On Holding AG Class A
Research On Holding AG Class A (ONON) on Bullrun: valuation model: 12.5% overvalued, market cap USD 12.21B, P/E 37.1. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerONON
- ExchangeNYSE
- CountrySwitzerland
- SectorConsumer Cyclical
- IndustryFootwear & Accessories
- CurrencyUSD
- Valuation signal12.5% overvalued
- Market capUSD 12.21B
- P/E37.1
- Financial periodQ2 2026
- RevenueCHF 850.30M
- Net incomeCHF 105.00M
- Free cash flowCHF 197.40M
- Gross margin65.4%
Valuation Snapshot
Bullrun's latest valuation model marks On Holding AG Class A as 12.5% overvalued; latest market cap is USD 12.21B; P/E is 37.1.
Peer valuation comparison
Latest P/E is 37.08x versus a Consumer Cyclical sector median of 17.61x (110.6% above).
Latest P/E is 37.08x versus a Switzerland median of 19.94x (86.0% 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 203.70M | CHF 280.90M | 62.8% | 0.61 | CHF 1.02B | CHF 521.50M | CHF 1.63B |
| FY2024 | CHF 2.32B | CHF 242.30M | CHF 445.60M | 60.6% | 0.74 | CHF 923.70M | CHF 347.60M | CHF 1.39B |
| FY2023 | CHF 1.79B | CHF 79.60M | CHF 184.90M | 59.6% | 0.25 | CHF 494.60M | CHF 229.00M | CHF 1.07B |
| FY2022 | CHF 1.22B | CHF 57.70M | -CHF 310.00M | 56.0% | 0.18 | CHF 371.00M | CHF 160.40M | CHF 969.60M |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-10-09 | USD 12.21B | 37.1 | 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 12.5% overvalued.
What is On Holding AG Class A's market cap?
On Holding AG Class A's market capitalization is USD 12.21B.
What is On Holding AG Class A's P/E ratio?
On Holding AG Class A's price-to-earnings (P/E) ratio is 37.1.
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.