Stock fact sheet · data as of
On Holding AG (ONON): fair value, margin of safety and Wheel Score
Ticker symbol ONON · Consumer Cyclical · Apparel - Footwear & Accessories · Switzerland · Class A ordinary shares · Growth
ONON is On Holding AG's Class A ordinary shares. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is ONON undervalued?
At 38.62 (close of 5 Nov 2026), ONON trades 15% under the GLS average fair value of 45.43. 3 of the 8 models that produced a value land above the price. A discount of this size counts as a positive margin of safety in every GLS scan; whether it is enough depends on the rest of the picture - the health score, the moat and the option premium below.
The 8 models disagree widely: Graham Number gives 14.16 while GLS Growth gives 89.58. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, ONON is clearly faster-growing than it is cheap, so the nightly engine files it under Growth (value score 28, growth score 86, out of 100).
Nine valuation models for ONON
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 37.18 | -4% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 14.16 | -63% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 75.25 | +95% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 32.26 | -16% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 89.58 | +132% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 36.15 | -6% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 62.61 | +62% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 16.26 | -58% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 2.83 | -93% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 43.43 | +12% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health ONON scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is 6.0 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.
Returns on capital are moderate - ROIC 9.2%, ROE 12.5%, ROA 7.2% - with debt at 0.36 times equity and a free-cash-flow yield of 4.1%.
On Holding AG pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Shoes 93%, Apparel 6%, Accessories 1% (fiscal year FY2025).
Institutional ownership scores 8/10, insider activity 9/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 9.2% |
|---|---|---|---|
| GLS Moat | 6.0 / 10 | ROE | 12.5% |
| Debt / equity | 0.36 | ROA | 7.2% |
| Free-cash-flow yield | 4.1% | Payout ratio | 0% |
| Institutions | 8 / 10 | Insiders · Congress | 9 · 5 / 10 |
Wheel Score 81: Good
ONON scores 81 out of 100 on the Wheel Score (Good band, 70-84): it passes all 9 Wheel Trade Filters. How it ranks: value fair, premium strong, moat good, health good, red flags strong, option trading strong, stability fair; Stability (fair) holds it back.
Implied volatility is 60% on the near-the-money contracts 20-60 days out - above the 60% top of the sweet spot. It still passes the 25-80% filter, but the Wheel Score rewards it less because volatility this high usually comes with a reason. The option chain is deep: 230,769 contracts of open interest across all expiries, which means tight fills at most strikes.
Volume runs at 15.8M shares a day on a market cap of $12.7B, with a beta of 2.08 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Fair | 15% below fair value | |
| Premium | Strong | implied volatility 60% | |
| Moat | Good | moat 6.0/10 | |
| Health | Good | Piotroski 7/9 | |
| Red Flags | Strong | Red Flags score 100/100 | |
| Option trading | Strong | 16,009 contracts a day, 230,769 open interest | |
| Stability | Fair | beta 2.08, $12.7B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
On Holding AG reports earnings on 10 Nov 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Analysts upgraded ONON 1 time in the last 30 days with no downgrades; the latest action was a reiterated rating by BTIG on 3 Nov 2026.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Apparel - Footwear & Accessories
The 12 companies below are the closest to On Holding AG by market cap within the Apparel - Footwear & Accessories industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| DECK Deckers Outdoor Corporation | 89.11 | 222.18 | +60% | 90Prime | $11.9B |
| CROX Crocs, Inc. | 159.84 | 183.02 | +13% | 80Good | $7.3B |
| BIRK Birkenstock Holding plc | 37.27 | 49.57 | +25% | 80Good | $6.6B |
| SHOO Steven Madden, Ltd. | 46.98 | 35.75 | -31% | 45Weak | $3.4B |
| NKE NIKE, Inc. | 40.49 | 40.26 | -1% | 44Weak | $60.1B |
| CPRI Capri Holdings Limited | 21.23 | 26.47 | +20% | 47Weak | $2.2B |
| WWW Wolverine World Wide, Inc. | 23.50 | 33.32 | +29% | 48Weak | $1.9B |
| REF Reformation Inc. (California) | 18.41 | 0.3499 | -5161% | 34Weak | $1.1B |
| WEYS Weyco Group, Inc. | 64.59 | 64.47 | -0% | 19No options | $617M |
| FOSL Fossil Group, Inc. | 7.62 | - | - | 14Weak | $451M |
| RCKY Rocky Brands, Inc. | 54.60 | 46.74 | -17% | 16No options | $411M |
| DBI Designer Brands Inc. | 7.25 | 14.76 | +51% | 42Weak | $371M |
⚖ Compare ONON with 7 of them All Consumer Cyclical stocks →
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Start free See the Sunday ScanQuestions about ONON
What kind of share is ONON?
ONON is On Holding AG's Class A ordinary shares. The classes own the same business, share the same earnings report and trade within a few cents of each other; what differs is mainly the vote each share carries - the company's annual report sets out the voting rights.
Is ONON undervalued right now?
By the GLS models, moderately: at 38.62 the stock trades 15% below the average fair value of 45.43 (data as of 5 Nov 2026).
What is the Wheel Score of ONON and what does it mean?
ONON scores 81 out of 100 (Good). The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for ONON?
45.43 per share as of 5 Nov 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does On Holding AG report earnings next?
The next earnings report is due on 10 Nov 2026 (before the open), 5 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does ONON have listed options, and how liquid are they?
Yes. The nightly snapshot found 408 listed contracts with 230,769 open interest across all expiries and implied volatility of 60% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.