On Holding AGONON +5.07%85 FCF Margin % is 1.25% as of Mar. 2026. GuruFocus rates ONON with a GF Score™ of 85/100 and a GF Value™ of $62.56 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,040 Manufacturing - Apparel & Accessories companies, On Holding AG ranks better than 80.67% on this metric.
The historical data trend for On Holding AG's FCF 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.
For the Footwear & Accessories subindustry, On Holding AG's FCF Margin %, along with its competitors' market caps and FCF 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 FCF Margin % vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's FCF Margin % distribution charts can be found below:
* The bar in red indicates where On Holding AG's FCF 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 (ONON) has a FCF Margin % of 1.25% as of Mar. 2026. Free cash flow margin is the ratio of total free cash flow to net sales. View historical data on On Holding AG and its competitors. According to the industry distribution chart, On Holding AG ranks #201 out of 1040 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 19.3%.
Is On Holding AG's FCF Margin % too high?
On Holding AG's current FCF Margin % is 1.25%. The Manufacturing - Apparel & Accessories industry median FCF Margin % is 2.25. On Holding AG's value of 1.25% is 44.4% below this industry median. Based on the distribution chart, On Holding AG ranks #201 out of 1040 companies in the Manufacturing - Apparel & Accessories industry, which is in the top quartile — a strong position relative to peers. Overall, On Holding AG has a GF Score™ of 85/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does On Holding AG's FCF Margin % compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #201 out of 1040 companies for FCF Margin %. This places On Holding AG in the top 19% of its industry — outperforming the majority of peers. The industry median FCF Margin % is 2.25. On Holding AG's value of 1.25% is 44.4% below this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good FCF Margin % for a Manufacturing - Apparel & Accessories company?
The median FCF Margin % among Manufacturing - Apparel & Accessories companies is 2.25, based on 1,040 companies in the industry. Companies in the top quartile (top 25%) have a FCF Margin % significantly above this median, while those in the bottom quartile fall well below. However, FCF Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current FCF Margin % of 1.25% is 44.4% below 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 FCF Margin % mean?
A high FCF Margin % can signal that a stock is expensive relative to its fundamentals. Free cash flow margin is the ratio of total free cash flow to net sales. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median FCF Margin % is 2.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current FCF Margin % is 1.25%. 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 $62.56, compared to a current price of $36.92 — trading 41% below its estimated fair value. The current FCF Margin % is 1.25% and 44.4% below the Manufacturing - Apparel & Accessories industry median of 2.25. On Holding AG's overall GF Score™ is 85/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is FCF Margin % calculated?
FCF Margin % is calculated from a company's financial statements. For On Holding AG (ONON), the current FCF Margin % is 1.25% 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 (ONON) Overvalued in 2026?
Based on GuruFocus' analysis, On Holding AG stock appears to be undervalued.
The current stock price of $36.92 is trading 41% below its estimated GF Value™ of $62.56.
GuruFocus considers On Holding AG to be Significantly Undervalued.
Key valuation signals for ONON:
FCF Margin %: 1.25%
GF Value™: $62.56 vs. price of $36.92 (41% below fair value)
Industry Position: 44.4% below the Manufacturing - Apparel & Accessories median (#201 of 1040)
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.
85GF Score
Get the complete analysis for ONON
FCF Margin % 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 
