On Holding AG ONON

Morningstar Rating

Company Report

Price vs Fair Value

ONON is trading at a LOCK|nr#FfD premium.
Price
$30.20
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

On has been the fastest-growing sportswear brand in the world since the pandemic. Its footwear has rapidly gained share on much more mature brands 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

Articles & Videos

Trading Information

Previous Close Price
—
Day Range
—–—
52-Week Range
—–—
Bid/Ask
— / —
Shares Outstanding
334.21M
Market Cap
—
Volume/Avg
— / —

Key Statistics

Price/Earnings (Normalized)
16.99
Price/Sales
4.79
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
Dividend Payment Schedule
—
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
PUM
ADDYY
Price/Earnings (Normalized)
16.99—16.31
Price/Book Value
5.791.804.15
Price/Sales
4.790.480.94
Price/Cash Flow
25.90—8.69
Price/Earnings
ONON
PUM
ADDYY

Financial Strength

Metric
ONON
PUM
ADDYY
Quick Ratio
2.140.480.60
Current Ratio
2.831.261.39
Interest Coverage
19.77−8.226.96
Quick Ratio
ONON
PUM
ADDYY

Profitability

Metric
ONON
PUM
ADDYY
Return on Assets (Normalized)
15.98%−5.58%7.62%
Return on Equity (Normalized)
29.56%−19.40%27.00%
Return on Invested Capital (Normalized)
20.49%−7.22%14.77%
Return on Assets
ONON
PUM
ADDYY

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