(ONON) On Holding - Overview
Exchange: NYSE •
Country: Switzerland •
Currency: USD •
Type: Common Stock •
ISIN: CH1134540470
Stock: Athletic Footwear, Apparel, Accessories
Total Rating 42
Risk 90
Buy Signal -0.98
EPS (Earnings per Share)
Revenue
| Risk 5d forecast | |
|---|---|
| Volatility | 45.2% |
| Relative Tail Risk | -8.74% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.45 |
| Alpha | -45.88 |
| Character TTM | |
|---|---|
| Beta | 1.335 |
| Beta Downside | 1.088 |
| Drawdowns 3y | |
|---|---|
| Max DD | 45.05% |
| CAGR/Max DD | 0.61 |
Description: ONON On Holding January 02, 2026
On Holding AG (NYSE: ONON) designs, manufactures, and distributes athletic footwear, apparel, and accessories for running, outdoor, training, all-day wear, and tennis. The brand sells through independent retailers, distributors, its own e-commerce channels, and physical stores. Founded in 2010, the company is headquartered in Zurich, Switzerland, and operates globally.
Key recent metrics: FY 2023 revenue reached roughly $1.5 billion, up about 12 % year-over-year, driven by strong e-commerce growth (online sales now represent ~30 % of total revenue). Gross margin improved to 45 % as the firm shifted to higher-margin premium models, while inventory turnover accelerated to 4.2×, reflecting tighter supply-chain management. The sector is being propelled by sustained consumer demand for athleisure and “active-lifestyle” products, with U.S. discretionary spending expected to grow modestly (≈2 % annual) despite inflationary pressures.
For a deeper quantitative dive-including forward-looking cash-flow forecasts and scenario analysis-check out the ValueRay platform, which aggregates analyst estimates and proprietary risk metrics.
Piotroski VR‑10 (Strict, 0-10) 7.5
| Net Income: 224.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.13 > 0.02 and ΔFCF/TA -6.44 > 1.0 |
| NWC/Revenue: 40.43% < 20% (prev 47.23%; Δ -6.80% < -1%) |
| CFO/TA 0.15 > 3% & CFO 415.2m > Net Income 224.3m |
| Net Debt (-457.9m) to EBITDA (366.9m): -1.25 < 3 |
| Current Ratio: 2.55 > 1.5 & < 3 |
| Outstanding Shares: last quarter (334.0m) vs 12m ago -1.46% < -2% |
| Gross Margin: 62.40% > 18% (prev 0.60%; Δ 6180 % > 0.5%) |
| Asset Turnover: 118.5% > 50% (prev 102.6%; Δ 15.92% > 0%) |
| Interest Coverage Ratio: 8.97 > 6 (EBITDA TTM 366.9m / Interest Expense TTM 27.3m) |
Altman Z'' 5.18
| A: 0.42 (Total Current Assets 1.91b - Total Current Liabilities 748.6m) / Total Assets 2.75b |
| B: 0.11 (Retained Earnings 313.6m / Total Assets 2.75b) |
| C: 0.10 (EBIT TTM 245.3m / Avg Total Assets 2.43b) |
| D: 1.30 (Book Value of Equity 1.57b / Total Liabilities 1.21b) |
| Altman-Z'' Score: 5.18 = AAA |
Beneish M -2.80
| DSRI: 0.80 (Receivables 340.9m/320.5m, Revenue 2.88b/2.16b) |
| GMI: 0.96 (GM 62.40% / 60.18%) |
| AQI: 1.44 (AQ_t 0.08 / AQ_t-1 0.06) |
| SGI: 1.33 (Revenue 2.88b / 2.16b) |
| TATA: -0.07 (NI 224.3m - CFO 415.2m) / TA 2.75b) |
| Beneish M-Score: -2.80 (Cap -4..+1) = A |
What is the price of ONON shares?
As of February 08, 2026, the stock is trading at USD 43.47 with a total of 4,541,881 shares traded.
Over the past week, the price has changed by -3.93%, over one month by -11.36%, over three months by +22.42% and over the past year by -27.21%.
Over the past week, the price has changed by -3.93%, over one month by -11.36%, over three months by +22.42% and over the past year by -27.21%.
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?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 62.5 | 43.7% |
| Analysts Target Price | 62.5 | 43.7% |
| ValueRay Target Price | 48.8 | 12.2% |
ONON Fundamental Data Overview February 05, 2026
Market Cap CHF = 11.32b (14.57b USD * 0.7768 USD.CHF)
P/E Trailing = 51.314
P/E Forward = 27.3973
P/S = 5.0647
P/B = 7.3659
Revenue TTM = 2.88b CHF
EBIT TTM = 245.3m CHF
EBITDA TTM = 366.9m 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 = 10.80b CHF (11.32b + Debt 503.9m - CCE 1.02b)
Interest Coverage Ratio = 8.97 (Ebit TTM 245.3m / Interest Expense TTM 27.3m)
EV/FCF = 31.26x (Enterprise Value 10.80b / FCF TTM 345.4m)
FCF Yield = 3.20% (FCF TTM 345.4m / Enterprise Value 10.80b)
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 = 3.92 (Enterprise Value 10.80b / Total Assets 2.75b)
Interest Expense / Debt = 1.61% (Interest Expense 8.10m / Debt 503.9m)
Taxrate = 13.38% (37.4m / 279.6m)
NOPAT = 212.5m (EBIT 245.3m * (1 - 13.38%))
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 = -1.25 (Net Debt -457.9m / EBITDA 366.9m)
Debt / FCF = -1.33 (Net Debt -457.9m / FCF TTM 345.4m)
Total Stockholder Equity = 1.45b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.24% (Net Income 224.3m / Total Assets 2.75b)
RoE = 15.50% (Net Income TTM 224.3m / Total Stockholder Equity 1.45b)
RoCE = 12.57% (EBIT 245.3m / Capital Employed (Equity 1.45b + L.T.Debt 503.9m))
RoIC = 14.69% (NOPAT 212.5m / Invested Capital 1.45b)
WACC = 10.43% (E(11.32b)/V(11.82b) * Re(10.83%) + D(503.9m)/V(11.82b) * Rd(1.61%) * (1-Tc(0.13)))
Discount Rate = 10.83% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 2.26%
[DCF Debug] Terminal Value 67.85% ; FCFF base≈367.2m ; Y1≈333.7m ; Y5≈291.8m
Fair Price DCF = 13.61 (EV 3.58b - Net Debt -457.9m = Equity 4.04b / Shares 296.7m; r=10.43% [WACC]; 5y FCF grow -11.35% → 2.90% )
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=0.28 | Chg30d=-0.001 | Revisions Net=-1 | Analysts=8
EPS next Year (2026-12-31): EPS=1.35 | Chg30d=-0.008 | Revisions Net=-1 | Growth EPS=+78.9% | Growth Revenue=+22.4%
P/E Trailing = 51.314
P/E Forward = 27.3973
P/S = 5.0647
P/B = 7.3659
Revenue TTM = 2.88b CHF
EBIT TTM = 245.3m CHF
EBITDA TTM = 366.9m 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 = 10.80b CHF (11.32b + Debt 503.9m - CCE 1.02b)
Interest Coverage Ratio = 8.97 (Ebit TTM 245.3m / Interest Expense TTM 27.3m)
EV/FCF = 31.26x (Enterprise Value 10.80b / FCF TTM 345.4m)
FCF Yield = 3.20% (FCF TTM 345.4m / Enterprise Value 10.80b)
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 = 3.92 (Enterprise Value 10.80b / Total Assets 2.75b)
Interest Expense / Debt = 1.61% (Interest Expense 8.10m / Debt 503.9m)
Taxrate = 13.38% (37.4m / 279.6m)
NOPAT = 212.5m (EBIT 245.3m * (1 - 13.38%))
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 = -1.25 (Net Debt -457.9m / EBITDA 366.9m)
Debt / FCF = -1.33 (Net Debt -457.9m / FCF TTM 345.4m)
Total Stockholder Equity = 1.45b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.24% (Net Income 224.3m / Total Assets 2.75b)
RoE = 15.50% (Net Income TTM 224.3m / Total Stockholder Equity 1.45b)
RoCE = 12.57% (EBIT 245.3m / Capital Employed (Equity 1.45b + L.T.Debt 503.9m))
RoIC = 14.69% (NOPAT 212.5m / Invested Capital 1.45b)
WACC = 10.43% (E(11.32b)/V(11.82b) * Re(10.83%) + D(503.9m)/V(11.82b) * Rd(1.61%) * (1-Tc(0.13)))
Discount Rate = 10.83% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 2.26%
[DCF Debug] Terminal Value 67.85% ; FCFF base≈367.2m ; Y1≈333.7m ; Y5≈291.8m
Fair Price DCF = 13.61 (EV 3.58b - Net Debt -457.9m = Equity 4.04b / Shares 296.7m; r=10.43% [WACC]; 5y FCF grow -11.35% → 2.90% )
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=0.28 | Chg30d=-0.001 | Revisions Net=-1 | Analysts=8
EPS next Year (2026-12-31): EPS=1.35 | Chg30d=-0.008 | Revisions Net=-1 | Growth EPS=+78.9% | Growth Revenue=+22.4%