On Holding (ONON) Stock Analysis

November 11, 2026

This is a peer-relative look at On Holding (ONON): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Consumer Durables & Apparel peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for On Holding (ONON)
Profile Item	ONON
Name	On Holding AG Class A Ordinary Shares
Country/Region	Switzerland
GICS Sector	Consumer Discretionary
GICS Industry Group	Consumer Durables & Apparel
GICS Industry	Textiles, Apparel & Luxury Goods
GICS Sub-Industry	Footwear
Market Capitalization	12.49 billion USD
Currency	USD
Exchange	NYSE
Listing Date	September 15, 2021
Security Type	Common Stock

Price Performance

Cumulative Growth

ONON

GSPC

On Holding (ONON) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

Loading price history…

Trailing total returns for On Holding (ONON) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

Loading price history…

Calendar-year total returns for On Holding (ONON) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

On Holding (ONON) metric values compared with Consumer Durables & Apparel industry-group medians
Metric	Current stock: ONON	Industry group median
Total Return (1Y)	6.10%	13.13%
Total Return (3Y, Annualized)	11.24%	8.12%
Total Return (5Y, Annualized)	-0.38%	-2.15%

Risk Profile

Drawdown History

ONON

GSPC

On Holding (ONON) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

Loading price history…

Distribution of monthly total returns for On Holding (ONON) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

On Holding (ONON) metric values compared with Consumer Durables & Apparel industry-group medians
Metric	Current stock: ONON	Industry group median
Volatility (1Y, Annualized)	49.48%	44.05%
Beta (5Y)	2.03	1.26
Max Drawdown (5Y)	-68.90%	-60.99%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. ONON is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

On Holding (ONON) metric values compared with Consumer Durables & Apparel industry-group medians
Metric	Current stock: ONON	Industry group median
Sharpe Ratio (1Y)	0.04	0.18
Sortino Ratio (1Y)	0.05	0.25

Profitability

ROE (TTM)

On Holding (ONON) posts ROE of 23.95%, in the upper peer quartile. That suggests the company earns more from each dollar of shareholders’ equity than most industry peers, a useful capital-efficiency signal.

ONON

Consumer Durables & Apparel industry group

23.95%

Group distribution

Max: 44.27%
ONON: 23.95%
Q3: 22.94%
Median: 12.36%
Q1: 5.76%
Min: -12.76%

Largest peers

TPR: 433.81%
SN: 30.34%
ONON: 23.95%
GRMN: 22.38%
NKE: 21.56%
SONY: 15.05%
DHI: 12.12%

Where On Holding (ONON) stands on ROE within its Consumer Durables & Apparel peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

On Holding (ONON) keeps 12.30% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

ONON

Consumer Durables & Apparel industry group

12.30%

Group distribution

Max: 19.00%
ONON: 12.30%
Q3: 9.42%
Median: 5.93%
Q1: 2.80%
Min: -7.09%

Largest peers

GRMN: 25.58%
TPR: 19.68%
ONON: 12.30%
SN: 11.64%
DHI: 8.74%
NKE: 6.74%
SONY: -1.03%

Where On Holding (ONON) stands on net margin within its Consumer Durables & Apparel peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

On Holding (ONON) turns 14.02% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

ONON

Consumer Durables & Apparel industry group

14.02%

Group distribution

Max: 28.97%
Q3: 14.34%
ONON: 14.02%
Median: 8.77%
Q1: 4.05%
Min: -7.88%

Largest peers

GRMN: 30.80%
TPR: 23.18%
SN: 22.41%
SONY: 18.81%
ONON: 14.02%
DHI: 11.57%
NKE: 7.92%

Where On Holding (ONON) stands on operating margin within its Consumer Durables & Apparel peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

On Holding (ONON) metric values compared with Consumer Durables & Apparel industry-group medians
Metric	Current stock: ONON	Industry group median
ROE (TTM)	23.95%	12.36%
ROA (TTM)	9.58%	4.73%
Net Margin (TTM)	12.30%	5.93%
Operating Margin (TTM)	14.02%	8.77%
Gross Margin (TTM)	64.82%	43.56%

Growth

Revenue Growth

On Holding (ONON) grew revenue 30.01%, above the industry benchmark range. Demand is expanding faster than at any typical peer, though growth that far ahead of the group is worth checking for acquisitions or other one-off contributions.

On Holding (ONON): Revenue Growth across different time periods, set against Consumer Durables & Apparel industry-group medians.

EPS Growth

On Holding (ONON) grew earnings per share -17.57%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

On Holding (ONON): EPS Growth across different time periods, set against Consumer Durables & Apparel industry-group medians.

Growth Metrics

On Holding (ONON) metric values compared with Consumer Durables & Apparel industry-group medians
Metric	Current stock: ONON	Industry group median
Revenue Growth (YoY)	30.01%	0.85%
Revenue Growth (3Y CAGR)	35.11%	-0.63%
EPS Growth (YoY)	-17.57%	-17.57%
EPS Growth (3Y CAGR)	50.21%	-4.41%

Financial Strength

Current Ratio (MRQ)

On Holding (ONON) has current ratio of 2.83, in the healthier middle range for its industry. The short-term asset cushion looks balanced relative to peers rather than stretched thin.

ONON

Consumer Durables & Apparel industry group

2.83

Group distribution

Max: 5.48
Q3: 3.70
ONON: 2.83
Median: 2.10
Q1: 1.64
Min: 0.75

Largest peers

DHI: 4.30
GRMN: 3.05
ONON: 2.83
NKE: 2.08
SN: 2.04
SONY: 1.25
TPR: 1.24

Where On Holding (ONON) stands on current ratio within its Consumer Durables & Apparel peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

On Holding (ONON) has debt-to-equity ratio of 0.29, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

ONON

Consumer Durables & Apparel industry group

0.29

Group distribution

Max: 2.46
Q3: 1.19
Median: 0.45
ONON: 0.29
Q1: 0.23
Min: 0.00

Largest peers

TPR: 12.37
NKE: 0.73
ONON: 0.29
SN: 0.29
DHI: 0.26
SONY: 0.23
GRMN: 0.02

Where On Holding (ONON) stands on debt-to-equity ratio within its Consumer Durables & Apparel peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

On Holding (ONON) metric values compared with Consumer Durables & Apparel industry-group medians
Metric	Current stock: ONON	Industry group median
Current Ratio (MRQ)	2.83	2.10
Debt / Equity (MRQ)	0.29	0.45
Net Debt / EBITDA	-1.38	1.56

Dividends

Dividend Yield (TTM)

On Holding (ONON) pays no dividend, leaving dividend yield at 0.00% this period. Shareholders may still receive value through reinvestment or buybacks, but there is no dividend income to compare here.

ONON

Consumer Durables & Apparel industry group

0.00%

Group distribution

Max: 5.10%
Q3: 2.20%
Median: 0.77%
ONON: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

SONY: 108.93%
NKE: 4.15%
GRMN: 1.47%
TPR: 1.24%
DHI: 1.14%
ONON: 0.00%
SN: 0.00%

Where On Holding (ONON) stands on dividend yield within its Consumer Durables & Apparel peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

On Holding (ONON) paid no earnings out as dividends this period, leaving payout ratio at 0.00%. There is no dividend payout to size against earnings.

ONON

Consumer Durables & Apparel industry group

0.00%

Group distribution

Max: 96.30%
Q3: 39.57%
Median: 11.11%
ONON: 0.00%
Q1: 0.00%
Min: 0.00%

Largest peers

NKE: 78.85%
GRMN: 37.46%
TPR: 21.37%
DHI: 16.68%
SONY: 5.66%
ONON: 0.00%
SN: 0.00%

Where On Holding (ONON) stands on payout ratio within its Consumer Durables & Apparel peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

On Holding (ONON) metric values compared with Consumer Durables & Apparel industry-group medians
Metric	Current stock: ONON	Industry group median
Dividend Yield (TTM)	0.00%	0.77%
Dividend Payout Ratio (TTM)	0.00%	11.11%

Valuation

P/E Ratio (TTM)

On Holding (ONON) trades at P/E ratio of 24.91, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

ONON

Consumer Durables & Apparel industry group

24.91

Group distribution

Max: 40.20
Q3: 25.33
ONON: 24.91
Median: 17.52
Q1: 14.50
Min: 5.29

Largest peers

SN: 37.41
GRMN: 27.43
ONON: 24.91
SONY: 20.15
NKE: 18.55
TPR: 17.07
DHI: 15.06

Where On Holding (ONON) stands on P/E ratio within its Consumer Durables & Apparel peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

On Holding (ONON) trades at 3.88 on P/S ratio, above the industry benchmark range. The stock is being valued at an unusually rich price per dollar of trailing revenue.

ONON

Consumer Durables & Apparel industry group

3.88

Group distribution

ONON: 3.88
Max: 3.32
Q3: 1.74
Median: 1.02
Q1: 0.56
Min: 0.01

Largest peers

GRMN: 6.98
SN: 4.33
ONON: 3.88
TPR: 3.19
DHI: 1.25
NKE: 1.25
SONY: 0.01

Where On Holding (ONON) stands on P/S ratio within its Consumer Durables & Apparel peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

On Holding (ONON) trades at 5.38 on P/B ratio, in the higher book-value quartile. The market is paying a premium to book, so stronger ROE, cleaner assets, or a better growth profile need to justify it.

ONON

Consumer Durables & Apparel industry group

5.38

Group distribution

Max: 8.35
ONON: 5.38
Q3: 4.28
Median: 2.11
Q1: 1.09
Min: 0.49

Largest peers

TPR: 76.37
SN: 9.93
GRMN: 5.76
ONON: 5.38
NKE: 3.76
SONY: 2.92
DHI: 1.79

Where On Holding (ONON) stands on P/B ratio within its Consumer Durables & Apparel peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

On Holding (ONON) metric values compared with Consumer Durables & Apparel industry-group medians
Metric	Current stock: ONON	Industry group median
P/E Ratio (TTM)	24.91	17.52
P/S Ratio (TTM)	3.88	1.02
P/B Ratio (MRQ)	5.38	2.11
Free Cash Flow Yield (TTM)	2.31%	5.35%