ONON On Holding AG
$34.41
▼ 2.2%Updated Oct 16, 2:25 PM ET
Report Card
ONON at a glance — five pillars scored 0–100 from real filed financials.
How the 0–100 rating is calculatedOverall: Neutral · 57/100. A wider, greener shape means more pillars look healthy. Dividends scores 0 when a company pays none — that is a choice, not a flaw.
Price — Past Year
▼ Down 31.4% in the year to Jul 6, 2026
Key Metrics
Market Cap
$12.19B
P/E
39.1x
Forward P/E (est.)
32.91x
ROE
13.5%
Revenue Growth
23.0%
EPS Growth
18.8%
Profit Margin
8.0%
FCF Yield
1.3%
Debt / Equity
0.32x
ROIC
18.0%
Interest Coverage
12.74x
Current Ratio
2.71x
Dividend Yield
—
Implied Growth (rev. DCF)
6.2%
Rating Score
57/100
Business Overview
On Holding AG (ONON) is a large-cap NYSE-listed company in the Textiles, Apparel & Luxury Goods industry, within the Consumer Discretionary sector, with a market value around $12.19B.
In its latest reported year it generated about $3.38B in revenue and $228.14M in net profit.
Our model rates ONON Neutral (57/100) on growth, profitability, financial health, and valuation. The summary below is built from its filed financials and current ratios and refreshes automatically.
Economic Moat
Evidence of durable competitive advantage in the filed financials (7 years of history).
Profit margins and economic moats, explainedThe filed history looks like a business competitors struggle to attack: high and steady margins, revenue that grows through cycles, and strong returns on capital.
61.0% average over the last 3 years
±3.2 pts around 58.1% across 7 years
grew in 6 of the last 6 year-over-year periods
positive in 3 of 7 years
18.0% latest fiscal year
A moat can't be proven by numbers alone — this scores the evidence a durable advantage leaves behind (pricing power, consistency, returns on capital), computed the same way for every stock. Pair it with the business overview before concluding anything.
Technical Analysis (Educational)
Technical analysis reads price and volume to judge momentum and timing. It complements the fundamentals above — it does not replace them. Here is what ONON's chart says today, with each tool explained.
Trend — moving averages. A moving average is the average closing price over a window, which smooths out daily noise. ONON trades near $34.41, below its 50-day average ($37.04) and 200-day average ($41.20). Price below both averages is a downtrend — momentum is against buyers for now.
Momentum — RSI. The Relative Strength Index runs 0–100 and measures how strong recent gains are versus losses. Above 70 is "overbought", below 30 "oversold". At 45 it is in neutral territory — neither stretched nor washed out.
MACD. MACD compares two moving averages to flag shifts in momentum. Its histogram is currently negative — short-term momentum is fading.
Volatility — ATR. Average True Range is the typical daily move. ONON's is $1.66 (~4.8% of price), so swings of about that size each day are normal — handy for setting a stop that isn't too tight.
Support & resistance. In the month to Jul 6, 2026, ONON found buyers near $34.67 (support) and sellers near $39.74 (resistance); its 52-week range then was $31.41–$54.72. A decisive break beyond either edge often marks the next move.
Volume. The latest session traded 0.3× the 20-day average — lighter than usual, so the move carries less conviction. Rising volume on up-days suggests real buying; on down-days, real selling.
Educational information to help you read a chart — not a recommendation or a forecast. The indicators were last computed on Jul 6, 2026; the price is current.
Revenue Growth
4Y CAGR
42.8%
Revenue moved from $299.17M in 2019 to $3.38B in 2025, a 49.8% compound annual growth rate. The most recent year grew a strong 23.0% year over year. Consistent top-line growth is one sign of healthy demand.
Profitability
Gross Margin
62.8%
Operating Margin
12.5%
Net Margin
6.8%
ROE
13.5%
On Holding AG keeps about 8.0% of each sales dollar as net profit, with a 62.8% gross margin and 12.5% operating margin. Return on equity is 13.5% and return on invested capital about 18.0%. Margins are moderate — typical of a competitive but profitable business.
Debt Analysis
Total Debt
—
Net Debt
—
Net Debt / EBITDA
—
Debt / Equity
0.32x
Leverage: debt-to-equity is 0.3x, and operating profit covers interest about 12.7x, with a current ratio of 2.7x. That is a conservative balance sheet — a cushion in downturns.
Cash Flow Analysis
Operating CF
$402.64M
Free Cash Flow
$320.99M
FCF Margin
9.5%
In the latest year On Holding AG produced about $402.64M of operating cash flow and $320.99M of free cash flow after capital spending. That is a free-cash-flow yield of about 1.3% on today's price. Cash flow is what ultimately pays shareholders, so it is worth tracking over time.
Valuation Analysis
P/E
39.1x
P/S
3.25x
P/B
7.55x
EV / EBITDA
20.47x
ONON trades at 39.1x trailing earnings (about 32.9x on estimated forward earnings), 3.2x sales, and 7.6x book value. Reverse-engineering today's price implies the market expects roughly 6.2% long-term free-cash-flow growth. That is a premium multiple that needs growth to justify it.
DCF Fair Value (Educational)
A two-stage discounted cash flow on real SEC-filed free cash flow — the intrinsic-value anchor professional analysts triangulate from.
How this DCF estimate is calculatedDCF fair value / share
$44.77
Current price
$34.41
Starting FCF (latest 10-K)
$320.99M
Growth, years 1–5
20.0%
Fade to terminal, years 6–10
2.5%
Discount rate
9.0%
Cash flows grow at the stage-1 rate (trailing revenue growth, capped at 20%) for five years, fade to 2.5% by year 10, and continue at that rate forever (Gordon terminal value), all discounted at 9.0%. Small changes in assumptions move the result a lot — treat this as one reference point, not a target price. Educational only, not investment advice.
Metrics vs. Sector Range
Where ONON sits versus the Consumer Discretionary companies we cover.
Bands show the middle half (25th–75th percentile) of the 85 Consumer Discretionary companies in our coverage that have fundamentals data — the peer-relative anchor professional comps analysis uses. Context only — not investment advice.
Sector Peer Comparison
How ONON stacks up against its Consumer Discretionary peers — valuation, profitability, and growth versus the sector median.
Among the 85 rated Consumer Discretionary companies we cover, ONON ranks #29 by our overall rating. It trades at a premium versus the sector on earnings (39.1x P/E vs. 24.6x median) with a lower return on equity (13.5% vs. 26.2%) and faster revenue growth (23.0% vs. 6.8%).
P/E vs sector
39.1x
median 24.6x
ROE vs sector
13.5%
median 26.2%
Growth vs sector
23.0%
median 6.8%
Sector rank
#29
of 85 rated
Valuation vs. quality map
The sweet spot is upper-left: more profitable (higher ROE) for a lower P/E. Dashed lines mark the sector median.
Peers are the closest Consumer Discretionary companies by sub-industry and size, preferring ones with full data. Sector medians and rank use the 85 rated companies among the 158 Consumer Discretionary stocks we cover. Educational, not a recommendation.
5-Year Projection Model
Project revenue → earnings → price. Edit the assumptions to build your own case.
What drives this projection, and its limits2030 scenario price range (Base Case)
$43.19 – $73.23
vs. $34.41 today · implied CAGR 5% – 16%
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Revenue | $4.15B | $5.11B | $6.28B | $7.73B | $9.50B |
| Net income | $290.65M | $357.49M | $439.72M | $540.85M | $665.25M |
| EPS | $0.82 | $1.01 | $1.24 | $1.53 | $1.88 |
| Share price (low) | $18.87 | $23.21 | $28.55 | $35.11 | $43.19 |
| Share price (high) | $32.00 | $39.35 | $48.41 | $59.54 | $73.23 |
| CAGR (low–high) | -45% / -7% | -18% / 7% | -6% / 12% | 1% / 15% | 5% / 16% |
Educational scenario model, not a forecast or investment advice. It starts from the latest annual revenue in SEC filings. By default, growth is trailing revenue growth (held between 3% and 45% a year), the net margin is the latest one (held between 3% and 50%, so a loss-making company is modeled with a small profit), and the Base case P/E runs from 60% to 100% of today's. Carrying recent growth forward five years can miss badly in either direction. Outputs are only as good as the assumptions.
Bull Case
The case for ONON:
- Revenue is growing 23.0% a year, a sign of real demand.
- A conservative balance sheet (debt/equity 0.3x) lowers risk.
Bear Case
The case against ONON:
- Like any single stock, it is exposed to competition, the economic cycle, and shifts in its end markets.
Key Risks
Valuation risk — at 39.1x earnings, disappointing results could compress the multiple.
Market risk — sector rotation, the economic cycle, and broad sentiment move the stock regardless of fundamentals.
Investment Thesis
On balance, the picture is mixed: On Holding AG is a large-cap consumer discretionary business still growing nicely, with modest profitability, and a sound balance sheet. It trades at 39.1x earnings, which our model scores Neutral (57/100). Weigh this against your own goals and time horizon — this is educational information, not a recommendation.
Analyst Ratings
What 36 Wall Street analysts covering ONON recommend (September 2026). Consensus is a useful sanity check — not a substitute for your own homework.
Latest SEC Filings
ONON's most recent filings, straight from SEC EDGAR. Annual and quarterly reports are the deep dives; 8-Ks flag material events the moment they happen. How to read a 10-K
In the Idea Lab
ONON — frequently asked questions
Is ONON a good stock to buy?
We don't give buy or sell advice. Our model rates On Holding AG Neutral (57/100) based on its growth, profitability, financial health, and valuation — use that as a research starting point and make your own decision.
What is ONON's rating on The Stocks School?
On Holding AG currently scores 57/100 (Neutral) on our transparent model, which weighs real fundamentals: growth, margins, returns on capital, balance-sheet strength, and valuation.
How our ratings work →Where does ONON's data come from?
Live price data plus real fundamentals and 5-year financials pulled directly from On Holding AG's SEC filings — refreshed automatically, not hand-entered.
How is the 5-year projection for ONON calculated?
It's a scenario model. It starts from the latest annual revenue and net margin in SEC filings, grows revenue at an assumed rate (trailing revenue growth by default), and applies a P/E range built around today's multiple to show the resulting share-price range. When a stock has no growth or P/E data, the starting values are placeholders. It's a tool for thinking, not a prediction.
Is this ONON analysis financial advice?
No. Everything on this page is educational research, not financial advice or a recommendation to buy or sell ONON. Always do your own research and consider a licensed professional.
Data notice. Fundamentals and financial statements are sourced from company filings (SEC EDGAR) and market-data providers; prices and market caps refresh on trading days and may be delayed. Ratings, projections, technical signals, and written summaries are model- or rule-generated for education and may simplify or lag the latest filings.
Not advice. Nothing on this page is investment advice or a recommendation to buy, hold, or sell any security. Do your own research and consult a licensed financial professional before investing.