GME
GameStop Corp.
GME offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
ONON
On Holding AG
ONON has the edge over GME overall, supported by stronger modeled upside and lower modeled downside.
GME Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Unavailable |
GME's profitability and cash flow are currently strong, and its revenue is stable. There isn't enough data to rate its balance sheet.
ONON Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
ONON's revenue, profitability, cash flow and balance sheet are all currently healthy.
GME PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 17x | $25.62 | — |
| Cheap | 18x | $27.96 | +9.1% |
| Forward | 38x | $25.62 | — |
| Fair | 43x | $66.84 | +161% |
| Expensive | 252x | $388 | +1414% |
Historical ranges are pointers, not guarantees.
GME's PE is in its cheap range at 17x. Analysts expect earnings to fall, which would put today's price at 38x next year's earnings, in its fair range.
ONON PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 23x | $33.07 | — |
| Cheap | 46x | $65.70 | +99% |
| Fair | 90x | $128 | +287% |
| Expensive | 145x | $207 | +527% |
Historical ranges are pointers, not guarantees.
ONON has the edge over GME in the historical PE scenario, which offers more potential upside but is not a forecast.
GME Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong decline | |
| Strong decline | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect GME's earnings and revenue to decline, with profitability weakening.
ONON Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Moderate | |
| Moderate |
ONON has the edge over GME on the outlook, with more favorable earnings and revenue expectations.
GME Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.67 | -56% |
| Q3 2026 | $1.54 | +93% |
| Q2 2026 | $1.34 | +153% |
| Q1 2026 | $0.77 | +133% |
| Q4 2025 | $0.89 | +394% |
| Q3 2025 | $0.80 | +515% |
| Q2 2025 | $0.53 | +563% |
| Q1 2025 | $0.33 | +1550% |
| Q4 2024 | $0.18 | +$0.21 |
GME has the edge over ONON on earnings, with more consistent year-over-year improvement.
ONON Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $1.43 | +198% |
| Q1 2026 | $0.91 | +23% |
| Q4 2025 | $0.75 | -14% |
| Q3 2025 | $0.81 | +76% |
| Q2 2025 | $0.48 | -17% |
| Q1 2025 | $0.74 | +54% |
| Q4 2024 | $0.87 | +181% |
| Q3 2024 | $0.46 | +48% |
ONON earned $1.43 per share over the past year, about three times what it earned the year before.
GME Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $790.2M | -19% |
| Q2 2026 | $835.3M | +14% |
| Q1 2026 | $1.1B | -14% |
| Q4 2025 | $821M | -4.6% |
| Q3 2025 | $972.2M | +22% |
| Q2 2025 | $732.4M | -17% |
| Q1 2025 | $1.3B | -28% |
| Q4 2024 | $860.3M | -20% |
GME's revenue has slid since its 2022 peak: $790M last quarter, down 19% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 20% | +13 points |
| Q2 2026 | 17% | +19 points |
| Q1 2026 | 12% | +6 points |
| Q4 2025 | 5% | +8.9 points |
| Q3 2025 | 6.8% | +9.6 points |
| Q2 2025 | -1.5% | +4.3 points |
| Q1 2025 | 6.2% | +3.1 points |
| Q4 2024 | -3.9% | -2.5 points |
GME has the edge over ONON on profitability, with a higher operating margin.
ONON Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $1B | +13% |
| Q1 2026 | $1B | +17% |
| Q4 2025 | $895.4M | +23% |
| Q3 2025 | $956.3M | +25% |
| Q2 2025 | $901.9M | +32% |
| Q1 2025 | $874.7M | +43% |
| Q4 2024 | $730.3M | +36% |
| Q3 2024 | $765.4M | +32% |
ONON has the edge over GME on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 14% | +1.6 points |
| Q1 2026 | 14% | +3.5 points |
| Q4 2025 | 11% | +2.3 points |
| Q3 2025 | 16% | +4.3 points |
| Q2 2025 | 12% | +4.1 points |
| Q1 2025 | 11% | +3 points |
| Q4 2024 | 8.8% | -0.3 points |
| Q3 2024 | 11% | -0.6 points |
ONON's operating margin was 14% last quarter, up 1.6 points from the same quarter a year ago.
GME Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $60.7M | -46% |
| Q2 2026 | $332.9M | +76% |
| Q1 2026 | $187.4M | +18% |
| Q4 2025 | $107M | +435% |
| Q3 2025 | $113.3M | +73% |
| Q2 2025 | $189.6M | +$304.3M |
| Q1 2025 | $158.8M | +$177.5M |
| Q4 2024 | $20M | +80% |
GME has the edge over ONON on cash flow, with more consistent year-over-year improvement.
ONON Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $241.6M | +139% |
| Q1 2026 | $7.9M | +$37M |
| Q4 2025 | $96.4M | -46% |
| Q3 2025 | $164.7M | -1.7% |
| Q2 2025 | $100.9M | -2.1% |
| Q1 2025 | -$29.1M | -134% |
| Q4 2024 | $179.4M | +44% |
| Q3 2024 | $167.5M | +40% |
ONON generated $511M in free cash flow over the past year, up 22% from the year before.
GME Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +300K shares |
| 1 year | +8.4% | +46.1M shares |
| 3 years | +94% | +288M shares |
| 5 years | +104% | +302M shares |
| Available history | +80% | +264M shares |
GME has 593M diluted shares, up 8.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2021 | — |
| Q4 2020 | — |
| Q1 2020 | $21.8M |
| Q4 2019 | $114M |
ONON Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +278K shares |
| 1 year | -0.9% | -3M shares |
| 3 years | +3.9% | +12.6M shares |
| 5 years | +9.9% | +30.2M shares |
| Available history | +30% | +76.7M shares |
ONON has the edge over GME on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
ONON hasn't bought back shares in the past year.
GME Net Leverage
ONON Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -1.1x | Net Cash |
| Q1 2026 | -1.0x | Net Cash |
| Q4 2025 | -1.3x | Net Cash |
| Q3 2025 | -1.3x | Net Cash |
| Q2 2025 | -1.3x | Net Cash |
| Q1 2025 | -1.5x | Net Cash |
| Q4 2024 | -1.5x | Net Cash |
| Q3 2024 | -1.4x | Net Cash |
ONON has more cash than debt.
GME Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.9 | Neutral |
| Stochastic | 68.5 | Neutral |
GME's weekly RSI is 60 (neutral) and its Stochastic is 69 (neutral).
ONON Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.3 | Neutral |
| Stochastic | 65.7 | Neutral |
ONON's weekly RSI is 47 (neutral) and its Stochastic is 66 (neutral).
GME PE vs Consumer Cyclical Sector
| Metric | GME | Sector median | Relative |
|---|---|---|---|
| PE | 17x | 18x | 7.7% below |
| PE % | 15 | 47 | 32 pts below |
GME has the edge over ONON on valuation relative to its sector.
ONON PE vs Consumer Cyclical Sector
| Metric | ONON | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 18x | 28% above |
| PE % | 1 | 57 | 56 pts below |
ONON is trading at 23x earnings, a 28% premium to the Consumer Cyclical sector's median of 18x, though its earnings don't support one.
GME Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $25.2 | 1.8% above |
| 20 week MA | $22.4 | 15% above |
| 50 week MA | $22.6 | 13% above |
| 100 week MA | $24.0 | 7% above |
| 200 week MA | $21.8 | 17% above |
GME has the edge over ONON on trend strength, trading above more of its moving averages.
ONON Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $33.4 | 1% below |
| 20 week MA | $33.2 | 0.3% below |
| 50 week MA | $38.0 | 13% below |
| 100 week MA | $43.4 | 24% below |
| 200 week MA | $38.9 | 15% below |
ONON is in a downtrend: it's below all five of its weekly moving averages, and 15% below its 200-week average.
GME Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1.48 | $5.04 | +241% |
| 2021 | $5.04 | $38.0 | +655% |
| 2022 | $38.0 | $20.1 | -47% |
| 2023 | $20.1 | $17.5 | -13% |
| 2024 | $17.5 | $32.2 | +84% |
| 2025 | $32.2 | $21.1 | -35% |
| 2026 YTD | $21.1 | $25.6 | +21% |
GME has the edge over ONON on returns for 2026, with the stronger performance.
ONON Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $39.0 | $38.6 | -0.9% |
| 2022 | $38.6 | $16.3 | -58% |
| 2023 | $16.3 | $27.0 | +66% |
| 2024 | $27.0 | $55.6 | +106% |
| 2025 | $55.6 | $46.8 | -16% |
| 2026 YTD | $46.8 | $33.1 | -29% |
ONON's yearly returns have swung widely, from +106% in 2024 to −58% in 2022. It's down 29% so far in 2026.