(ONON) On Holding - Overview

Sector: Consumer Cyclical | Industry: Footwear & Accessories | Exchange: NYSE (USA) | Market Cap: 11.400m USD | Total Return: -22% in 12m

Footwear, Apparel, Accessories
Total Rating 45
Safety 92
Buy Signal -0.45
Footwear & Accessories
Industry Rotation: +15.6
Market Cap: 11.4B
Avg Turnover: 234M USD
ATR: 5.79%
Peers RS (IBD): 15.0
Risk 5d forecast
Volatility58.1%
Rel. Tail Risk-7.40%
Reward TTM
Sharpe Ratio-0.50
Alpha-64.64
Character TTM
Beta1.364
Beta Downside1.211
Drawdowns 3y
Max DD49.89%
CAGR/Max DD0.06
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,
EPS CAGR: 53.27%
EPS Trend: 36.7%
Last SUE: 0.19
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,
Rev. CAGR: 35.59%
Rev. Trend: 97.0%
Last SUE: -1.16
Qual. Beats: 0

Warnings

No concerns identified

Tailwinds

No distinct edge detected

Description: ONON On Holding

On Holding AG (ONON) designs and sells athletic footwear, apparel, and accessories globally. The company operates in the highly competitive sportswear sector, which includes major players like Nike and Adidas.

ONON utilizes a multi-channel distribution strategy, selling through independent retailers, its own e-commerce platform, and company-owned stores. This direct-to-consumer model, common in the apparel industry, allows for greater control over brand image and pricing.

For more detailed financial analysis, consider exploring ValueRay.

Headlines to Watch Out For
  • Direct-to-consumer sales growth boosts revenue
  • New product launches expand market share
  • Raw material costs impact production expenses
  • Supply chain disruptions affect inventory availability
  • Increased competition pressures pricing power
Piotroski VR‑10 (Strict) 7.5
Net Income: 203.3m TTM > 0 and > 6% of Revenue
FCF/TA: 0.10 > 0.02 and ΔFCF/TA -9.01 > 1.0
NWC/Revenue: 41.20% < 20% (prev 47.42%; Δ -6.22% < -1%)
CFO/TA 0.12 > 3% & CFO 353.1m > Net Income 203.3m
Net Debt (-439.4m) to EBITDA (364.2m): -1.21 < 3
Current Ratio: 2.71 > 1.5 & < 3
Outstanding Shares: last quarter (334.2m) vs 12m ago -1.39% < -2%
Gross Margin: 62.83% > 18% (prev 0.61%; Δ 6.22k% > 0.5%)
Asset Turnover: 115.4% > 50% (prev 97.54%; Δ 17.82% > 0%)
Interest Coverage Ratio: 8.18 > 6 (EBITDA TTM 364.2m / Interest Expense TTM 29.0m)
Altman Z'' 5.40
A: 0.44 (Total Current Assets 1.96b - Total Current Liabilities 725.2m) / Total Assets 2.84b
B: 0.13 (Retained Earnings 383.0m / Total Assets 2.84b)
C: 0.09 (EBIT TTM 237.1m / Avg Total Assets 2.61b)
D: 1.42 (Book Value of Equity 1.71b / Total Liabilities 1.20b)
Altman-Z'' Score: 5.40 = AAA
Beneish M -2.84
DSRI: 0.96 (Receivables 305.7m/246.1m, Revenue 3.01b/2.32b)
GMI: 0.97 (GM 62.83% / 60.63%)
AQI: 1.16 (AQ_t 0.08 / AQ_t-1 0.07)
SGI: 1.30 (Revenue 3.01b / 2.32b)
TATA: -0.05 (NI 203.3m - CFO 353.1m) / TA 2.84b)
Beneish M-Score: -2.84 (Cap -4..+1) = A
What is the price of ONON shares? As of April 11, 2026, the stock is trading at USD 33.55 with a total of 5,506,683 shares traded.
Over the past week, the price has changed by -0.36%, over one month by -18.21%, over three months by -31.40% and over the past year by -22.01%.
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 56.9 69.5%
On Holding (ONON) - Fundamental Data Overview as of 11 April 2026
Market Cap CHF = 9.02b (11.40b USD * 0.7912 USD.CHF)
P/E Trailing = 44.7273
P/E Forward = 22.1239
P/S = 3.7822
P/B = 5.3432
P/EG = 0.74
Revenue TTM = 3.01b CHF
EBIT TTM = 237.1m CHF
EBITDA TTM = 364.2m CHF
Long Term Debt = 521.5m CHF (from capitalLeaseObligations, last quarter)
Short Term Debt = 138.1m CHF (from shortTermDebt, last quarter)
Debt = 581.7m CHF (from shortLongTermDebtTotal, last quarter)
Net Debt = -439.4m CHF (from netDebt column, last quarter)
Enterprise Value = 8.58b CHF (9.02b + Debt 581.7m - CCE 1.02b)
Interest Coverage Ratio = 8.18 (Ebit TTM 237.1m / Interest Expense TTM 29.0m)
EV/FCF = 31.03x (Enterprise Value 8.58b / FCF TTM 276.5m)
FCF Yield = 3.22% (FCF TTM 276.5m / Enterprise Value 8.58b)
FCF Margin = 9.19% (FCF TTM 276.5m / Revenue TTM 3.01b)
Net Margin = 6.76% (Net Income TTM 203.3m / Revenue TTM 3.01b)
Gross Margin = 62.83% ((Revenue TTM 3.01b - Cost of Revenue TTM 1.12b) / Revenue TTM)
Gross Margin QoQ = 63.90% (prev 65.75%)
Tobins Q-Ratio = 3.02 (Enterprise Value 8.58b / Total Assets 2.84b)
Interest Expense / Debt = 1.33% (Interest Expense 7.74m / Debt 581.7m)
Taxrate = 1.29% (893k / 69.5m)
NOPAT = 234.0m (EBIT 237.1m * (1 - 1.29%))
Current Ratio = 2.71 (Total Current Assets 1.96b / Total Current Liabilities 725.2m)
Debt / Equity = 0.36 (Debt 581.7m / totalStockholderEquity, last quarter 1.63b)
Debt / EBITDA = -1.21 (Net Debt -439.4m / EBITDA 364.2m)
Debt / FCF = -1.59 (Net Debt -439.4m / FCF TTM 276.5m)
Total Stockholder Equity = 1.51b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.80% (Net Income 203.3m / Total Assets 2.84b)
RoE = 13.48% (Net Income TTM 203.3m / Total Stockholder Equity 1.51b)
RoCE = 11.68% (EBIT 237.1m / Capital Employed (Equity 1.51b + L.T.Debt 521.5m))
RoIC = 15.53% (NOPAT 234.0m / Invested Capital 1.51b)
WACC = 10.21% (E(9.02b)/V(9.60b) * Re(10.78%) + D(581.7m)/V(9.60b) * Rd(1.33%) * (1-Tc(0.01)))
Discount Rate = 10.78% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 2.30%
[DCF] Terminal Value 65.76% ; FCFF base≈344.1m ; Y1≈269.7m ; Y5≈175.8m
[DCF] Fair Price = 9.40 (EV 2.35b - Net Debt -439.4m = Equity 2.79b / Shares 296.9m; r=10.21% [WACC]; 5y FCF grow -25.79% → 3.0% )
EPS Correlation: 36.67 | EPS CAGR: 53.27% | SUE: 0.19 | # QB: 0
Revenue Correlation: 96.98 | Revenue CAGR: 35.59% | SUE: -1.16 | # QB: 0
EPS next Quarter (2026-06-30): EPS=0.32 | Chg7d=+0.000 | Chg30d=-0.015 | Revisions Net=-5 | Analysts=12
EPS current Year (2026-12-31): EPS=1.28 | Chg7d=+0.002 | Chg30d=-0.048 | Revisions Net=-6 | Growth EPS=+60.4% | Growth Revenue=+16.9%
EPS next Year (2027-12-31): EPS=1.61 | Chg7d=-0.001 | Chg30d=-0.044 | Revisions Net=-3 | Growth EPS=+25.5% | Growth Revenue=+20.8%
[Analyst] Revisions Ratio: -0.71 (1 Up / 6 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = 8.5% (Discount Rate 10.8% - Earnings Yield 2.2%)
[Growth] Growth Spread = +7.8% (Analyst 16.4% - Implied 8.5%)
External Resources
Dataroma Stockcircle