LULU vs. ONON: lululemon athletica vs. On Holding Stock Comparison

November 11, 2026

How do lululemon athletica (LULU) 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

lululemon athletica (LULU) and On Holding (ONON) both belong to the Textiles, Apparel & Luxury Goods industry, though LULU is classified under Apparel, Accessories & Luxury Goods while ONON falls under Footwear.

Company profile comparison for lululemon athletica (LULU) and On Holding (ONON)
Profile Item	LULU	ONON
Name	lululemon athletica inc.	On Holding AG Class A Ordinary Shares
Country/Region	Canada	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	Apparel, Accessories & Luxury Goods	Footwear
Market Capitalization	12.83 billion USD	12.49 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	July 27, 2007	September 15, 2021
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

LULU

ONON

GSPC

lululemon athletica (LULU) 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 lululemon athletica (LULU) and On Holding (ONON). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for lululemon athletica (LULU) and On Holding (ONON)
Metric	LULU	ONON
Total Return (1Y)	-32.13%	6.10%
Total Return (3Y, Annualized)	-34.79%	11.24%
Total Return (5Y, Annualized)	-24.85%	-0.38%

Risk Profile

Drawdown History

LULU

ONON

GSPC

lululemon athletica (LULU) 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 lululemon athletica (LULU) 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 lululemon athletica (LULU) is closer to market-like at 0.81 — a noticeable difference in market-sensitivity profile.

Risk profile metrics for lululemon athletica (LULU) and On Holding (ONON)
Metric	LULU	ONON
Volatility (1Y, Annualized)	45.85%	49.48%
Beta (5Y)	0.81	2.03
Max Drawdown (5Y)	-82.03%	-68.90%
Avg. Volume (3M)	5.00M	10.75M

Risk-Adjusted Performance

Risk-Return Positioning

LULU 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 lululemon athletica (LULU) and On Holding (ONON)
Metric	LULU	ONON
Sharpe Ratio (1Y)	-0.79	0.04
Sortino Ratio (1Y)	-1.02	0.05

Profitability

ROE (TTM)

Both lululemon athletica (LULU) at 30.90% 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.

LULU

Consumer Durables & Apparel industry group

30.90%

Max: 44.27%
LULU: 30.90%
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%

lululemon athletica (LULU) 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 lululemon athletica (LULU) at 12.78% 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.

LULU

Consumer Durables & Apparel industry group

12.78%

Max: 19.00%
LULU: 12.78%
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%

lululemon athletica (LULU) vs. On Holding (ONON): A comparison of their net margin against the Consumer Durables & Apparel industry group benchmark.

Operating Margin (TTM)

Both lululemon athletica (LULU) at 13.21% and On Holding (ONON) at 14.02% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

LULU

Consumer Durables & Apparel industry group

13.21%

Max: 28.97%
Q3: 14.34%
LULU: 13.21%
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%

lululemon athletica (LULU) vs. On Holding (ONON): A comparison of their operating margin against the Consumer Durables & Apparel industry group benchmark.

Profitability Metrics

Profitability metrics for lululemon athletica (LULU) and On Holding (ONON)
Metric	LULU	ONON
ROE (TTM)	30.90%	23.95%
ROA (TTM)	14.40%	9.58%
Net Margin (TTM)	12.78%	12.30%
Operating Margin (TTM)	13.21%	14.02%
Gross Margin (TTM)	54.90%	64.82%

Growth

Revenue Growth

On Holding (ONON) at 30.01% clears its industry range for revenue growth, far stronger top-line momentum than lululemon athletica (LULU) at 4.86%, which is closer to a typical peer reading.

lululemon athletica (LULU) vs. On Holding (ONON): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both lululemon athletica (LULU) at -9.43% and On Holding (ONON) at -17.57% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

lululemon athletica (LULU) vs. On Holding (ONON): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for lululemon athletica (LULU) and On Holding (ONON)
Metric	LULU	ONON
Revenue Growth (YoY)	4.86%	30.01%
Revenue Growth (3Y CAGR)	11.03%	35.11%
EPS Growth (YoY)	-9.43%	-17.57%
EPS Growth (3Y CAGR)	25.68%	50.21%

Financial Strength

Current Ratio (MRQ)

Both lululemon athletica (LULU) at 2.19 and On Holding (ONON) at 2.83 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

LULU

Consumer Durables & Apparel industry group

2.19

Max: 5.48
Q3: 3.70
LULU: 2.19
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

lululemon athletica (LULU) vs. On Holding (ONON): A comparison of their current ratio against the Consumer Durables & Apparel industry group benchmark.

Debt / Equity (MRQ)

Both lululemon athletica (LULU) at 0.45 and On Holding (ONON) at 0.29 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

LULU

Consumer Durables & Apparel industry group

0.45

Max: 2.46
Q3: 1.19
LULU: 0.45
Median: 0.45
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

lululemon athletica (LULU) 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 lululemon athletica (LULU) and On Holding (ONON)
Metric	LULU	ONON
Current Ratio (MRQ)	2.19	2.83
Debt / Equity (MRQ)	0.45	0.29
Net Debt / EBITDA	0.32	-1.38

Dividends

Dividend Yield (TTM)

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

LULU

Consumer Durables & Apparel industry group

0.00%

Max: 5.10%
Q3: 2.20%
Median: 0.77%
LULU: 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%

lululemon athletica (LULU) vs. On Holding (ONON): A comparison of their dividend yield against the Consumer Durables & Apparel industry group benchmark.

Dividend Payout Ratio (TTM)

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

LULU

Consumer Durables & Apparel industry group

0.00%

Max: 96.30%
Q3: 39.57%
Median: 11.11%
LULU: 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%

lululemon athletica (LULU) vs. On Holding (ONON): A comparison of their payout ratio against the Consumer Durables & Apparel industry group benchmark.

Dividend Metrics

Dividend metrics for lululemon athletica (LULU) and On Holding (ONON)
Metric	LULU	ONON
Dividend Yield (TTM)	0.00%	0.00%
Dividend Payout Ratio (TTM)	0.00%	0.00%

Valuation

P/E Ratio (TTM)

lululemon athletica (LULU) at 9.12 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 LULU, though growth and earnings durability still matter.

LULU

Consumer Durables & Apparel industry group

9.12

Max: 40.20
Q3: 25.33
Median: 17.52
Q1: 14.50
LULU: 9.12
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

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

P/S Ratio (TTM)

lululemon athletica (LULU) at 1.16 prices around its industry’s typical P/S ratio, while On Holding (ONON) at 3.88 clears its benchmark range — ONON looks notably rich on sales.

LULU

Consumer Durables & Apparel industry group

1.16

Max: 3.32
Q3: 1.74
LULU: 1.16
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

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

P/B Ratio (MRQ)

lululemon athletica (LULU) at 2.58 is valued about in line with its industry on P/B ratio, while On Holding (ONON) at 5.38 carries an above-peer premium to book — ONON is pricier on assets.

LULU

Consumer Durables & Apparel industry group

2.58

Max: 8.35
Q3: 4.28
LULU: 2.58
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

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

Valuation Metrics

Valuation metrics for lululemon athletica (LULU) and On Holding (ONON)
Metric	LULU	ONON
P/E Ratio (TTM)	9.12	24.91
P/S Ratio (TTM)	1.16	3.88
P/B Ratio (MRQ)	2.58	5.38
Free Cash Flow Yield (TTM)	8.95%	2.31%