On Holding AG (ONON): a potential bargain?

Buy — the crash was a modest growth-guidance trim (23%+ to low-20%s), not a business breakdown; margins and cash actually improved.

🔥 HOT Fundamentals80/100

Fell 23% in 9 trading day(s) — now $29.90

Why ONON dropped

On Holding's Q2 2026 revenue came in just below consensus and management cut its full-year sales growth guidance slightly from "at least 23%" to "low-20% range" due to deliberately pulling back wholesale shipments to protect brand pricing and get ready for 2027 product launches — the stock fell over 20% in one day on this, its worst day ever.

Fwd P/E 14.2Op margin 14.0%Rev growth 13.5%Debt/equity 29.4%Analyst upside 52.5%

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 $288M

✅ 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 45.1% 8/8

Value Is it cheap right now? 22/25

Forward P/E 14.2 8/10

PEG ratio 0.6 8/8

Analyst target upside 52.5% 6/7

Balance sheet Will it survive? 24/25

Debt / equity 29.4% 9/10

Current ratio 2.8 8/8

Free cash flow $288M 7/7

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Analysis generated by SmartStonks's AI from public fundamentals and news, first flagged 2026-08-21. Research only — not financial advice.