On Holding AGHAM:49G +0.77%66 EBITDA Margin % is 19.20% as of Mar. 2026, which is 144% above its 10-year median of 7.87. GuruFocus rates HAM:49G with a GF Score™ of 66/100 and a GF Value™ of €53.38 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,043 Manufacturing - Apparel & Accessories companies, On Holding AG ranks better than 69.89% on this metric.
EBITDA Margin % is calculated as EBITDA divided by its Revenue. On Holding AG's EBITDA for the
three
months ended in Mar. 2026 was €175 Mil. On Holding AG's Revenue for the
three
months ended in Mar. 2026 was €914 Mil. Therefore, On Holding AG's EBITDA margin for the quarter that ended in Mar. 2026 was 19.20%.
On Holding AG (HAM:49G) EBITDA Margin % Explanation
EBITDA Margin % is the ratio of EBITDA divided by net sales or Revenue. It is an performance metric measuring company's operating profitability. EBITDA Margin takes depreciation and amortization, interest expense and tax into account, which makes it easy to compare the relative profitability of companies of different sizes in the same industry.
On Holding AG EBITDA Margin % Related Terms
On Holding AG EBITDA Margin % Historical Data
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The historical data trend for On Holding AG's EBITDA Margin % 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.
HAM:49G vs DECK, BIRK, CROX: EBITDA Margin % Comparison
For the Footwear & Accessories subindustry, On Holding AG's EBITDA Margin %, along with its competitors' market caps and EBITDA Margin % 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 EBITDA Margin % vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's EBITDA Margin % distribution charts can be found below:
* The bar in red indicates where On Holding AG's EBITDA Margin % 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 (HAM:49G) has a EBITDA Margin % of 19.20% as of Mar. 2026. EBITDA Margin is the ratio of EBITDA divided by net sales or Revenue, usually presented in percent. View historical data on On Holding AG and its competitors. This is 144% above median its historical median of 7.87. According to the industry distribution chart, On Holding AG ranks #314 out of 1043 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 30.1%.
Is On Holding AG's EBITDA Margin % too high?
On Holding AG's current EBITDA Margin % of 19.20% is 144% above median its 10-year median of 7.87. The Manufacturing - Apparel & Accessories industry median EBITDA Margin % is 8.37. On Holding AG's value of 19.20% is 129.4% above this industry median. Based on the distribution chart, On Holding AG ranks #314 out of 1043 companies in the Manufacturing - Apparel & Accessories industry, which is above the industry midpoint. Overall, On Holding AG has a GF Score™ of 66/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does On Holding AG's EBITDA Margin % compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #314 out of 1043 companies for EBITDA Margin %. This puts On Holding AG in the upper half of its industry. The industry median EBITDA Margin % is 8.37. On Holding AG's value of 19.20% is 129.4% above this benchmark. While the company's 10-year median is 7.87 vs. the industry median of 8.37, 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 EBITDA Margin % for a Manufacturing - Apparel & Accessories company?
The median EBITDA Margin % among Manufacturing - Apparel & Accessories companies is 8.37, based on 1,043 companies in the industry. Companies in the top quartile (top 25%) have a EBITDA Margin % significantly above this median, while those in the bottom quartile fall well below. However, EBITDA Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current EBITDA Margin % of 19.20% is 129.4% 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 EBITDA Margin % mean?
A high EBITDA Margin % can signal that a stock is expensive relative to its fundamentals. EBITDA Margin is the ratio of EBITDA divided by net sales or Revenue, usually presented in percent. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median EBITDA Margin % is 8.37 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current EBITDA Margin % is 19.20%, which is 144% above median its own 10-year median of 7.87. 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 (HAM:49G) is currently considered Significantly Undervalued. The stock's GF Value™ is €53.38, compared to a current price of €31.50 — trading 41% below its estimated fair value. The current EBITDA Margin % is 19.20%, which is 144% above median its 10-year median of 7.87 and 129.4% above the Manufacturing - Apparel & Accessories industry median of 8.37. On Holding AG's overall GF Score™ is 66/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBITDA Margin % calculated?
EBITDA Margin % is calculated from a company's financial statements. For On Holding AG (HAM:49G), the current EBITDA Margin % is 19.20% 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 (HAM:49G) Overvalued in 2026?
Based on GuruFocus' analysis, On Holding AG stock appears to be undervalued.
The current stock price of €31.50 is trading 41% below its estimated GF Value™ of €53.38.
GuruFocus considers On Holding AG to be Significantly Undervalued.
Key valuation signals for HAM:49G:
EBITDA Margin %: 19.20% (144% above median its 10-year median of 7.87)
GF Value™: €53.38 vs. price of €31.50 (41% below fair value)
Industry Position: 129.4% above the Manufacturing - Apparel & Accessories median (#314 of 1043)
No single metric tells the full story. See the HAM:49G 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.
66GF Score
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EBITDA Margin % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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