On Holding (ONON)
Consumer · NYSE · US
Price as at 30 Sept 2026, 22:45 UTC. Quotes are delayed.
Fundamentals
Valuation and ratings
On Holding trades at $29.61, which is 20% below the $35.42 our fair value estimate puts on the business. On that measure alone it screens as undervalued, though a valuation model is an argument rather than a measurement, and the market is frequently right about why something is cheap.
Our moat model scores it 69 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 41.9 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
ONON earnings and analyst estimates
Recommendation mix, 27 published ratings
Estimates are the published analyst consensus and move often. An earnings date is scheduled, not certain, and a share tends to reprice most violently on the day itself.
About On Holding
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. It sells its products to athletes and active customers through wholesale and direct-to-consumer channels; run specialty, general sporting goods, outdoor, luxury, street fashion, and lifestyle retailers; owned retail stores; and e-commerce platforms. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.
Company profile, industry and headcount are as reported by our data provider and can lag a company's own filings by a reporting period. The annual report is the authority.
ONON passes 1 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
ONON peers
The largest companies in the same industry, then in the same sector.
- AMZN Amazon.com, Inc.
- TSLA Tesla, Inc.
- WMT Walmart Inc.
- COST Costco Wholesale Corporation
- KO The Coca-Cola Company
- PG The Procter & Gamble Company
- HM-B.ST H&M
- HD The Home Depot, Inc.
Every consumer company we cover is on the Consumer hub.
Common questions
Is On Holding (ONON) undervalued?
Against our fair value estimate of $35.42, ONON at $29.61 is 20% below fair value. That is one model's answer, not a recommendation. It is built from normalized earning power with growth capped deliberately low, which understates companies whose value is mostly future growth.
What is ONON's P/E ratio?
ONON trades at 41.9 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
Where does SteadyShares get its ONON data?
Fundamentals for ONON come from company filings and exchange data, as listed on NYSE; institutional ownership comes from SEC 13F filings. The share price shown was last refreshed on 30 Sept 2026, 22:45 UTC and is delayed. Metrics we do not hold are left out of the page rather than estimated.
The full research page for ONON, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.