ON HOLDING AG-CLASS A (ONON) Fundamental Analysis & Valuation

NYSE:ONON • CH1134540470

43.37 USD
+0.14 (+0.32%)
At close: Mar 5, 2026
43.23 USD
-0.14 (-0.32%)
Pre-Market: 3/6/2026, 6:47:16 AM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This ONON fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

6

Taking everything into account, ONON scores 6 out of 10 in our fundamental rating. ONON was compared to 45 industry peers in the Textiles, Apparel & Luxury Goods industry. ONON has outstanding health and profitabily ratings, belonging to the best of the industry. This is a solid base for any company. ONON is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

7

1. ONON Profitability Analysis

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's Return On Assets of 8.15% is amongst the best of the industry. ONON outperforms 88.89% of its industry peers.
  • ONON has a Return On Equity of 14.55%. This is in the better half of the industry: ONON outperforms 75.56% of its industry peers.
  • With an excellent Return On Invested Capital value of 15.03%, ONON belongs to the best of the industry, outperforming 84.44% of the companies in the same industry.
  • ONON had an Average Return On Invested Capital over the past 3 years of 9.76%. This is in line with the industry average of 11.70%.
  • The last Return On Invested Capital (15.03%) for ONON is above the 3 year average (9.76%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 8.15%
ROE 14.55%
ROIC 15.03%
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

  • Looking at the Profit Margin, with a value of 7.80%, ONON belongs to the top of the industry, outperforming 86.67% of the companies in the same industry.
  • ONON has a Operating Margin of 12.08%. This is amongst the best in the industry. ONON outperforms 82.22% of its industry peers.
  • ONON's Operating Margin has improved in the last couple of years.
  • ONON has a better Gross Margin (62.40%) than 84.44% of its industry peers.
  • ONON's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 12.08%
PM (TTM) 7.8%
GM 62.4%
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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8

2. ONON Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), ONON is creating value.
  • There is no outstanding debt for ONON. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
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 8.29. This indicates that ONON is financially healthy and has little risk of bankruptcy at the moment.
  • ONON has a better Altman-Z score (8.29) than 95.56% of its industry peers.
  • ONON has a debt to FCF ratio of 1.62. This is a very positive value and a sign of high solvency as it would only need 1.62 years to pay back of all of its debts.
  • With an excellent Debt to FCF ratio value of 1.62, ONON belongs to the best of the industry, outperforming 84.44% of the companies in the same industry.
  • ONON has a Debt/Equity ratio of 0.28. This is a healthy value indicating a solid balance between debt and equity.
  • ONON has a Debt to Equity ratio (0.28) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.28
Debt/FCF 1.62
Altman-Z 8.29
ROIC/WACC3.04
WACC4.95%
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 2.55 indicates that ONON has no problem at all paying its short term obligations.
  • With a decent Current ratio value of 2.55, ONON is doing good in the industry, outperforming 73.33% of the companies in the same industry.
  • A Quick Ratio of 2.05 indicates that ONON has no problem at all paying its short term obligations.
  • The Quick ratio of ONON (2.05) is better than 88.89% of its industry peers.
Industry RankSector Rank
Current Ratio 2.55
Quick Ratio 2.05
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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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. ONON Growth Analysis

3.1 Past

  • ONON shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -14.74%.
  • ONON shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 39.64% yearly.
EPS 1Y (TTM)-14.74%
EPS 3Y39.64%
EPS 5YN/A
EPS Q2Q%-32.2%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%20.82%

3.2 Future

  • ONON is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 21.18% yearly.
  • Based on estimates for the next years, ONON will show a quite strong growth in Revenue. The Revenue will grow by 19.22% on average per year.
EPS Next Y56.31%
EPS Next 2Y41.11%
EPS Next 3Y43.83%
EPS Next 5Y21.18%
Revenue Next Year22.63%
Revenue Next 2Y21.7%
Revenue Next 3Y23.03%
Revenue Next 5Y19.22%

3.3 Evolution

  • The estimated forward EPS 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 2033 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 2030 2031 2032 2033 0.5 1 1.5 2 2.5

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3

4. ONON Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 40.16, which means the current valuation is very expensive for ONON.
  • Compared to the rest of the industry, the Price/Earnings ratio of ONON indicates a slightly more expensive valuation: ONON is more expensive than 66.67% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 26.74, ONON is valued quite expensively.
  • With a Price/Forward Earnings ratio of 25.65, 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 64.44% of the companies listed in the same industry.
  • When comparing the Price/Forward Earnings ratio of ONON to the average of the S&P500 Index (24.82), we can say ONON is valued inline with the index average.
Industry RankSector Rank
PE 40.16
Fwd PE 25.65
ONON Price Earnings VS Forward Price EarningsONON Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

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 71.11% 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 32.34
EV/EBITDA 22.68
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 low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • The decent profitability rating of ONON may justify a higher PE ratio.
  • A more expensive valuation may be justified as ONON's earnings are expected to grow with 43.83% in the coming years.
PEG (NY)0.71
PEG (5Y)N/A
EPS Next 2Y41.11%
EPS Next 3Y43.83%

More info and screens

Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. ONON Dividend Analysis

5.1 Amount

  • No dividends for ONON!.
Industry RankSector Rank
Dividend Yield 0%

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ONON Fundamentals: All Metrics, Ratios and Statistics

ON HOLDING AG-CLASS A

NYSE:ONON (3/5/2026, 8:13:45 PM)

Premarket: 43.23 -0.14 (-0.32%)

43.37

+0.14 (+0.32%)

Chartmill FA Rating
GICS IndustryGroupConsumer Durables & Apparel
GICS IndustryTextiles, Apparel & Luxury Goods
Earnings (Last)03-03
Earnings (Next)05-11
Inst Owners62.88%
Inst Owner Change7.21%
Ins Owners21.52%
Ins Owner ChangeN/A
Market Cap14.32B
Revenue(TTM)N/A
Net Income(TTM)224.30M
Analysts82.35
Price Target63.19 (45.7%)
Short Float %7.19%
Short Ratio3.56
Dividend
Industry RankSector Rank
Dividend Yield 0%
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)-29.53%
Min EPS beat(2)-146.46%
Max EPS beat(2)87.41%
EPS beat(4)3
Avg EPS beat(4)11.88%
Min EPS beat(4)-146.46%
Max EPS beat(4)102.39%
EPS beat(8)4
Avg EPS beat(8)-1.67%
EPS beat(12)8
Avg EPS beat(12)20.57%
EPS beat(16)10
Avg EPS beat(16)37.09%
Revenue beat(2)2
Avg Revenue beat(2)3.12%
Min Revenue beat(2)2.11%
Max Revenue beat(2)4.14%
Revenue beat(4)4
Avg Revenue beat(4)2.74%
Min Revenue beat(4)0.14%
Max Revenue beat(4)4.57%
Revenue beat(8)6
Avg Revenue beat(8)1.07%
Revenue beat(12)10
Avg Revenue beat(12)4.79%
Revenue beat(16)14
Avg Revenue beat(16)14.15%
PT rev (1m)-0.22%
PT rev (3m)-0.74%
EPS NQ rev (1m)0.66%
EPS NQ rev (3m)-3.23%
EPS NY rev (1m)2.29%
EPS NY rev (3m)30.61%
Revenue NQ rev (1m)0.09%
Revenue NQ rev (3m)0.15%
Revenue NY rev (1m)-0.03%
Revenue NY rev (3m)1.02%
Valuation
Industry RankSector Rank
PE 40.16
Fwd PE 25.65
P/S 3.88
P/FCF 32.34
P/OCF 26.91
P/B 7.25
P/tB 7.51
EV/EBITDA 22.68
EPS(TTM)1.08
EY2.49%
EPS(NY)1.69
Fwd EY3.9%
FCF(TTM)1.34
FCFY3.09%
OCF(TTM)1.61
OCFY3.72%
SpS11.17
BVpS5.98
TBVpS5.77
PEG (NY)0.71
PEG (5Y)N/A
Graham Number12.06
Profitability
Industry RankSector Rank
ROA 8.15%
ROE 14.55%
ROCE 17.35%
ROIC 15.03%
ROICexc 30.78%
ROICexgc 32.6%
OM 12.08%
PM (TTM) 7.8%
GM 62.4%
FCFM 12.01%
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
ROICexgc growth 3YN/A
ROICexgc 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-Score6
Asset Turnover1.05
Health
Industry RankSector Rank
Debt/Equity 0.28
Debt/FCF 1.62
Debt/EBITDA 0.91
Cap/Depr 57.4%
Cap/Sales 2.43%
Interest Coverage 17.73
Cash Conversion 88.49%
Profit Quality 153.99%
Current Ratio 2.55
Quick Ratio 2.05
Altman-Z 8.29
F-Score6
WACC4.95%
ROIC/WACC3.04
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)-14.74%
EPS 3Y39.64%
EPS 5YN/A
EPS Q2Q%-32.2%
EPS Next Y56.31%
EPS Next 2Y41.11%
EPS Next 3Y43.83%
EPS Next 5Y21.18%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%20.82%
Revenue Next Year22.63%
Revenue Next 2Y21.7%
Revenue Next 3Y23.03%
Revenue Next 5Y19.22%
EBIT growth 1Y74.59%
EBIT growth 3YN/A
EBIT growth 5Y106.11%
EBIT Next Year105.58%
EBIT Next 3Y46.88%
EBIT Next 5Y32.63%
FCF growth 1Y1669.22%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y917.65%
OCF growth 3Y211.18%
OCF growth 5YN/A

ON HOLDING AG-CLASS A / ONON FAQ

What is the ChartMill fundamental rating of ON HOLDING AG-CLASS A (ONON) stock?

ChartMill assigns a fundamental rating of 6 / 10 to ONON.


What is the valuation status for ONON stock?

ChartMill assigns a valuation rating of 3 / 10 to ON HOLDING AG-CLASS A (ONON). This can be considered as Overvalued.


Can you provide the profitability details for ON HOLDING AG-CLASS A?

ON HOLDING AG-CLASS A (ONON) has a profitability rating of 7 / 10.


What is the valuation of ON HOLDING AG-CLASS A based on its PE and PB ratios?

The Price/Earnings (PE) ratio for ON HOLDING AG-CLASS A (ONON) is 40.16 and the Price/Book (PB) ratio is 7.25.