | Revisions=-36% | GrowthEPS=+78.6% | GrowthRev=+16.6%
EPS next Year (2027-12-31): EPS=1.71 | Chg30d=+1.62% | Revisions=+53% | GrowthEPS=+19.4% | GrowthRev=+18.9%
[Analyst] Revisions Ratio: +8% (up=12, down=10)