On Holding AG Class A
Research On Holding AG Class A (ONON) on Bullrun: valuation model: 8.1% overvalued, market cap USD 10.03B, P/E 30.5. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerONON
- ExchangeNYSE
- CountrySwitzerland
- SectorConsumer Cyclical
- IndustryFootwear & Accessories
- CurrencyUSD
- Valuation signal8.1% overvalued
- Market capUSD 10.03B
- P/E30.5
- Financial periodQ1 2026
- RevenueCHF 831.90M
- Net incomeCHF 250.30M
- Free cash flowCHF 10.40M
- Gross margin239.5%
Valuation Snapshot
Bullrun's latest valuation model marks On Holding AG Class A as 8.1% overvalued; latest market cap is USD 10.03B; P/E is 30.5.
Peer valuation comparison
Latest P/E is 30.47x versus a Consumer Cyclical sector median of 17.59x (73.2% above).
Latest P/E is 30.47x versus a Switzerland median of 20.32x (49.9% above).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | CHF 3.01B | CHF 203.80M | CHF 280.90M | 62.8% | 0.62 | CHF 1.02B | CHF 521.50M | CHF 1.63B |
| FY2024 | CHF 2.32B | CHF 242.30M | CHF 445.60M | 60.6% | 0.73 | CHF 923.70M | CHF 347.60M | CHF 1.39B |
| FY2023 | n/a | n/a | n/a | n/a | 0.58 | CHF 494.60M | CHF 229.00M | CHF 1.07B |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-08-25 | USD 10.03B | 30.5 | n/a | n/a |
| 2025 | 2025-12-31 | USD 15.38B | 62.8 | n/a | n/a |
| 2024 | 2024-12-31 | USD 17.74B | 65.2 | n/a | n/a |
| 2023 | 2023-12-29 | USD 8.58B | 96.3 | n/a | n/a |
| 2022 | 2022-12-30 | USD 5.42B | 61.3 | n/a | n/a |
| 2021 | 2021-12-31 | USD 11.77B | n/a | n/a | n/a |
About On Holding AG Class A
On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific. The company offers athletic footwear, apparel, and accessories for performance running, performance outdoor, performance all day, performance training, performance tennis, and young movers.
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Frequently asked questions
Is On Holding AG Class A overvalued or undervalued?
Bullrun's valuation model currently marks On Holding AG Class A as 8.1% overvalued.
What is On Holding AG Class A's market cap?
On Holding AG Class A's market capitalization is USD 10.03B.
What is On Holding AG Class A's P/E ratio?
On Holding AG Class A's price-to-earnings (P/E) ratio is 30.5.
What does On Holding AG Class A do?
On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific. The company offers athletic footwear, apparel, and accessories for performance running, performance outdoor, performance all day, performance training, performance tennis, and young movers.