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On Holding AGONON -20.29%86 EV-to-EBITDA is 12.92 as of Aug. 11, 2026, which is 84% below its 10-year median of 80.12. GuruFocus rates ONON with a GF Score™ of 86/100 and a GF Value™ of $63.16 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 869 Manufacturing - Apparel & Accessories companies, On Holding AG ranks worse than 79.63% on this metric.
EV-to-EBITDA is calculated as enterprise value divided by its EBITDA. As of today, On Holding AG's enterprise value is $9,623 Mil.
On Holding AG's EBITDA for the trailing twelve months (TTM) ended in Jun. 2026 was $745 Mil. Therefore, On Holding AG's EV-to-EBITDA for today is 12.92.
The historical rank and industry rank for On Holding AG's EV-to-EBITDA or its related term are showing as below:
ONON'
s EV-to-EBITDA Range Over the Past 10 Years
Min: -250.15 Med: 80.12 Max: 274.45
Current: 12.92
During the past 7 years, the highest EV-to-EBITDA of On Holding AG was 274.45. The lowest was -250.15. And the median was 80.12.
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio to determine the fair market value of a company.
On Holding AG (NYSE:ONON) EV-to-EBITDA Explanation
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
On Holding AG's PE Ratio (TTM) for today is calculated as:
On Holding AG's share price for today is $30.91.
On Holding AG's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $1.498.
* 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.
Study has found that the companies with the lowest EV-to-EBITDA outperforms companies measured as cheap by other ratios such as PE Ratio (TTM).
The historical data trend for On Holding AG's EV-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.
For the Footwear & Accessories subindustry, On Holding AG's EV-to-EBITDA, along with its competitors' market caps and EV-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 EV-to-EBITDA vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's EV-to-EBITDA distribution charts can be found below:
* The bar in red indicates where On Holding AG's EV-to-EBITDA falls into.
On Holding AG's current Enterprise Value is $9,623 Mil.
On Holding AG's EBITDA for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $745 Mil.
* 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 EV-to-EBITDA of 12.92 as of Aug. 11, 2026. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on On Holding AG. This is 84% below median its historical median of 80.12. According to the industry distribution chart, On Holding AG ranks #692 out of 869 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 79.6%.
Is On Holding AG's EV-to-EBITDA too high?
On Holding AG's current EV-to-EBITDA of 12.92 is 84% below median its 10-year median of 80.12. The Manufacturing - Apparel & Accessories industry median EV-to-EBITDA is 9.64. On Holding AG's value of 12.92 is 34% above this industry median. Based on the distribution chart, On Holding AG ranks #692 out of 869 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, On Holding AG has a GF Score™ of 86/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does On Holding AG's EV-to-EBITDA compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #692 out of 869 companies for EV-to-EBITDA. This places On Holding AG in the lower half of its industry. The industry median EV-to-EBITDA is 9.64. On Holding AG's value of 12.92 is 34% above this benchmark. While the company's 10-year median is 80.12 vs. the industry median of 9.64, 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 EV-to-EBITDA for a Manufacturing - Apparel & Accessories company?
The median EV-to-EBITDA among Manufacturing - Apparel & Accessories companies is 9.64, based on 869 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current EV-to-EBITDA of 12.92 is 34% 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 EV-to-EBITDA mean?
A high EV-to-EBITDA can signal that a stock is expensive relative to its fundamentals. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on On Holding AG. For the Manufacturing - Apparel & Accessories industry, the median EV-to-EBITDA is 9.64 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current EV-to-EBITDA is 12.92, which is 84% below median its own 10-year median of 80.12. 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 $63.16, compared to a current price of $30.91 — trading 51.1% below its estimated fair value. The current EV-to-EBITDA is 12.92, which is 84% below median its 10-year median of 80.12 and 34% above the Manufacturing - Apparel & Accessories industry median of 9.64. On Holding AG's overall GF Score™ is 86/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-EBITDA calculated?
EV-to-EBITDA is calculated from a company's financial statements. For On Holding AG (ONON), the current EV-to-EBITDA is 12.92 as of Aug. 11, 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 $30.91 is trading 51.1% below its estimated GF Value™ of $63.16.
GuruFocus considers On Holding AG to be Significantly Undervalued.
Key valuation signals for ONON:
EV-to-EBITDA: 12.92 (84% below median its 10-year median of 80.12)
GF Value™: $63.16 vs. price of $30.91 (51.1% below fair value)
Industry Position: 34% above the Manufacturing - Apparel & Accessories median (#692 of 869)
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.
86GF Score
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EV-to-EBITDA is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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