On Holding AG

NYSE:ONON Stock Report

Market Cap: US$17.8b

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 ($55.19) is trading below our estimate of fair value ($58.98)

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 Ratio127.5x
EarningsCHF 126.00m
Market CapCHF 16.07b

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 Average28.5x
BIRK Birkenstock Holding
54.4x29.8%US$11.1b
DECK Deckers Outdoor
35.7x8.3%US$31.5b
SKX Skechers U.S.A
16.3x12.0%US$10.2b
CROX Crocs
7.6x-2.6%US$6.5b
ONON On Holding
126.7x29.4%US$17.8b

Price-To-Earnings vs Peers: ONON is expensive based on its Price-To-Earnings Ratio (126.7x) compared to the peer average (28.5x).

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
JXG JX Luxventure
1.7xn/aUS$5.31m
DLAP.Q Delta Apparel
n/an/aUS$7.00
No more companies available in this PE range
ONON 127.5xIndustry Avg. 18.6xNo. of Companies6PE01020304050+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ONON is expensive based on its Price-To-Earnings Ratio (126.7x) compared to the US Luxury industry average (18.6x).

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 Ratio127.5x
Fair PE Ratio31x

Price-To-Earnings vs Fair Ratio: ONON is expensive based on its Price-To-Earnings Ratio (126.7x) compared to the estimated Fair Price-To-Earnings Ratio (31x).

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$55.19
US$59.48
+7.8%
7.5%US$65.62US$47.39n/a25
Dec ’25US$58.33
US$59.61
+2.2%
6.9%US$64.22US$48.34n/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$21.20US$58.3319
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

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

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/30 22:23
End of Day Share Price 2024/12/27 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

On Holding AG is covered by 32 analysts. 25 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jonathan KompBaird
Adrienne Yih-TennantBarclays
John StanselBerenberg