ONON
On Holding Ltd
NYSE: ONON · CONSUMER CYCLICAL · FOOTWEAR & ACCESSORIES
$27.41
+2.09% today
Updated 2026-09-11
Market cap
$9.35B
P/E ratio
19.30
P/S ratio
2.91x
EPS (TTM)
$1.45
Dividend yield
—
52W range
$28 – $51
Volume
6.8M
WallStSmart proprietary scores
70
out of 100
Grade: B
Buy
Investment rating
8.7
Growth
A8.0
Quality
A7.0
Profitability
B+7.3
Valuation
B+5/9
Piotroski F-Score
Moderate
2.8
Altman Z-Score
Grey zone
—
Industry rank
—
View all highly rated stocks (75+) →251 stocks currently score above 75
Price targets
Analyst target
$44.69
+63.04%
12-Month target
$23.34
-14.85%
Intrinsic (DCF)
$50.24
Margin of safety
+9.85%
7 Strong Buy16 Buy4 Hold1 Sell0 Strong Sell
Price chart
Stock snapshot
Strengths
+ ROE 20.83% — strong efficiency
+ Free cash flow $200.70M — positive
+ Revenue growth 13.50% QoQ
+ Debt/equity 0.29x — low leverage
Risks
No major risks identified
Key financials
Revenue Net Income Free Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $1.22B | $1.79B | $2.32B | $2.88B | $3.22B |
| Net income | $57.70M | $79.60M | $242.30M | $194.54M | $105.00M |
| EPS | — | — | — | — | $1.45 |
| Free cash flow | $-310.00M | $184.90M | $445.60M | $253.18M | $200.70M |
| Profit margin | 4.72% | 4.44% | 10.45% | 6.76% | 12.30% |
Peer comparison
Smart narrative
On Holding Ltd trades at $27.41. representing a P/E of 19.30x trailing earnings. Our Smart Value Score of 70/100 indicates the stock is good. The company scores 5/9 on the Piotroski F-Score. With an Altman Z-Score of 2.80, it sits in the grey zone. TTM revenue stands at $3.22B. with profit margins at 12.30%. Our DCF model estimates intrinsic value at $50.24.
Frequently asked questions
What is On Holding Ltd's stock price?
On Holding Ltd (ONON) trades at $27.41, on a P/E of 19.3x and a P/S of 2.9x. Those multiples show what the market is paying for each dollar of earnings and sales, which is the real starting point for judging whether the price is reasonable.
Is On Holding Ltd overvalued?
On Holding Ltd carries a Smart Value Score of 70/100 (Grade B), which we rate Buy. That score blends growth, quality, and valuation into one read. Our DCF puts intrinsic value at $50.24 versus the $27.41 price, a 9.8% margin of safety on a cash flow basis.
What is the price target of On Holding Ltd (ONON)?
The 12-month analyst consensus target is $44.69, about 63.0% above the current $27.41. A consensus target is the average of Wall Street's 12-month forecasts, so it works as a sentiment gauge rather than a guarantee, and it resets with every earnings cycle.
What is the intrinsic value of On Holding Ltd (ONON)?
Our DCF model estimates intrinsic value at $50.24, a +9.8% margin of safety versus today's $27.41. Intrinsic value is what the projected cash flows are worth today. A positive reading means the price sits below that estimate, leaving a cushion if growth holds.
What is On Holding Ltd's revenue?
On Holding Ltd's trailing twelve-month revenue is $3.22B. Revenue scale anchors the valuation multiples and shows whether growth is reaching the top line, so it is best read alongside margin and growth trends to see if that revenue is getting more profitable over time.
Altman Z-Score?
On Holding Ltd's Altman Z-Score is 2.80, which places it in the grey zone. The Altman Z-Score gauges bankruptcy risk from profitability, leverage, and asset efficiency, and a higher reading points to lower financial distress risk.
Company info
SectorCONSUMER CYCLICAL
IndustryFOOTWEAR & ACCESSORIES
CountryUSA
ExchangeNYSE
CurrencyUSD
Quick metrics
P/S ratio2.91x
ROE20.83%
Beta2.08
50D MA$34.47
200D MA$39.66
Shares out0.30B
Float0.25B
Short ratio—
Avg volume6.8M
Performance
1 week-3.25%
1 month-16.19%
3 months-25.55%
YTD-35.41%
1 year-34.15%
3 years—
5 years—