ONON PE Ratio & Valuation,Is ONON Overvalued

ONON Relative Valuation

ONON's fair value is calculated using relative valuation, based on historical P/E and P/S ranges and their premiums/discounts relative to a competitor average, adjusted by weights. If the market price exceeds this fair value range, ONON is overvalued; if below, it's undervalued.

Historical Valuation

On Holding AG (ONON) is now in the Fair zone, suggesting that its current forward PS ratio of 3.73 is considered Fairly compared with the five-year average of 54.58. The fair price of On Holding AG (ONON) is between 36.24 to 85.91 according to relative valuation methord.

Relative Value

Fair Zone

36.24-85.91

Current Price：48.76

Fair

30.74

19.44

EV/EBITDA

On Holding AG. (ONON) has a current EV/EBITDA of 19.44. The 5-year average EV/EBITDA is 34.54. The thresholds are as follows: Strongly Undervalued below -20.27, Undervalued between -20.27 and 7.14, Fairly Valued between 61.94 and 7.14, Overvalued between 61.94 and 89.34, and Strongly Overvalued above 89.34. The current Forward EV/EBITDA of 19.44 falls within the Historic Trend Line -Fairly Valued range.

28.64

EV/EBIT

On Holding AG. (ONON) has a current EV/EBIT of 28.64. The 5-year average EV/EBIT is 52.35. The thresholds are as follows: Strongly Undervalued below -61.67, Undervalued between -61.67 and -4.66, Fairly Valued between 109.36 and -4.66, Overvalued between 109.36 and 166.36, and Strongly Overvalued above 166.36. The current Forward EV/EBIT of 28.64 falls within the Historic Trend Line -Fairly Valued range.

3.73

On Holding AG. (ONON) has a current PS of 3.73. The 5-year average PS is 5.11. The thresholds are as follows: Strongly Undervalued below 0.36, Undervalued between 0.36 and 2.74, Fairly Valued between 7.48 and 2.74, Overvalued between 7.48 and 9.86, and Strongly Overvalued above 9.86. The current Forward PS of 3.73 falls within the Historic Trend Line -Fairly Valued range.

50.76

P/OCF

On Holding AG. (ONON) has a current P/OCF of 50.76. The 5-year average P/OCF is 63.77. The thresholds are as follows: Strongly Undervalued below -227.48, Undervalued between -227.48 and -81.86, Fairly Valued between 209.39 and -81.86, Overvalued between 209.39 and 355.01, and Strongly Overvalued above 355.01. The current Forward P/OCF of 50.76 falls within the Historic Trend Line -Fairly Valued range.

56.35

P/FCF

On Holding AG. (ONON) has a current P/FCF of 56.35. The 5-year average P/FCF is -123.09. The thresholds are as follows: Strongly Undervalued below -1116.14, Undervalued between -1116.14 and -619.61, Fairly Valued between 373.44 and -619.61, Overvalued between 373.44 and 869.96, and Strongly Overvalued above 869.96. The current Forward P/FCF of 56.35 falls within the Historic Trend Line -Fairly Valued range.

On Holding AG (ONON) has a current Price-to-Book (P/B) ratio of 8.31. Compared to its 3-year average P/B ratio of 8.83 , the current P/B ratio is approximately -5.95% higher. Relative to its 5-year average P/B ratio of 8.96, the current P/B ratio is about -7.31% higher. On Holding AG (ONON) has a Forward Free Cash Flow (FCF) yield of approximately 2.70%. Compared to its 3-year average FCF yield of 1.03%, the current FCF yield is approximately 163.04% lower. Relative to its 5-year average FCF yield of 0.28% , the current FCF yield is about 851.19% lower.

8.31

P/B

Median3y

8.83

Median5y

8.96

2.70

FCF Yield

Median3y

1.03

Median5y

0.28

Competitors Valuation Multiple

The average P/S ratio for ONON's competitors is 2.53, providing a benchmark for relative valuation. On Holding AG Corp (ONON) exhibits a P/S ratio of 3.73, which is 47.43% above the industry average. Given its robust revenue growth of 24.94%, this premium appears sustainable.

P/S

P/E

EV/EBITDA

EV/EBIT

Revenue Growth

Market Cap

Performance Decomposition

Market capitalization of ONON decreased by 10.97% over the past 1 year. The primary factor behind the change was an increase in Margin Expansion from 4.80 to 14.89.

The secondary factor is the Revenue Growth, contributed 24.94%to the performance.

Overall, the performance of ONON in the past 1 year is driven by Margin Expansion. Which is more sustainable.

24.94%

635.80M → 794.40M

Revenue Growth

210.21%

4.80 → 14.89

Margin Expansion

-246.12%

-39.45 → 57.64

P/E Change

-10.97%

54.77 → 48.76

Mkt Cap Growth

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Frequently Asked Questions

Is On Holding AG (ONON) currently overvalued or undervalued?

What is On Holding AG (ONON) fair value?

ONON's fair value is calculated using relative valuation, based on historical P/E and P/S ranges and their premiums/discounts relative to a competitor average , adjusted by weights. The fair price of On Holding AG (ONON) is between 36.24 to 85.91 according to relative valuation methord.

How does ONON's valuation metrics compare to the industry average?

What is the current P/B ratio for On Holding AG (ONON) as of Dec 15 2025?

As of Dec 15 2025, On Holding AG (ONON) has a P/B ratio of 8.31. This indicates that the market values ONON at 8.31 times its book value.

What is the current FCF Yield for On Holding AG (ONON) as of Dec 15 2025?

As of Dec 15 2025, On Holding AG (ONON) has a FCF Yield of 2.70%. This means that for every dollar of On Holding AG’s market capitalization, the company generates 2.70 cents in free cash flow.

What is the current Forward P/E ratio for On Holding AG (ONON) as of Dec 15 2025?

As of Dec 15 2025, On Holding AG (ONON) has a Forward P/E ratio of 30.74. This means the market is willing to pay $30.74 for every dollar of On Holding AG’s expected earnings over the next 12 months.

What is the current Forward P/S ratio for On Holding AG (ONON) as of Dec 15 2025?

As of Dec 15 2025, On Holding AG (ONON) has a Forward P/S ratio of 3.73. This means the market is valuing ONON at $3.73 for every dollar of expected revenue over the next 12 months.

ONON Valuation