On Holding ONON
On Holding AG is a Swiss premium sports footwear and equipment company, known for its CloudTec technology sneakers, which it sells primarily through its direct-to-consumer (DTC) channel and retailers. On Holding shows solid financial health (net cash, ND/EBITDA -1.38) and exceptional quality (ROE 23.95%, gross margin 64.82%), with revenue growth of 13.5% and an attractive forward P/E of 14.72, although negative momentum (-32%) and exposure to rising rates temper the valuation.
Detailed metrics
Market and fundamental data as of the analysis date.
Full AI report
Generated automatically from the metrics, the macro context and the company's news.
On Holding AG is a Swiss premium sports footwear and equipment company, known for its CloudTec technology sneakers, which it sells primarily through its direct-to-consumer (DTC) channel and retailers. On Holding shows solid financial health (net cash, ND/EBITDA -1.38) and exceptional quality (ROE 23.95%, gross margin 64.82%), with revenue growth of 13.5% and an attractive forward P/E of 14.72, although negative momentum (-32%) and exposure to rising rates temper the valuation.
Score by category
| Category | Score |
|---|---|
| Financial health | 8.0 |
| Quality / Moat | 8.2 |
| Valuation | 6.6 |
| Growth | 7.6 |
| Dividend | 1.5 |
| Momentum | 2.1 |
| Risk & Context | 1.5 |
OVERALL SCORE: 5.8/10
Context and risks
The company has exposure to interest rates due to its negative net debt (net cash), so the impact is limited. However, its high beta (1.82) and position in the 15th percentile of the 52-week range reflect sensitivity to market sentiment, aggravated by the rising-rate context that pressures growth valuations.
News considered in the analysis
- On Holding (ONON) Is Up 9.9% After Buyback, Mbappé Deal And Board Move - Has The Bull Case Changed? — El programa de recompra de 1.000 millones de dólares y la incorporación de Mbappé refuerzan la confianza en la marca y el retorno al accionista, aunque parte del movimiento ya está en el precio.
- Mbappé Leaves Nike (NKE) for On (ONON). Can On Turn Star Power into Soccer Sales? — El fichaje de Mbappé es un hito de marketing que puede impulsar las ventas de fútbol, un segmento nuevo con alto potencial, pero su conversión en ingresos aún no está garantizada.
- On Holding (ONON) Gets Strong Wall Street Support With Ambitious 2029 Targets — El respaldo de los analistas y los objetivos a 2029 (CHF 5.6B) son positivos, pero dependen de la ejecución y ya están parcialmente descontados.
- On Holding (ONON) Stock Sinks As Market Gains: Here's Why — La caída puntual refleja el sentimiento del mercado, no un deterioro fundamental; ya está reflejada en el precio.
- On Targets CHF 5.6B by 2029, Unveils Football, Golf and $1B Buyback Plan — La expansión a fútbol y golf, junto con el buyback, amplía el mercado direccionable y mejora el retorno al accionista, aunque el objetivo es a largo plazo.
Verdict: Hold or buy on dips: fundamentals are strong and growth initiatives (Mbappé, buyback) support the thesis, but market volatility and weak momentum suggest waiting for a better entry.
Main risk: The main risk is dependence on fashion and competition in athletic footwear, with -32% momentum reflecting loss of market favor; the high beta (1.82) amplifies declines in a rising-rate environment.
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