On Holding AGHAM:49G +0.77%66 EV-to-FCF is 30.26 as of Jun. 25, 2026, which is 46% below its 10-year median of 55.73. 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 639 Manufacturing - Apparel & Accessories companies, On Holding AG ranks worse than 69.64% on this metric.
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 for today is 30.26.
The historical rank and industry rank for On Holding AG's EV-to-FCF or its related term are showing as below:
HAM:49G'
s EV-to-FCF Range Over the Past 10 Years
Min: -3005.78 Med: 55.73 Max: 106.72
Current: 29.5
During the past 7 years, the highest EV-to-FCF of On Holding AG was 106.72. The lowest was -3005.78. And the median was 55.73.
EV-to-FCF 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-FCF 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 €31.50.
On Holding AG's Earnings per Share (Diluted) 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 €0.823.
* 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. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
On Holding AG EV-to-FCF Related Terms
On Holding AG EV-to-FCF Historical Data
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The historical data trend for On Holding AG's EV-to-FCF 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-FCF, along with its competitors' market caps and EV-to-FCF 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-FCF vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where On Holding AG's EV-to-FCF falls into.
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 (HAM:49G) has a EV-to-FCF of 30.26 as of Jun. 25, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on On Holding AG and its competitors. This is 46% below median its historical median of 55.73. According to the industry distribution chart, On Holding AG ranks #445 out of 639 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 69.6%.
Is On Holding AG's EV-to-FCF too high?
On Holding AG's current EV-to-FCF of 30.26 is 46% below median its 10-year median of 55.73. The Manufacturing - Apparel & Accessories industry median EV-to-FCF is 14.94. On Holding AG's value of 30.26 is 102.5% above this industry median. Based on the distribution chart, On Holding AG ranks #445 out of 639 companies in the Manufacturing - Apparel & Accessories industry, which is below 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 EV-to-FCF compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #445 out of 639 companies for EV-to-FCF. This places On Holding AG in the lower half of its industry. The industry median EV-to-FCF is 14.94. On Holding AG's value of 30.26 is 102.5% above this benchmark. While the company's 10-year median is 55.73 vs. the industry median of 14.94, 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-FCF for a Manufacturing - Apparel & Accessories company?
The median EV-to-FCF among Manufacturing - Apparel & Accessories companies is 14.94, based on 639 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current EV-to-FCF of 30.26 is 102.5% 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-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median EV-to-FCF is 14.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current EV-to-FCF is 30.26, which is 46% below median its own 10-year median of 55.73. 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 EV-to-FCF is 30.26, which is 46% below median its 10-year median of 55.73 and 102.5% above the Manufacturing - Apparel & Accessories industry median of 14.94. 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 EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For On Holding AG (HAM:49G), the current EV-to-FCF is 30.26 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:
EV-to-FCF: 30.26 (46% below median its 10-year median of 55.73)
GF Value™: €53.38 vs. price of €31.50 (41% below fair value)
Industry Position: 102.5% above the Manufacturing - Apparel & Accessories median (#445 of 639)
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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