On Holding Ltd (ONON) Stock Analysis — PE Ratio, PS Ratio, Intrinsic Value & 2030 Price Target
On Holding Ltd stock (ONON) is currently trading at $35.16. On Holding Ltd PE ratio is 50.76. On Holding Ltd PS ratio (Price-to-Sales) is 4.35. Analyst consensus price target for ONON is $57.86. WallStSmart rates ONON as Underperform.
- ONON PE ratio analysis and historical PE chart
- ONON PS ratio (Price-to-Sales) history and trend
- ONON intrinsic value — DCF, Graham Number, EPV models
- ONON stock price prediction 2025 2026 2027 2028 2029 2030
- ONON fair value vs current price
- ONON insider transactions and insider buying
- Is ONON undervalued or overvalued?
- On Holding Ltd financial analysis — revenue, earnings, cash flow
- ONON Piotroski F-Score and Altman Z-Score
- ONON analyst price target and Smart Rating
On Holding
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ONON Intrinsic Value Analysis for Value Investors
Benjamin Graham Formula · On Holding Ltd (ONON)
ONON trades 755% above its Graham fair value of $5.30, indicating the stock may be overvalued at current levels.
Based on Benjamin Graham Formula. Growth rate capped at 25%. For informational purposes only. Not financial advice.
Smart Analysis
On Holding Ltd (ONON) · 10 metrics scored
Smart Score
Category Performance
WallStSmart pulls financial metrics like revenue growth, profit margins, and valuation ratios and scores each one from 0 to 10 based on how strong or weak it is. Those 10 scores are grouped into 4 categories: Growth, Profitability, Valuation, and Quality — which form the 4 axes of the spider chart you see. The categories are then combined into a final score out of 100, but not equally. Growth and Profitability together count for 60% of the total, because a fast-growing profitable business matters more than just a cheap one. That final number maps to a rating (Strong Buy, Buy, Hold, Avoid) and a letter grade, giving you one clear Stock Rating.
Investment Thesis
Strong fundamentals in market cap, peg ratio, revenue growth. Concerns around price/book and eps growth. Fundamentals are solid but monitor weak areas for improvement.
On Holding Ltd (ONON) Key Strengths (4)
Growing significantly faster than its price suggests
74.12% of shares held by major funds and institutions
Large-cap company with substantial market presence
Strong revenue growth at 22.60% annually
Supporting Valuation Data
On Holding Ltd (ONON) Areas to Watch (6)
Earnings declining -24.00%, profits shrinking
Very expensive at 6.3x book value
Thin operating margins with cost pressures present
Premium valuation at 4.3x annual revenue
Thin profit margins with limited profitability
Moderate profitability with room for improvement
Supporting Valuation Data
On Holding Ltd (ONON) Detailed Analysis Report
Overall Assessment
This company scores 53/100 in our Smart Analysis, earning a C- grade. Out of 10 metrics analyzed, 4 register as strengths (avg 9.3/10) while 6 fall into concern territory (avg 3.2/10). The category breakdown reveals uneven performance, with some areas requiring attention.
The Bull Case
The strongest argument centers on PEG Ratio, Institutional Own., Market Cap. Valuation metrics including PEG Ratio (0.88) suggest the stock is attractively priced. Growth metrics are encouraging with Revenue Growth at 22.60%.
The Bear Case
The primary concerns are EPS Growth, Price/Book, Operating Margin. Some valuation metrics including Price/Sales (4.35), Price/Book (6.33) suggest expensive pricing. Growth concerns include EPS Growth at -24.00%, which may limit upside. Profitability pressure is visible in Return on Equity at 13.50%, Operating Margin at 11.00%, Profit Margin at 6.76%.
Key Dynamics to Monitor
Three factors to monitor going forward. First, whether EPS Growth improves, as this is the primary drag on the overall score. Second, margin trajectory, with Return on Equity at 13.50% needing improvement to support the investment thesis. Third, growth sustainability, with Revenue Growth at 22.60% strong but requiring continuation.
Risk Considerations
Based on the metric profile, this is a moderate-to-high risk investment. There are more areas of concern than strength, warranting a more conservative position size. Investors should size positions according to their risk tolerance and maintain diversification.
Bottom Line
Mixed fundamentals with both positives (PEG Ratio, Institutional Own.) and negatives (EPS Growth, Price/Book). A cautious approach is warranted. Monitor for improvement in weak areas before increasing conviction.
Disclaimer: Smart Analysis is a scoring system developed by WallStSmart Team. Scores update daily using multi-model valuation framework. Always conduct your own research and consult with financial advisors before making investment decisions.
ONON Price-to-Sales(PS) Ratio Chart
Historical valuation based on market cap ÷ trailing 12-month revenue
ONON's Price-to-Sales ratio of 4.35x trades 45% below its historical average of 7.89x (7th percentile). The current valuation is 86% below its historical high of 30.07x set in Nov 2021, and 5% above its historical low of 4.14x in Mar 2026. Over the past 12 months, the PS ratio has compressed from ~5.6x as trailing revenue scaled faster than the stock price.
Compare ONON with Competitors
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Data-driven financial summary for On Holding Ltd (ONON) · CONSUMER CYCLICAL › FOOTWEAR & ACCESSORIES
The Big Picture
On Holding Ltd is a strong growth company balancing expansion with improving profitability. Revenue reached 3.0B with 23% growth year-over-year. Profit margins are thin at 6.8%, typical for companies in this phase that are reinvesting heavily in growth.
Key Findings
ROE of 1350.0% means the company generates strong returns on shareholder equity. Above 20% is considered top-tier.
Generating 80M in free cash flow and 107M in operating cash flow. Earnings are translating into actual cash generation.
What to Watch Next
Margin expansion: can On Holding Ltd push profit margins above 15% as the business scales?
Growth sustainability: can On Holding Ltd maintain 23%+ revenue growth, or will competition slow it down?
Valuation compression risk at a P/E of 50.8x. Any growth miss could trigger a sharp correction.
Volatility is elevated with a beta of 2.15, so expect amplified moves relative to the broader market.
Bottom Line
On Holding Ltd offers an attractive blend of growth (23% revenue expansion) and improving fundamentals. The company is transitioning from pure growth to profitable growth, a critical inflection point. Watch for sustained margin expansion as the key signal.
This synopsis is generated from publicly available financial data. It is not financial advice. Always conduct your own research and consult a qualified financial advisor before making investment decisions.
Insider Transactions
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About On Holding Ltd(ONON)
NYSE
CONSUMER CYCLICAL
FOOTWEAR & ACCESSORIES
USA
On Holding AG develops and distributes sports products worldwide. The company is headquartered in Zurich, Switzerland.