On Holding Ltd
NYSE: ONON · CONSUMER CYCLICAL · FOOTWEAR & ACCESSORIES
Updated 2026-04-30
On Holding Ltd (ONON) Stock Valuation Analysis
Fair value estimate, historical valuation range, and quality signals for ONON.
Valued
Valuation reasonably reflects current fundamentals. Limited margin of safety at these levels.
ONON historical valuation range
Where current P/E sits in ONON's own 5Y range.
ONON intrinsic value (DCF)
DCF-based fair value estimate vs current market price.
Intrinsic value calculated using discounted cash flow (DCF) model based on projected free cash flows, discount rate, and terminal growth assumptions. A positive margin of safety indicates the current price is below estimated fair value, providing a cushion against estimation error.
ONON valuation signals
Quick-read green flags, caution flags, and risks based on current metrics.
P/E Ratio — History
Current: 45.42x
P/S Ratio — History
Current: 3.89x
Is ONON overvalued in 2026?
On Holding Ltd (ONON) currently trades at $35.61 per share with a market capitalization of $11,727,243,000.00. Based on our multi-factor framework, the stock trades at a fair valuation with a Smart Value Score of 55/100. This score blends growth quality, financial health, and price attractiveness into a single institutional-grade read.
The stock trades at a P/E ratio of 45.4x, below its 5-year median of 65.2x. The PEG ratio of 0.79 suggests earnings growth is outpacing the multiple, a classic sign of undervaluation.
Looking at its own history, ONON is currently trading cheaper than 78% of the last 5Y on P/E. This places it in the 22th percentile of its historical range, a level that has historically coincided with attractive entry points.
Our discounted cash flow model estimates ONON's intrinsic value at $43.04 per share, against the current market price of $35.61. This implies a premium to fair value of -5.23%. The stock is priced close to its estimated fair value, offering limited upside without further operational improvement.
Financial quality is a concern. The Piotroski F-Score of 2/9 flags weakening fundamentals that deserve closer scrutiny before the valuation case can be fully trusted.
Bottom line: ONON trades at a fair valuation on our framework, with a Smart Value Score of 55/100. The valuation is defensible but offers no obvious bargain. Patience or a better entry price may reward disciplined buyers.
Frequently asked questions
Is ONON overvalued in 2026?
Based on a Smart Value Score of 55/100, ONON is fairly valued. Price reasonably reflects current fundamentals with limited cushion in either direction.
What is ONON's fair value?
Our DCF model estimates ONON's intrinsic value at $43.04 per share, versus the current price of $35.61. This produces a margin of safety of -5.23%.
What P/E ratio does ONON trade at?
ONON trades at a P/E of 45.4x on trailing twelve-month earnings, compared to its 5-year median of 65.2x.
Is ONON a buy based on valuation?
WallStSmart does not issue buy or sell recommendations. Our Smart Value Score of 55/100 reflects the combined read on growth, quality, and price. The profile is balanced. Best suited for investors with an existing thesis.
How does ONON's valuation compare to its history?
On P/E, ONON currently sits in the 22th percentile of its own 5Y range. That is historically cheap relative to where it has traded over the period.
What is ONON's Smart Value Score?
ONON's Smart Value Score is 55/100. The Smart Value Score is a proprietary WallStSmart metric blending growth quality, financial health, and valuation attractiveness into a single 0-100 read. Scores above 75 are rare and indicate strong multi-factor alignment.