DECK vs. ONON: Deckers Outdoor vs. On Holding Stock Comparison

November 11, 2026

How do Deckers Outdoor (DECK) and On Holding (ONON) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Deckers Outdoor (DECK) and On Holding (ONON) are both classified in the Footwear sub-industry within the broader Textiles, Apparel & Luxury Goods industry, placing them in the closest GICS peer bucket.

Deckers Outdoor (DECK) has more than two decades of public-market history since October 15, 1993, whereas On Holding (ONON) listed on September 15, 2021 and has a much shorter record to draw on.

Company profile comparison for Deckers Outdoor (DECK) and On Holding (ONON)
Profile Item	DECK	ONON
Name	Deckers Outdoor Corporation	On Holding AG Class A Ordinary Shares
Country/Region	United States	Switzerland
GICS Sector	Consumer Discretionary	Consumer Discretionary
GICS Industry Group	Consumer Durables & Apparel	Consumer Durables & Apparel
GICS Industry	Textiles, Apparel & Luxury Goods	Textiles, Apparel & Luxury Goods
GICS Sub-Industry	Footwear	Footwear
Market Capitalization	11.57 billion USD	12.49 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	October 15, 1993	September 15, 2021
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

DECK

ONON

GSPC

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

Trailing Returns

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Trailing total returns for Deckers Outdoor (DECK) and On Holding (ONON). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Deckers Outdoor (DECK) and On Holding (ONON). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Deckers Outdoor (DECK) and On Holding (ONON)
Metric	DECK	ONON
Total Return (1Y)	9.65%	6.10%
Total Return (3Y, Annualized)	-5.11%	11.24%
Total Return (5Y, Annualized)	4.82%	-0.38%

Risk Profile

Drawdown History

DECK

ONON

GSPC

Deckers Outdoor (DECK) vs. On Holding (ONON), with S&P 500 (GSPC) for reference: 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

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Distribution of monthly total returns for Deckers Outdoor (DECK) and On Holding (ONON). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

On Holding (ONON) carries a highly aggressive beta of 2.03, indicating much higher sensitivity to broad-market moves, whereas Deckers Outdoor (DECK) is closer to market-like at 1.07 — a noticeable difference in market-sensitivity profile.

Risk profile metrics for Deckers Outdoor (DECK) and On Holding (ONON)
Metric	DECK	ONON
Volatility (1Y, Annualized)	41.72%	49.48%
Beta (5Y)	1.07	2.03
Max Drawdown (5Y)	-65.26%	-68.90%
Avg. Volume (3M)	3.18M	10.75M

Risk-Adjusted Performance

Risk-Return Positioning

DECK and ONON are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Deckers Outdoor (DECK) and On Holding (ONON)
Metric	DECK	ONON
Sharpe Ratio (1Y)	0.13	0.04
Sortino Ratio (1Y)	0.21	0.05

Profitability

ROE (TTM)

Both Deckers Outdoor (DECK) at 44.27% and On Holding (ONON) at 23.95% sit in the top peer quartile for ROE, suggesting each generates more profit from shareholders’ equity than typical industry peers.

DECK

Consumer Durables & Apparel industry group

44.27%

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

ONON

Consumer Durables & Apparel industry group

23.95%

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

Deckers Outdoor (DECK) vs. On Holding (ONON): A comparison of their ROE against the Consumer Durables & Apparel industry group benchmark.

Net Margin (TTM)

For every dollar of sales, both Deckers Outdoor (DECK) at 19.00% and On Holding (ONON) at 12.30% retain more as net profit than most peers, landing in the top net margin quartile of their industries.

DECK

Consumer Durables & Apparel industry group

19.00%

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

ONON

Consumer Durables & Apparel industry group

12.30%

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

Deckers Outdoor (DECK) vs. On Holding (ONON): A comparison of their net margin against the Consumer Durables & Apparel industry group benchmark.

Operating Margin (TTM)

Deckers Outdoor (DECK) at 26.30% operates in the top operating margin quartile, ahead of On Holding (ONON) at 14.02%, which runs around its industry’s norm.

DECK

Consumer Durables & Apparel industry group

26.30%

Max: 28.97%
DECK: 26.30%
Q3: 14.34%
Median: 8.77%
Q1: 4.05%
Min: -7.88%

ONON

Consumer Durables & Apparel industry group

14.02%

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

Deckers Outdoor (DECK) vs. On Holding (ONON): A comparison of their operating margin against the Consumer Durables & Apparel industry group benchmark.

Profitability Metrics

Profitability metrics for Deckers Outdoor (DECK) and On Holding (ONON)
Metric	DECK	ONON
ROE (TTM)	44.27%	23.95%
ROA (TTM)	21.27%	9.58%
Net Margin (TTM)	19.00%	12.30%
Operating Margin (TTM)	26.30%	14.02%
Gross Margin (TTM)	58.93%	64.82%

Growth

Revenue Growth

On Holding (ONON) at 30.01% clears its industry range for revenue growth, far stronger top-line momentum than Deckers Outdoor (DECK) at 9.76%, which is closer to a typical peer reading.

Deckers Outdoor (DECK) vs. On Holding (ONON): A comparison of their Revenue Growth across different time periods.

EPS Growth

Deckers Outdoor (DECK) at 10.90% sits in the top EPS growth quartile, while On Holding (ONON) at -17.57% is closer to the peer norm — faster per-share earnings growth for DECK.

Deckers Outdoor (DECK) vs. On Holding (ONON): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Deckers Outdoor (DECK) and On Holding (ONON)
Metric	DECK	ONON
Revenue Growth (YoY)	9.76%	30.01%
Revenue Growth (3Y CAGR)	14.69%	35.11%
EPS Growth (YoY)	10.90%	-17.57%
EPS Growth (3Y CAGR)	29.56%	50.21%

Financial Strength

Current Ratio (MRQ)

Both Deckers Outdoor (DECK) at 2.72 and On Holding (ONON) at 2.83 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

DECK

Consumer Durables & Apparel industry group

2.72

Max: 5.48
Q3: 3.70
DECK: 2.72
Median: 2.10
Q1: 1.64
Min: 0.75

ONON

Consumer Durables & Apparel industry group

2.83

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

Deckers Outdoor (DECK) vs. On Holding (ONON): A comparison of their current ratio against the Consumer Durables & Apparel industry group benchmark.

Debt / Equity (MRQ)

Both Deckers Outdoor (DECK) at 0.23 and On Holding (ONON) at 0.29 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

DECK

Consumer Durables & Apparel industry group

0.23

Max: 2.46
Q3: 1.19
Median: 0.45
DECK: 0.23
Q1: 0.23
Min: 0.00

ONON

Consumer Durables & Apparel industry group

0.29

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

Deckers Outdoor (DECK) vs. On Holding (ONON): A comparison of their debt-to-equity ratio against the Consumer Durables & Apparel industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Deckers Outdoor (DECK) and On Holding (ONON)
Metric	DECK	ONON
Current Ratio (MRQ)	2.72	2.83
Debt / Equity (MRQ)	0.23	0.29
Net Debt / EBITDA	-0.48	-1.38

Dividends

Dividend Yield (TTM)

Neither Deckers Outdoor (DECK) nor On Holding (ONON) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

DECK

Consumer Durables & Apparel industry group

0.00%

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

ONON

Consumer Durables & Apparel industry group

0.00%

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

Deckers Outdoor (DECK) vs. On Holding (ONON): A comparison of their dividend yield against the Consumer Durables & Apparel industry group benchmark.

Dividend Payout Ratio (TTM)

Neither Deckers Outdoor (DECK) nor On Holding (ONON) pays a dividend this period — they may reinvest, use buybacks, or simply not return cash through dividends.

DECK

Consumer Durables & Apparel industry group

0.00%

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

ONON

Consumer Durables & Apparel industry group

0.00%

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

Deckers Outdoor (DECK) vs. On Holding (ONON): A comparison of their payout ratio against the Consumer Durables & Apparel industry group benchmark.

Dividend Metrics

Dividend metrics for Deckers Outdoor (DECK) and On Holding (ONON)
Metric	DECK	ONON
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

Deckers Outdoor (DECK) at 11.48 sits in the cheaper P/E ratio quartile, while On Holding (ONON) at 24.91 is closer to its industry’s usual earnings multiple — a discount for DECK, though growth and earnings durability still matter.

DECK

Consumer Durables & Apparel industry group

11.48

Max: 40.20
Q3: 25.33
Median: 17.52
Q1: 14.50
DECK: 11.48
Min: 5.29

ONON

Consumer Durables & Apparel industry group

24.91

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

Deckers Outdoor (DECK) vs. On Holding (ONON): A comparison of their P/E ratio against the Consumer Durables & Apparel industry group benchmark.

P/S Ratio (TTM)

Both look expensive on sales: Deckers Outdoor (DECK) at 2.08 sits in the upper P/S ratio quartile, and On Holding (ONON) at 3.88 prices even higher, above its industry range.

DECK

Consumer Durables & Apparel industry group

2.08

Max: 3.32
DECK: 2.08
Q3: 1.74
Median: 1.02
Q1: 0.56
Min: 0.01

ONON

Consumer Durables & Apparel industry group

3.88

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

Deckers Outdoor (DECK) vs. On Holding (ONON): A comparison of their P/S ratio against the Consumer Durables & Apparel industry group benchmark.

P/B Ratio (MRQ)

Both Deckers Outdoor (DECK) at 4.99 and On Holding (ONON) at 5.38 carry a premium to book value versus peers, sitting in the upper P/B ratio quartile of their industries.

DECK

Consumer Durables & Apparel industry group

4.99

Max: 8.35
DECK: 4.99
Q3: 4.28
Median: 2.11
Q1: 1.09
Min: 0.49

ONON

Consumer Durables & Apparel industry group

5.38

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

Deckers Outdoor (DECK) vs. On Holding (ONON): A comparison of their P/B ratio against the Consumer Durables & Apparel industry group benchmark.

Valuation Metrics

Valuation metrics for Deckers Outdoor (DECK) and On Holding (ONON)
Metric	DECK	ONON
P/E Ratio (TTM)	11.48	24.91
P/S Ratio (TTM)	2.08	3.88
P/B Ratio (MRQ)	4.99	5.38
Free Cash Flow Yield (TTM)	7.05%	2.31%