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On Holding AGONON +5.53%85 Debt-to-EBITDA is 0.85 as of Mar. 2026, which is 32% below its 10-year median of 1.25. GuruFocus rates ONON with a GF Score™ of 85/100 and a GF Value™ of $63.35 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 813 Manufacturing - Apparel & Accessories companies, On Holding AG ranks better than 69% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for On Holding AG's Debt-to-EBITDA or its related term are showing as below:
ONON'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: -1.98 Med: 1.25 Max: 2.35
Current: 1.32
During the past 7 years, the highest Debt-to-EBITDA Ratio of On Holding AG was 2.35. The lowest was -1.98. And the median was 1.25.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
On Holding AG Debt-to-EBITDA Related Terms
On Holding AG Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for On Holding AG's Debt-to-EBITDA 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.
ONON vs DECK, BIRK, CROX: Debt-to-EBITDA Comparison
For the Footwear & Accessories subindustry, On Holding AG's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA 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 Debt-to-EBITDA vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where On Holding AG's Debt-to-EBITDA 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.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
On Holding AG (ONON) has a Debt-to-EBITDA of 0.85 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on On Holding AG. This is 32% below median its historical median of 1.25. According to the industry distribution chart, On Holding AG ranks #252 out of 813 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 31%.
Is On Holding AG's Debt-to-EBITDA too high?
On Holding AG's current Debt-to-EBITDA of 0.85 is 32% below median its 10-year median of 1.25. The Manufacturing - Apparel & Accessories industry median Debt-to-EBITDA is 2.72. On Holding AG's value of 0.85 is 68.8% below this industry median. Based on the distribution chart, On Holding AG ranks #252 out of 813 companies in the Manufacturing - Apparel & Accessories industry, which is above the industry midpoint. Overall, On Holding AG has a GF Score™ of 85/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does On Holding AG's Debt-to-EBITDA compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #252 out of 813 companies for Debt-to-EBITDA. This puts On Holding AG in the upper half of its industry. The industry median Debt-to-EBITDA is 2.72. On Holding AG's value of 0.85 is 68.8% below this benchmark. While the company's 10-year median is 1.25 vs. the industry median of 2.72, On Holding AG has consistently been below 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 Debt-to-EBITDA for a Manufacturing - Apparel & Accessories company?
The median Debt-to-EBITDA among Manufacturing - Apparel & Accessories companies is 2.72, based on 813 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current Debt-to-EBITDA of 0.85 is 68.8% below 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 Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on On Holding AG. For the Manufacturing - Apparel & Accessories industry, the median Debt-to-EBITDA is 2.72 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current Debt-to-EBITDA is 0.85, which is 32% below median its own 10-year median of 1.25. 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 $63.35, compared to a current price of $38.25 — trading 39.6% below its estimated fair value. The current Debt-to-EBITDA is 0.85, which is 32% below median its 10-year median of 1.25 and 68.8% below the Manufacturing - Apparel & Accessories industry median of 2.72. On Holding AG's overall GF Score™ is 85/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For On Holding AG (ONON), the current Debt-to-EBITDA is 0.85 as of Mar. 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 $38.25 is trading 39.6% below its estimated GF Value™ of $63.35.
GuruFocus considers On Holding AG to be Significantly Undervalued.
Key valuation signals for ONON:
Debt-to-EBITDA: 0.85 (32% below median its 10-year median of 1.25)
GF Value™: $63.35 vs. price of $38.25 (39.6% below fair value)
Industry Position: 68.8% below the Manufacturing - Apparel & Accessories median (#252 of 813)
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.
85GF Score
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Debt-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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