On Holding AGONON -1.00%85 Net Current Asset Value is $3.28 as of Mar. 2026, which is 78% below its 10-year median of 14.67. GuruFocus rates ONON with a GF Score™ of 85/100 and a GF Value™ of $62.61 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 627 Manufacturing - Apparel & Accessories companies, On Holding AG ranks worse than 84.37% on this metric.
In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
On Holding AG's net current asset value per share for the quarter that ended in Mar. 2026 was $3.28.
The historical rank and industry rank for On Holding AG's Net Current Asset Value or its related term are showing as below:
ONON'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 7.91 Med: 14.67 Max: 23.66
Current: 11.04
During the past 7 years, the highest Price-to-Net-Current-Asset-Value Ratio of On Holding AG was 23.66. The lowest was 7.91. And the median was 14.67.
ONON's Price-to-Net-Current-Asset-Value is ranked worse than 84.37% of 627
companies
in the Manufacturing - Apparel & Accessories industry
Industry Median: 2.99
vs ONON: 11.04
On Holding AG (NYSE:ONON) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
On Holding AG Net Current Asset Value Related Terms
On Holding AG Net Current Asset Value Historical Data
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The historical data trend for On Holding AG's Net Current Asset 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.
ONON vs DECK, BIRK, CROX: Net Current Asset Value Comparison
For the Footwear & Accessories subindustry, On Holding AG's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-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 Price-to-Net-Current-Asset-Value vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where On Holding AG's Price-to-Net-Current-Asset-Value 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.
What does a Net Current Asset Value of $3.28 mean?
On Holding AG (ONON) has a Net Current Asset Value of $3.28 as of Mar. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on On Holding AG and its competitors. This is 78% below median its historical median of 14.67. Over the past decade, On Holding AG's Net Current Asset Value has ranged from 7.91 to 23.66. According to the industry distribution chart, On Holding AG ranks #529 out of 627 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 84.4%.
Is On Holding AG's Net Current Asset Value too high?
On Holding AG's current Net Current Asset Value of $3.28 is 78% below median its 10-year median of 14.67. Over the past 10 years, this metric has ranged from a low of 7.91 to a high of 23.66. The Manufacturing - Apparel & Accessories industry median Net Current Asset Value is 2.99. On Holding AG's value of $3.28 is 9.7% above this industry median. Based on the distribution chart, On Holding AG ranks #529 out of 627 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile 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 Net Current Asset Value compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #529 out of 627 companies for Net Current Asset Value. This places On Holding AG in the lower half of its industry. The industry median Net Current Asset Value is 2.99. On Holding AG's value of $3.28 is 9.7% above this benchmark. Historically, On Holding AG's own Net Current Asset Value has ranged from 7.91 to 23.66 over the past decade. While the company's 10-year median is 14.67 vs. the industry median of 2.99, 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 Net Current Asset Value for a Manufacturing - Apparel & Accessories company?
The median Net Current Asset Value among Manufacturing - Apparel & Accessories companies is 2.99, based on 627 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current Net Current Asset Value of $3.28 is 9.7% 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 Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median Net Current Asset Value is 2.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current Net Current Asset Value is $3.28, which is 78% below median its own 10-year median of 14.67. 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 $62.61, compared to a current price of $36.26 — trading 42.1% below its estimated fair value. The current Net Current Asset Value is $3.28, which is 78% below median its 10-year median of 14.67 and 9.7% above the Manufacturing - Apparel & Accessories industry median of 2.99. 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 Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For On Holding AG (ONON), the current Net Current Asset Value is $3.28 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 $36.26 is trading 42.1% below its estimated GF Value™ of $62.61.
GuruFocus considers On Holding AG to be Significantly Undervalued.
Key valuation signals for ONON:
Net Current Asset Value: $3.28 (78% below median its 10-year median of 14.67)
GF Value™: $62.61 vs. price of $36.26 (42.1% below fair value)
Industry Position: 9.7% above the Manufacturing - Apparel & Accessories median (#529 of 627)
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
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