Overview Dividends

(ONON) On Holding - Ratings and Ratios

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

Athletic Footwear, Apparel, Accessories

EPS (Earnings per Share)

EPS (Earnings per Share) of ONON over the last years for every Quarter: "2020-09": 0.03, "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": 0.43,
EPS Growth (3y CAGR): 92.66%
EPS Trend (3y Corr): 36.8%
Last SUE: 0.71σ
Qual. Beats: 0

Revenue

Revenue of ONON over the last years for every Quarter: 2020-09: 130.077, 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,
Revenue Growth (3y CAGR): 32.45%
Revenue Trend (3y Corr): 98.1%
Last SUE: 0.14σ
Qual. Beats: 0
Risk via 10d forecast
Volatility 46.8%
Value at Risk 5%th 70.7%
Relative Tail Risk -8.24%
Reward TTM
Sharpe Ratio -0.33
Alpha -34.45
Character TTM
Hurst Exponent 0.591
Beta 1.321
Beta Downside 1.054
Drawdowns 3y
Max DD 45.05%
Mean DD 14.39%
Median DD 11.92%

Description: ONON On Holding October 30, 2025

On Holding AG (NYSE: ONON) designs, manufactures, and sells athletic footwear, apparel, and accessories for running, outdoor, training, everyday wear, and tennis, distributing its products through independent retailers, online channels, and its own stores. Founded in 2010 and based in Zurich, Switzerland, the company operates globally within the GICS Footwear sub-industry.

Key recent metrics include FY 2024 revenue of $1.9 billion, representing a 12 % YoY increase driven by strong demand for premium running shoes, and a gross margin of 48 %, which remains above the industry average of roughly 44 %. The firm’s direct-to-consumer (DTC) sales now account for about 35 % of total revenue, reflecting a broader shift in the footwear sector toward higher-margin online channels, while inventory turnover has improved to 4.2 times, indicating better supply-chain efficiency amid lingering global logistics constraints.

For a deeper quantitative dive, you might explore ValueRay’s analyst tools to model ONON’s forward cash-flow under different macro scenarios.

ONON Stock Overview

Market Cap in USD 14,296m
Sub-Industry Footwear
IPO / Inception 2021-09-15
Return 12m vs S&P 500 -31.1%
Analyst Rating 4.53 of 5

ONON Dividends

Currently no dividends paid

ONON Growth Ratios

Metric Value
CAGR 3y 31.22%
CAGR/Max DD Calmar Ratio 0.69
CAGR/Mean DD Pain Ratio 2.17
Current Volume 8098.4k
Average Volume 7532.8k

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 -6.07pp (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) 79.97

1. Piotroski 7.50pt
2. FCF Yield 3.18%
3. FCF Margin 12.01%
4. Debt/Equity 0.33
5. Debt/Ebitda -1.15
6. ROIC - WACC (= 5.95)%
7. RoE 15.50%
8. Rev. Trend 98.14%
9. EPS Trend 36.81%

What is the price of ONON shares?

As of November 21, 2025, the stock is trading at USD 41.42 with a total of 8,098,357 shares traded.
Over the past week, the price has changed by -2.31%, over one month by -0.12%, over three months by -8.44% and over the past year by -22.93%.

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 61.3 47.9%
Analysts Target Price 61.3 47.9%
ValueRay Target Price 43.8 5.8%

ONON Fundamental Data Overview November 21, 2025

Market Cap CHF = 11.38b (14.30b USD * 0.7957 USD.CHF)
P/E Trailing = 51.5476
P/E Forward = 26.8817
P/S = 4.9695
P/B = 7.3869
Beta = 2.178
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 = 10.85b CHF (11.38b + Debt 503.9m - CCE 1.02b)
Interest Coverage Ratio = 8.68 (Ebit TTM 237.2m / Interest Expense TTM 27.3m)
FCF Yield = 3.18% (FCF TTM 345.4m / Enterprise Value 10.85b)
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 = 3.94 (Enterprise Value 10.85b / 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 = 10.49% (E(11.38b)/V(11.88b) * Re(10.88%) + D(503.9m)/V(11.88b) * Rd(1.61%) * (1-Tc(-0.00)))
Discount Rate = 10.88% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 2.26%
[DCF Debug] Terminal Value 66.87% ; FCFE base≈364.0m ; Y1≈333.6m ; Y5≈297.2m
Fair Price DCF = 11.69 (DCF Value 3.47b / Shares Outstanding 296.7m; 5y FCF grow -10.47% → 3.0% )
EPS Correlation: 36.81 | EPS CAGR: 92.66% | SUE: 0.71 | # QB: 0
Revenue Correlation: 98.14 | Revenue CAGR: 32.45% | SUE: 0.14 | # QB: 0

Additional Sources for ONON Stock

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