On Holding (ONON) Margin Expansion To 7.8% Tests Premium 51x P/E Narrative

Simply Wall St.03-05

AdvertisementOn Holding FY 2025 Results Set The Stage For A Margin Focused Year On Holding (NYSE:ONON) has just posted another quarterly update, with Q3 FY 2025 revenue at CHF 794.4 million and EPS at...

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The company has seen revenue move from CHF 2.32 billion to CHF 2.88 billion over the last twelve months, while EPS on a trailing basis has shifted from CHF...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","ONON":"On Holding AG","BK4588":"碎股","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","BK4146":"鞋类","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","BK4547":"WSB热门概念","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","BK4585":"ETF&股票定投概念","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC"},"translate_title":"On Holding(ONON)利润率扩张至7.8%测试溢价51倍市盈率叙述","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ONON":1.5},"content_text":"AdvertisementOn Holding FY 2025 Results Set The Stage For A Margin Focused Year On Holding (NYSE:ONON) has just posted another quarterly update, with Q3 FY 2025 revenue at CHF 794.4 million and EPS at CHF 0.36, supported by trailing twelve month revenue of CHF 2.88 billion and EPS of CHF 0.68 that reflect earnings growth of 77.9% over the past year. The company has seen revenue move from CHF 2.32 billion to CHF 2.88 billion over the last twelve months, while EPS on a trailing basis has shifted from CHF 0.75 to CHF 0.68, setting up a results season where investors are focused squarely on how sustainable the recent margin expansion to 7.8% might prove. See our full analysis for On Holding. With the headline numbers on the table, the next step is to set these results against the most widely held narratives about On Holding to see which stories still fit and which ones the latest margins and earnings trends call into question. See what the community is saying about On Holding NYSE:ONON Earnings & Revenue History as at Mar 2026 7.8% net margin now backed by CHF 224.2m in annual profit  On is running at a 7.8% trailing net margin on CHF 2.88b of revenue, which translates into CHF 224.2m of net income over the last twelve months. Bulls point to this combination of margin level and size as evidence that earnings are becoming more scalable, yet the bearish narrative flags that margin support today partly reflects helpful freight, tariff timing and FX, so any reversal in those tailwinds could matter given how much of the current profit pool is tied to that 7.8% margin.\n     Supporters of the bullish view highlight structural drivers like premium pricing, more direct to consumer sales and distribution efficiencies, while skeptics highlight the risk that higher tariffs or less favorable FX could pull profitability back from this 7.8% mark. With quarterly net income swinging from a loss of CHF 40.9m in Q2 FY 2025 to a profit of CHF 118.9m in Q3 FY 2025, both sides are watching how stable that margin line proves as these cost factors evolve.    Investors who want to see how this profit profile fits into the more optimistic view on the company can check out the detailed bull case here: 🐂 On Holding Bull Case 77.9% earnings growth meets a premium 51x P/E  Over the last year, trailing earnings grew 77.9% while the shares trade on a P/E of about 51x, compared with 31.4x for peers and 20.6x for the wider US Luxury group, showing that the market is paying a higher multiple for that growth profile. The bearish narrative argues that such a premium multiple leaves little room for disappointment, and the current data partly fits that concern because even with strong recent earnings growth, the valuation is still well above the peer and industry averages, so any moderation from the 77.9% pace could draw attention to that 51x P/E gap.\n     Critics highlight that analysts expect earnings to grow about 15.9% per year, which is much lower than the trailing 77.9% and could make the step down in growth more visible against a P/E that is roughly 20 points above the peer group and about 30 points above the broader luxury average. At the same time, the current share price of CHF 43.91 sits well below the single allowed analyst target of CHF 60.84, so readers can weigh whether that gap compensates enough for the higher multiple compared with peers.    If you are more focused on the cautious side of the debate, you can see how skeptics frame these numbers in their full bear case here: 🐻 On Holding Bear Case DCF fair value still sits above today’s CHF 43.91 price  The DCF fair value in the data is CHF 51.21 per share versus the current share price of CHF 43.91, which suggests the stock is about 14.3% below that model estimate while still carrying a P/E of 51x on trailing earnings. Consensus style commentary often frames this as a trade off between growth and valuation, and the inputs here capture that tension because revenue has grown around 16.1% per year with earnings forecast at roughly 15.9% per year, yet investors are asked to pay a multiple above both peers and the industry while relying on that CHF 51.21 DCF fair value and the CHF 60.84 analyst target as reference points.\n     Supporters of the growth story may see the combination of 16.1% revenue growth, 77.9% earnings growth and the 7.8% net margin as enough to justify pricing closer to the DCF fair value than today’s CHF 43.91. More cautious readers might treat the gap between current price, DCF fair value and the CHF 60.84 target as a cushion that still has to be balanced against the 51x P/E, especially if future growth settles nearer to the 15.9% forecast rate than the trailing 77.9% figure.    Next Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for On Holding on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. If this mix of optimism and caution has you on the fence, take a look at the underlying data yourself, move quickly while the facts are fresh, and weigh how the 3 key rewards fit with your own view. See What Else Is Out There On Holding combines a premium 51x P/E with forecast earnings growth of 15.9% and a 7.8% net margin that may be exposed to freight, tariff and FX shifts. If that mix of rich pricing and margin sensitivity feels tight, you could balance it by checking companies in our 75 resilient stocks with low risk scores that prioritize resilience and steadier fundamentals.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: AI Stock Screener & AlertsOur new AI Stock Screener scans the market every day to uncover opportunities.• Dividend Powerhouses (3%+ Yield)• Undervalued Small Caps with Insider Buying• High growth Tech and AI CompaniesOr build your own from over 50 metrics.Explore Now for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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