ONON (On Holding AG) Moat Score: 6/10 (As of Jul. 02, 2026)


ONON On Holding AG ONON
85 GF Score
Price $35.56
GF Value $62.40
Valuation Significantly Undervalued
! 2 Warning Signs
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What is On Holding AG Moat Score?

On Holding AG ONON +0.40% 85 Moat Score is 6 as of Jul. 02, 2026. GuruFocus rates ONON with a GF Score™ of 85/100 and a GF Value™ of $62.40 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,144 Manufacturing - Apparel & Accessories companies, On Holding AG ranks better than 99.39% on this metric.

On Holding AG has the Moat Score of 6, which implies that the company might have Narrow Moat - Strong narrow moat, clearly distinguishable but not wide.

On Holding AG has Narrow Moat: On Holding AG has a strong narrow moat due to its robust brand strength and customer loyalty. The company benefits from economies of scale and consistent innovation, but lacks significant regulatory barriers or exclusive licenses to qualify for a wide moat.

Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more.

The company's Moat Score is based on these criteria:

1. Market leadership and sustainable market share
2. Network effects and significant customer switching costs
3. Valuable intellectual property and patents
4. Strong brand strength and deep customer loyalty
5. Durable cost advantages (e.g., economies of scale, proprietary technology)
6. Significant regulatory barriers and exclusive licenses
7. Superior distribution network
8. Strong and sustainable pricing power
9. Consistent and impactful innovation and R&D capabilities

Based on the research, GuruFocus believes On Holding AG might have Narrow Moat - Strong narrow moat, clearly distinguishable but not wide.

On Holding AG  (NYSE:ONON) Moat Score Explanation

The Moat Score ranges from 0 to 10, with 10 as the highest. GuruFocus divided Moat Score into following 8 categories:

Moat Score Moat Level
10Wide Moat - Exceptionally dominant and durable wide moat
8 - 9Wide Moat - Clear and robust wide moat
7Wide Moat - Entry-level wide moat, clearly possessing durable advantages
6Narrow Moat - Strong narrow moat, clearly distinguishable but not wide
5Narrow Moat - Solid narrow moat
4Narrow Moat - Discernible but modest moat
1 - 3No Moat - Very weak/transient advantages
0No Moat - No discernible moat

On Holding AG Moat Score Related Terms

ONON vs DECK, BIRK, CROX: Moat Score Comparison

For the Footwear & Accessories subindustry, On Holding AG's Moat Score, along with its competitors' market caps and Moat Score 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 Moat Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's Moat Score distribution charts can be found below:

* The bar in red indicates where On Holding AG's Moat Score falls into.


ONON
85GF Score
On Holding AG ONON
Moat Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Frequently Asked Questions Learn more about Moat Score →
What does a Moat Score of 6 mean?
On Holding AG (ONON) has a Moat Score of 6 as of Jul. 02, 2026. Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more. According to the industry distribution chart, On Holding AG ranks #7 out of 1144 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 0.59999999999999%.
Is On Holding AG's Moat Score too high?
On Holding AG's current Moat Score is 6. Based on the distribution chart, On Holding AG ranks #7 out of 1144 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 Moat Score compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #7 out of 1144 companies for Moat Score. This places On Holding AG in the top 1% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Moat Score for a Manufacturing - Apparel & Accessories company?
A good Moat Score depends on the Manufacturing - Apparel & Accessories industry context. However, Moat Score 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 Moat Score mean?
A high Moat Score can signal that a stock is expensive relative to its fundamentals. Moat Score is a ranking system developed by GuruFocus to assess a company's ability to sustain a competitive advantage, rated on a scale from 0 to 10. It takes into account key factors such as market leadership, cost advantages, network effects, customer switching costs, and more. On Holding AG's current Moat Score is 6. 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 $62.40, compared to a current price of $35.56 — trading 43% below its estimated fair value. The current Moat Score is 6. 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 Moat Score calculated?
Moat Score is calculated from a company's financial statements. For On Holding AG (ONON), the current Moat Score is 6 as of Jul. 02, 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 $35.56 is trading 43% below its estimated GF Value™ of $62.40. GuruFocus considers On Holding AG to be Significantly Undervalued.

Key valuation signals for ONON:

  • Moat Score: 6
  • GF Value™: $62.40 vs. price of $35.56 (43% below fair value)
  • GF Score™: 85/100 with 2 warning signs

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.

On Holding AG Business Description

Address Forrlibuckstrasse 190, Zurich, CHE, 8005
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

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Moat Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$35.56
Price
$62.40
GF Value