A Look At On Holding (ONON) Valuation As Co Founders Return To Co CEO Roles

Simply Wall St.04-14

On Holding (ONON) is back in the spotlight after announcing that co-founders David Allemann and Caspar Coppetti will return as co-CEOs, with outgoing CEO Martin Hoffmann shifting to an advisory role. ...

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The 1 year total shareholder return is...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4146":"鞋类","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","ONON":"On Holding AG","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","BK4588":"碎股","BK4547":"WSB热门概念","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","BK4585":"ETF&股票定投概念","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC"},"translate_title":"随着联合创始人重返联合首席执行官职位，看看On Holding(ONON)的估值","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ONON":1.5},"content_text":"On Holding (ONON) is back in the spotlight after announcing that co-founders David Allemann and Caspar Coppetti will return as co-CEOs, with outgoing CEO Martin Hoffmann shifting to an advisory role. See our latest analysis for On Holding. The leadership shake up comes after a mixed run in the stock, with a 1 day share price return of 1.91% and a 7 day gain of 1.54% alongside a 30 day share price return of 10% and a 90 day share price return of 27.66%. The 1 year total shareholder return is 20.80% and the 3 year total shareholder return is 12.28%, suggesting near term momentum has cooled compared with the longer term picture. If this management change has you rethinking where growth could come from next, it may be worth scanning for other athletic and consumer names through a curated list of 18 top founder-led companies With the shares showing a 1 year total return of 20.80% but a 30 day decline of 10% and a 90 day decline of 27.66%, the key question is whether the recent weakness offers an attractive entry point or whether markets already reflect expectations for future growth. AdvertisementMost Popular Narrative: 39.2% Undervalued On Holding's most followed narrative pegs fair value at $56.19 versus a last close of $34.19, which implies a sizeable valuation gap that hinges on sustained growth and margin expansion over time.  The acceleration in DTC (Direct-to-Consumer) and e-commerce channels, with DTC reaching new highs (41.1% of sales in Q2 and up 54% YoY), gives On more control over brand, pricing, and customer data while increasing gross and EBITDA margins, an operational catalyst likely to further expand profitability as DTC continues its mix shift.  Read the complete narrative. Want to see what kind of revenue runway, margin lift, and earnings scale are baked into that fair value? The narrative leans on high growth, richer profitability, and a punchy future earnings multiple to justify the gap to $56.19. Result: Fair Value of $56.19 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this depends on maintaining premium pricing and committing to substantial investment in new regions and categories, which could put pressure on margins if demand weakens or expansion does not go as planned. Find out about the key risks to this On Holding narrative. Another View: Market Pricing Looks Demanding The 39.2% gap to the $56.19 fair value hinges on strong earnings and margin progress. However, the current P/E of 43.5x already sits well above the US luxury industry at 20.1x and peers at 30.1x, and also above a fair ratio estimate of 28x, which leaves less room for error. For you, the key question is whether a premium that large represents upside potential or valuation risk if growth or margins fall short of expectations. See what the numbers say about this price — find out in our valuation breakdown. NYSE:ONON P/E Ratio as at Apr 2026Next Steps With sentiment split between opportunity and caution, it makes sense to move quickly and test the numbers yourself so you can form a clear view using 2 key rewards and 1 important warning sign Looking for more investment ideas? If On Holding has sharpened your focus on quality, do not stop here; use fresh stock ideas to keep your watchlist working harder for you.  Target potential mispricings by scanning a curated set of 55 high quality undervalued stocks that combine quality fundamentals with appealing valuation metrics. Strengthen your income stream by reviewing 10 dividend fortresses that aim to pair higher yields with more robust business profiles. Prioritise resilience by checking 73 resilient stocks with low risk scores that score well on financial risk factors and business stability.   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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