On Holding stock
ONONNYSEOn Holding AG, Consumer CyclicalISIN CH1134540470
67Score 67 out of 100, Neutral
Price and trend
54 / 100
Price history
−20% in one yearThe chart shows daily closes over 5 years, adjusted for stock splits and without dividends. Click into the chart to set a price alert at that price.
Below the 200-day line: the price is 8.6% below it.
Since August 2025 the 50-day line has been below the 200-day line; the trend has turned down.
Normal: the price is neither overheated nor sold off (RSI 52).
The price is 35% below its 52-week high. Largest decline in 5 years: 69% (November 2021 to October 2022).
Chart figures for advanced users
- SMA 50$32.06
- Average price of the last 50 trading days, shows the short-term trend.
- SMA 200$36.19
- Average price of the last 200 trading days, shows the long-term trend.
- RSI (14)52
- Relative strength over the last 14 days on a scale from 0 to 100. Above 70 the price counts as overheated, below 30 as sharply fallen.
- MACDbelow the signal line
- Compares a fast and a slow price average. Above its signal line momentum is rising, below it momentum is fading.
- Support$26.76
- The lowest closing price of the last twelve months.
- Resistance$50.63
- The highest closing price of the last twelve months.
Snapshot
Computed from the data by fixed rules, no AI
- On Holding AG belongs to the Apparel (Footwear & Accessories) industry (Switzerland) and, with a market value of $10.89B, is number 5 of 20 companies in its industry on MEQIRI.
- In fiscal 2025 it reported revenue of $3.62B (up 30% year on year) and earnings of $244.5M (down 15.9%).
- MEQIRI Score 67 out of 100 (Neutral): rank 214 of 596 in Consumer Cyclical, median 61.
Show more
- The P/E is 19.1 (Apparel (Footwear & Accessories) median 17.5, own median of recent years 79.1).
- Our model puts fair value at $55.43, with the price 40% below it.
In plain words
The numbers on this page in plain words, written by an AI
Strengths
- Growing faster than its industryRevenue up 47.9% a year since 2020, Apparel (Footwear & Accessories) median 7%.Growth 70
- High return on capitalReturn on invested capital 38.1% in fiscal 2025, Apparel (Footwear & Accessories) median 7.6%.Profitability 79
- Below fair valuePrice 40% below the fair value of $55.43.Valuation 83
Weaknesses
- Volatile share priceVolatility 50% a year over the last 12 months.
Its standout strengths are valuation and profitability, while momentum holds the score back.
Daily figure as of 13 Nov 2026
How the score is calculatedScore overview
Score since yesterday from 69 to 67.
The fundamentals are in the middle range.
Score history
The full history of up to 20 years comes with MEQIRI Pro.
See plansCrash risk high
How well MEQIRI warnsOne of the 30% with the highest crash risk among smaller stocks.
From 2016 to 2025, 36 in 100 such stocks fell 30% or more within a year, against a group average of 23 in 100.
What drives the risk
- high price swings
- price far below its 52-week high
Valuation
Valuation signal
Significantly undervaluedIn our model the price counts as cheap below $39.59 and expensive above $92.38 (uncertainty high, based on the price swings of the past year).
The two parts of the fair value come to $80.52 (cash-flow model) and $30.35 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 5.6%. At 6.6% the fair value would be $48.42, at 4.6% it would be $65.97.
Valuation metrics
Half from the cash-flow model, half from earnings times the industry P/E (17.5).
Calculate with your own assumptionsCompany performance
This shows several years of history with an automatic assessment.
Revenue
In the twelve months to 30 Sep 2026, revenue rose 17.4% on the twelve months before. Revenue has grown strongly since 2019, at around 50% per year.
Margins
- Gross margin
- Operating margin
- Net margin
In fiscal 2025: gross 63%, operating 13%, net 7%. Last 12 months: net 13%.
Debt & balance sheet
latest quarterThe balance sheet is solid, with moderate debt and comfortable interest coverage.
Earnings
- Next earnings
- 2 Mar 2027in 109 days
- Last reported
- 10 Nov 2026EPS reported 0.66 (expected 0.47)above expectations
Analyst estimates
Earnings estimates have barely changed since 15 Oct 2026.
- Earnings per share
- 1.46+2.3%
- Revenue
- $4.28B+1.9%
- Earnings per share
- 1.72+1.8%
- Revenue
- $5.08B+1.9%
MEQIRI has stored the estimates since 15 Oct 2026. Until 30 days are available, the card shows the change since that day. Mean estimate according to Financial Modeling Prep. No price target and no recommendation.
Company outlook raised
Share price after the results: −20.0%Outlook raised: 2026 gross margin of at least 65%, net sales growth in the low 20s at constant currency, adjusted EBITDA margin of 19.5% to 20% unchanged.
“We expect our full year net sales to grow in the low 20s at constant currency with a higher gross margin outlook and reiterated adjusted EBITDA margin. On this basis, we are on track to close 2026 as the fastest-growing global brand with the highest gross margin in our industry.”The outlook is not part of the score and not a recommendation to buy or sell.
From the earnings call on 11 Aug 2026 (fiscal Q2 2026), read by AI.
Insiders
Open-market purchases and sales by executives, board members and major holders
One insider bought on the open market in the last 6 months, $2.2M in total. 2 insiders sold, $115,331 in total.
Sales say less than purchases: many insiders sell on a fixed plan, for taxes or to diversify.
Not counted: 6 purchases under a fixed plan (compensation, savings plan or a pre-arranged Rule 10b5-1 trading plan).
- Maguire Scott AndrewSale
8 Sept 2026, COO
- Shares
- 1,475
- Price
- $27.74
- Value
- $40,919
- Sluis FrankSale
8 Sept 2026, CFO
- Shares
- 687
- Price
- $27.74
- Value
- $19,059
- Bernhard OlivierPlan purchase
14 Aug 2026, Executive Officer
- Shares
- 65,000
- Price
- $30.67
- Value
- $1.99M
Show 5 more
- Coppetti Caspar FelixPlan purchase
14 Aug 2026, Executive Officer & Co-CEO
- Shares
- 65,000
- Price
- $30.67
- Value
- $1.99M
- Maguire Scott AndrewSale
8 Jun 2026, COO
- Shares
- 1,534
- Price
- $36.08
- Value
- $55,353
- Bernhard OlivierPlan purchase
14 May 2026, Executive Officer
- Shares
- 60,000
- Price
- $36.63
- Value
- $2.2M
- Coppetti Caspar FelixPurchase
14 May 2026, Executive Officer & Co-CEO
- Shares
- 60,000
- Price
- $36.64
- Value
- $2.2M
- Allemann David MichaelPlan purchase
14 May 2026, Executive Officer & Co-CEO
- Shares
- 60,000
- Price
- $36.63
- Value
- $2.2M
Partial trades from one filing are shown in one row, with the average price.
Source: Form 4 filings with the US Securities and Exchange Commission. Grants, option exercises, gifts and tax withholdings are hidden. Not a recommendation to buy.
What happened at On Holding
The key events of the last six months from our own data. A click takes you to the matching card.
Sector comparison
596 rated companies in Consumer Cyclical
- This company
- 67
- Sector median
- 61
Categories against the sector median
The median is the middle value: half of the companies in the sector lie above it, half below. Categories with too few comparable companies are left out.
Competitors in Apparel (Footwear & Accessories)
The next larger and next smaller companies by market value
- NIKENKE $56.09B61
- adidasADS.DE $33.15B70
- ASICS7936.T $21.54B77
- Deckers OutdoorDECK $11.28B82
- Shenzhou International Group Holdings2313.HK $8.06B63
- CrocsCROX $7.17B84
- Huali Industrial Group300979.SZ $6.38B61
- Birkenstock HoldingBIRK $6.35B68
ETFs that hold On Holding
Held by 3 ETFs on Xetra. Shown per index: the ETF with the largest weight.
| ETF | Weight | Cost | Fund size |
|---|---|---|---|
| Amundi Global Sport and eSport UCITS ETF AccGENY | 3.37% | 0.45% | €17.04M |
| Vanguard ESG Global All Cap UCITS ETF (USD) AccumulatingV3AA | 0.01% | 0.24% | €1.69B |
| Vanguard FTSE Global All-Cap UCITS ETF Accum USDVGLA | 0.00% | 0.07% | €3.9B |
Holdings as reported by the funds via FMP, excluding swap ETFs (their holdings are only collateral).
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = CHF 0.8331)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral since 12 Nov 2026, previously Strong
- Valuation signal Undervalued since 11 Nov 2026, previously Fairly valued
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.