On Holding AG

ONON
About the company

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.

Country: SwitzerlandPrice: $29.55Market Cap: $9.9B

Investment snapshot

19%positive consensus
Scored 36d ago

Positive

2

BUY / PASS

Neutral / negative

3 / 10

NEUTRAL / FAIL

Median fair value

$10.32

-65.1% vs price

Models with upside

1 / 16

Positive margin of safety

Strongest signal

8 of 11 pass — Lynch, Akre and Graham object

Key risk

No clean pass — all 15 investors flag at least one profitability criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.
Scored from 10-K36d ago
MetricO'Shaughnessy

Systematic Factor Composite

Lynch

GARP

Buffett

Quality Compounder

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Schloss

Asset-Value Discipline

Neff

Low-P/E Total Return

Sleep

Scale Economies Shared

Templeton

Global Bargain Hunter

Marks

Risk-Aware Value

Munger

Quality Focus

Ackman

Activist Value

Dreman

Contrarian Value

Piotroski

F-Score

Greenblatt

Magic Formula

Graham

Defensive Value

VerdictNEUTRALFAILPASSFAILFAILFAILFAILFAILPASSFAILFAILNEUTRALFAILNEUTRALBUY · Rank #415 (Top 12.9%)FAIL
Score
Analysis
Intrinsic ValueN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/A-228.0%-154.1%-312.7%N/AN/AN/AN/AN/A-33.0%+32.3%N/AN/A-260.4%N/A
Data As Of10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-24)10-K (2026-08-24)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)

Where It Passes

  • Debt & Leverage73% pass✓ 11✗ 3▾

    8 of 11 pass — Lynch, Akre and Graham object

    Debt Levels0.32
    ✗AkreDebt/Equity < 0.3✓MungerDebt/Equity < 0.5
    Total Debt / Equity0.32
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    Debt/Equity & Interest CoverageD/E: 0.32, IC: 12.7x
    ✓BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Shareholders' Equity0.32x
    ✓SchlossD/E < 1.00x✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓Dreman< 0.8
    Current Assets / Current Liabilities2.71x
    ✓SchlossCurrent ratio >= 1.50x (app cutoff)✓Dreman> 1.5
    Interest Coverage & Debt/EBITDAIC=12.7x, D/EBITDA=1.0x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.32
    ✓Ackman<= 1.0
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
  • Efficiency63% pass✓ 8✗ 3▾

    5 of 8 pass — Akre, Sleep and Munger object

    ROIC (3-5 yr avg)18.3%
    ✓Buffett> 10%
    ROIC - WACC+8.3%
    ✓BuffettPositive (WACC = 10%)
    ROIC (high and growing)FY2023: ROIC=10.9%; FY2024: ROIC=9.6%; FY2025: ROIC=13.8%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC13.8% (RR=100% x ROIC=13.8%)
    ✓AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)1/4 years above 12% (latest 13.8%)
    ✗SleepROIC > 12% in a majority of years
    Return on Invested Capital13.8%
    ✗Munger> 15%
    Current Assets / Current Liabilities2.71
    ✓Dreman> 1.5
    Current Ratio Change YoY2.66 -> 2.71
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.98x -> 1.06x
    ✓PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)102.8%
    ✓Greenblatt> 25%
    Current Ratio2.71
    ✓Graham>= 2.0

Where It Falls Short

  • Profitability0% pass✓ 7✗ 24▾

    No clean pass — all 15 investors flag at least one profitability criterion

    Net income / market capitalization+2.61%; #2360/6251 (top 37.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE12.5%
    ✗Lynch> 15%
    Net Income Positive (10+ years)4/8 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)4.6%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)12.5% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$326.1M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Margin of SafetyP/B=4.3x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity12.4% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Revenue growth vs. gross and operating margin trendgross margin 59.6% -> 62.8%, operating margin 10.1% -> 12.5%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend10.1% (2023) -> 12.5% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency4/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue12.5%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity12.5%
    ✗Ackman>= 15%
    Pre-Tax Income / Revenue6.8%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity12.5%
    ✓Dreman> 12%
    Net Income / Total Assets7.18%
    ✓PiotroskiROA > 0
    ROA Change YoY10.19% -> 7.18% (delta: -3.01%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=12.68%, ROA=7.18%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY60.6% -> 62.8%
    ✓PiotroskiImproved YoY
    EBIT / Enterprise Value5.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=5.1%, ROC=102.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Positive EPS (10 years)0/8 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Growth0% pass✓ 3✗ 10▾

    No clean pass — all 8 investors flag at least one growth criterion

    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 14.3% vs Rev: 48.3%
    ✓LynchInventory growth < Revenue growth
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Revenue growth vs. gross and operating margin trendgross margin 59.6% -> 62.8%, operating margin 10.1% -> 12.5%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR51.2%
    ✓SleepCAGR > 7%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Positive Net Income Frequency4/7 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth48.3%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Valuation8% pass✓ 3✗ 23▾

    11 of 12 flag ONON's valuation — Oshaughnessy, Lynch, Pabrai +8 more

    Revenue / market capitalization+0.3855; #2834/5203 (top 54.5%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Net income / market capitalization+2.61%; #2360/6251 (top 37.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+3.67%; #1787/4487 (top 39.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-13.14%; #4095/6203 (top 66.0%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    P/E or FCF YieldFCF Yield=3.7%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Price / Book Value per Share4.25x
    ✗SchlossP/B <= 0.80x (app cutoff)✗Templeton< 1.5x✗Dreman< 1.2x
    Price / Tangible Book Value per Share4.25x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+107.1%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / EPS
    ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)✗Dreman< 12x
    Price vs. Trailing Low102% of trailing low ($28.85)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    P/B or P/E vs. Historical AverageP/B=4.3x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Valuation ReasonablenessOE Yield=3.7%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share24.2x
    ✓Ackman<= 25
    Price / (CFO / Shares)19.3x
    ✗Dreman< 8x
    EBIT / Enterprise Value5.1%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=5.1%, ROC=102.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio4.3x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
  • Valuation models17% pass✓ 1✗ 5▾

    Models split on ONON at $29.55 — fair values range $7.16–$43.68

    Buffett fair value$9.01
    ✗Buffett-228.0% margin vs $29.55
    Pabrai fair value$11.63
    ✗Pabrai-154.1% margin vs $29.55
    Akre fair value$7.16
    ✗Akre-312.7% margin vs $29.55
    Munger fair value$22.21
    ✗Munger-33.0% margin vs $29.55
    Ackman fair value$43.68
    ✓Ackman+32.3% margin vs $29.55
    Greenblatt fair value$8.20
    ✗Greenblatt-260.4% margin vs $29.55
  • Verdicts23% pass✓ 3✗ 10▾

    Split decision: 10 FAIL · 3 NEUTRAL · 2 PASS

    Overall verdict
    •OshaughnessyNEUTRAL (Not ranked)✗LynchFAIL (2/7)✓BuffettPASS (5/9)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗SchlossFAIL (3/7)✗NeffFAIL (2/6)✗SleepFAIL (2/6)✓TempletonPASS (4/8)✗MarksFAIL (1/5)✗MungerFAIL (1/4)•AckmanNEUTRAL (6/9)✗DremanFAIL (4/11)•PiotroskiNEUTRAL (F-Score 7)✓GreenblattRank #415✗GrahamFAIL (2/9)
  • Cash Flow40% pass✓ 6✗ 6▾

    6 of 10 flag ONON's cash flow — Oshaughnessy, Lynch, Pabrai +3 more

    (Operating cash flow - capex) / market capitalization+3.67%; #1787/4487 (top 39.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    FCF Positive and Growing$362.0M
    ✗LynchPositive and growing
    Free Cash Flow Proxy$326.1M
    ✓BuffettPositive and growing
    P/E or FCF YieldFCF Yield=3.7%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Operating Cash Flow - Capital Expenditures$362.0M
    ✓Neff> $0 (app proxy for a strong fundamental case)
    Positive Operating Cash Flow frequency4/7 years positive
    ✗SleepPositive OCF in >= 70% of available years
    FCF Positive3/7 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap4.1%
    ✓Ackman>= 4%
    Price / FCF per Share24.2x
    ✓Ackman<= 25
    Price / (CFO / Shares)19.3x
    ✗Dreman< 8x
    Operating Cash Flow$454.1M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=12.68%, ROA=7.18%
    ✓PiotroskiCFO/Assets > ROA

Business & financials

Company Profile

Industry: Apparel
SIC Sector: Rubber & Plastics
Size: Mid Cap($9.9B)
Revenue: $3.8B+48.3% YoY
Net Income: $257.3M-4.1% YoY

Financial Snapshot

Operating Margin12.5%
Return on Equity12.5%
Debt / Equity0.32
Current Ratio2.71
Buybacks (1y)$252.6K
Buybacks (2y)$695.5K
Shares Retired−2.6% / −4.5% 2y

Similar Companies

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$79.0B
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$15.2B
DECKDECKERS OUTDOOR CORP
$10.8B

Shareholder Return

Fiscal 2025

Issued 2.6% of shares last year, 4.5% issued over two.

Buybacks
$252.6K
Dividends
—

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$9.9B$17.3Best.$7.5Best.$6.5Best.$7.3Best.
Revenue$3.8B↑48%$2.6B↑21%$2.1B↑60%$1.3B↑67%$793.0M
Operating Income$476.2M↑103%$234.3M↑10%$213.7M↑132%$92.2M↑160%-$154.4M
Net Income$257.3M↓4%$268.3M↑184%$94.4M↑51%$62.5M↑134%-$186.3M
EPS (Diluted)----------
Gross Margin62.8%↑4%60.6%↑2%59.6%↑6%56.0%↓6%59.4%
Operating Margin12.5%↑37%9.1%↓9%10.1%↑44%7.0%↑136%-19.5%
ROE12.5%↓28%17.4%↑135%7.4%↑24%6.0%↑130%-20.1%
Total Debt$658.7M↑71%$384.7M↑42%$271.4M↑56%$173.9M--
Shareholders' Equity$2.1B↑34%$1.5B↑21%$1.3B↑21%$1.1B↑13%$928.5M
Current Ratio2.71↑2%2.66↓29%3.77↓13%4.33↓8%4.71
Debt / Equity0.32↑28%0.25↑17%0.21↑29%0.17—
Operating Cash Flow$454.1M↓20%$565.3M↑105%$275.2M↑212%-$246.0M↓1430%$18.5M
Free Cash Flow$362.0M↓27%$498.3M↑122%$224.5M↑172%-$311.3M↓3594%-$8.4M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Apparel

ONON vs Peers — Financial Grading

Revenue$3.8BBottom 25%
Net Income$257.3MBottom 25%
ROE12.5%Median
D/E0.32Median
Op. Margin12.5%Median
Curr. Ratio2.71Top 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
CINTAS CORPCTAS$79.0B$197.74$10.3B$1.8B38.7%0.5222.8%2.093/95/91/71/3F-Score 55/11
TAPESTRY, INC.TPR$22.8B$114.12$7.0B$183.2M21.4%2.795.9%1.871/93/91/70/3F-Score 53/11
Amer Sports, Inc.AS$15.2B$27.24$6.6B$427.4M7.4%0.1410.7%1.502/93/92/71/3F-Score 74/11
DECKERS OUTDOOR CORPDECK$10.8B$77.68$5.5B$1.0B41.0%—23.1%3.542/95/93/73/3F-Score 75/11
lululemon athletica inc.LULU$10.7B$96.87$11.1B$1.6B31.8%0.0019.9%2.264/95/93/73/3F-Score 45/11
Gildan Activewear Inc.GIL$7.9B$42.62$3.6B$398.9M11.2%1.2117.1%2.113/95/91/70/3F-Score 45/11
LEVI STRAUSS & COLEVI$7.6B$19.75$6.3B$578.1M25.4%0.4610.8%1.553/95/92/71/3F-Score 75/11
Crocs, Inc.CROX$6.3B$126.14$4.0B$81.2M-6.3%0.953.7%1.272/94/90/71/3F-Score 52/11