Overview Dividends

(ONON) On Holding - Ratings and Ratios

Exchange: NYSE • Country: Switzerland • Currency: USD • Type: Common Stock • ISIN: CH1134540470

Athletic Footwear, Apparel, Accessories

Footwear
Market Cap in USD: 16,066m
IPO / Inception: 2021-09-15
Return 12m vs S&P 500: -23.0%

EPS (Earnings per Share)

EPS (Earnings per Share) of ONON over the last years for every Quarter: "2020-12": -0.0095, "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,
EPS CAGR: 207.12%
EPS Trend: 50.6%
Last SUE: 0.13
Qual. Beats: 0

Revenue

Revenue of ONON over the last years for every Quarter: 2020-12: 124.3, 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,
Rev. CAGR: 46.22%
Rev. Trend: 96.6%
Last SUE: 0.14
Qual. Beats: 0

Dividends

Currently no dividends paid
Risk via 5d forecast
Volatility 42.8%
Value at Risk 5%th 64.2%
Relative Tail Risk -8.79%
Reward TTM
Sharpe Ratio 0.00
Alpha -28.39
CAGR/Max DD 0.80
Character TTM
Hurst Exponent 0.513
Beta 1.302
Beta Downside 1.102
Drawdowns 3y
Max DD 45.05%
Mean DD 15.15%
Median DD 13.42%

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 (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) 80.39

1. Piotroski 7.50pt
2. FCF Yield 2.81%
3. FCF Margin 12.01%
4. Debt/Equity 0.33
5. Debt/Ebitda -1.15
6. ROIC - WACC (= 5.97)%
7. RoE 15.50%
8. Rev. Trend 96.61%
9. EPS Trend 50.63%

What is the price of ONON shares?

As of January 09, 2026, the stock is trading at USD 50.63 with a total of 4,090,674 shares traded.
Over the past week, the price has changed by +7.84%, over one month by +7.68%, over three months by +16.07% and over the past year by -8.84%.

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 62.2 22.9%
Analysts Target Price 62.2 22.9%
ValueRay Target Price 56.3 11.2%

ONON Fundamental Data Overview January 09, 2026

Market Cap CHF = 12.80b (16.07b USD * 0.7969 USD.CHF)
P/E Trailing = 57.9286
P/E Forward = 30.3951
P/S = 5.5847
P/B = 8.296
Beta = 2.155
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 = 12.28b CHF (12.80b + Debt 503.9m - CCE 1.02b)
Interest Coverage Ratio = 8.68 (Ebit TTM 237.2m / Interest Expense TTM 27.3m)
FCF Yield = 2.81% (FCF TTM 345.4m / Enterprise Value 12.28b)
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 = 4.46 (Enterprise Value 12.28b / 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 = 10.46% (E(12.80b)/V(13.31b) * Re(10.81%) + D(503.9m)/V(13.31b) * Rd(1.61%) * (1-Tc(-0.00)))
Discount Rate = 10.81% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 2.26%
[DCF Debug] Terminal Value 66.93% ; FCFE base≈367.2m ; Y1≈333.8m ; Y5≈292.5m
Fair Price DCF = 11.63 (DCF Value 3.45b / 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=0.28 | Chg30d=-0.001 | Revisions Net=+0 | Analysts=9
EPS next Year (2026-12-31): EPS=1.35 | Chg30d=+0.004 | Revisions Net=+2 | Growth EPS=+79.2% | Growth Revenue=+22.6%

Additional Sources for ONON Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle