(ONON) On Holding - NYSE

Sector: Consumer Cyclical | Industry: Footwear & Accessories | Exchange: NYSE (USA) | Market Cap: 12.397m USD | Total Return: -28.9% in 12m

Athletic Footwear, Apparel, Accessories
Total Rating 45
Safety 80
Buy Signal -1.16
Footwear & Accessories
Industry Rotation: -28.1
Market Cap: 12.4B
Avg Turnover: 188M
Risk 3d forecast
Volatility49.1%
VaR 5th Pctl8.22%
VaR vs Median1.59%
Reward TTM
Sharpe Ratio-0.62
Rel. Str. IBD13.5
Rel. Str. Peer Group15
Character TTM
Beta1.273
Beta Downside1.239
Hurst Exponent0.513
Drawdowns 3y
Max DD49.89%
CAGR/Max DD0.10
CAGR/Mean DD0.26
EPS (Earnings per Share) EPS (Earnings per Share) of ONON over the last years for every Quarter: "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: 2021-06: 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

Choppy Below Avwap Earnings

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 (122.7m) to EBITDA (424.7m): 0.29 < 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 60.62%; Δ 3.27% > 0.5%)
Asset Turnover: 116.6% > 50% (prev 104.9%; Δ 11.70% > 0%)
Interest Coverage Ratio: 9.23 > 6 (EBIT TTM 289.5m / Interest Expense TTM 31.4m)
Altman Z'' 5.84
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 289.5m / Avg Total Assets 2.69b)
D: 1.49 (Book Value of Equity 1.77b / Total Liabilities 1.19b)
Altman-Z'' = 5.84 = AAA
Beneish M -2.94
DSRI: 0.90 (Receivables 401.4m/362.7m, Revenue 3.13b/2.54b)
GMI: 0.95 (GM 60.62% / 63.88%)
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 = -2.94 (Cap -4..+1) = A
What is the price of ONON shares?

As of June 26, 2026, the stock is trading at USD 36.58 with a total of 4,342,184 shares traded. Over the past week, the price has changed by -3.02%, over one month by -9.28%, over three months by +4.04% and over the past year by -28.94%.

Current recommended Stop Loss: 34.50 (which is 5.7% or 1.3 ATR below the current price).

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 51.8 41.6%
On Holding (ONON) - Fundamental Data Overview as of 26 June 2026
Market Cap USD = 12.4b (12.4b USD * 1.0 USD.USD)
Market Cap CHF = 10.0b (12.4b USD * 0.8103 USD.CHF)
P/E Trailing = 39.9892
P/E Forward = 22.9885
P/S = 3.9741
P/B = 5.6186
P/EG = 0.7166
Revenue TTM = 3.13b CHF
EBIT TTM = 289.5m CHF
EBITDA TTM = 424.7m 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 = 1.14b CHF (from shortLongTermDebtTotal, last quarter) + Leases 541.9m
Net Debt = 122.7m CHF (calculated: Debt 1.14b - CCE 1.02b)
Enterprise Value = 10.2b CHF (10.0b + Debt 1.14b - CCE 1.02b)
Interest Coverage Ratio = 9.23 (Ebit TTM 289.5m / Interest Expense TTM 31.4m)
EV/FCF = 33.09x (Enterprise Value 10.2b / FCF TTM 307.3m)
FCF Yield = 3.02% (FCF TTM 307.3m / Enterprise Value 10.2b)
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 = 3.44 (Enterprise Value 10.2b / Total Assets 2.95b)
Interest Expense / Debt = 2.75% (Interest Expense 31.4m / Debt 1.14b)
Taxrate = 2.81% (7.28m / 259.5m)
NOPAT = 281.4m (EBIT 289.5m * (1 - 2.81%))
Current Ratio = 2.98 (Total Current Assets 2.05b / Total Current Liabilities 686.5m)
Debt / Equity = 0.65 (Debt 1.14b / totalStockholderEquity, last quarter 1.77b)
Debt / EBITDA = 0.29 (Net Debt 122.7m / EBITDA 424.7m)
Debt / FCF = 0.40 (Net Debt 122.7m / 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 = 14.15% (EBIT 289.5m / Capital Employed (Equity 1.58b + L.T.Debt 461.5m))
RoIC = 12.51% (NOPAT 281.4m / Invested Capital 2.25b)
WACC = 9.67% (E(10.0b)/V(11.2b) * Re(10.46%) + D(1.14b)/V(11.2b) * Rd(2.75%) * (1-Tc(0.03)))
Discount Rate = 10.46% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 35.81 | Cagr: 2.23%
[DCF] Terminal Value 68.91% ; FCFF base≈324.2m ; Y1≈292.4m ; Y5≈249.9m
[DCF] Fair Price = 10.46 (EV 3.27b - Net Debt 122.7m = Equity 3.15b / Shares 300.8m; r=9.67% [WACC]; 5y FCF grow -12.09% → 2.50% )
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=+0.00% | Revisions=+62% | Analysts=14
EPS next Quarter (2026-09-30): EPS=0.40 | Chg30d=+0.00% | Revisions=+7% | Analysts=14
EPS current Year (2026-12-31): EPS=1.41 | Chg30d=-0.06% | Revisions=+80% | GrowthEPS=+75.9% | GrowthRev=+17.8%
EPS next Year (2027-12-31): EPS=1.73 | Chg30d=+0.71% | Revisions=+80% | GrowthEPS=+22.6% | GrowthRev=+20.2%
[Analyst] Revisions Ratio: +80%