Stock AnalizOn Holding AG ONON
Shoe Manufacturing · IPO 2021 · data as of November 13, 2026
On Holding AG (ONON) is a consumer discretionary company listed in the US with a market value of about $11.3B. In the twelve months to September 30, 2026 it had revenue of $4.0B and net income of $525M, a net margin of 13.1%.
Its overall Stock Analiz score is 2.2 out of 5 (weak). The strongest part is financial health (5/5); the weakest is value (1/5).
Key numbers: a P/E of 21.4, a price to free cash flow of 22.8, 5-year revenue growth of 51% a year, a 5-year average ROIC of 9%. A discounted cash flow model with moderate assumptions puts its intrinsic value about 8% below the current price.
Score: 2.2 / 5
Checks passed
- P/E below 25
- Revenue growth above 10% last year
- 3-year revenue growth above 10% a year
- Strong R&D investment or growth above 20%
- 5-year revenue growth above 8% a year
- More cash than debt, or low debt to equity
- Positive free cash flow
- Interest covered more than 5 times
Checks not passed
- P/E below the industry median
- P/FCF below 20
- Price below intrinsic value (DCF, moderate assumptions)
- PEG below 1.5
- Profit margin improving
- 3-year free cash flow growth above 10% a year
- 5-year EPS growth above 10% a year
- 5-year average ROIC above 12%
Valuation
Growth and quality
Financials, last 7 years
| Fiscal year | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0B | $3.8B | $2.6B | $2.1B | $1.3B | $794M | $483M | $276M |
| Net income | $525M | $257M | $267M | $95M | $62M | -$187M | -$31M | -$2M |
| Free cash flow | $493M | $362M | $497M | $226M | -$311M | -$8M | -$29M | -$13M |
| EPS (diluted) | $1.57 | $0.77 | $0.80 | $0.28 | $0.19 | $-0.56 | $-0.09 | $-0.00 |
| Net margin | 13.1% | 6.8% | 10.4% | 4.4% | 4.7% | -23.5% | -6.5% | -0.5% |
| ROIC | — | 22.9% | 13.2% | 13.2% | 6.5% | -13.1% | -5.5% | 7.0% |
From the company’s 10-K and 10-Q filings with the SEC. TTM = trailing twelve months.
Frequently asked questions
What is On Holding’s P/E ratio?
About 21.4, based on the last twelve months of diluted earnings per share (forward P/E about 16.3).
Is On Holding stock undervalued?
Our DCF model with moderate assumptions puts its intrinsic value about 8% below the current market value. A model is a range, not a promise; try your own assumptions in the DCF calculator.
Does On Holding pay a dividend?
Not currently.
Is On Holding a good stock to buy?
We do not give buy or sell advice. On Holding scores 2.2 out of 5 on our five checks (value, growth, track record, financial health and shareholder returns); the checks above show why.
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Generated from SEC filings, analyst consensus estimates and market prices, rebuilt every day. Educational information, not investment advice.