QualityDipStocks / Consumer Discretionary · Shoe Manufacturing
On ONON
Outside our quality screen, so we don’t track its dips. It’s 30% below its 52-week high.
Outside our quality screen, trading well above our fair value estimate.
Worth knowing
- Down 30% from its 52-week high while revenue grew 30%
From the data on this page, as of the last close. How we pick these
- Fair value est.
- $18.15−49%
- Market Value
- —
- Off 52-wk high
- −30%
- Risk vs market
- Above marketbeta 1.22
4 bullish · 5 bearish See why
Valuation
What we estimate it's worth, and how it ranks on value vs every stock we cover.
Fair value estimate
How the range is computed
Ten-year free-cash-flow DCF. Same 10-year free-cash-flow model as the base: discount rate 9.5% ±1 point and growth 15.0% ±2 points. Bear = 10.5% and 13.0%; bull = 8.5% and 17.0% (both fade to 3%). A model estimate from public filings, not a forecast of where the price will go.
Price is above even the bull case.
What the price implies To be worth today’s price, ONON’s free cash flow would need to grow about 28% a year for five years; our estimate uses 15%.
Risk vs market
How risk vs market is measured
One year of daily returns (Oct 31 to Nov 2, 252 sessions). Beta = how much ONON moved for each 1% move in the S&P 500 (SPY); 1.0 moves with the market. Volatility is the yearly standard deviation of daily returns. Past behavior, not a forecast.
Swings more than the market, and its own price swings are 3.8× the S&P 500’s.
- Beta vs S&P 500
- 1.22
- Volatility
- 49% vs 13% SPY
- Correlation SPY
- 0.32
- Correlation QQQ
- 0.21
How it ranks
Where ONON stands vs every one of the 1,996 stocks we cover that has the number. Longer bar = better.
Top quarter on 1 of 5 measures
- Discount to fair value estimate49% · price above our base caseLowest 14%of 1,314
- Free cash flow yield1.7% · free cash flow vs market capLowest 25%of 1,391
- Dividends + buybacks yield0% · cash paid out or used to retire shares, vs market capLowest 1%of 1,836
- Revenue growth, last 12 months+30% · vs the 12 months beforeTop 15%of 1,814
- Operating margin13% · of sales kept as operating profitTop 48%of 1,288
From SEC filings and our fair value estimate model. A ranking, not advice.
Valuation details
DCF $18.15 · FCF value $12.03
Assumes 15.0% growth for 5 years (revenue grew 35.1% a year FY22–FY25; capped at 15%), fading to 3%; 9.5% discount rate, 3% terminal growth. FCF base $0.59 a share (fiscal year to Dec 31, 2025, converted from CHF at 1.219, 0.5 shares per ADR), from the 20-F filed Mar 3, 2026.
Fundamentals
The business itself: sales, profits, cash and debt, from SEC filings.
Bull vs bear
Rule-based from the data on this page, strongest first. Not advice.
Top bullish points 4 of 5
GrowthSales compounded 35% a year from FY2022 to FY2025.
GrowthSales grew 30% to $3.7B over the last 12 months vs the 12 months before (SEC filings).
ProfitabilityOperating margin widened to 12.5% in FY2025 from 10.1% in FY2023 (SEC filings).
ProfitabilityGross margin widened to 62.8% in FY2025 from 59.6% in FY2023 (SEC filings).
Top bearish points 5 of 5
ValuationOur DCF fair value estimate is $18.15, 49% below the price.
ValuationP/E of 85.0× vs a 20.7× median for the 341 Consumer Discretionary companies we cover.
Cash returnsFree cash flow fell 36% over the last 12 months vs the 12 months before.
ValuationPrice / free cash flow of 60×: a rich price for the cash it generates today.
QualityDoesn’t pass our quality screen: one or more checks failed.
All fundamentals
P/E 85.0 · FCF yield 1.7% · ROE 13%
Valuation
- P/E
- 85.0×Consumer Discretionary median 20.7×
- Price / FCF
- 60.4×
- FCF yield
- 1.7%
- EV / EBITDA
- n/aD&A or debt not tagged in SEC data
- Price / sales
- 5.74×
- Price / book
- 10.60×
- Market cap
- $21.1Bprice × diluted shares
- Enterprise value
- n/anot reported in its SEC filings
Growth
- Revenue, 12 months
- $3.7B
- Sales growth, 12 months
- +30.0%vs the 12 months before
- Sales growth, 3 yrs
- +35.1%/yrfrom FY2022
- Diluted EPS, 12 months
- n/anot reported in its SEC filings
- EPS growth, last FY
- n/afewer than two years of diluted EPS
- Net income, 12 months
- $248M
- Net income growth
- −16%12 months vs before
Profitability
- Gross margin
- 62.8%
- Operating margin
- 12.5%
- Net margin
- 6.8%
- FCF margin
- 9.5%
- Return on equity
- 13%
- Return on invested capital
- n/aoperating income, debt, equity or cash not tagged
Balance sheet
- Cash & short-term inv.
- $1.2B
- Total debt
- n/anot reported in its SEC filings
- Net cash
- n/acash or debt not tagged in SEC data
- Debt / equity
- n/adebt or equity not tagged in SEC data
- Interest coverage
- 12.7×operating income / interest
Cash flow & returns
- Free cash flow, 12 months
- $349M
- FCF growth, 12 months
- −36%
- Dividend yield
- 0%
- Payout ratio
- n/anot reported in its SEC filings
- Buybacks, 12 months
- n/anot reported in its SEC filings
- Share count, 1 year
- n/ano quarterly diluted share count
- Stock-based comp
- n/anot reported in its SEC filings
Trailing 12 months to Dec 31, 2025; balance sheet at Dec 31, 2025. From On’s SEC filings, reported in CHF and converted to US dollars. Sparklines show up to six fiscal years. n/a means we don’t hold that number, with the reason. How each is computed.
The business
FCF $0.3B · Sales +14%
- Free cash flow, 12 months$0.3B
- Free-cash-flow yield1.7%
- Free-cash-flow margin9%
- Gross margin65%
- Operating margin14%
- Return on invested capital25%
- Return on equity24%
- Sales growth (latest quarter vs year-ago quarter)+14%
- Net debt / EBITDA−1.4×
Chart & levels
Where the price is vs its key levels and trends.
Key levels
Every level vs today’s $35.52
- Fair value est.base case$18.15−48.9%
- 52-wk lowlowest close, 1 year$26.76−24.7%
- PriceMon Nov 2 close$35.52you are here
- 52-wk highhighest close, 1 year$50.63+42.5%
Momentum & 52-week range
RSI 64 · 5 days +7.1%
Signals
Reversal signal setups, the public ledger and the next earnings date.
Setup & signals
No setup armed
No setup armed, so there’s no trigger or stop to track yet. Reversal signal rules only run on companies that pass our quality screen.
Next report
Nov 10
- DateTue Nov 10, before the open
- Consensus EPS$0.42
- Year-ago EPS$0.42
- QuarterSep/2026
From Nasdaq’s earnings calendar. A report resets Market Value.
ONON is outside our quality screen
One text when a published rule fires on one of the 332 quality companies we track: the ticker, the price, the stop and a link to the numbers. Nothing else.
Voices & buzz
Who is talking about it, and how it compares with peers.
Who’s talking about it
Notable investors, executives, analysts and public figures on On in the last 48 hours. Headlines as published, each linked. Their words, not ours.
No notable mentions in the last 48 hours. Checked Nov 3, 1:01 PM ET.
Compare with peers
Closest in size in Shoe Manufacturing
Information only, not investment advice. Fair value estimates and talking points are rule-based model output from public data and can be wrong; stop levels are reference points, not orders. How every number is computed.