On Holding AGONON +1.73%85 PB Ratio is 5.56 as of Jun. 25, 2026, which is 33% below its 10-year median of 8.26. GuruFocus rates ONON with a GF Score™ of 85/100 and a GF Value™ of $62.56 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,005 Manufacturing - Apparel & Accessories companies, On Holding AG ranks worse than 91.64% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-25), On Holding AG's share price is $37.56. On Holding AG's Book Value per Share for the quarter that ended in Mar. 2026 was $6.75. Hence, On Holding AG's PB Ratio of today is 5.56.
The historical rank and industry rank for On Holding AG's PB Ratio or its related term are showing as below:
ONON'
s PB Ratio Range Over the Past 10 Years
Min: 4.89 Med: 8.26 Max: 40.24
Current: 5.56
During the past 7 years, On Holding AG's highest PB Ratio was 40.24. The lowest was 4.89. And the median was 8.26.
During the past 12 months, On Holding AG's average Book Value Per Share Growth Rate was 33.50% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 23.50% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 38.00% per year.
During the past 7 years, the highest 3-Year average Book Value Per Share Growth Rate of On Holding AG was 148.60% per year. The lowest was 17.70% per year. And the median was 43.20% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
On Holding AG PB Ratio Related Terms
On Holding AG PB Ratio Historical Data
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The historical data trend for On Holding AG's PB Ratio 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.
For the Footwear & Accessories subindustry, On Holding AG's PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's PB Ratio distribution charts can be found below:
* The bar in red indicates where On Holding AG's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
On Holding AG's PB Ratio for today is calculated as follows:
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
On Holding AG (ONON) has a PB Ratio of 5.56 as of Jun. 25, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on On Holding AG and its competitors. This is 33% below median its historical median of 8.26. Over the past decade, On Holding AG's PB Ratio has ranged from 4.89 to 40.24. According to the industry distribution chart, On Holding AG ranks #921 out of 1005 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 91.6%.
Is On Holding AG's PB Ratio too high?
On Holding AG's current PB Ratio of 5.56 is 33% below median its 10-year median of 8.26. Over the past 10 years, this metric has ranged from a low of 4.89 to a high of 40.24. The Manufacturing - Apparel & Accessories industry median PB Ratio is 1.09. On Holding AG's value of 5.56 is 410.1% above this industry median. Based on the distribution chart, On Holding AG ranks #921 out of 1005 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 PB Ratio compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #921 out of 1005 companies for PB Ratio. This places On Holding AG in the lower half of its industry. The industry median PB Ratio is 1.09. On Holding AG's value of 5.56 is 410.1% above this benchmark. Historically, On Holding AG's own PB Ratio has ranged from 4.89 to 40.24 over the past decade. While the company's 10-year median is 8.26 vs. the industry median of 1.09, 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 PB Ratio for a Manufacturing - Apparel & Accessories company?
The median PB Ratio among Manufacturing - Apparel & Accessories companies is 1.09, based on 1,005 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current PB Ratio of 5.56 is 410.1% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median PB Ratio is 1.09 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current PB Ratio is 5.56, which is 33% below median its own 10-year median of 8.26. 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 $62.56, compared to a current price of $37.56 — trading 40% below its estimated fair value. The current PB Ratio is 5.56, which is 33% below median its 10-year median of 8.26 and 410.1% above the Manufacturing - Apparel & Accessories industry median of 1.09. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For On Holding AG (ONON), the current PB Ratio is 5.56 as of Jun. 25, 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 $37.56 is trading 40% below its estimated GF Value™ of $62.56.
GuruFocus considers On Holding AG to be Significantly Undervalued.
Key valuation signals for ONON:
PB Ratio: 5.56 (33% below median its 10-year median of 8.26)
GF Value™: $62.56 vs. price of $37.56 (40% below fair value)
Industry Position: 410.1% above the Manufacturing - Apparel & Accessories median (#921 of 1005)
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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