ONON
On Holding AG
ONON's fundamentals are strong: revenue grew 19% and earnings per share more than doubled. Its PE isn't a useful guide right now because of how its recent earnings were reported.
ONON Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
ONON's revenue, profitability, cash flow and balance sheet are all currently healthy.
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's PE is 23x, but its earnings don't support one, so it isn't a reliable read right now.
ONON Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for ONON, with profitability improving.
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.
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's revenue has grown year over year every quarter since early 2021: $1B last quarter, up 13% from the same quarter a year ago.
| 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.
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.
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 336M diluted shares, down 0.9% from a year ago.
| 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.
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.
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).
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.
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.
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.