Think of Enterprise Value as the theoretical takeover price. It is more comprehensive than market capitalization (Market Cap), which only includes common equity. Enterprise Value is calculated as the market cap plus debt and minority interest and preferred shares, minus total cash, cash equivalents, and marketable securities.
EV-to-EBIT is calculated as Enterprise Value divided by its EBIT. As of today, On Holding AG's Enterprise Value is €10,218 Mil.
On Holding AG's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 was €303 Mil. Therefore, On Holding AG's EV-to-EBIT ratio for today is 33.72.
EV-to-EBITDA is calculated as Enterprise Value divided by its EBITDA. As of today, On Holding AG's Enterprise Value is €10,218 Mil.
On Holding AG's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 was €448 Mil. Therefore, On Holding AG's EV-to-EBITDA ratio for today is 22.80.
EV-to-Revenue is calculated as Enterprise Value divided by its Revenue. As of today, On Holding AG's Enterprise Value is €10,218 Mil.
On Holding AG's Revenue for the trailing twelve months (TTM) ended in Mar. 2026 was €3,360 Mil. Therefore, On Holding AG's EV-to-Revenue ratio for today is 3.04.
EV-to-FCF is calculated as Enterprise Value divided by its Free Cash Flow. As of today, On Holding AG's Enterprise Value is €10,218 Mil.
On Holding AG's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 was €338 Mil. Therefore, On Holding AG's EV-to-FCF ratio for today is 30.26.
*** Please note that the current Enterprise Value is calculated using the current market capitalization and the most recently available financial data. If key financial fields—Long-Term Debt & Capital Lease Obligation and Short-Term Debt & Capital Lease Obligation—are recorded as null in the latest reporting period, our data vendor will default to using data from the prior period with valid entries.
On Holding AG (HAM:49G) Enterprise Value Explanation
When an investor buy a company, the investor needs to pay not only the common shares, he/she also needs to pay the shareholders of Preferred Stocks. He also assumes the debt of the company, and receives the cash on the company's balance sheet.
If a company has more cash than debt, the investor actually pays less than the Market Cap because he immediately owns the cash once the transaction goes through.
The market value of Preferred Stock needs to be added to the market value of common stocks in the calculation of Enterprise Value.
For the companies with the same Market Cap, the smaller the Enterprise Value is, the cheaper the company is.
Enterprise Value can be negative when the company's net cash is more than its Market Cap. In this case the investor is basically getting the company for free and get paid for that.
1. EV-to-EBIT is calculated as Enterprise Value divided by its EBIT.
On Holding AG's current Enterprise Value is €10,218 Mil.
On Holding AG's EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €303 Mil.
2. EV-to-EBITDA is calculated as Enterprise Value divided by its EBITDA.
On Holding AG's current Enterprise Value is €10,218 Mil.
On Holding AG's EBITDA for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €448 Mil.
On Holding AG's current Enterprise Value is €10,218 Mil.
On Holding AG's Revenue for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €3,360 Mil.
On Holding AG's current Enterprise Value is €10,218 Mil.
On Holding AG's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €429 Mil.
On Holding AG's current Enterprise Value is €10,218 Mil.
On Holding AG's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €338 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 Enterprise Value Related Terms
On Holding AG Enterprise Value Historical Data
* Premium members only.
The historical data trend for On Holding AG's Enterprise Value 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: Enterprise Value Comparison
For the Footwear & Accessories subindustry, On Holding AG's Enterprise Value, along with its competitors' market caps and Enterprise Value 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 Enterprise Value vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's Enterprise Value distribution charts can be found below:
* The bar in red indicates where On Holding AG's Enterprise Value falls into.
Enterprise Value is calculated as the market cap plus debt and minority interest and preferred shares, minus total cash, cash equivalents, and marketable securities.
On Holding AG's Enterprise Value for the fiscal year that ended in Dec. 2025 is calculated as
* 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 Enterprise Value of €10,218 Mil as of Jun. 25, 2026. Enterprise value equals the sum of market cap, debt and preferred shares less cash and equivalents. View historical data on On Holding AG and its competitors.
Is On Holding AG's Enterprise Value too high?
On Holding AG's current Enterprise Value is €10,218 Mil. 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 Enterprise Value compare to DECK and BIRK?
On Holding AG's Enterprise Value of €10,218 Mil can be compared against companies in the Manufacturing - Apparel & Accessories industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Enterprise Value for a Manufacturing - Apparel & Accessories company?
A good Enterprise Value depends on the Manufacturing - Apparel & Accessories industry context. However, Enterprise Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Enterprise Value mean?
A high Enterprise Value can signal that a stock is expensive relative to its fundamentals. Enterprise value equals the sum of market cap, debt and preferred shares less cash and equivalents. View historical data on On Holding AG and its competitors. On Holding AG's current Enterprise Value is €10,218 Mil. 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 Enterprise Value is €10,218 Mil. 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 Enterprise Value calculated?
Enterprise Value is calculated from a company's financial statements. For On Holding AG (HAM:49G), the current Enterprise Value is €10,218 Mil as of Jun. 25, 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:
Enterprise Value: €10,218 Mil
GF Value™: €53.38 vs. price of €31.50 (41% below fair value)
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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