On Holding AGHAM:49G +0.77%66 Gross Margin % is 64.23% as of Mar. 2026, which is 8% above its 10-year median of 59.38. 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 1,028 Manufacturing - Apparel & Accessories companies, On Holding AG ranks better than 92.12% on this metric.
The historical rank and industry rank for On Holding AG's Gross Margin % or its related term are showing as below:
HAM:49G'
s Gross Margin % Range Over the Past 10 Years
Min: 53.58 Med: 59.38 Max: 63.89
Current: 63.89
During the past 7 years, the highestGross Margin % of On Holding AG was 63.89%. The lowest was 53.58%. And the median was 59.38%.
HAM:49G's Gross Margin % is ranked better than 92.12% of 1028
companies
in the Manufacturing - Apparel & Accessories industry
Industry Median: 28.39
vs HAM:49G: 63.89
On Holding AG had a gross margin of 64.23% for the quarter that ended in Mar. 2026 => Durable competitive advantage
The 5-Year average Growth Rate of Gross Margin for On Holding AG was 2.50% per year.
On Holding AG (HAM:49G) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
On Holding AG had a gross margin of 64.23% for the quarter that ended in Mar. 2026 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
On Holding AG Gross Margin % Related Terms
On Holding AG Gross Margin % Historical Data
* Premium members only.
The historical data trend for On Holding AG's Gross 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.
HAM:49G vs DECK, BIRK, CROX: Gross Margin % Comparison
For the Footwear & Accessories subindustry, On Holding AG's Gross Margin %, along with its competitors' market caps and Gross 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 Gross Margin % vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's Gross Margin % distribution charts can be found below:
* The bar in red indicates where On Holding AG's Gross 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.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
On Holding AG (HAM:49G) has a Gross Margin % of 64.23% as of Mar. 2026. Gross margin is the ratio of total gross profit to net sales. View historical data on On Holding AG and its competitors. This is near median its historical median of 59.38. Over the past decade, On Holding AG's Gross Margin % has ranged from 53.58 to 63.89. According to the industry distribution chart, On Holding AG ranks #81 out of 1028 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 7.9%.
Is On Holding AG's Gross Margin % too high?
On Holding AG's current Gross Margin % of 64.23% is near median its 10-year median of 59.38. Over the past 10 years, this metric has ranged from a low of 53.58 to a high of 63.89. The Manufacturing - Apparel & Accessories industry median Gross Margin % is 28.39. On Holding AG's value of 64.23% is 126.2% above this industry median. Based on the distribution chart, On Holding AG ranks #81 out of 1028 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 66/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does On Holding AG's Gross Margin % compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #81 out of 1028 companies for Gross Margin %. This places On Holding AG in the top 8% of its industry — outperforming the majority of peers. The industry median Gross Margin % is 28.39. On Holding AG's value of 64.23% is 126.2% above this benchmark. Historically, On Holding AG's own Gross Margin % has ranged from 53.58 to 63.89 over the past decade. While the company's 10-year median is 59.38 vs. the industry median of 28.39, 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 Gross Margin % for a Manufacturing - Apparel & Accessories company?
The median Gross Margin % among Manufacturing - Apparel & Accessories companies is 28.39, based on 1,028 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current Gross Margin % of 64.23% is 126.2% 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 Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median Gross Margin % is 28.39 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current Gross Margin % is 64.23%, which is near median its own 10-year median of 59.38. 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 Gross Margin % is 64.23%, which is near median its 10-year median of 59.38 and 126.2% above the Manufacturing - Apparel & Accessories industry median of 28.39. 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 Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For On Holding AG (HAM:49G), the current Gross Margin % is 64.23% 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 (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:
Gross Margin %: 64.23% (near median its 10-year median of 59.38)
GF Value™: €53.38 vs. price of €31.50 (41% below fair value)
Industry Position: 126.2% above the Manufacturing - Apparel & Accessories median (#81 of 1028)
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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