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Company Analysis

On Holding AG ONON

A comprehensive view of key metrics, scores, and financial health for On Holding AG

Overview of On Holding AG

ONON NYQ
Consumer Cyclical Footwear & Accessories Framework: General Corporate Large Cap
On Holding AG (ONON), is a Large Cap company, in the Footwear & Accessories industry, last closed at $35.52, about 52.0% overvalued vs fair value, +0.0% 1Y return, ranked 181/548 in sector.
Metrics P/E 117.3× Rev Growth 30.0% ROE 13.5% Gross Margin 62.8% Div Yield 0.00%
USD 35.52
5.15%
(Delayed)
• Vol 90d: 52.9%
52-Week Range
Market Cap
$11.87B
Enterprise Value
$10.39B
Overall Score
View breakdown
Overall
Growth
Excellent
Profitability
Fair
Health
Fair
Efficiency
Good
Valuation
Fair
Growth
Excellent
Profitability
Fair
Health
Fair
Efficiency
Good
Valuation
Fair
Completeness: 94%
Confidence: 94%
Updated: Oct 31
Top Beats

Quick Facts

Website https://www.on.com
HQ Zurich
Employees 3,254
Fiscal year Dec 31

Next Events

Earnings Nov 10 Call: Nov 10

Fair Value Snapshot

Bear Base Bull
$15
$17
$19
Current: $35.52 -52% vs base

Engine Room Money Flow™

Large Cap

Corporate Free Cash Flow - Where revenue goes and how value is created

Flow Steps
Revenue
CHF 3.0B
30%%
Gross Profit
CHF 1.9B
34.7%%
Operating Income
CHF 377.0M
78.2%%
Net Income
CHF 203.7M
-15.9%%
Money Flow Bridge
Flow Direction: Money moves from left to right
Components: Breakdown shows composition of each stage
Industry-Specific: Corporate Free Cash Flow

Quality & Reliability Indicators

Cash Conversion Ratio FY2025
137.9%
Excellent

Operating Cash Flow / Net Income

FCF / Net Income - measures how well earnings convert to cash

Locked Metric
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Owner's Pocket - Capital Allocation

Total Returned to Shareholders

Combined dividends, buybacks, and debt reduction

CHF 69.9M
24.9% of FCF

Where It Leaks

Cash Flow Health some concerns
Moderate efficiency issues detected. Review active leaks below for improvement areas.
3
Active Leaks
1/3
Improving
1
High Impact
0
Critical
Locked Leak
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Locked Leak
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Moat Analysis Corporate Default

Competitive Advantage Assessment

Evaluating On Holding AG's durable competitive advantages across 6 defense dimensions

Overall Moat Strength
66
/100
Moderate
Scores based on quantitative metrics and qualitative factors
Full moat analysis

Key strengths

  • Scale Supporting Profitability Profitability at scale is strong (score 0.92), demonstrating competitive advantages.
  • ROIC Sustainably Above Peers ROIC at 91.7th percentile exceeds peers and WACC, demonstrating superior capital allocation.

Key risks

  • Volatile Margins Suggest Cyclicality Margin volatility is high (stability score 0.15), suggesting cyclical exposure or competitive pressure.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Developing
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Signals, strengths and risks for Pricing Power

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Signals, strengths and risks for Cost Advantage

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Signals, strengths and risks for Customer Stickiness

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Signals, strengths and risks for Capital Efficiency

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Signals, strengths and risks for Resilience

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Signals, strengths and risks for Scale & Market Position

Trade-Off Ledger™

Where management spends the performance budget - Growth, Profitability, or Safety

vs Industry Peers 100% Coverage
Trade-Off Triangle Visualization A ternary plot showing ONON's balance between Growth (32.9%), Profitability (33.3%), and Safety (33.8%). Growth 33% Safety 34% Profitability 33%

Click axes to expand details. Marker shows current allocation.

3-Year Trend Analysis Locked
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Growth

73th percentile vs peers
74
Key Signals
Rev Growth YoY 30.0% 88p Revenue CAGR 3Y 35.1% 92p EPS CAGR 3Y 51.3% 90p EPS Growth YoY -15.8% 36p TSR -15.1% 34p
Strengths
  • Rev Growth YoY in top 20% of peers (30.0%, 88th percentile)
  • Revenue CAGR 3Y in top 20% of peers (35.1%, 92th percentile)
  • EPS CAGR 3Y in top 20% of peers (51.3%, 90th percentile)
  • Superior capital returns - 3 return metrics above peer median
  • Growth above peer median with strong metric coverage (100%)
Risks

No significant risks identified for this axis.

Profitability

74th percentile vs peers
75
Key Signals
Strengths
Risks
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Safety

75th percentile vs peers
76
Key Signals
Strengths
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Two Futures

Scenario-based fair value ranges for On Holding AG.

Loading valuation model...
Unable to Compute Fair Value

This company cannot be valued using standard models.

What this means: The Scenario Theatre requires financial data (revenue, cash flow, shares outstanding) to calculate fair value estimates. This data may be unavailable for:

  • Recently listed companies (IPOs, SPACs)
  • Shell companies or holding companies
  • Companies that haven't filed recent financials
  • Foreign companies with limited data coverage
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Bear
-
- - -
- upside
-
Base
$17.05
- - -
-52.0% vs current
Snapshot base estimate
Bull
-
- - -
- upside
-
Fair Value Range Current: $-
$- $- $-
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