NYSE · ONON

On Holding AG

Consumer Cyclical · Apparel - Footwear & Accessories

$26.85▲ 0.04% ($0.01)at close

After hours$26.91▲ 0.22%7:48 PM ET

52-week

$26.60$51.08

Market cap

$8.95B

P/E

18.42

Volume

8.47M

Shares outstanding

333.33M

What the market price implies · Reverse DCF

To support a price of $26.85, this model requires revenue to grow by 13.67%/yr over the next 10 years, compounded annually.

Historical revenue grew by 41.18%/yr over the past 4 years. The required annual growth rate is 27.51 percentage points lower.

Selected forecast · Base scenario

17.49%/yr · actual 10-year annualized revenue growth

Year 1 growth: 28.01%

Market-implied · Base operating assumptions + edited margins

13.67%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$26.85

Estimated value / share

$33.98

Base scenario

This estimate is 26.56% above the price used.

USD · TTM ending 2026-06-30

Year 1 growth 28.01% · Ending margin 15.08% · Discount rate 16.41%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 12:29 AM UTC · provider

Why this method?

FCFF is positive, but it is still too unstable and too short-lived to anchor even a normalized FCFF DCF. Use revenue and margin assumptions instead of compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 3 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 146.6%.

Do you have 5+ years of positive FCFF history? Only 3 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Likely multiple compressionHigh confidence

1Y Price: -37.34%Revenue (TTM): 18.95%FCF (TTM): 21.99%P/FCF: 0th pct

What changed

The stock fell 37.34% over the last year. Revenue grew 18.95% over the trailing twelve months. Operating margin moved from 10.87% to 13.79%. Free cash flow grew 21.99% over the trailing twelve months.

What the market seems to be pricing

Visible fundamentals weakened far less than the stock price, and the shares now sit around the 0th percentile of their historical P/FCF range. That looks more like a rerating of the multiple than a collapse in the business.

What would invalidate this read

This read changes if operating margin (currently 13.79%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.

Performance

Return analysis

Company profile

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.

CEODavid Allemann

SectorConsumer Cyclical

IndustryApparel - Footwear & Accessories

Employees3,963

IPO dateSep 15, 2021

https://www.on.com

Market multiples

Forward P/E—

EV/EBITDA33.85

Enterprise value$11.71B

Stock splits

No stock splits recorded for this ticker.

Profitability & growth

Revenue growth13.49%

Gross margin64.82%▲2.2ppvs FY2024

Operating margin13.79%▲3.4ppvs FY2024

ROE24.06%▲11.2ppvs FY2025

Analyst consensus

RatingBuy

Target price$42.21▲57.21%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 11, 2026

Q4 FY26 · EPS est $0.47 · Revenue est $1.15B

View