On Holding AG (ONON) stock analysis
Close on Nov 12, 2026Market cap $9.82BP/E –Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Weak7 of 30 checks passed
On passes 7 of the 30 checks behind our score; 22 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 3/6
- Past performance
- 2/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Revenue growing 10%+ a year
Revenue grew 35.1% a year over the last three fiscal years.
Interest well covered
Operating income covers interest expense 12.7 times.
Growing faster than the industry
Revenue grew 30.0% over the last twelve months; the Rubber and Miscellaneous Plastics Products median is 7.8%.
Gross margin improving
Gross margin was 62.8% over the last twelve months, against 60.6% a year earlier.
What to watch
No dividend
On has not paid a dividend in the last twelve months.
Valuation0/6
P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B against the industry
Needs positive book value.
Price against fair value
We could not estimate a fair value: it needs at least two valuation methods with positive inputs.
Margin of safety
Depends on the fair value estimate.
Growth3/6
Revenue growing 10%+ a year
Revenue grew 35.1% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 30.0% over the last twelve months; the Rubber and Miscellaneous Plastics Products median is 7.8%.
Guidance issued
The latest outlook (2026 Net sales, Mar 3, 2026) was issued for the first time, so it neither adds nor takes away points.
Gross margin improving
Gross margin was 62.8% over the last twelve months, against 60.6% a year earlier.
Past performance2/6
Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 6.8% over the last twelve months, against a 5-year average of 0.6%.
Net margin above the industry
On's net margin of 6.8% is above the Rubber and Miscellaneous Plastics Products median of 6.7%.
Financial health2/6
Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest well covered
Operating income covers interest expense 12.7 times.
Short-term assets cover short-term debts
Current assets are 2.83 times current liabilities.
Bankruptcy risk (Altman Z)
Needs market value, working capital and retained earnings.
Dividend0/6
No dividend
On has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itWe don't publish a fair value for On. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $386.51M
- Value traded per 1% price move
- $171.30M
Downside
High risk
- Typical loss in a bad month
- 27.3%
- Volatility (annualized)
- 50%
- Sharpe ratio, 1 year
- -0.10
- Beta to the S&P 500 (5Y)
- 1.72
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2019 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +30.0% | +35.1% | +47.9% | – | |
| Gross profit | +34.7% | +40.4% | +52.3% | – | |
| Operating income | +78.2% | +64.2% | – | – | |
| Net income | -15.9% | +52.3% | – | – | |
| Free cash flow | -36.3% | – | – | – |
Returns and balance sheet
7 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2019 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on assets | – | – | 7.8% | |
| Current ratio | – | 3.27 | 2.71 | |
| Interest coverage | 8.2× | -19.0× | 12.7× | |
| Inventory turnover | – | – | 2.7× | |
| Capex to revenue | 2.8% | 2.6% | 2.4% |
Where the cash went
Fiscal 2021 to 2025, five years combined
On generated CHF 1.35B from operations and spent CHF 261.10M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
DuPont needs revenue, assets and equity
This company does not report all three for consecutive years.
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zeroCHF 203.70M
- Cash generatingOperating cash flow above zeroCHF 359.50M
- Return on assets improvedROA up on the prior year15.2% → 8.6%
- Earnings backed by cashOperating cash flow above net incomeCHF 359.50M vs CHF 203.70M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.66 → 2.71
- No dilutionShare count did not rise– → –
- Gross margin improvedGross margin up on the prior year60.63% → 62.83%
- More efficientAsset turnover rose1.46 → 1.27
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