On Holding AG ONON

Morningstar Rating
$37.72 −0.34 (0.89%)
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Company Report

Price vs Fair Value

ONON is trading at a 388% premium.
Price
$37.72
Fair Value
$87.38
Uncertainty
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1-Star Price
$42.93
5-Star Price
$77.83
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

On has emerged from obscurity to become the fastest-growing sportswear brand in the world since the pandemic. Its footwear has rapidly gained share in several markets.

Bears

The sports footwear market is very competitive. On has a shorter history and lower consumer awareness than numerous firms in its industry.

News

Trading Information

Previous Close Price
$38.06
Day Range
$37.5739.15
52-Week Range
$31.4155.95
Bid/Ask
$37.00 / $39.00
Shares Outstanding
333.33M
Market Cap
$12.57B
Volume/Avg
205 / 7M

Key Statistics

Price/Earnings (Normalized)
22.61
Price/Sales
6.42
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Total Yield

Company Profile

Founded in Switzerland in 2010, sportswear firm On Holding generates more than 90% of its sales from athletic shoes. The brand is best known for its running shoes and its distinctive CloudTec soles. On also produces athletic apparel (6% of 2025 sales) and accessories (1%). The firm’s merchandise is available in more than 80 countries and is sold through both wholesale (58% of sales) and company-owned channels (42%). In 2025, On generated 58% of its sales in North America, 25% in Europe, the Middle East, and Africa, and 17% in the Asia-Pacific region.
Sector
Consumer Cyclical
Industry
Footwear & Accessories
Stock Style Box
Small Growth
Total Number of Employees
1,230

Competitors

Valuation

Metric
ONON
DECK
PUM
Price/Earnings (Normalized)
22.6116.1728.28
Price/Book Value
5.816.372.20
Price/Sales
6.423.030.58
Price/Cash Flow
37.1114.27
Price/Earnings
ONON
DECK
PUM

Financial Strength

Metric
ONON
DECK
PUM
Quick Ratio
2.172.770.49
Current Ratio
2.983.541.27
Interest Coverage
11.22500.11−5.86
Quick Ratio
ONON
DECK
PUM

Profitability

Metric
ONON
DECK
PUM
Return on Assets (Normalized)
11.03%28.04%−6.89%
Return on Equity (Normalized)
19.11%42.40%−22.76%
Return on Invested Capital (Normalized)
14.21%35.79%−8.66%
Return on Assets
ONON
DECK
PUM

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