On Holding AGHAM:49G +0.77%66 Operating Margin % is 14.11% as of Mar. 2026, which is 103% above its 10-year median of 6.96. 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 86.1% on this metric.
The historical rank and industry rank for On Holding AG's Operating Margin % or its related term are showing as below:
HAM:49G'
s Operating Margin % Range Over the Past 10 Years
Min: -19.47 Med: 6.96 Max: 13.39
Current: 13.39
HAM:49G's Operating Margin % is ranked better than 86.1% of 1043
companies
in the Manufacturing - Apparel & Accessories industry
Industry Median: 4.08
vs HAM:49G: 13.39
On Holding AG's 5-Year Average Operating Margin % Growth Rate was 0.00% per year.
On Holding AG (HAM:49G) Operating Margin % Explanation
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
On Holding AG Operating Margin % Related Terms
On Holding AG Operating Margin % Historical Data
* Premium members only.
The historical data trend for On Holding AG's Operating 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: Operating Margin % Comparison
For the Footwear & Accessories subindustry, On Holding AG's Operating Margin %, along with its competitors' market caps and Operating 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 Operating Margin % vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's Operating Margin % distribution charts can be found below:
* The bar in red indicates where On Holding AG's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
On Holding AG's Operating Margin % for the fiscal year that ended in Dec. 2025 is calculated as
* 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 Operating Margin % of 14.11% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on On Holding AG and its competitors. This is 103% above median its historical median of 6.96. According to the industry distribution chart, On Holding AG ranks #145 out of 1043 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 13.9%.
Is On Holding AG's Operating Margin % too high?
On Holding AG's current Operating Margin % of 14.11% is 103% above median its 10-year median of 6.96. The Manufacturing - Apparel & Accessories industry median Operating Margin % is 4.08. On Holding AG's value of 14.11% is 245.8% above this industry median. Based on the distribution chart, On Holding AG ranks #145 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 Operating Margin % compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #145 out of 1043 companies for Operating Margin %. This places On Holding AG in the top 14% of its industry — outperforming the majority of peers. The industry median Operating Margin % is 4.08. On Holding AG's value of 14.11% is 245.8% above this benchmark. While the company's 10-year median is 6.96 vs. the industry median of 4.08, 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 Operating Margin % for a Manufacturing - Apparel & Accessories company?
The median Operating Margin % among Manufacturing - Apparel & Accessories companies is 4.08, based on 1,043 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current Operating Margin % of 14.11% is 245.8% 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 Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median Operating Margin % is 4.08 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current Operating Margin % is 14.11%, which is 103% above median its own 10-year median of 6.96. 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 Operating Margin % is 14.11%, which is 103% above median its 10-year median of 6.96 and 245.8% above the Manufacturing - Apparel & Accessories industry median of 4.08. 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 Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For On Holding AG (HAM:49G), the current Operating Margin % is 14.11% 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:
Operating Margin %: 14.11% (103% above median its 10-year median of 6.96)
GF Value™: €53.38 vs. price of €31.50 (41% below fair value)
Industry Position: 245.8% above the Manufacturing - Apparel & Accessories median (#145 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
Get the complete analysis for HAM:49G
Operating 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
HAM:49G has been successfully added to your 
