Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
On Holding AGONON +1.99%81 Cash Ratio is 1.56 as of Jun. 2026, which is 5% above its 10-year median of 1.48. GuruFocus rates ONON with a GF Score™ of 81/100 and a GF Value™ of $60.58 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,010 Manufacturing - Apparel & Accessories companies, On Holding AG ranks better than 83.47% on this metric.
The cash ratio is more conservative than other liquidity ratios, such as Quick Ratio and Current Ratio, because it only considers a company's most liquid resources. The numerator of cash ratio only considers Cash, Cash Equivalents and marketable securities. Other current assets, such as accounts receivable and inventories, are not included. The rationale is that these assets may require time to be transformed into cash, and the amount of money received is also uncertain.
The cash ratio shows a company’s ability to pay all current liabilities immediately without selling or liquidating other assets. Generally speaking, a higher cash ratio suggests the company has a stronger ability to cover its short-term debt. However, a high cash ratio could also indicate inefficient management: the company is inefficient in making full utilization of cash to invest protential profitable project. It may also suggest that the company is not confident about future profitability.
In general, the higher the cash ratio, the better the company's liquidity position.
On Holding AG Cash Ratio Related Terms
On Holding AG Cash Ratio Historical Data
* Premium members only.
The historical data trend for On Holding AG's Cash Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Footwear & Accessories subindustry, On Holding AG's Cash Ratio, along with its competitors' market caps and Cash Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
On Holding AG Cash Ratio vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's Cash Ratio distribution charts can be found below:
* The bar in red indicates where On Holding AG's Cash Ratio falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
On Holding AG (ONON) has a Cash Ratio of 1.56 as of Jun. 2026. Cashflow ratio is the ratio of Cash, Cash Equivalents, Marketable Securities to current liabilities. View historical data on On Holding AG and its competitors. This is near median its historical median of 1.48. Over the past decade, On Holding AG's Cash Ratio has ranged from 0.27 to 3.77. According to the industry distribution chart, On Holding AG ranks #167 out of 1010 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 16.5%.
Is On Holding AG's Cash Ratio too high?
On Holding AG's current Cash Ratio of 1.56 is near median its 10-year median of 1.48. Over the past 10 years, this metric has ranged from a low of 0.27 to a high of 3.77. The Manufacturing - Apparel & Accessories industry median Cash Ratio is 0.35. On Holding AG's value of 1.56 is 345.7% above this industry median. Based on the distribution chart, On Holding AG ranks #167 out of 1010 companies in the Manufacturing - Apparel & Accessories industry, which is in the top quartile — a strong position relative to peers. Overall, On Holding AG has a GF Score™ of 81/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does On Holding AG's Cash Ratio compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #167 out of 1010 companies for Cash Ratio. This places On Holding AG in the top 17% of its industry — outperforming the majority of peers. The industry median Cash Ratio is 0.35. On Holding AG's value of 1.56 is 345.7% above this benchmark. Historically, On Holding AG's own Cash Ratio has ranged from 0.27 to 3.77 over the past decade. While the company's 10-year median is 1.48 vs. the industry median of 0.35, On Holding AG has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cash Ratio for a Manufacturing - Apparel & Accessories company?
The median Cash Ratio among Manufacturing - Apparel & Accessories companies is 0.35, based on 1,010 companies in the industry. Companies in the top quartile (top 25%) have a Cash Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cash Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current Cash Ratio of 1.56 is 345.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cash Ratio mean?
A high Cash Ratio can signal that a stock is expensive relative to its fundamentals. Cashflow ratio is the ratio of Cash, Cash Equivalents, Marketable Securities to current liabilities. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median Cash Ratio is 0.35 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current Cash Ratio is 1.56, which is near median its own 10-year median of 1.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is On Holding AG stock overvalued right now?
Based on GuruFocus' analysis, On Holding AG (ONON) is currently considered Significantly Undervalued. The stock's GF Value™ is $60.58, compared to a current price of $32.22 — trading 46.8% below its estimated fair value. The current Cash Ratio is 1.56, which is near median its 10-year median of 1.48 and 345.7% above the Manufacturing - Apparel & Accessories industry median of 0.35. On Holding AG's overall GF Score™ is 81/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cash Ratio calculated?
Cash Ratio is calculated from a company's financial statements. For On Holding AG (ONON), the current Cash Ratio is 1.56 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is On Holding AG (ONON) Overvalued in 2026?
Based on GuruFocus' analysis, On Holding AG stock appears to be undervalued.
The current stock price of $32.22 is trading 46.8% below its estimated GF Value™ of $60.58.
GuruFocus considers On Holding AG to be Significantly Undervalued.
Key valuation signals for ONON:
Cash Ratio: 1.56 (near median its 10-year median of 1.48)
GF Value™: $60.58 vs. price of $32.22 (46.8% below fair value)
Industry Position: 345.7% above the Manufacturing - Apparel & Accessories median (#167 of 1010)
No single metric tells the full story. See the ONON stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Founded in Switzerland in 2010, sportswear firm On Holding generates more than 90% of its sales from athletic shoes. The brand is best known for its running shoes and its distinctive CloudTec soles. On also produces athletic apparel (6% of 2025 sales) and accessories (1%). The firm's merchandise is available in more than 80 countries and is sold through both wholesale (58% of sales) and company-owned channels (42%). In 2025, On generated 58% of its sales in North America, 25% in Europe, the Middle East, and Africa, and 17% in the Asia-Pacific region.
81GF Score
Get the complete analysis for ONON
Cash Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ONON has been successfully added to your 
