On (ONON)
Market Price (3/30/2026): $32.22 | Market Cap: $20.4 BilSector: Consumer Discretionary | Industry: Footwear
On (ONON)
Market Price (3/30/2026): $32.22Market Cap: $20.4 BilSector: Consumer DiscretionaryIndustry: Footwear
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% | Weak multi-year price returns2Y Excs Rtn is -28%, 3Y Excs Rtn is -43% | Expensive valuation multiplesP/SPrice/Sales ratio is 6.8x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 91x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 57x, P/EPrice/Earnings or Price/(Net Income) is 101x |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% | |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% | Key risksONON key risks include [1] heavy reliance on third-party manufacturing concentrated in Asia, Show more. | |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Sustainable Consumption, and Health & Wellness Trends. Themes include Direct-to-Consumer Brands, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Sustainable Consumption, and Health & Wellness Trends. Themes include Direct-to-Consumer Brands, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -28%, 3Y Excs Rtn is -43% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 6.8x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 91x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 57x, P/EPrice/Earnings or Price/(Net Income) is 101x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.9% |
| Key risksONON key risks include [1] heavy reliance on third-party manufacturing concentrated in Asia, Show more. |
Qualitative Assessment
AI Analysis | Feedback
On (ONON) stock has lost about 25% since 11/30/2025 because of the following key factors:
1. Conservative 2026 Net Sales Outlook Disappointed Investors.
Despite reporting strong fourth-quarter and full-year 2025 results, including annual net sales surpassing CHF 3 billion with approximately 36% constant-currency growth, On's 2026 net sales guidance was perceived as conservative. The company projected at least 23% net sales growth at constant currency for 2026, implying reported net sales of at least CHF 3.44 billion. This outlook fell short of elevated market expectations, leading to a significant stock decline of 10.0% on March 3, 2026, the day earnings were released.
2. Full-Year 2025 Net Income Declined Despite Record Sales.
While On achieved record net sales and expanding profitability, with a gross profit margin of 62.8% and an adjusted EBITDA margin of 18.8% for full-year 2025, its reported net income decreased by 15.9% to CHF 203.7 million from CHF 242.3 million in the previous year. This decline was attributed to heavier reinvestment and other below-the-line impacts, which contributed to investor concern about the company's immediate profitability despite strong top-line growth.
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1. Conservative 2026 Net Sales Outlook Disappointed Investors.
Despite reporting strong fourth-quarter and full-year 2025 results, including annual net sales surpassing CHF 3 billion with approximately 36% constant-currency growth, On's 2026 net sales guidance was perceived as conservative. The company projected at least 23% net sales growth at constant currency for 2026, implying reported net sales of at least CHF 3.44 billion. This outlook fell short of elevated market expectations, leading to a significant stock decline of 10.0% on March 3, 2026, the day earnings were released.
2. Full-Year 2025 Net Income Declined Despite Record Sales.
While On achieved record net sales and expanding profitability, with a gross profit margin of 62.8% and an adjusted EBITDA margin of 18.8% for full-year 2025, its reported net income decreased by 15.9% to CHF 203.7 million from CHF 242.3 million in the previous year. This decline was attributed to heavier reinvestment and other below-the-line impacts, which contributed to investor concern about the company's immediate profitability despite strong top-line growth.
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Stock Movement Drivers
Fundamental Drivers
The -26.4% change in ONON stock from 11/30/2025 to 3/29/2026 was primarily driven by a -18.7% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 43.99 | 32.39 | -26.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,877 | 3,014 | 4.8% |
| Net Income Margin (%) | 7.8% | 6.8% | -13.3% |
| P/E Multiple | 123.8 | 100.7 | -18.7% |
| Shares Outstanding (Mil) | 631 | 634 | -0.4% |
| Cumulative Contribution | -26.4% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| ONON | -26.4% | |
| Market (SPY) | -5.3% | 49.3% |
| Sector (XLY) | -10.4% | 46.7% |
Fundamental Drivers
The -28.1% change in ONON stock from 8/31/2025 to 3/29/2026 was primarily driven by a -52.3% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.08 | 32.39 | -28.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,718 | 3,014 | 10.9% |
| Net Income Margin (%) | 5.0% | 6.8% | 35.2% |
| P/E Multiple | 211.2 | 100.7 | -52.3% |
| Shares Outstanding (Mil) | 637 | 634 | 0.5% |
| Cumulative Contribution | -28.1% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| ONON | -28.1% | |
| Market (SPY) | 0.6% | 35.6% |
| Sector (XLY) | -8.5% | 33.1% |
Fundamental Drivers
The -33.2% change in ONON stock from 2/28/2025 to 3/29/2026 was primarily driven by a -58.7% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 48.48 | 32.39 | -33.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,159 | 3,014 | 39.6% |
| Net Income Margin (%) | 5.8% | 6.8% | 15.9% |
| P/E Multiple | 244.0 | 100.7 | -58.7% |
| Shares Outstanding (Mil) | 634 | 634 | 0.1% |
| Cumulative Contribution | -33.2% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| ONON | -33.2% | |
| Market (SPY) | 9.8% | 49.8% |
| Sector (XLY) | -1.3% | 50.6% |
Fundamental Drivers
The 48.1% change in ONON stock from 2/28/2023 to 3/29/2026 was primarily driven by a 188.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 21.87 | 32.39 | 48.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,047 | 3,014 | 188.0% |
| P/S Multiple | 6.2 | 6.8 | 10.7% |
| Shares Outstanding (Mil) | 294 | 634 | -53.6% |
| Cumulative Contribution | 48.1% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| ONON | 48.1% | |
| Market (SPY) | 69.4% | 44.2% |
| Sector (XLY) | 49.0% | 43.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ONON Return | 8% | -55% | 57% | 103% | -15% | -31% | -8% |
| Peers Return | 12% | -25% | 23% | 24% | -18% | -15% | -11% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| ONON Win Rate | 50% | 33% | 50% | 58% | 42% | 33% | |
| Peers Win Rate | 54% | 33% | 65% | 57% | 45% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| ONON Max Drawdown | -17% | -58% | -1% | -3% | -36% | -31% | |
| Peers Max Drawdown | -13% | -46% | -21% | -32% | -46% | -17% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NKE, DECK, LULU, AS, VFC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | ONON | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -68.9% | -25.4% |
| % Gain to Breakeven | 221.6% | 34.1% |
| Time to Breakeven | 717 days | 464 days |
Compare to NKE, DECK, LULU, AS, VFC
In The Past
On's stock fell -68.9% during the 2022 Inflation Shock from a high on 11/17/2021. A -68.9% loss requires a 221.6% gain to breakeven.
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About On (ONON)
On Holding AG develops and distributes sports products worldwide. It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.
AI Analysis | Feedback
Here are 1-3 brief analogies for On (ONON):
- A younger, premium competitor to Nike or Adidas in athletic footwear and apparel.
- Like Lululemon, but for performance running and general athletic wear.
- A fast-growing running shoe and apparel brand, similar to the rise of Hoka.
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- Athletic footwear: Shoes specifically designed for sports performance, running, and active lifestyles.
- Apparel: A range of clothing items tailored for athletic activities and everyday wear.
- Accessories: Supplementary items such as socks, hats, and bags that complement athletic gear.
AI Analysis | Feedback
On Holding AG (symbol: ONON) primarily sells its products to other companies through its wholesale channel. This channel accounted for approximately 65% of its net sales in both the fiscal years 2021 and 2022.
While On Holding AG distributes its athletic footwear, apparel, and accessories to a broad network of independent retailers and distributors worldwide, and does not typically disclose the names of individual major customers (e.g., those accounting for a significant percentage of its revenue) in its public filings, its major customer companies generally fall into the following categories of retailers known to carry its products:
- Specialty Running Retailers: These stores focus on performance running gear and provide specialized services. While many are privately held, large networks and individual stores are key partners for On. Examples include Fleet Feet (private).
- Large Sporting Goods Retailers: Major national and international chains that offer a wide array of athletic products, providing extensive market reach. Prominent examples known to stock On products include:
- Dick's Sporting Goods (NYSE: DKS)
- General Footwear & Apparel Retailers / Department Stores: Retailers that carry athletic lifestyle and performance wear, expanding On's presence in broader fashion and footwear markets. Examples include:
- Nordstrom (NYSE: JWN)
- Foot Locker (NYSE: FL)
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Martin Hoffmann CEO
Martin Hoffmann transitioned to the sole Chief Executive Officer of On Holding AG effective July 1, 2025. He initially joined On in July 2013 as Chief Financial Officer. Prior to his tenure at On, he served as the Chief Financial Officer of Valora Retail, a publicly traded European retail company, from November 2009 to June 2013. He also worked in Business Management Consulting at CTcon GmbH from March 2003 to October 2009. Mr. Hoffmann was instrumental in the company's growth from a startup into a publicly traded brand, guiding its 2021 IPO.
Frank Sluis CFO
Frank Sluis is appointed as Chief Financial Officer of On Holding AG, effective May 1, 2026. He succeeds Martin Hoffmann, who assumed the role of sole CEO. Most recently, Mr. Sluis served as CFO for Europe and Indonesia at Ahold Delhaize, a global food retail group, a position he held since 2021, where he managed financial operations for over €30 billion in annual net sales. With more than 25 years of experience in consumer businesses, his background includes finance leadership roles at Reckitt Benckiser and Unilever.
Caspar Coppetti Co-Founder and Executive Co-Chairman
Caspar Coppetti co-founded On Holding AG in 2010, along with David Allemann and Olivier Bernhard. He currently serves as Executive Co-Chairman. Prior to founding On, Dr. Coppetti was Chief Strategy Officer & Managing Partner at Young & Rubicam Group and also worked as a journalist and strategy consultant at McKinsey & Co. In 2016, he was named "founder of the year" by the University of St. Gallen.
David Allemann Co-Founder and Executive Co-Chairman
David Allemann is a co-founder of On Holding AG, established in 2010 with Caspar Coppetti and Olivier Bernhard. He serves as Executive Co-Chairman, with a focus on product, design, marketing, and direct-to-consumer business. Previously, Mr. Allemann worked as a strategy consultant at McKinsey & Company and later became Managing Director of the advertising agency Young & Rubicam in Switzerland. He also held the position of CMO at the design brand Vitra.
Olivier Bernhard Co-Founder and Executive Board Member
Olivier Bernhard co-founded On Holding AG in 2010 with David Allemann and Caspar Coppetti, driven by his quest to create the perfect running shoe. Prior to establishing On, he was a professional athlete, achieving three-time world champion, European champion, and 15-time Swiss champion titles in duathlon and Ironman events. His experience as an elite endurance athlete heavily influenced the company's mission to develop high-performance footwear.
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The key risks for On Holding AG (ONON) are:
- Intense Competition and Maintaining Brand Differentiation: On Holding AG operates in a highly competitive global athletic apparel and footwear market, dominated by established giants such as Nike, Adidas, and Puma. While On has carved out a premium niche through innovation and unique product design, including its CloudTec technology, the continuous threat from larger, well-resourced competitors remains significant. The company's continued success relies on its ability to sustain product innovation, effectively market its brand, and maintain its premium image to avoid losing market share and customer loyalty.
- Vulnerability to Economic Downturns and Shifting Consumer Discretionary Spending: On Holding AG's products, primarily premium athletic footwear, apparel, and accessories, fall within the consumer discretionary sector. This positioning makes the company particularly susceptible to economic slowdowns, inflationary pressures, or changes in consumer sentiment. During periods of economic uncertainty or belt-tightening, consumers may postpone or reduce purchases of high-value, non-essential items, directly impacting On's sales and profitability.
- Supply Chain Disruptions and Manufacturing Concentration: On Holding AG's manufacturing operations are largely concentrated in Vietnam and other Asian countries, which introduces significant supply chain and logistics vulnerabilities. The company faces risks from geopolitical conflicts, foreign exchange fluctuations, natural disasters, and other disruptions that could lead to manufacturing delays, increased operational costs, and an inability to meet consumer demand. Furthermore, the reliance on external organizations for production and potential ethical concerns within the supply chain could also pose reputational risks.
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On Holding AG (ONON) operates within the global athletic footwear, apparel, and accessories markets. The addressable markets for its main products are substantial and continue to grow across various regions.
Athletic Footwear
- The global athletic footwear market was valued at approximately USD 148.13 billion in 2024 and is projected to reach USD 247.51 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 5.87% from 2025 to 2033. Another estimate places the global market size at USD 131.1 billion in 2024, with a projected CAGR of over 5% from 2025 to 2034.
- In North America, the athletic footwear market was valued at USD 49.59 billion in 2025 and USD 51.99 billion in 2026. It is estimated to reach USD 85.97 billion by 2031, with a CAGR of 5.41% over 2026-2031.
- The European athletic footwear market generated revenue of USD 35,245.3 million in 2022 and is expected to reach approximately USD 51,368.5 million by 2030, growing at a CAGR of 4.8% from 2023 to 2030.
- The Asia-Pacific athletic footwear market is a significant region, generating USD 49,919.8 million in revenue in 2022 and projected to reach USD 79,718.6 million by 2030, with a CAGR of 6% from 2023 to 2030. It is also expected to grow from USD 61.45 billion in 2025 to USD 108.16 billion by 2031, demonstrating a CAGR of 9.88% over 2026-2031.
Athletic Apparel
- The global athletic apparel market was valued at USD 213.31 billion in 2024 and is expected to reach USD 328.12 billion by 2032, with a CAGR of 5.53%. Another source indicates the global sports apparel market size was USD 220.35 billion in 2025 and is projected to grow to USD 325.21 billion by 2034, exhibiting a CAGR of 4.45% from 2026 to 2034.
- North America leads the sports apparel market, holding a 39.21% market share in 2025, with a market size of USD 86.41 billion in the same year.
- The activewear market in Europe accounted for a 25.50% revenue share of the global market in 2025.
- The Asia-Pacific activewear market is expected to grow at a CAGR of 10.9% from 2026 to 2033. The broader Asia-Pacific athletic sportswear and footwear market was valued at USD 89.6 billion in 2019 and is projected to reach USD 110.6 billion by 2027.
Athletic Accessories
- The global sport accessories market is valued at USD 90.0 billion in 2025 and is projected to reach USD 125.0 billion by 2035, recording a CAGR of 3.3%. Another report states the global sports accessories market size reached USD 26,721.2 million by the end of 2025 and is projected to be USD 40,658.6 million by 2033, growing at a CAGR of 5.387% during 2025 to 2033.
- In North America, the sports accessories market held a 37.54% share of the global market revenue in 2025.
- The European sport accessories market is projected to grow from USD 22.5 billion in 2025 to USD 31.3 billion by 2035, at a CAGR of 3.3%. Europe held a 26.72% share of the global sports accessories market revenue in 2025.
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Here are 3-5 expected drivers of future revenue growth for On Holding AG (ONON) over the next 2-3 years:
- Global Market Expansion: On Holding AG is strategically focused on expanding its global market presence, particularly in the Asia-Pacific (APAC) region, including China. This expansion is a key pillar of the company's growth strategy and has already demonstrated extraordinary growth in the APAC region.
- Category Expansion and Product Diversification: The company is actively diversifying its product portfolio beyond its core running footwear into higher-growth categories such as apparel and accessories, and entering new sports communities like training and tennis. The apparel segment, for instance, has shown significant net sales growth, indicating successful product diversification.
- Growth of Direct-to-Consumer (DTC) Channel: The Direct-to-Consumer (DTC) channel is a significant driver of revenue and profitability. On Holding AG has seen exceptional growth in its DTC sales, which contributes to superior profitability and is a key component of its overall strategy.
- Continued Innovation and Premium Brand Positioning: On Holding AG's strategy is built on continuous innovation, featuring proprietary technologies like CloudTec cushioning. This commitment to innovation, coupled with a premium brand positioning, attracts a high-value customer base and allows the company to maintain pricing power.
- Expansion of Retail Footprint: The company is expanding its global retail store footprint, including opening new and larger experiential store formats. This expansion aims to enhance brand visibility, improve customer accessibility, and support overall sales growth.
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Capital Allocation Decisions for On Holding AG (ONON)
Share Repurchases
- On Holding AG has not reported any share repurchases over the last 3-5 years, with the share buybacks for ONON stock being $0.00 as of March 2, 2026.
Share Issuance
- On Holding AG's shares outstanding increased from 0.6 billion in 2021 to 0.651 billion in 2024.
- The company issued common stock worth CHF 618.8 million in 2021, CHF 26.4 million in 2022, CHF 10.1 million in 2023, CHF 11.1 million in 2024, and CHF 12.9 million in 2025.
- Net common equity issued/repurchased for the twelve months ending September 30, 2025, was $0.039 billion, marking a 63.11% increase year-over-year.
Capital Expenditures
- Capital expenditures were CHF 42.8 million in 2023, CHF 60.5 million in 2024, and CHF 72.9 million in 2025.
- The capital expenditure as a percentage of net sales was approximately 2.6% in 2023, 2.8% in 2024, and 3.8% in Q4 2025.
- Primary areas of focus for capital expenditures included ongoing retail expansion, investments in innovation and IT, growth of global office infrastructure, and strengthening distribution infrastructure with advanced automation technology.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| On Stock Jump Looks Great, But How Secure Is That Gain? | 10/17/2025 | |
| Fundamental Metrics: ... | 06/19/2024 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to ONON.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02272026 | MBLY | Mobileye Global | Dip Buy | DB | Cash/EquityDip Buyer with High Net Cash % EquityBuying dips for companies with significant net cash as a % of market cap along with meaningful cash flow generation | 0.0% | 0.0% | 0.0% |
| 02202026 | SAH | Sonic Automotive | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -5.9% | -5.9% | -6.1% |
| 02132026 | MAT | Mattel | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 2.9% | 2.9% | 0.0% |
| 02132026 | SONO | Sonos | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -0.7% | -0.7% | -4.6% |
| 02062026 | DECK | Deckers Outdoor | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 1.6% | 1.6% | -0.8% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 41.88 |
| Mkt Cap | 17.3 |
| Rev LTM | 8,075 |
| Op Inc LTM | 997 |
| FCF LTM | 922 |
| FCF 3Y Avg | 985 |
| CFO LTM | 1,013 |
| CFO 3Y Avg | 1,074 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.0% |
| Rev Chg 3Y Avg | 11.2% |
| Rev Chg Q | 4.3% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Mgn LTM | 11.7% |
| Op Mgn 3Y Avg | 10.2% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 11.9% |
| CFO/Rev 3Y Avg | 15.6% |
| FCF/Rev LTM | 8.3% |
| FCF/Rev 3Y Avg | 13.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 17.3 |
| P/S | 2.1 |
| P/EBIT | 17.8 |
| P/E | 29.4 |
| P/CFO | 13.7 |
| Total Yield | 4.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.8% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -18.6% |
| 3M Rtn | -16.6% |
| 6M Rtn | -14.2% |
| 12M Rtn | -16.2% |
| 3Y Rtn | -7.3% |
| 1M Excs Rtn | -12.6% |
| 3M Excs Rtn | -7.3% |
| 6M Excs Rtn | -9.6% |
| 12M Excs Rtn | -31.6% |
| 3Y Excs Rtn | -59.3% |
Price Behavior
Price Behavior
| Market Price | $32.39 | |
| Market Cap ($ Bil) | 20.5 | |
| First Trading Date | 09/15/2021 | |
| Distance from 52W High | -46.6% | |
| 50 Days | 200 Days | |
| DMA Price | $43.25 | $45.45 |
| DMA Trend | down | down |
| Distance from DMA | -25.1% | -28.7% |
| 3M | 1YR | |
| Volatility | 48.3% | 51.5% |
| Downside Capture | 1.51 | 1.20 |
| Upside Capture | 106.32 | 107.94 |
| Correlation (SPY) | 51.2% | 49.6% |
ONON Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.51 | 1.66 | 1.52 | 1.12 | 1.30 | 1.45 |
| Up Beta | -0.88 | 0.76 | 0.66 | 0.08 | 1.47 | 1.43 |
| Down Beta | 3.10 | 1.79 | 1.69 | 1.37 | 1.05 | 1.27 |
| Up Capture | 222% | 187% | 195% | 124% | 133% | 429% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 12 | 20 | 32 | 58 | 117 | 361 |
| Down Capture | 124% | 183% | 145% | 128% | 123% | 110% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 9 | 21 | 29 | 65 | 131 | 386 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ONON | |
|---|---|---|---|---|
| ONON | -30.6% | 51.4% | -0.54 | - |
| Sector ETF (XLY) | 4.6% | 23.6% | 0.13 | 50.5% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 49.9% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | -0.8% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 11.8% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 30.9% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 22.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ONON | |
|---|---|---|---|---|
| ONON | -1.8% | 57.9% | 0.19 | - |
| Sector ETF (XLY) | 5.6% | 23.7% | 0.20 | 55.3% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 51.8% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 5.3% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 9.9% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 36.2% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 26.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ONON | |
|---|---|---|---|---|
| ONON | -0.9% | 57.9% | 0.19 | - |
| Sector ETF (XLY) | 11.6% | 21.9% | 0.49 | 55.3% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 51.8% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 5.3% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 9.9% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 36.2% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 26.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/03/2026 | 20-F |
| 09/30/2025 | 11/12/2025 | 6-K |
| 06/30/2025 | 08/12/2025 | 6-K |
| 03/31/2025 | 05/13/2025 | 6-K |
| 12/31/2024 | 03/04/2025 | 20-F |
| 09/30/2024 | 11/12/2024 | 6-K |
| 06/30/2024 | 08/13/2024 | 6-K |
| 03/31/2024 | 05/14/2024 | 6-K |
| 12/31/2023 | 03/12/2024 | 20-F |
| 09/30/2023 | 11/14/2023 | 6-K |
| 06/30/2023 | 08/15/2023 | 6-K |
| 03/31/2023 | 05/16/2023 | 6-K |
| 12/31/2022 | 03/21/2023 | 20-F |
| 09/30/2022 | 11/16/2022 | 6-K |
| 06/30/2022 | 08/16/2022 | 6-K |
| 03/31/2022 | 05/17/2022 | 6-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hoffmann, Martin | CEO | Direct | Sell | 3242026 | 39.79 | 4,150 | 165,129 | 53,995,962 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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