On Holding AGHAM:49G +0.77%66 Net Margin % is 12.42% as of Mar. 2026, which is 180% above its 10-year median of 4.44. 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 1,043 Manufacturing - Apparel & Accessories companies, On Holding AG ranks better than 78.81% on this metric.
Net margin is calculated as Net Income divided by its Revenue. On Holding AG's Net Income for the
three
months ended in Mar. 2026 was €113 Mil. On Holding AG's Revenue for the
three
months ended in Mar. 2026 was €914 Mil. Therefore, On Holding AG's net margin for the quarter that ended in Mar. 2026 was 12.42%.
The historical rank and industry rank for On Holding AG's Net Margin % or its related term are showing as below:
HAM:49G'
s Net Margin % Range Over the Past 10 Years
Min: -23.49 Med: 4.44 Max: 10.45
Current: 8.11
Although Net Income and Earnings-per-Share (EPS) are the most widely used parameter in measuring a company's profitability and valuation, it is the least reliable. The reason is that reported earnings can be manipulated easily by adjusting any numbers such as Depreciation, Depletion and Amotorization and non-recurring items.
But the long term trend of the net margin is a good indicator of the competitiveness and health of the business.
On Holding AG Net Margin % Related Terms
On Holding AG Net Margin % Historical Data
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The historical data trend for On Holding AG's Net 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: Net Margin % Comparison
For the Footwear & Accessories subindustry, On Holding AG's Net Margin %, along with its competitors' market caps and Net 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 Net Margin % vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's Net Margin % distribution charts can be found below:
* The bar in red indicates where On Holding AG's Net 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 (HAM:49G) has a Net Margin % of 12.42% as of Mar. 2026. Net margin is the ratio of total net income to net sales. View historical data on On Holding AG and its competitors. This is 180% above median its historical median of 4.44. According to the industry distribution chart, On Holding AG ranks #221 out of 1043 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 21.2%.
Is On Holding AG's Net Margin % too high?
On Holding AG's current Net Margin % of 12.42% is 180% above median its 10-year median of 4.44. The Manufacturing - Apparel & Accessories industry median Net Margin % is 2.60. On Holding AG's value of 12.42% is 377.7% above this industry median. Based on the distribution chart, On Holding AG ranks #221 out of 1043 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 Net Margin % compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #221 out of 1043 companies for Net Margin %. This places On Holding AG in the top 21% of its industry — outperforming the majority of peers. The industry median Net Margin % is 2.60. On Holding AG's value of 12.42% is 377.7% above this benchmark. While the company's 10-year median is 4.44 vs. the industry median of 2.60, 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 Margin % for a Manufacturing - Apparel & Accessories company?
The median Net Margin % among Manufacturing - Apparel & Accessories companies is 2.60, based on 1,043 companies in the industry. Companies in the top quartile (top 25%) have a Net Margin % significantly above this median, while those in the bottom quartile fall well below. However, Net Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current Net Margin % of 12.42% is 377.7% 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 Margin % mean?
A high Net Margin % can signal that a stock is expensive relative to its fundamentals. Net margin is the ratio of total net income to net sales. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median Net Margin % is 2.60 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current Net Margin % is 12.42%, which is 180% above median its own 10-year median of 4.44. 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 Net Margin % is 12.42%, which is 180% above median its 10-year median of 4.44 and 377.7% above the Manufacturing - Apparel & Accessories industry median of 2.60. 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 Net Margin % calculated?
Net Margin % is calculated from a company's financial statements. For On Holding AG (HAM:49G), the current Net Margin % is 12.42% 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:
Net Margin %: 12.42% (180% above median its 10-year median of 4.44)
GF Value™: €53.38 vs. price of €31.50 (41% below fair value)
Industry Position: 377.7% above the Manufacturing - Apparel & Accessories median (#221 of 1043)
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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