Share Price | On Holding AG Stock Analysis & Recommendation

Q: What does On Holding AG do?

Overview:On Holding AG operates in the footwear industry and is classified as a mid-cap company.Financial Snapshot:Most recent Net Sales: 808 Million (Quarterly Results - Mar 2025) Most recent Net Profit: 63 Million (Quarterly Results - Mar 2025) Market cap: USD 17,578.88 Million (Mid Cap)Key Metrics:P/E: 81.00 Dividend Yield: 0.00% Debt Equity: -0.52 Return on Equity: 14.23% Price to Book: 10.67 Contact Details:Registrar Address: Not available.

Q: Is On Holding AG overvalued or undervalued?

As of 7 July 2025, the valuation grade for On Holding AG has moved from fair to very expensive. The company appears to be overvalued based on its current metrics, including a P/E ratio of 81, a Price to Book Value of 11.59, and an EV to EBITDA ratio of 44.77. In comparison to peers, Ralph Lauren Corp. has a more attractive P/E ratio of 48.61, while Skechers U.S.A., Inc. stands out with a very low P/E of 12.84, indicating that On Holding AG's valuation is significantly higher than its competitors.Additionally, On Holding AG's recent stock performance has been underwhelming, with a year-to-date return of -17.86%, contrasting sharply with the S&P 500's gain of 12.22% over the same period. This further reinforces the notion that the stock is overvalued relative to both its industry peers and broader market performance.

Q: Is On Holding AG technically bullish or bearish?

As of 24 October 2025, the technical trend for On Holding AG has changed from mildly bearish to bearish. The current stance is bearish with weak strength indicated by the weekly MACD and Bollinger Bands both showing bearish signals. The daily moving averages also confirm a bearish trend. The KST shows a mixed picture with a bearish weekly signal but a bullish monthly signal, while Dow Theory indicates a mildly bullish weekly stance but mildly bearish monthly. In terms of performance, On Holding AG has underperformed the S&P 500 across multiple periods, with a year-to-date return of -23.86% compared to the S&P 500's 15.47%, and a one-year return of -12.38% versus 16.90% for the benchmark.

Price Point

High/Low

1Day

52 Week

Valuation

Technical

Day's Volume

CASH

1.04 M

Shareholding (Sep 2025)

FII

15.54%

Held by 212 FIIs

DII

52.4%

Held by 53 DIIs

Promoter

1.02%

How big is On Holding AG?

22-Jun-2025

As of Jun 18, On Holding AG has a market capitalization of 17,578.88 million, with net sales of 2,861.07 million and a net profit of 234.44 million for the latest four quarters. The balance sheet shows shareholder's funds of 1,535.78 million and total assets of 2,634.48 million.

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What does On Holding AG do?

22-Jun-2025

On Holding AG is a mid-cap footwear company with recent net sales of $808 million and a net profit of $63 million. It has a market cap of approximately $17.58 billion, a P/E ratio of 81.00, and no dividend yield.

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Is On Holding AG overvalued or undervalued?

20-Sep-2025

As of July 7, 2025, On Holding AG is considered very expensive and overvalued with a P/E ratio of 81, significantly higher than its peers, and has underperformed with a year-to-date return of -17.86% compared to the S&P 500's 12.22% gain.

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Is On Holding AG technically bullish or bearish?

28-Oct-2025

As of October 24, 2025, On Holding AG's trend has shifted to bearish with weak strength indicators, underperforming the S&P 500 significantly with a year-to-date return of -23.86% compared to the S&P 500's 15.47%.

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Compare On Holding AG with Similar Stocks

Deckers Outdoor Corp.NIKE, Inc.Skechers U.S.A., Inc.

Score

Click here to find our call on this stock

Strong Sell

Sell

Hold

Buy

Strong Buy

Dashboard

Company has a low Debt to Equity ratio (avg) at times

Healthy long term growth as Net Sales has grown by an annual rate of 297.65% and Operating profit at 231.00%

Positive results in Jun 25

Mojo Parameters

Stock DNA

Industry

Footwear

Market cap

USD 16,994 Million (Small Cap)

P/E

94.00

Industry P/E

Dividend Yield

0.00%

Debt Equity

-0.54

Return on Equity

13.64%

Price to Book

8.77

Revenue and Profits:

Net Sales:

993 Million

(Quarterly Results - Sep 2025)

Net Profit:

149 Million

Total Returns

Total Returns (Price + Dividend)

TimePeriod

Price Return

Dividend Return

Total Return

3 Months

10.21%

6 Months

5.36%

1 Year

-4.59%

2 Years

45.17%

3 Years

130.17%

4 Years

98.25%

5 Years

0.0%

On Holding AG for the last several years.

Risk Adjusted Returns v/s

News & Corporate Actions

News

No Recent News for the Company

Announcements

No announcement available

Corporate Actions

No corporate action available

Key Factors

Quality key factors

Factor

Value

Sales Growth (5y)

314.08%

EBIT Growth (5y)

279.37%

EBIT to Interest (avg)

7.82

Debt to EBITDA (avg)

Net Debt to Equity (avg)

-0.52

Sales to Capital Employed (avg)

1.52

Tax Ratio

8.64%

Dividend Payout Ratio

Pledged Shares

Institutional Holding

76.42%

ROCE (avg)

26.58%

ROE (avg)

11.19%

Valuation key factors

Factor

Value

P/E Ratio

Industry P/E

Price to Book Value

8.04

EV to EBIT

38.56

EV to EBITDA

27.65

EV to Capital Employed

15.59

EV to Sales

4.20

PEG Ratio

Dividend Yield

ROCE (Latest)

40.43%

ROE (Latest)

8.60%

Technicals key factors

Indicator

Weekly

Monthly

MACD

Bullish

Mildly Bearish

RSI

No Signal

Bollinger Bands

Mildly Bullish

Mildly Bearish

Moving Averages

Mildly Bearish (Daily)

KST

Bullish

Mildly Bearish

Dow Theory

No Trend

Mildly Bullish

OBV

Mildly Bullish

No Trend

Technical Indicator Scale: Bearish, Mildly Bearish, Sideways, Mildly Bullish, Bullish Turned

Shareholding

Shareholding Snapshot : Sep 2025

Shareholding Compare (%holding)

Majority shareholders

Domestic Funds

Held in 92 Schemes (31.04%)

Foreign Institutions

Held by 212 Foreign Institutions (15.54%)

Strategic Entities with highest holding

Highest Public shareholder

Financial

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          "field": "Operating Profit Margin (Excl OI)",
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        "Dec'24",
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          "chgp": "31.51%",
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        {
          "field": "Interest",
          "val1": "26.20",
          "val2": "12.60",
          "chgp": "107.94%",
          "chgp_class": "negative"
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          "val2": "0.00",
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Quarterly Results Snapshot (Consolidated) - Sep'25 - QoQ

Sep'25

Jun'25

Change(%)

Net Sales

992.70

906.10

9.56%

Operating Profit (PBDIT) excl Other Income

196.20

151.40

29.59%

Interest

10.10

9.20

9.78%

Exceptional Items

0.00

Consolidate Net Profit

148.60

-49.50

400.20%

Operating Profit Margin (Excl OI)

157.10%

123.90%

3.32%

USD in Million.

Compare with Peers

Net Sales

QoQ Growth in quarter ended Sep 2025 is 9.56% vs 12.10% in Jun 2025

Consolidated Net Profit

QoQ Growth in quarter ended Sep 2025 is 400.20% vs -178.45% in Jun 2025

All Quarterly Results

Annual Results Snapshot (Consolidated) - Dec'24

Dec'24

Dec'23

Change(%)

Net Sales

2,632.40

1,994.20

32.00%

Operating Profit (PBDIT) excl Other Income

358.90

272.90

31.51%

Interest

26.20

12.60

107.94%

Exceptional Items

0.00

Consolidate Net Profit

275.10

88.60

210.50%

Operating Profit Margin (Excl OI)

91.20%

100.60%

-0.94%

USD in Million.

Compare with Peers

Net Sales

YoY Growth in year ended Dec 2024 is 32.00% vs 55.85% in Dec 2023

Consolidated Net Profit

YoY Growth in year ended Dec 2024 is 210.50% vs 46.69% in Dec 2023

All Annual Results

Company CV

About On Holding AG

On Holding AG

Footwear

No Details Available.

Company Coordinates

No Company Details Available