Overview Dividends

(ONON) On Holding - Ratings and Ratios

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

Athletic Footwear, Apparel, Accessories

ONON 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,
EPS Growth (3Y CAGR): -63.65%
EPS Trend (3Y Correlation): 18.0%

ONON 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: 191.099, 2022-03: 235.7, 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,
Revenue Growth (3Y CAGR): 35.03%
Revenue Trend (3Y Correlation): 98.1%

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 14,116m
Sub-Industry Footwear
IPO / Inception 2021-09-15

ONON Stock Ratings

Growth Rating 27.1%
Fundamental 65.5%
Dividend Rating -
Return 12m vs S&P 500 -35.7%
Analyst Rating 4.53 of 5

ONON Dividends

Currently no dividends paid

ONON Growth Ratios

Growth Correlation 3m -82.7%
Growth Correlation 12m -56.9%
Growth Correlation 5y 72.5%
CAGR 5y 30.18%
CAGR/Max DD 3y (Calmar Ratio) 0.73
CAGR/Mean DD 3y (Pain Ratio) 2.18
Sharpe Ratio 12m -1.36
Alpha -62.00
Beta 2.198
Volatility 49.67%
Current Volume 10728.9k
Average Volume 20d 4678.1k
Stop Loss 35.2 (-5.5%)
Signal -1.53

Piotroski VR‑10 (Strict, 0-10) 6.5

Net Income (135.9m TTM) > 0 and > 6% of Revenue (6% = 163.1m TTM)
FCFTA 0.14 (>2.0%) and ΔFCFTA -3.15pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)
NWC/Revenue 38.48% (prev 49.78%; Δ -11.30pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)
CFO/TA 0.16 (>3.0%) and CFO 416.2m > Net Income 135.9m (YES >=105%, WARN >=100%)
Net Debt (-348.8m) to EBITDA (271.5m) ratio: -1.28 <= 3.0 (WARN <= 3.5)
Current Ratio 2.53 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)
Outstanding Shares last Quarter (652.2m) change vs 12m ago 99.25% (target <= -2.0% for YES)
Gross Margin 61.00% (prev 59.97%; Δ 1.04pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)
Asset Turnover 118.5% (prev 97.93%; Δ 20.52pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)
Interest Coverage Ratio 6.06 (EBITDA TTM 271.5m / Interest Expense TTM 25.5m) >= 6 (WARN >= 3)

Altman Z'' 4.70

(A) 0.41 = (Total Current Assets 1.73b - Total Current Liabilities 685.9m) / Total Assets 2.54b
(B) 0.08 = Retained Earnings (Balance) 194.7m / Total Assets 2.54b
(C) 0.07 = EBIT TTM 154.7m / Avg Total Assets 2.29b
(D) 1.24 = Book Value of Equity 1.42b / Total Liabilities 1.15b
Total Rating: 4.70 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 65.50

1. Piotroski 6.50pt = 1.50
2. FCF Yield 3.22% = 1.61
3. FCF Margin 12.79% = 3.20
4. Debt/Equity 0.36 = 2.44
5. Debt/Ebitda -1.28 = 2.50
6. ROIC - WACC (= -3.86)% = -4.82
7. RoE 9.86% = 0.82
8. Rev. Trend 98.06% = 7.35
9. EPS Trend 17.98% = 0.90

What is the price of ONON shares?

As of October 31, 2025, the stock is trading at USD 37.23 with a total of 10,728,918 shares traded.
Over the past week, the price has changed by -13.88%, over one month by -14.59%, over three months by -26.54% and over the past year by -23.72%.

Is On Holding a good stock to buy?

Partly, yes. Based on ValueRay´s Fundamental Analyses, On Holding (NYSE:ONON) is currently (October 2025) ok to buy, but has to be watched. It has a ValueRay Fundamental Rating of 65.50 and therefor a somewhat positive outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of ONON is around 32.66 USD . This means that ONON is currently overvalued and has a potential downside of -12.28%.

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 64.8 74.1%
Analysts Target Price 64.8 74.1%
ValueRay Target Price 38.1 2.3%

ONON Fundamental Data Overview October 25, 2025

Market Cap CHF = 11.21b (14.12b USD * 0.7941 USD.CHF)
P/E Trailing = 81.566
P/E Forward = 27.6243
P/S = 5.1933
P/B = 7.8862
Beta = 2.198
Revenue TTM = 2.72b CHF
EBIT TTM = 154.7m CHF
EBITDA TTM = 271.5m CHF
Long Term Debt = 497.8m CHF (from capitalLeaseObligations, last quarter)
Short Term Debt = 70.9m CHF (from shortTermDebt, last quarter)
Debt = 497.8m CHF (from shortLongTermDebtTotal, last quarter)
Net Debt = -348.8m CHF (from netDebt column, last quarter)
Enterprise Value = 10.81b CHF (11.21b + Debt 497.8m - CCE 898.5m)
Interest Coverage Ratio = 6.06 (Ebit TTM 154.7m / Interest Expense TTM 25.5m)
FCF Yield = 3.22% (FCF TTM 347.7m / Enterprise Value 10.81b)
FCF Margin = 12.79% (FCF TTM 347.7m / Revenue TTM 2.72b)
Net Margin = 5.00% (Net Income TTM 135.9m / Revenue TTM 2.72b)
Gross Margin = 61.00% ((Revenue TTM 2.72b - Cost of Revenue TTM 1.06b) / Revenue TTM)
Gross Margin QoQ = 61.51% (prev 59.91%)
Tobins Q-Ratio = 4.25 (Enterprise Value 10.81b / Total Assets 2.54b)
Interest Expense / Debt = 1.48% (Interest Expense 7.35m / Debt 497.8m)
Taxrate = 13.53% (-6.40m / -47.3m)
NOPAT = 133.8m (EBIT 154.7m * (1 - 13.53%))
Current Ratio = 2.53 (Total Current Assets 1.73b / Total Current Liabilities 685.9m)
Debt / Equity = 0.36 (Debt 497.8m / totalStockholderEquity, last quarter 1.40b)
Debt / EBITDA = -1.28 (Net Debt -348.8m / EBITDA 271.5m)
Debt / FCF = -1.00 (Net Debt -348.8m / FCF TTM 347.7m)
Total Stockholder Equity = 1.38b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.34% (Net Income 135.9m / Total Assets 2.54b)
RoE = 9.86% (Net Income TTM 135.9m / Total Stockholder Equity 1.38b)
RoCE = 8.25% (EBIT 154.7m / Capital Employed (Equity 1.38b + L.T.Debt 497.8m))
RoIC = 9.71% (NOPAT 133.8m / Invested Capital 1.38b)
WACC = 13.56% (E(11.21b)/V(11.71b) * Re(14.11%) + D(497.8m)/V(11.71b) * Rd(1.48%) * (1-Tc(0.14)))
Discount Rate = 14.11% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 42.91%
[DCF Debug] Terminal Value 58.55% ; FCFE base≈346.2m ; Y1≈335.3m ; Y5≈333.5m
Fair Price DCF = 9.31 (DCF Value 2.73b / Shares Outstanding 293.0m; 5y FCF grow -4.35% → 3.0% )
EPS Correlation: 17.98 | EPS CAGR: -63.65% | SUE: -2.41 | # QB: 0
Revenue Correlation: 98.06 | Revenue CAGR: 35.03% | SUE: 0.17 | # QB: 0

Additional Sources for ONON Stock

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