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ON HOLDING AG-CLASS A (ONON) Stock Fundamental Analysis

USA - NYSE:ONON - CH1134540470 - Common Stock

45.23 USD
+0.24 (+0.53%)
Last: 9/19/2025, 8:04:01 PM
45.19 USD
-0.04 (-0.09%)
After Hours: 9/19/2025, 8:04:01 PM
Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to ONON. ONON was compared to 49 industry peers in the Textiles, Apparel & Luxury Goods industry. ONON has an excellent financial health rating, but there are some minor concerns on its profitability. ONON is valued quite expensively, but it does show have an excellent growth rating. This makes ONON very considerable for growth investing!


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

In the past year ONON was profitable.
ONON had a positive operating cash flow in the past year.
In multiple years ONON reported negative net income over the last 5 years.
In multiple years ONON reported negative operating cash flow during the last 5 years.
ONON Yearly Net Income VS EBIT VS OCF VS FCFONON Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2019 2020 2021 2022 2023 2024 0 200M -200M 400M

1.2 Ratios

ONON has a Return On Assets of 5.34%. This is in the better half of the industry: ONON outperforms 69.39% of its industry peers.
With a Return On Equity value of 9.73%, ONON perfoms like the industry average, outperforming 53.06% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 13.78%, ONON is in the better half of the industry, outperforming 79.59% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for ONON is below the industry average of 12.08%.
The last Return On Invested Capital (13.78%) for ONON is above the 3 year average (9.76%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 5.34%
ROE 9.73%
ROIC 13.78%
ROA(3y)6.46%
ROA(5y)-0.32%
ROE(3y)10.26%
ROE(5y)-0.11%
ROIC(3y)9.76%
ROIC(5y)N/A
ONON Yearly ROA, ROE, ROICONON Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2019 2020 2021 2022 2023 2024 0 10 -10 -20

1.3 Margins

ONON has a better Profit Margin (5.00%) than 71.43% of its industry peers.
ONON has a better Operating Margin (10.87%) than 79.59% of its industry peers.
In the last couple of years the Operating Margin of ONON has grown nicely.
Looking at the Gross Margin, with a value of 61.00%, ONON belongs to the top of the industry, outperforming 81.63% of the companies in the same industry.
ONON's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 10.87%
PM (TTM) 5%
GM 61%
OM growth 3YN/A
OM growth 5Y33.78%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.7%
GM growth 5Y2.51%
ONON Yearly Profit, Operating, Gross MarginsONON Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2019 2020 2021 2022 2023 2024 0 20 -20 40 60

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7

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), ONON is creating value.
ONON has more shares outstanding than it did 1 year ago.
ONON has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, ONON has a worse debt to assets ratio.
ONON Yearly Shares OutstandingONON Yearly Shares OutstandingYearly Shares Outstanding 2019 2020 2021 2022 2023 2024 100M 200M 300M
ONON Yearly Total Debt VS Total AssetsONON Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

2.2 Solvency

An Altman-Z score of 8.39 indicates that ONON is not in any danger for bankruptcy at the moment.
ONON's Altman-Z score of 8.39 is amongst the best of the industry. ONON outperforms 95.92% of its industry peers.
ONON has a debt to FCF ratio of 1.43. This is a very positive value and a sign of high solvency as it would only need 1.43 years to pay back of all of its debts.
ONON has a Debt to FCF ratio of 1.43. This is amongst the best in the industry. ONON outperforms 87.76% of its industry peers.
ONON has a Debt/Equity ratio of 0.31. This is a healthy value indicating a solid balance between debt and equity.
ONON has a Debt to Equity ratio (0.31) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.31
Debt/FCF 1.43
Altman-Z 8.39
ROIC/WACC2.67
WACC5.16%
ONON Yearly LT Debt VS Equity VS FCFONON Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2019 2020 2021 2022 2023 2024 0 500M 1B

2.3 Liquidity

ONON has a Current Ratio of 2.53. This indicates that ONON is financially healthy and has no problem in meeting its short term obligations.
ONON has a Current ratio of 2.53. This is in the better half of the industry: ONON outperforms 75.51% of its industry peers.
ONON has a Quick Ratio of 2.00. This is a normal value and indicates that ONON is financially healthy and should not expect problems in meeting its short term obligations.
The Quick ratio of ONON (2.00) is better than 93.88% of its industry peers.
Industry RankSector Rank
Current Ratio 2.53
Quick Ratio 2
ONON Yearly Current Assets VS Current LiabilitesONON Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2019 2020 2021 2022 2023 2024 500M 1B 1.5B

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7

3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 3.17% over the past year.
Looking at the last year, ONON shows a very strong growth in Revenue. The Revenue has grown by 35.67%.
The Revenue has been growing by 54.06% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)3.17%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-171.43%
Revenue 1Y (TTM)35.67%
Revenue growth 3Y47.35%
Revenue growth 5Y54.06%
Sales Q2Q%31.97%

3.2 Future

The Earnings Per Share is expected to grow by 27.16% on average over the next years. This is a very strong growth
The Revenue is expected to grow by 22.78% on average over the next years. This is a very strong growth
EPS Next Y-35.12%
EPS Next 2Y12.61%
EPS Next 3Y20.85%
EPS Next 5Y27.16%
Revenue Next Year28.02%
Revenue Next 2Y25.96%
Revenue Next 3Y25.15%
Revenue Next 5Y22.78%

3.3 Evolution

The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
ONON Yearly Revenue VS EstimatesONON Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2B 4B 6B 8B
ONON Yearly EPS VS EstimatesONON Yearly EPS VS EstimatesYearly EPS VS Estimates 2021 2022 2023 2024 2025 2026 2027 2028 2029 1 2 3

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2

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 55.16, ONON can be considered very expensive at the moment.
Based on the Price/Earnings ratio, ONON is valued a bit more expensive than 69.39% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 27.38. ONON is valued rather expensively when compared to this.
ONON is valuated quite expensively with a Price/Forward Earnings ratio of 28.45.
ONON's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. ONON is more expensive than 63.27% of the companies in the same industry.
ONON's Price/Forward Earnings ratio indicates a valuation a bit more expensive than the S&P500 average which is at 22.86.
Industry RankSector Rank
PE 55.16
Fwd PE 28.45
ONON Price Earnings VS Forward Price EarningsONON Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of ONON indicates a slightly more expensive valuation: ONON is more expensive than 75.51% of the companies listed in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of ONON is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 33.54
EV/EBITDA 27.04
ONON Per share dataONON EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

The decent profitability rating of ONON may justify a higher PE ratio.
ONON's earnings are expected to grow with 20.85% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y12.61%
EPS Next 3Y20.85%

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0

5. Dividend

5.1 Amount

No dividends for ONON!.
Industry RankSector Rank
Dividend Yield N/A

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ON HOLDING AG-CLASS A

NYSE:ONON (9/19/2025, 8:04:01 PM)

After market: 45.19 -0.04 (-0.09%)

45.23

+0.24 (+0.53%)

Chartmill FA Rating
GICS IndustryGroupConsumer Durables & Apparel
GICS IndustryTextiles, Apparel & Luxury Goods
Earnings (Last)08-12 2025-08-12/bmo
Earnings (Next)11-10 2025-11-10/bmo
Inst Owners64.22%
Inst Owner Change7.72%
Ins Owners22.02%
Ins Owner ChangeN/A
Market Cap14.77B
Analysts81.76
Price Target67.54 (49.33%)
Short Float %6.41%
Short Ratio2.44
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-71.15%
Min EPS beat(2)-146.46%
Max EPS beat(2)4.17%
EPS beat(4)2
Avg EPS beat(4)-15.63%
Min EPS beat(4)-146.46%
Max EPS beat(4)102.39%
EPS beat(8)4
Avg EPS beat(8)-6.61%
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)2
Avg Revenue beat(2)4.36%
Min Revenue beat(2)4.14%
Max Revenue beat(2)4.57%
Revenue beat(4)4
Avg Revenue beat(4)2.46%
Min Revenue beat(4)0.14%
Max Revenue beat(4)4.57%
Revenue beat(8)6
Avg Revenue beat(8)1.16%
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-0.09%
PT rev (3m)0.11%
EPS NQ rev (1m)-11.19%
EPS NQ rev (3m)-14.81%
EPS NY rev (1m)-34.6%
EPS NY rev (3m)-35.92%
Revenue NQ rev (1m)-0.24%
Revenue NQ rev (3m)-0.85%
Revenue NY rev (1m)1.27%
Revenue NY rev (3m)1.04%
Valuation
Industry RankSector Rank
PE 55.16
Fwd PE 28.45
P/S 4.29
P/FCF 33.54
P/OCF 28.02
P/B 8.35
P/tB 8.69
EV/EBITDA 27.04
EPS(TTM)0.82
EY1.81%
EPS(NY)1.59
Fwd EY3.52%
FCF(TTM)1.35
FCFY2.98%
OCF(TTM)1.61
OCFY3.57%
SpS10.54
BVpS5.42
TBVpS5.2
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 5.34%
ROE 9.73%
ROCE 15.91%
ROIC 13.78%
ROICexc 26.68%
ROICexgc 28.32%
OM 10.87%
PM (TTM) 5%
GM 61%
FCFM 12.79%
ROA(3y)6.46%
ROA(5y)-0.32%
ROE(3y)10.26%
ROE(5y)-0.11%
ROIC(3y)9.76%
ROIC(5y)N/A
ROICexc(3y)18.51%
ROICexc(5y)N/A
ROICexgc(3y)20.21%
ROICexgc(5y)N/A
ROCE(3y)11.26%
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5Y30.67%
ROICexc growth 3YN/A
ROICexc growth 5Y30.65%
OM growth 3YN/A
OM growth 5Y33.78%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.7%
GM growth 5Y2.51%
F-Score5
Asset Turnover1.07
Health
Industry RankSector Rank
Debt/Equity 0.31
Debt/FCF 1.43
Debt/EBITDA 1.04
Cap/Depr 58.65%
Cap/Sales 2.52%
Interest Coverage 16.51
Cash Conversion 100.95%
Profit Quality 255.85%
Current Ratio 2.53
Quick Ratio 2
Altman-Z 8.39
F-Score5
WACC5.16%
ROIC/WACC2.67
Cap/Depr(3y)104.58%
Cap/Depr(5y)116.59%
Cap/Sales(3y)4.08%
Cap/Sales(5y)4.32%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)3.17%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-171.43%
EPS Next Y-35.12%
EPS Next 2Y12.61%
EPS Next 3Y20.85%
EPS Next 5Y27.16%
Revenue 1Y (TTM)35.67%
Revenue growth 3Y47.35%
Revenue growth 5Y54.06%
Sales Q2Q%31.97%
Revenue Next Year28.02%
Revenue Next 2Y25.96%
Revenue Next 3Y25.15%
Revenue Next 5Y22.78%
EBIT growth 1Y60.34%
EBIT growth 3YN/A
EBIT growth 5Y106.11%
EBIT Next Year90.84%
EBIT Next 3Y46.88%
EBIT Next 5Y39.11%
FCF growth 1Y299.67%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y527.23%
OCF growth 3Y211.18%
OCF growth 5YN/A