ONON
On Holding AG
ONON has the edge over RIVN overall, supported by stronger fundamentals and lower modeled downside.
RIVN
Rivian Automotive, Inc.
RIVN offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
ONON Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Strong |
ONON's revenue, profitability, cash flow and balance sheet are all currently healthy.
RIVN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Weak | |
| Unavailable |
RIVN's revenue is currently healthy, but its profitability and cash flow are weak. There isn't enough data to rate its balance sheet.
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.
RIVN PE Valuation
RIVN has no meaningful PE right now: it lost money over the past year.
ONON Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for ONON, with profitability improving.
RIVN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect RIVN's losses to shrink, with revenue growing. However, they disagree widely on these estimates.
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 has the edge over RIVN on earnings quality, reporting a profit while its opponent remains loss making.
RIVN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$2.25 | +$0.83 |
| Q2 2026 | -$2.58 | +$0.62 |
| Q1 2026 | -$2.92 | +$0.77 |
| Q4 2025 | -$3.07 | +$1.62 |
| Q3 2025 | -$3.08 | +$2.52 |
| Q2 2025 | -$3.20 | +$2.76 |
| Q1 2025 | -$3.69 | +$2.08 |
| Q4 2024 | -$4.69 | +$1.05 |
RIVN is still losing money, but far less than before: $2.25 per share over the past year, against $7.40 at its worst in late 2022.
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 RIVN 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 has the edge over RIVN on profitability, with a higher operating margin.
RIVN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.2B | +38% |
| Q2 2026 | $1.7B | +27% |
| Q1 2026 | $1.4B | +11% |
| Q4 2025 | $1.3B | -26% |
| Q3 2025 | $1.6B | +78% |
| Q2 2025 | $1.3B | +13% |
| Q1 2025 | $1.2B | +3% |
| Q4 2024 | $1.7B | +32% |
RIVN's revenue is growing: $2.2B last quarter, up 38% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -41% | +22 points |
| Q2 2026 | -50% | +35 points |
| Q1 2026 | -64% | -11 points |
| Q4 2025 | -65% | -27 points |
| Q3 2025 | -63% | +71 points |
| Q2 2025 | -86% | +33 points |
| Q1 2025 | -53% | +70 points |
| Q4 2024 | -38% | +82 points |
RIVN's operating margin was −41% last quarter, up 22 points from the same quarter a year ago, near the top of its range since 2021.
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 has the edge over RIVN on cash generation, producing positive trailing cash flow while its opponent burns cash.
RIVN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.1B | -$703M |
| Q2 2026 | -$849M | -$451M |
| Q1 2026 | -$1.1B | -$549M |
| Q4 2025 | -$1.1B | -234% |
| Q3 2025 | -$421M | +$732M |
| Q2 2025 | -$398M | +$639M |
| Q1 2025 | -$526M | +$997M |
| Q4 2024 | $856M | +$2.3B |
RIVN has burned cash in almost every quarter: −$4.2B over the past year, against −$489M 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 the edge over RIVN 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.
RIVN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +9.1% | +121M shares |
| 1 year | +19% | +226M shares |
| 3 years | +52% | +494M shares |
RIVN has 1.4B diluted shares, up 19% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | $6M |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
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.
RIVN Net Leverage
RIVN's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
RIVN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.5 | Neutral |
| Stochastic | 25.6 | Neutral |
RIVN's weekly RSI is 41 (neutral) and its Stochastic is 26 (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.
RIVN PE vs Consumer Cyclical Sector
RIVN has no meaningful PE right now: it lost money over the past year.
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.
RIVN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $13.3 | 3.9% below |
| 20 week MA | $15.1 | 15% below |
| 50 week MA | $15.9 | 19% below |
| 100 week MA | $14.7 | 13% below |
| 200 week MA | $15.1 | 15% below |
RIVN 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 has the edge over RIVN on returns for 2026, with the stronger performance.
RIVN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $130.0 | $96.8 | -25% |
| 2022 | $96.8 | $19.1 | -80% |
| 2023 | $19.1 | $23.5 | +23% |
| 2024 | $23.5 | $13.7 | -42% |
| 2025 | $13.7 | $20.9 | +53% |
| 2026 YTD | $20.9 | $12.8 | -39% |
RIVN has finished lower in three of the last five years. It's down 39% so far in 2026.