On Holding AG (ONON): one to watch?

Watch, not a slam-dunk buy — profits and margins are actually improving, but wholesale demand is genuinely slowing, so wait for signs it stabilizes.

👀 WATCH Fundamentals80/100

Fell 20% in 2 trading day(s) — now $30.91

Why ONON dropped

On Aug 11, 2026 On Holding reported Q2 revenue that missed analyst estimates (CHF 850.3M vs CHF 878M expected) and trimmed full-year revenue growth guidance to the "low-20s%" from "at least 23%", driven by a deliberate pullback in wholesale sell-in after weaker U.S. sell-through of core running shoes in a promotional market.

Fwd P/E 15.1Op margin 14.0%Rev growth 13.5%Debt/equity 29.4%Analyst upside 70.0%

How this scored 80/100

✅ Passes all 4 hard checks — profitable, cash-generative, and financially survivable.

✅ Makes money Net profit margin 12.3%

✅ Generates cash Free cash flow $247M

✅ Not drowning in debt Debt/equity 29.4% (limit 200%)

✅ Can pay its bills Current ratio 2.8 (needs 1+)

Bar length shows how much each metric is worth — a 10-point metric is twice as wide as a 5-point one. Hover any row for what it means.

Profitability Does it actually make money? 18/25

Operating margin 14.0% 5/9

Net profit margin 12.3% 5/8

Return on equity 24.0% 8/8

Growth Is it getting bigger, or dying? 16/25

Revenue growth 13.5% 6/9

Earnings growth unknown 2/8

Expected profit change 40.6% 8/8

Value Is it cheap right now? 22/25

Forward P/E 15.1 8/10

PEG ratio 0.8 7/8

Analyst target upside 70.0% 7/7

Balance sheet Will it survive? 24/25

Debt / equity 29.4% 9/10

Current ratio 2.8 8/8

Free cash flow $247M 7/7

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Analysis generated by SmartStonks's AI from public fundamentals and news, first flagged 2026-08-12. Research only — not financial advice.