ONON · Intrinsic value
Is On Holding AG (ONON) overvalued or undervalued?
As of Oct 19, 2026, TickerWorth's valuation lenses put On Holding AG (ONON) at $12.19 – $38.96, too broad a range to say where the delayed market price of $35.66 sits in it, so we do not call it over- or undervalued. It is a model estimate, and every input behind it is sourced below.
Model by Miraaj Patel · generated from SEC filings and market data · Updated Oct 19, 2026 · How these pages are made
What is ONON worth?
- Fair-value range
- $12.19 – $38.96
- Market price
- $35.66
- Gap to fair value
- —
- Verdict
- Too wide to call
Reverse DCF: Today's price implies revenue growth of more than 25%/yr. Above about 25% a year the reverse-DCF stops being informative. It solves for revenue growth alone — holding margins, capital intensity and the forecast horizon fixed — so a price well above our cash-flow model's value has nowhere to go but growth, and the solver returns a rate the model can't reconcile. Read it as "the price implies growth we can't justify", not as a forecast.
What is ONON's TickerWorth Score?
Middle of the pack — real strengths and real weaknesses
Compared with Consumer Cyclical companies in US
Its strongest point: strong balance sheet. Its weakest: looks expensive on the numbers.
- Value · 29 of 100
Cheaper than 29% of Consumer Cyclical companies in US
- Price vs worth · 22 of 100
- Quality · 71 of 100
More profitable than 71% of Consumer Cyclical companies in US
- Financial health · 89 of 100
Financially stronger than 89% of Consumer Cyclical companies in US
- Growth · 69 of 100
Growing faster than 69% of Consumer Cyclical companies in US
- Momentum · 52 of 100
Outperformed 52% of Consumer Cyclical companies in US over the past year
Confidence: Medium confidence · Scored
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Why ONON gets a range, not one number
At a recent price of $35.66, On Holding AG (ONON) sits inside a range too wide to call either way: our valuation lenses put the business somewhere between $12.19 and $38.96 per share. They disagree too widely for us to state a single fair value. We publish the range rather than a midpoint because a number that precise would claim more than the methods can support. This is an educational model, not a price target or a recommendation.
Read the full reasoning
The valuation discounts On Holding AG's projected free cash flows at a weighted-average cost of capital (WACC) of 14.1%, with a long-run terminal growth rate of 2.5%. About 61% of the enterprise value comes from the terminal value — the portion beyond the explicit forecast window — which is typical for a stable, cash-generative business and a reminder that small changes in the discount rate or terminal growth assumption swing the intrinsic value meaningfully.
Running the DCF in reverse — solving for the growth the current price already assumes — ONON would need sustained revenue growth of more than 25%/yr to justify today's price, against about 8.7% a year compounded in our base case. We don't quote a precise figure here, because past about 25% a year the reverse-DCF stops being informative: it solves for revenue growth alone, holding margins, capital intensity and the forecast horizon fixed, so a price well above our fair value has nowhere to go but growth. The honest reading is that the price implies growth this model can't reconcile — not that we forecast it.
Sensitivity matters more than any single number. Across a reasonable band of discount-rate assumptions, ONON's modeled DCF value ranges from about $14.10 to $19.50 per share. If that range still sits below today's price, the market is optimistic relative to the model across the whole band; if it brackets the price, the stock is roughly fairly valued on our assumptions. Use the interactive slider to see exactly where your own cost-of-capital view lands.
How to read this page: the DCF fair value is what On Holding AG would be worth if its cash flows grow as modeled and are discounted at the stated WACC. The assumptions table shows every input and its source; the reverse-DCF shows what the market believes; the sensitivity band shows how fragile the answer is. None of this is investment advice — it is a transparent, auditable framework for forming your own view of ONON's intrinsic value. Figures update as new filings and prices come in.
Every input behind ONON's DCF
| Input | Value |
|---|---|
| Base-year revenueOn Holding AG FY2025 20-F (accession 0001858985-26-000008): ifrs-full:RevenueFromContractsWithCustomers, FY2025 full year. | $3,724,210,000 |
| Base EBIT marginOn Holding AG FY2025 20-F (accession 0001858985-26-000008): ifrs-full:ProfitLossFromOperatingActivities 377,000,000 / revenue 3,014,000,000 = 12.51%, FY2025. | 12.5% |
| Forecast revenue growthESTIMATEAssumption — TickerWorth's 5-year explicit forecast | 14% → 11% → 9% → 6% → 4% |
| Risk-free rateLive feed — US 10-year Treasury yield (^TNX) | 4.7% |
| BetaLive feed — yfinance, 5-year monthly beta vs the S&P 500 (clamped to 0.4–2.5) | 2.12 |
| Terminal growthESTIMATEAssumption — TickerWorth house default 2.5%, held below WACC | 2.5% |
| Diluted sharesOn Holding AG FY2025 20-F (accession 0001858985-26-000008): EntityCommonStockSharesOutstanding = 296,873,353 shares, FY2025. | 297M |
| Market priceLast known price · as of 2026-10-19 19:28 UTC | $35.66 |
Change ONON's assumptions
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What does On Holding AG do?
What does it do?
On Holding AG, together with its subsidiaries, develops and distributes performance sports products under the On brand in Switzerland, the rest of Europe, the Middle East, Africa, the United States, the rest of the Americas, and the Asia-Pacific. The company offers athletic footwear, apparel, and accessories for performance running, performance outdoor, performance all day, performance training, performance tennis, and young movers. It operates in the Footwear & Accessories industry (Consumer Cyclical sector), headquartered in Switzerland. The company employs roughly 3,963 people.
How does it make money?
The business turns $3.2B in annual revenue into profit. Out of every $100 of sales, about $14 is left as operating profit (operating margin of 14.0%), after a 65% gross margin on the products/services it sells. After all costs, taxes and interest, 12.3% of revenue becomes bottom-line net profit.
Is it financially healthy?
Financially it looks solid: carries modest debt (0.3× equity), comfortably covers its short-term bills (2.8× current ratio), and is currently profitable.
Who at ONON filed insider trades?
| Date | Insider | Relationship | What happened | Value | Filing |
|---|---|---|---|---|---|
| Durkin Dennis M | Director | Shares withheld (tax) | $21,805.68 | Form 4 for Durkin Dennis M (opens sec.gov in a new tab) | |
| Helmersson Helena | Director | Shares withheld (tax) | $19,091.28 | Form 4 for Helmersson Helena (opens sec.gov in a new tab) | |
| Miele Laura | Director | Shares withheld (tax) | $18,367.44 | Form 4 for Miele Laura (opens sec.gov in a new tab) | |
| Miele Laura | Director | Grant / award | — | Form 4 for Miele Laura (opens sec.gov in a new tab) | |
| Durkin Dennis M | Director | Grant / award | — | Form 4 for Durkin Dennis M (opens sec.gov in a new tab) | |
| Banse Amy | Director | Grant / award | — | Form 4 for Banse Amy (opens sec.gov in a new tab) |
A disclosure, not a signal to trade. Source: SEC EDGAR (Form 4). Older filings and the 90-day buying-and-selling read are part of Pro. See plans
Common questions
What is ONON's intrinsic value?
TickerWorth's valuation lenses put On Holding AG (ONON) between $12.19 and $38.96 per share, versus a market price of $35.66. They disagree too widely for us to state a single fair value, so we publish the range.
Is ONON overvalued or undervalued?
At $35.66 the price sits inside a range too wide to call either way. We don't call ONON overvalued or undervalued from a range this wide. This is an educational estimate, not advice.
What discount rate is used for ONON?
A WACC of 14.1% and a terminal growth rate of 2.5%.
Is On stock undervalued?
TickerWorth's fair-value range for On Holding AG (ONON) is $12.19 – $38.96 against a market price of $35.66. Too wide to call. We publish a range here, not one number, so we do not call it over- or undervalued. This is a model estimate, not investment advice.
On (ONON) DCF valuation and fair value
Our fair-value range for On Holding AG (ONON) is $12.19 – $38.96, built on a 14.1% discount rate (WACC) and 2.5% terminal growth. It blends our discounted-cash-flow model with other valuation lenses. Every assumption is listed on this page with its source.
What growth is priced into On stock?
Today's price implies revenue growth of more than 25%/yr. Above about 25% a year the reverse-DCF stops being informative. It solves for revenue growth alone — holding margins, capital intensity and the forecast horizon fixed — so a price well above our cash-flow model's value has nowhere to go but growth, and the solver returns a rate the model can't reconcile. Read it as "the price implies growth we can't justify", not as a forecast. This is a reverse DCF: it holds our cash-flow model's other inputs and solves for the revenue growth that makes the model equal today's price of $35.66. A model estimate, not investment advice.
On (ONON) insider trading
The most recent insider filing (SEC Form 4) for On Holding AG (ONON): Durkin Dennis M, Director, shares withheld (tax) on 2026-09-24. The latest filings are listed on this page. A disclosure, not a signal to trade.
Other ways into the coverage
Not investment advice. TickerWorth Score is a model output.
Educational tool. Every output reflects the assumptions shown — not a prediction and not investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public filings and market data that can be wrong.