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

NYSE:ONON - New York Stock Exchange, Inc. - CH1134540470 - Common Stock - Currency: USD

52.6  -1.76 (-3.24%)

Premarket: 52.63 +0.03 (+0.06%)

Fundamental Rating

6

Overall ONON gets a fundamental rating of 6 out of 10. We evaluated ONON against 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 shows excellent growth, but is valued quite expensive already. This makes ONON very considerable for growth investing!


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

ONON had positive earnings in the past year.
In the past year ONON had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: ONON reported negative net income in multiple years.
The reported operating cash flow has been mixed in the past 5 years: ONON reported negative operating cash flow in multiple 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 10.19%. This is in the better half of the industry: ONON outperforms 79.59% of its industry peers.
ONON has a better Return On Equity (17.41%) than 71.43% of its industry peers.
The Return On Invested Capital of ONON (10.67%) is better than 69.39% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for ONON is in line with the industry average of 11.45%.
The last Return On Invested Capital (10.67%) for ONON is above the 3 year average (9.76%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 10.19%
ROE 17.41%
ROIC 10.67%
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

The Profit Margin of ONON (10.45%) is better than 85.71% of its industry peers.
ONON's Operating Margin of 9.12% is fine compared to the rest of the industry. ONON outperforms 63.27% of its industry peers.
ONON's Operating Margin has improved in the last couple of years.
ONON has a Gross Margin of 60.63%. This is in the better half of the industry: ONON outperforms 79.59% of its industry peers.
ONON's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 9.12%
PM (TTM) 10.45%
GM 60.63%
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

ONON has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
ONON has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, ONON has more shares outstanding
ONON has a worse debt/assets ratio than last year.
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 10.54. This indicates that ONON is financially healthy and has little risk of bankruptcy at the moment.
With an excellent Altman-Z score value of 10.54, ONON belongs to the best of the industry, outperforming 97.96% of the companies in the same industry.
ONON has a debt to FCF ratio of 0.78. This is a very positive value and a sign of high solvency as it would only need 0.78 years to pay back of all of its debts.
With an excellent Debt to FCF ratio value of 0.78, ONON belongs to the best of the industry, outperforming 83.67% of the companies in the same industry.
A Debt/Equity ratio of 0.21 indicates that ONON is not too dependend on debt financing.
ONON has a Debt to Equity ratio of 0.21. This is in the better half of the industry: ONON outperforms 65.31% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 0.78
Altman-Z 10.54
ROIC/WACC2.18
WACC4.89%
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 2.66 indicates that ONON has no problem at all paying its short term obligations.
Looking at the Current ratio, with a value of 2.66, ONON is in the better half of the industry, outperforming 69.39% of the companies in the same industry.
A Quick Ratio of 2.03 indicates that ONON has no problem at all paying its short term obligations.
The Quick ratio of ONON (2.03) is better than 93.88% of its industry peers.
Industry RankSector Rank
Current Ratio 2.66
Quick Ratio 2.03
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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8

3. Growth

3.1 Past

ONON shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 30.88%, which is quite impressive.
ONON shows a strong growth in Revenue. In the last year, the Revenue has grown by 34.92%.
The Revenue has been growing by 54.06% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)30.88%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-30.3%
Revenue 1Y (TTM)34.92%
Revenue growth 3Y47.35%
Revenue growth 5Y54.06%
Sales Q2Q%42.98%

3.2 Future

Based on estimates for the next years, ONON will show a very strong growth in Earnings Per Share. The EPS will grow by 26.24% on average per year.
ONON is expected to show a strong growth in Revenue. In the coming years, the Revenue will grow by 21.36% yearly.
EPS Next Y-0.3%
EPS Next 2Y15.64%
EPS Next 3Y21.59%
EPS Next 5Y26.24%
Revenue Next Year26.62%
Revenue Next 2Y25.54%
Revenue Next 3Y25.02%
Revenue Next 5Y21.36%

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

The Price/Earnings ratio is 46.96, which means the current valuation is very expensive for ONON.
Based on the Price/Earnings ratio, ONON is valued a bit more expensive than 65.31% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 27.30, ONON is valued quite expensively.
With a Price/Forward Earnings ratio of 31.71, 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 67.35% of the companies listed in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 21.76. ONON is valued slightly more expensive when compared to this.
Industry RankSector Rank
PE 46.96
Fwd PE 31.71
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

ONON's Enterprise Value to EBITDA ratio is a bit more expensive when compared to the industry. ONON is more expensive than 75.51% of the companies in the same industry.
The rest of the industry has a similar Price/Free Cash Flow ratio as ONON.
Industry RankSector Rank
P/FCF 30.72
EV/EBITDA 41.13
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 21.59% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y15.64%
EPS Next 3Y21.59%

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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 (7/8/2025, 8:04:01 PM)

Premarket: 52.63 +0.03 (+0.06%)

52.6

-1.76 (-3.24%)

Chartmill FA Rating
GICS SectorConsumer Discretionary
GICS IndustryGroupConsumer Durables & Apparel
GICS IndustryTextiles, Apparel & Luxury Goods
Earnings (Last)05-13 2025-05-13/bmo
Earnings (Next)08-11 2025-08-11/bmo
Inst Owners63%
Inst Owner Change0%
Ins Owners22.02%
Ins Owner ChangeN/A
Market Cap17.15B
Analysts83.53
Price Target67.38 (28.1%)
Short Float %7.65%
Short Ratio3.48
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)39.89%
Min EPS beat(2)-22.6%
Max EPS beat(2)102.39%
EPS beat(4)2
Avg EPS beat(4)48.45%
Min EPS beat(4)-22.6%
Max EPS beat(4)127.21%
EPS beat(8)N/A
Avg EPS beat(8)N/A
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)0.56%
Min Revenue beat(2)0.14%
Max Revenue beat(2)0.98%
Revenue beat(4)3
Avg Revenue beat(4)0.12%
Min Revenue beat(4)-0.82%
Max Revenue beat(4)0.98%
Revenue beat(8)6
Avg Revenue beat(8)0.79%
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)10.05%
PT rev (3m)3.08%
EPS NQ rev (1m)0%
EPS NQ rev (3m)1.39%
EPS NY rev (1m)-1.52%
EPS NY rev (3m)-7.58%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.81%
Revenue NY rev (1m)-0.07%
Revenue NY rev (3m)-2.16%
Valuation
Industry RankSector Rank
PE 46.96
Fwd PE 31.71
P/S 5.9
P/FCF 30.72
P/OCF 26.81
P/B 9.84
P/tB 10.27
EV/EBITDA 41.13
EPS(TTM)1.12
EY2.13%
EPS(NY)1.66
Fwd EY3.15%
FCF(TTM)1.71
FCFY3.26%
OCF(TTM)1.96
OCFY3.73%
SpS8.91
BVpS5.35
TBVpS5.12
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 10.19%
ROE 17.41%
ROCE 12.32%
ROIC 10.67%
ROICexc 24.91%
ROICexgc 27.05%
OM 9.12%
PM (TTM) 10.45%
GM 60.63%
FCFM 19.22%
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-Score5
Asset Turnover0.98
Health
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 0.78
Debt/EBITDA 0.92
Cap/Depr 62.14%
Cap/Sales 2.8%
Interest Coverage 13.82
Cash Conversion 161.53%
Profit Quality 183.9%
Current Ratio 2.66
Quick Ratio 2.03
Altman-Z 10.54
F-Score5
WACC4.89%
ROIC/WACC2.18
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)30.88%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-30.3%
EPS Next Y-0.3%
EPS Next 2Y15.64%
EPS Next 3Y21.59%
EPS Next 5Y26.24%
Revenue 1Y (TTM)34.92%
Revenue growth 3Y47.35%
Revenue growth 5Y54.06%
Sales Q2Q%42.98%
Revenue Next Year26.62%
Revenue Next 2Y25.54%
Revenue Next 3Y25.02%
Revenue Next 5Y21.36%
EBIT growth 1Y17.37%
EBIT growth 3YN/A
EBIT growth 5Y106.03%
EBIT Next Year92.11%
EBIT Next 3Y47.32%
EBIT Next 5Y36.94%
FCF growth 1Y141%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y119.99%
OCF growth 3Y211.15%
OCF growth 5YN/A