ONON Stock Analysis: On Holding | NYSE
Footwear & Accessories | NYSE, USA | Market Cap: 11.611m USD | 12M Return: -20.7% | CH1134540470 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 370M
EPS Trend: 88.2%
Qual. Beats: 1
Rev. Trend: 99.2%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 5.2 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.
On Holding AG is a Swiss performance sports brand founded in 2010 and headquartered in Zurich. The company designs and distributes athletic footwear, apparel, and accessories under the On brand across six product categories: performance running, outdoor, all day, training, tennis, and young movers. It operates a global, omnichannel distribution model that combines direct-to-consumer sales (owned retail stores and e-commerce platforms) with wholesale partnerships spanning run specialty, sporting goods, outdoor, luxury, and lifestyle retailers. The business serves customers in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the Americas, and Asia-Pacific. The company trades on the NYSE under the ticker ONON, having gone public in September 2021, and is classified within the Consumer Discretionary sectors footwear sub-industry.
- DTC channel mix drives sustained gross margin expansion
- Hoka competition pressures pricing in performance running market
- Asia-Pacific and EMEA growth offsets mature US market
| Net Income: 442.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.11 > 0.02 and ΔFCF/TA -1.40 > 1.0 |
| NWC/Revenue: 50.89% < 20% (prev 40.43%; Δ 10.46% < -1%) |
| CFO/TA 0.14 > 3% & CFO 514.5m > Net Income 442.5m |
| Net Debt (-606.4m) to EBITDA (677.6m): -0.89 < 3 |
| Current Ratio: 3.11 > 1.5 & < 3 |
| Outstanding Shares: last quarter (307.0m) vs 12m ago -8.07% < -2% |
| Gross Margin: 66.75% > 18% (prev 62.40%; Δ 4.34% > 0.5%) |
| Asset Turnover: 105.3% > 50% (prev 104.6%; Δ 0.74% > 0%) |
| Interest Coverage Ratio: 21.04 > 6 (EBIT TTM 525.5m / Interest Expense TTM 25.0m) |
| A: 0.47 (Total Current Assets 2.53b - Total Current Liabilities 813.4m) / Total Assets 3.66b |
| B: 0.21 (Retained Earnings 753.7m / Total Assets 3.66b) |
| C: 0.16 (EBIT TTM 525.5m / Avg Total Assets 3.21b) |
| D: 1.47 (Book Value of Equity 2.18b / Total Liabilities 1.49b) |
| Altman-Z'' = 6.39 = AAA |
| DSRI: 1.08 (Receivables 432.8m/340.9m, Revenue 3.38b/2.88b) |
| GMI: 0.93 (GM 62.40% / 66.75%) |
| AQI: 0.78 (AQ_t 0.06 / AQ_t-1 0.08) |
| SGI: 1.17 (Revenue 3.38b / 2.88b) |
| TATA: -0.02 (NI 442.5m - CFO 514.5m) / TA 3.66b) |
| Beneish M = -3.03 (Cap -4..+1) = AA |
As of November 14, 2026, the stock is trading at USD 33.63 with a total of 6,066,876 shares traded. Over the past week, the price has changed by -9.98%, over one month by -5.24%, over three months by +6.46% and over the past year by -20.68%.
Current recommended Stop Loss: 30.20 (which is 10.2% or 2.1 ATR below the current price).
On Holding has received a consensus analysts rating of 4.31. Therefore, it is recommended to buy ONON.
- StrongBuy: 18
- Buy: 8
- Hold: 5
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 43.7 | 30% |
Market Cap CHF = 9.67b (11.6b USD * 0.8324 USD.CHF)
P/E Trailing = 21.1646
P/E Forward = 18.1488
P/S = 3.4584
P/B = 4.3728
P/EG = 0.5566
Revenue TTM = 3.38b CHF
EBIT TTM = 525.5m CHF
EBITDA TTM = 677.6m CHF
Long Term Debt = 613.1m CHF (estimated: total debt 732.6m - short term 119.5m)
Short Term Debt = 119.5m CHF (from shortTermDebt, last quarter)
Debt = 732.6m CHF (from shortLongTermDebtTotal, last quarter) (leases 732.6m already included)
Net Debt = -606.4m CHF (calculated: Debt 732.6m - CCE 1.34b)
Enterprise Value = 9.06b CHF (9.67b + Debt 732.6m - CCE 1.34b)
Interest Coverage Ratio = 21.04 (Ebit TTM 525.5m / Interest Expense TTM 25.0m)
EV/FCF = 22.19x (Enterprise Value 9.06b / FCF TTM 408.3m)
FCF Yield = 4.51% (FCF TTM 408.3m / Enterprise Value 9.06b)
FCF Margin = 12.09% (FCF TTM 408.3m / Revenue TTM 3.38b)
Net Margin = 13.11% (Net Income TTM 442.5m / Revenue TTM 3.38b)
Gross Margin = 66.75% ((Revenue TTM 3.38b - Cost of Revenue TTM 1.12b) / Revenue TTM)
Gross Margin QoQ = 72.58% (prev 65.35%)
Tobins Q-Ratio = 2.47 (Enterprise Value 9.06b / Total Assets 3.66b)
Interest Expense / Debt = 3.41% (Interest Expense 25.0m / Debt 732.6m)
Taxrate = 15.89% (83.6m / 526.1m)
NOPAT = 442.0m (EBIT 525.5m * (1 - 15.89%))
Current Ratio = 3.11 (Total Current Assets 2.53b / Total Current Liabilities 813.4m)
Debt / Equity = 0.34 (Debt 732.6m / totalStockholderEquity, last quarter 2.18b)
Debt / EBITDA = -0.89 (Net Debt -606.4m / EBITDA 677.6m)
Debt / FCF = -1.49 (Net Debt -606.4m / FCF TTM 408.3m)
Total Stockholder Equity = 1.87b (last 4 quarters mean from totalStockholderEquity)
RoA = 13.80% (Net Income 442.5m / Total Assets 3.66b)
RoE = 23.64% (Net Income TTM 442.5m / Total Stockholder Equity 1.87b)
RoCE = 21.14% (EBIT 525.5m / Capital Employed (Equity 1.87b + L.T.Debt 613.1m))
RoIC = 15.79% (NOPAT 442.0m / Invested Capital 2.80b)
WACC = 8.70% (E(9.67b)/V(10.4b) * Re(9.14%) + D(732.6m)/V(10.4b) * Rd(3.41%) * (1-Tc(0.16)))
Discount Rate = 9.14% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -44.79 | Cagr: -2.81%
[DCF] Terminal Value 76.85% ; FCFF base≈383.1m ; Y1≈439.2m ; Y5≈646.4m
[DCF] Fair Price = 32.36 (EV 9.17b - Net Debt -606.4m = Equity 9.77b / Shares 302.0m; r=8.70% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 88.18 | EPS CAGR: 55.65% | SUE: 1.16 | # QB: 1
Revenue Correlation: 99.19 | Revenue CAGR: 27.53% | SUE: -0.00 | # QB: 0
EPS current Quarter (2027-03-31): EPS=0.42 | Chg30d=+0.77% | Revisions=+62% | Analysts=11
EPS current Year (2026-12-31): EPS=1.46 | Chg30d=+1.93% | Revisions=+21% | GrowthEPS=+82.3% | GrowthRev=+16.5%
EPS next Year (2027-12-31): EPS=1.70 | Chg30d=-0.61% | Revisions=+82% | GrowthEPS=+16.4% | GrowthRev=+19.0%
[Analyst] Revisions Ratio: +67% (up=26, down=4)