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 -0.35%81 EV-to-OCF is 13.31 as of Aug. 28, 2026, which is 75% below its 10-year median of 53.10. GuruFocus rates ONON with a GF Score™ of 81/100 and a GF Value™ of $61.03 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 1,069 Manufacturing - Apparel & Accessories companies, On Holding AG ranks worse than 66.79% on this metric.
EV-to-OCF is calculated as enterprise value divided by its cash flow from operations. As of today, On Holding AG's Enterprise Value is $8,775 Mil.
On Holding AG's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 was $659 Mil. Therefore, On Holding AG's EV-to-OCF for today is 13.31.
The historical rank and industry rank for On Holding AG's EV-to-OCF or its related term are showing as below:
ONON'
s EV-to-OCF Range Over the Past 10 Years
Min: -1151.03 Med: 53.1 Max: 627.98
Current: 13.31
During the past 7 years, the highest EV-to-OCF of On Holding AG was 627.98. The lowest was -1151.03. And the median was 53.10.
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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.
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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 $28.85.
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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
On Holding AG EV-to-OCF Related Terms
On Holding AG EV-to-OCF Historical Data
* Premium members only.
The historical data trend for On Holding AG's EV-to-OCF 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-OCF, along with its competitors' market caps and EV-to-OCF 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-OCF vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where On Holding AG's EV-to-OCF falls into.
On Holding AG's current Enterprise Value is $8,775 Mil.
On Holding AG's Cash Flow from Operations 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 $659 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-OCF of 13.31 as of Aug. 28, 2026. This is 75% below median its historical median of 53.10. According to the industry distribution chart, On Holding AG ranks #714 out of 1069 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 66.8%.
Is On Holding AG's EV-to-OCF too high?
On Holding AG's current EV-to-OCF of 13.31 is 75% below median its 10-year median of 53.10. The Manufacturing - Apparel & Accessories industry median EV-to-OCF is 7.34. On Holding AG's value of 13.31 is 81.3% above this industry median. Based on the distribution chart, On Holding AG ranks #714 out of 1069 companies in the Manufacturing - Apparel & Accessories industry, which is below the industry midpoint. 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 EV-to-OCF compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #714 out of 1069 companies for EV-to-OCF. This places On Holding AG in the lower half of its industry. The industry median EV-to-OCF is 7.34. On Holding AG's value of 13.31 is 81.3% above this benchmark. While the company's 10-year median is 53.10 vs. the industry median of 7.34, 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-OCF for a Manufacturing - Apparel & Accessories company?
The median EV-to-OCF among Manufacturing - Apparel & Accessories companies is 7.34, based on 1,069 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-OCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current EV-to-OCF of 13.31 is 81.3% 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-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. For the Manufacturing - Apparel & Accessories industry, the median EV-to-OCF is 7.34 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current EV-to-OCF is 13.31, which is 75% below median its own 10-year median of 53.10. 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 $61.03, compared to a current price of $28.85 — trading 52.7% below its estimated fair value. The current EV-to-OCF is 13.31, which is 75% below median its 10-year median of 53.10 and 81.3% above the Manufacturing - Apparel & Accessories industry median of 7.34. On Holding AG's overall GF Score™ is 81/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For On Holding AG (ONON), the current EV-to-OCF is 13.31 as of Aug. 28, 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 $28.85 is trading 52.7% below its estimated GF Value™ of $61.03.
GuruFocus considers On Holding AG to be Significantly Undervalued.
Key valuation signals for ONON:
EV-to-OCF: 13.31 (75% below median its 10-year median of 53.10)
GF Value™: $61.03 vs. price of $28.85 (52.7% below fair value)
Industry Position: 81.3% above the Manufacturing - Apparel & Accessories median (#714 of 1069)
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
EV-to-OCF 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 
