On Holding AG

NYSE:ONON Stock Report

Market Cap: US$18.6b

On Holding Valuation

Is ONON undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ONON when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ONON ($58.13) is trading below our estimate of fair value ($59.86)

Significantly Below Fair Value: ONON is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ONON?

Key metric: As ONON is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ONON. This is calculated by dividing ONON's market cap by their current earnings.
What is ONON's PE Ratio?
PE Ratio132.1x
EarningsCHF 126.00m
Market CapCHF 16.64b

Price to Earnings Ratio vs Peers

How does ONON's PE Ratio compare to its peers?

The above table shows the PE ratio for ONON vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average33.3x
DECK Deckers Outdoor
33.3x8.1%US$29.2b
BIRK Birkenstock Holding
77.5x49.3%US$8.9b
SKX Skechers U.S.A
14.8x11.9%US$9.3b
CROX Crocs
7.4x-2.2%US$6.2b
ONON On Holding
132.1x29.6%US$18.6b

Price-To-Earnings vs Peers: ONON is expensive based on its Price-To-Earnings Ratio (132.1x) compared to the peer average (33.3x).

Price to Earnings Ratio vs Industry

How does ONON's PE Ratio compare vs other companies in the US Luxury Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
JXJT JX Luxventure
2.4xn/aUS$7.28m
DLAP.Q Delta Apparel
n/an/aUS$7.00
No more companies available in this PE range
ONON 132.1xIndustry Avg. 18.5xNo. of Companies6PE01224364860+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ONON is expensive based on its Price-To-Earnings Ratio (132.1x) compared to the US Luxury industry average (18.5x).

Price to Earnings Ratio vs Fair Ratio

What is ONON's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ONON PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio132.1x
Fair PE Ratio31.3x

Price-To-Earnings vs Fair Ratio: ONON is expensive based on its Price-To-Earnings Ratio (132.1x) compared to the estimated Fair Price-To-Earnings Ratio (31.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ONON forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$58.13
US$58.68
+0.9%
6.8%US$63.41US$47.73n/a24
Nov ’25US$46.50
US$50.72
+9.1%
13.8%US$60.09US$32.80n/a21
Oct ’25US$49.35
US$50.34
+2.0%
12.2%US$59.04US$33.74n/a21
Sep ’25US$46.98
US$46.78
-0.4%
16.1%US$58.80US$22.59n/a20
Aug ’25US$40.25
US$44.26
+10.0%
16.1%US$56.80US$21.82n/a19
Jul ’25US$38.03
US$42.37
+11.4%
16.8%US$55.49US$21.32n/a18
Jun ’25US$42.54
US$40.35
-5.1%
16.3%US$55.25US$21.23n/a17
May ’25US$31.29
US$35.37
+13.0%
18.6%US$53.08US$21.04n/a18
Apr ’25US$35.22
US$35.12
-0.3%
18.2%US$53.43US$20.39n/a20
Mar ’25US$34.65
US$35.53
+2.5%
17.8%US$52.33US$20.93n/a19
Feb ’25US$26.80
US$35.52
+32.5%
17.6%US$52.55US$21.02n/a19
Jan ’25US$26.97
US$35.80
+32.7%
17.1%US$52.31US$21.48n/a19
Dec ’24US$30.26
US$35.32
+16.7%
17.0%US$51.63US$21.20n/a19
Nov ’24US$26.51
US$35.90
+35.4%
16.5%US$47.18US$20.68US$46.5017
Oct ’24US$27.82
US$34.36
+23.5%
17.0%US$45.76US$19.47US$49.3516
Sep ’24US$29.23
US$35.66
+22.0%
17.8%US$47.98US$20.42US$46.9814
Aug ’24US$35.98
US$36.34
+1.0%
16.2%US$43.54US$20.56US$40.2514
Jul ’24US$33.00
US$34.51
+4.6%
17.4%US$42.06US$19.33US$38.0312
Jun ’24US$27.17
US$34.11
+25.5%
17.4%US$41.59US$19.11US$42.5412
May ’24US$32.42
US$33.20
+2.4%
15.0%US$40.06US$19.40US$31.2912
Apr ’24US$31.03
US$31.87
+2.7%
16.5%US$39.10US$16.66US$35.2212
Mar ’24US$22.19
US$26.58
+19.8%
16.8%US$30.83US$16.41US$34.6513
Feb ’24US$23.77
US$26.92
+13.3%
16.8%US$31.25US$16.63US$26.8013
Jan ’24US$17.16
US$27.32
+59.2%
17.7%US$32.96US$16.92US$26.9713
Dec ’23US$19.23
US$27.06
+40.7%
17.9%US$32.54US$16.71US$30.2613
Nov ’23US$17.71
US$27.75
+56.7%
19.6%US$35.34US$16.29US$26.5113

Analyst Forecast: Target price is less than 20% higher than the current share price.

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