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

NYSE:ONON - CH1134540470 - Common Stock

45.59 USD
-0.97 (-2.08%)
Last: 8/25/2025, 8:04:01 PM
45.7 USD
+0.11 (+0.24%)
Pre-Market: 8/26/2025, 4:21:37 AM
Fundamental Rating

6

Overall ONON gets a fundamental rating of 6 out of 10. We evaluated ONON against 50 industry peers in the Textiles, Apparel & Luxury Goods industry. Both the health and profitability get an excellent rating, making ONON a very profitable company, without any liquidiy or solvency issues. ONON shows excellent growth, but is valued quite expensive already. With these ratings, ONON could be worth investigating further for growth and quality investing!.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

ONON had positive earnings in the past year.
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 better Return On Assets (8.59%) than 86.00% of its industry peers.
With a decent Return On Equity value of 14.26%, ONON is doing good in the industry, outperforming 72.00% of the companies in the same industry.
With a decent Return On Invested Capital value of 12.18%, ONON is doing good in the industry, outperforming 78.00% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for ONON is in line with the industry average of 10.66%.
The last Return On Invested Capital (12.18%) for ONON is above the 3 year average (9.76%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 8.59%
ROE 14.26%
ROIC 12.18%
ROA(3y)6.46%
ROA(5y)-0.32%
ROE(3y)10.26%
ROE(5y)-0.1%
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 (8.19%) than 88.00% of its industry peers.
ONON has a Operating Margin of 9.84%. This is in the better half of the industry: ONON outperforms 76.00% of its industry peers.
In the last couple of years the Operating Margin of ONON has grown nicely.
The Gross Margin of ONON (60.62%) is better than 80.00% of its industry peers.
ONON's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 9.84%
PM (TTM) 8.19%
GM 60.62%
OM growth 3YN/A
OM growth 5Y33.73%
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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8

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), ONON is creating value.
Compared to 1 year ago, ONON has more shares outstanding
Compared to 5 years ago, ONON has more shares outstanding
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

ONON has an Altman-Z score of 10.26. This indicates that ONON is financially healthy and has little risk of bankruptcy at the moment.
ONON's Altman-Z score of 10.26 is amongst the best of the industry. ONON outperforms 98.00% of its industry peers.
The Debt to FCF ratio of ONON is 0.97, which is an excellent value as it means it would take ONON, only 0.97 years of fcf income to pay off all of its debts.
ONON has a better Debt to FCF ratio (0.97) than 86.00% of its industry peers.
A Debt/Equity ratio of 0.19 indicates that ONON is not too dependend on debt financing.
The Debt to Equity ratio of ONON (0.19) is better than 70.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.19
Debt/FCF 0.97
Altman-Z 10.26
ROIC/WACC2.31
WACC5.27%
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

A Current Ratio of 2.80 indicates that ONON has no problem at all paying its short term obligations.
ONON has a Current ratio of 2.80. This is amongst the best in the industry. ONON outperforms 84.00% of its industry peers.
A Quick Ratio of 2.18 indicates that ONON has no problem at all paying its short term obligations.
With an excellent Quick ratio value of 2.18, ONON belongs to the best of the industry, outperforming 96.00% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 2.8
Quick Ratio 2.18
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

ONON shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 3.17%.
ONON shows a strong growth in Revenue. In the last year, the Revenue has grown by 29.36%.
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)29.36%
Revenue growth 3Y47.35%
Revenue growth 5Y54.06%
Sales Q2Q%31.97%

3.2 Future

ONON is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 27.32% yearly.
Based on estimates for the next years, ONON will show a very strong growth in Revenue. The Revenue will grow by 22.93% on average per year.
EPS Next Y-35.12%
EPS Next 2Y12.61%
EPS Next 3Y20.85%
EPS Next 5Y27.32%
Revenue Next Year28.02%
Revenue Next 2Y26.03%
Revenue Next 3Y25.24%
Revenue Next 5Y22.94%

3.3 Evolution

Although the future Revenue growth is still strong, it is not able to hold up the even more excellent growth rate of 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 56.28, ONON can be considered very expensive at the moment.
ONON's Price/Earnings ratio is a bit more expensive when compared to the industry. ONON is more expensive than 68.00% of the companies in the same industry.
ONON's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 27.03.
With a Price/Forward Earnings ratio of 29.14, ONON can be considered very expensive at the moment.
Compared to the rest of the industry, the Price/Forward Earnings ratio of ONON indicates a slightly more expensive valuation: ONON is more expensive than 64.00% of the companies listed in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 22.63. ONON is valued slightly more expensive when compared to this.
Industry RankSector Rank
PE 56.28
Fwd PE 29.14
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 74.00% of the companies listed in the same industry.
ONON's Price/Free Cash Flow ratio is in line with the industry average.
Industry RankSector Rank
P/FCF 34.18
EV/EBITDA 34.06
ONON Per share dataONON EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8

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

ONON does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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ON HOLDING AG-CLASS A

NYSE:ONON (8/25/2025, 8:04:01 PM)

Premarket: 45.7 +0.11 (+0.24%)

45.59

-0.97 (-2.08%)

Chartmill FA Rating
GICS SectorConsumer Discretionary
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 Cap14.89B
Analysts83.53
Price Target67.54 (48.15%)
Short Float %7.98%
Short Ratio2.84
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)2
Avg EPS beat(2)53.28%
Min EPS beat(2)4.17%
Max EPS beat(2)102.39%
EPS beat(4)2
Avg EPS beat(4)17.69%
Min EPS beat(4)-22.6%
Max EPS beat(4)102.39%
EPS beat(8)5
Avg EPS beat(8)20.9%
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)2.36%
Min Revenue beat(2)0.14%
Max Revenue beat(2)4.57%
Revenue beat(4)3
Avg Revenue beat(4)1.22%
Min Revenue beat(4)-0.82%
Max Revenue beat(4)4.57%
Revenue beat(8)6
Avg Revenue beat(8)1.25%
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)-0.2%
PT rev (3m)10.31%
EPS NQ rev (1m)0.85%
EPS NQ rev (3m)-5.97%
EPS NY rev (1m)-34.6%
EPS NY rev (3m)-35.92%
Revenue NQ rev (1m)-0.31%
Revenue NQ rev (3m)-0.49%
Revenue NY rev (1m)1.1%
Revenue NY rev (3m)0.17%
Valuation
Industry RankSector Rank
PE 56.28
Fwd PE 29.14
P/S 4.71
P/FCF 34.18
P/OCF 28.61
P/B 8.19
P/tB 8.52
EV/EBITDA 34.06
EPS(TTM)0.81
EY1.78%
EPS(NY)1.56
Fwd EY3.43%
FCF(TTM)1.33
FCFY2.93%
OCF(TTM)1.59
OCFY3.5%
SpS9.68
BVpS5.56
TBVpS5.35
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 8.59%
ROE 14.26%
ROCE 14.06%
ROIC 12.18%
ROICexc 12.18%
ROICexgc 12.58%
OM 9.84%
PM (TTM) 8.19%
GM 60.62%
FCFM 13.78%
ROA(3y)6.46%
ROA(5y)-0.32%
ROE(3y)10.26%
ROE(5y)-0.1%
ROIC(3y)9.76%
ROIC(5y)N/A
ROICexc(3y)17.02%
ROICexc(5y)N/A
ROICexgc(3y)18.47%
ROICexgc(5y)N/A
ROCE(3y)11.26%
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5Y30.63%
ROICexc growth 3YN/A
ROICexc growth 5Y30.6%
OM growth 3YN/A
OM growth 5Y33.73%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.7%
GM growth 5Y2.51%
F-Score7
Asset Turnover1.05
Health
Industry RankSector Rank
Debt/Equity 0.19
Debt/FCF 0.97
Debt/EBITDA 0.78
Cap/Depr 61.32%
Cap/Sales 2.68%
Interest Coverage 15.41
Cash Conversion 115.78%
Profit Quality 168.19%
Current Ratio 2.8
Quick Ratio 2.18
Altman-Z 10.26
F-Score7
WACC5.27%
ROIC/WACC2.31
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 5Y27.32%
Revenue 1Y (TTM)29.36%
Revenue growth 3Y47.35%
Revenue growth 5Y54.06%
Sales Q2Q%31.97%
Revenue Next Year28.02%
Revenue Next 2Y26.03%
Revenue Next 3Y25.24%
Revenue Next 5Y22.94%
EBIT growth 1Y41.15%
EBIT growth 3YN/A
EBIT growth 5Y106.03%
EBIT Next Year90.84%
EBIT Next 3Y46.88%
EBIT Next 5Y39.29%
FCF growth 1Y245.08%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y353.95%
OCF growth 3Y211.15%
OCF growth 5YN/A