ONON

Company Overview — What Does On Holding AG Do?

On Holding AG develops and distributes sports products worldwide. It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland. On Holding AG (ONON) is classified as a large-cap stock in the Consumer Discretionary sector, specifically within the Apparel industry. The company is led by CEO Marc Maurer and employs approximately 1,160 people. With a market capitalization of $11.5B, ONON is one of the prominent companies in the Consumer Discretionary sector.

On Holding AG (ONON) Stock Rating — Reduce (April 2026)

As of April 2026, On Holding AG receives a Reduce rating with a composite score of 45.0/100 and 2 out of 5 stars from the Blank Capital Research quantitative model.ONON ranks #2,526 out of 4,446 stocks in our coverage universe. Within the Consumer Discretionary sector, On Holding AG ranks #263 of 442 stocks, placing it in the lower half of its Consumer Discretionary peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

ONON Stock Price and 52-Week Range

On Holding AG (ONON) currently trades at $33.56. The stock lost $0.88 (2.6%) in the most recent trading session. The 52-week high for ONON is $61.29, which means the stock is currently trading -45.2% from its annual peak. The 52-week low is $34.38, putting the stock -2.4% above its annual trough. Recent trading volume was 5.9M shares, reflecting moderate market activity.

Is ONON Overvalued or Undervalued? — Valuation Analysis

On Holding AG (ONON) carries a value factor score of 61/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The price-to-book ratio stands at 52.03x, versus the sector average of 1.99x. The price-to-sales ratio is 1.04x, compared to 0.27x for the average Consumer Discretionary stock. On an enterprise value basis, ONON trades at 5.92x EV/EBITDA, versus 4.91x for the sector. The EV/EBIT multiple is 42.60x.

Overall, ONON's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.

On Holding AG Profitability — ROE, Margins, and Quality Score

On Holding AG (ONON) earns a quality factor score of 46/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 521.4%, compared to the Consumer Discretionary sector average of 6.2%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 40.8% versus the sector average of 2.5%.

On a margin basis, On Holding AG reports gross margins of 60.6%, compared to 36.9% for the sector. The operating margin is 8.1% (sector: 3.8%). Net profit margin stands at 10.4%, versus 2.1% for the average Consumer Discretionary stock. Revenue growth is running at 19.9% on a trailing basis, compared to 3.3% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

ONON Debt, Balance Sheet, and Financial Health

On Holding AG has a debt-to-equity ratio of 187.0%, compared to the Consumer Discretionary sector average of 89.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. Total debt on the balance sheet is $383M. Cash and equivalents stand at $1.02B.

ONON has a beta of 1.48, meaning it is more volatile than the broader market — a $10,000 investment in ONON would be expected to move 47.9% more than the S&P 500 on any given day. The stability factor score for On Holding AG is 40/100, reflecting average volatility within the normal range for its sector.

On Holding AG Revenue and Earnings History — Quarterly Trend

In TTM 2026, On Holding AG reported revenue of $2.56B. Net income for the quarter was $267M. Gross margin was 60.6%. Operating income came in at $208M.

In FY 2024, On Holding AG reported revenue of $2.56B. Net income for the quarter was $267M. Gross margin was 60.6%. Revenue grew 19.9% year-over-year compared to FY 2023. Operating income came in at $208M.

In FY 2023, On Holding AG reported revenue of $2.13B. Net income for the quarter was $95M. Gross margin was 59.6%. Revenue grew 61.2% year-over-year compared to FY 2022. Operating income came in at $201M.

In FY 2022, On Holding AG reported revenue of $1.32B. Net income for the quarter was $69M. Gross margin was 56.0%. Revenue grew 66.9% year-over-year compared to FY 2021. Operating income came in at $92M.

Over the past 6 quarters, On Holding AG has demonstrated a growth trajectory, with revenue expanding from $480M to $2.56B. Investors analyzing ONON stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

ONON Dividend Yield and Income Analysis

On Holding AG (ONON) does not currently pay a dividend. This is common among growth-oriented companies in the Apparel industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Consumer Discretionary dividend stocks may want to explore other Consumer Discretionary stocks or use the stock screener to filter by dividend yield.

ONON Momentum and Technical Analysis Profile

On Holding AG (ONON) has a momentum factor score of 42/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 29/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 50/100 reflects moderate short selling activity.

ONON vs Competitors — Consumer Discretionary Sector Ranking and Peer Comparison

Within the Consumer Discretionary sector, On Holding AG (ONON) ranks #263 out of 442 stocks based on the Blank Capital composite score. This places ONON in the lower half of all Consumer Discretionary stocks in our coverage universe. Key competitors and sector peers include MONARCH CASINO & RESORT INC (MCRI) with a score of 50.5/100, CASEYS GENERAL STORES INC (CASY) with a score of 57.3/100, INGLES MARKETS INC (IMKTA) with a score of 51.0/100, FIVE BELOW, INC (FIVE) with a score of 51.6/100, and TARGET CORP (TGT) with a score of 52.6/100.

Comparing ONON against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full ONON vs S&P 500 (SPY) comparison to assess how On Holding AG stacks up against the broader market across all factor dimensions.

ONON Next Earnings Date

No upcoming earnings date has been announced for On Holding AG (ONON) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy ONON? — Investment Thesis Summary

The quantitative profile for On Holding AG suggests caution. The value score of 61/100 suggests attractive pricing relative to fundamentals.

In summary, On Holding AG (ONON) earns a Reduce rating with a composite score of 45.0/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on ONON stock.

Related Resources for ONON Investors

Explore more research and tools: ONON vs S&P 500 comparison, top Consumer Discretionary stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare ONON head-to-head with peers: ONON vs MCRI, ONON vs CASY, ONON vs IMKTA.