ONON Stock Analysis: On Holding | NYSE
Footwear & Accessories | NYSE, USA | Market Cap: 9.676m USD | 12M Return: -35.3% | CH1134540470 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 247M
EPS Trend: 88.1%
Qual. Beats: 0
Rev. Trend: 99.5%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 4.9 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
On Holding AG is a Swiss performance sports brand that designs and distributes athletic footwear, apparel, and accessories under the On brand across more than 60 markets worldwide. Its product range spans performance running, outdoor, all-day, training, tennis, and childrens segments, with a particular reputation in the premium running shoe category built around its proprietary CloudTec cushioning technology.
The company operates a hybrid distribution model, selling through wholesale partners - including run specialty, sporting goods, outdoor, luxury, and lifestyle retailers - alongside direct-to-consumer channels comprising e-commerce platforms and owned retail stores. This DTC-plus-wholesale structure is typical of premium athletic footwear peers competing in the global performance and lifestyle segments.
Founded in 2010 and headquartered in Zurich, On listed on the NYSE in September 2021 under the ticker ONON, and is classified within the Consumer Discretionary sectors footwear sub-industry.
- Direct-to-consumer mix shift expands gross margins above peers
- Asia-Pacific and outdoor categories drive double-digit revenue growth
- Hoka and Nike competition pressures US running market share
| Net Income: 398.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.13 > 0.02 and ΔFCF/TA -0.59 > 1.0 |
| NWC/Revenue: 45.87% < 20% (prev 38.48%; Δ 7.39% < -1%) |
| CFO/TA 0.16 > 3% & CFO 513.5m > Net Income 398.1m |
| Net Debt (-676.9m) to EBITDA (565.2m): -1.20 < 3 |
| Current Ratio: 2.83 > 1.5 & < 3 |
| Outstanding Shares: last quarter (335.9m) vs 12m ago -0.89% < -2% |
| Gross Margin: 64.82% > 18% (prev 61.00%; Δ 3.82% > 0.5%) |
| Asset Turnover: 111.8% > 50% (prev 106.9%; Δ 4.89% > 0%) |
| Interest Coverage Ratio: 13.92 > 6 (EBIT TTM 450.0m / Interest Expense TTM 32.3m) |
| A: 0.46 (Total Current Assets 2.29b - Total Current Liabilities 810.0m) / Total Assets 3.24b |
| B: 0.20 (Retained Earnings 658.3m / Total Assets 3.24b) |
| C: 0.16 (EBIT TTM 450.0m / Avg Total Assets 2.89b) |
| D: 1.44 (Book Value of Equity 1.91b / Total Liabilities 1.33b) |
| Altman-Z'' = 6.21 = AAA |
| DSRI: 0.80 (Receivables 374.0m/394.6m, Revenue 3.23b/2.72b) |
| GMI: 0.94 (GM 61.00% / 64.82%) |
| AQI: 0.92 (AQ_t 0.08 / AQ_t-1 0.08) |
| SGI: 1.19 (Revenue 3.23b / 2.72b) |
| TATA: -0.04 (NI 398.1m - CFO 513.5m) / TA 3.24b) |
| Beneish M = -3.16 (Cap -4..+1) = AA |
As of August 29, 2026, the stock is trading at USD 28.85 with a total of 4,971,550 shares traded. Over the past week, the price has changed by -3.90%, over one month by -23.86%, over three months by -27.42% and over the past year by -35.30%.
Current recommended Stop Loss: 27.10 (which is 6.1% or 1.3 ATR below the current price).
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
| Analysts Target Price | 45 | 55.8% |
Market Cap CHF = 7.83b (9.68b USD * 0.8092 USD.CHF)
P/E Trailing = 19.6939
P/E Forward = 17.7936
P/S = 3.0044
P/B = 4.1008
P/EG = 0.5565
Revenue TTM = 3.23b CHF
EBIT TTM = 450.0m CHF
EBITDA TTM = 565.2m CHF
Long Term Debt = 474.6m CHF (estimated: total debt 562.5m - short term 87.9m)
Short Term Debt = 87.9m CHF (from shortTermDebt, last quarter)
Debt = 562.5m CHF (from shortLongTermDebtTotal, last quarter) (leases 541.9m already included)
Net Debt = -676.9m CHF (calculated: Debt 562.5m - CCE 1.24b)
Enterprise Value = 7.15b CHF (7.83b + Debt 562.5m - CCE 1.24b)
Interest Coverage Ratio = 13.92 (Ebit TTM 450.0m / Interest Expense TTM 32.3m)
EV/FCF = 16.86x (Enterprise Value 7.15b / FCF TTM 424.2m)
FCF Yield = 5.93% (FCF TTM 424.2m / Enterprise Value 7.15b)
FCF Margin = 13.12% (FCF TTM 424.2m / Revenue TTM 3.23b)
Net Margin = 12.31% (Net Income TTM 398.1m / Revenue TTM 3.23b)
Gross Margin = 64.82% ((Revenue TTM 3.23b - Cost of Revenue TTM 1.14b) / Revenue TTM)
Gross Margin QoQ = 65.35% (prev 64.23%)
Tobins Q-Ratio = 2.21 (Enterprise Value 7.15b / Total Assets 3.24b)
Interest Expense / Debt = 5.75% (Interest Expense 32.3m / Debt 562.5m)
Taxrate = 7.95% (34.4m / 432.5m)
NOPAT = 414.2m (EBIT 450.0m * (1 - 7.95%))
Current Ratio = 2.83 (Total Current Assets 2.29b / Total Current Liabilities 810.0m)
Debt / Equity = 0.29 (Debt 562.5m / totalStockholderEquity, last quarter 1.91b)
Debt / EBITDA = -1.20 (Net Debt -676.9m / EBITDA 565.2m)
Debt / FCF = -1.60 (Net Debt -676.9m / FCF TTM 424.2m)
Total Stockholder Equity = 1.71b (last 4 quarters mean from totalStockholderEquity)
RoA = 13.76% (Net Income 398.1m / Total Assets 3.24b)
RoE = 23.23% (Net Income TTM 398.1m / Total Stockholder Equity 1.71b)
RoCE = 20.57% (EBIT 450.0m / Capital Employed (Equity 1.71b + L.T.Debt 474.6m))
RoIC = 17.56% (NOPAT 414.2m / Invested Capital 2.36b)
WACC = 9.26% (E(7.83b)/V(8.39b) * Re(9.54%) + D(562.5m)/V(8.39b) * Rd(5.75%) * (1-Tc(0.08)))
Discount Rate = 9.54% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 40.70 | Cagr: 1.24%
[DCF] Terminal Value 75.10% ; FCFF base≈393.6m ; Y1≈451.2m ; Y5≈664.0m
[DCF] Fair Price = 30.81 (EV 8.62b - Net Debt -676.9m = Equity 9.30b / Shares 301.7m; r=9.26% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 88.15 | EPS CAGR: 55.27% | SUE: 0.07 | # QB: 0
Revenue Correlation: 99.48 | Revenue CAGR: 28.45% | SUE: -0.44 | # QB: 0
EPS current Quarter (2026-09-30): EPS=0.40 | Chg30d=+1.08% | Revisions=+25% | Analysts=14
EPS current Year (2026-12-31): EPS=1.41 | Chg30d=-0.13% | Revisions=+12% | GrowthEPS=+76.5% | GrowthRev=+16.5%
EPS next Year (2027-12-31): EPS=1.68 | Chg30d=-3.33% | Revisions=+0% | GrowthEPS=+18.9% | GrowthRev=+18.6%
[Analyst] Revisions Ratio: +15% (up=6, down=4)