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On Holding AGONON +1.21%85 Return-on-Tangible-Asset is 14.61% as of Mar. 2026, which is 217% above its 10-year median of 4.61. GuruFocus rates ONON with a GF Score™ of 85/100 and a GF Value™ of $62.96 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,069 Manufacturing - Apparel & Accessories companies, On Holding AG ranks better than 88.68% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. On Holding AG's annualizedNet Income for the quarter that ended in Mar. 2026 was $525 Mil. On Holding AG's average total tangible assets for the quarter that ended in Mar. 2026 was $3,593 Mil. Therefore, On Holding AG's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 14.61%.
The historical rank and industry rank for On Holding AG's Return-on-Tangible-Asset or its related term are showing as below:
ONON'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -22.41 Med: 4.61 Max: 12.44
Current: 9.72
During the past 7 years, On Holding AG's highest Return-on-Tangible-Asset was 12.44%. The lowest was -22.41%. And the median was 4.61%.
ONON's Return-on-Tangible-Asset is ranked better than 88.68% of 1069
companies
in the Manufacturing - Apparel & Accessories industry
Industry Median: 1.99
vs ONON: 9.72
On Holding AG (NYSE:ONON) Return-on-Tangible-Asset Explanation
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
On Holding AG Return-on-Tangible-Asset Related Terms
On Holding AG Return-on-Tangible-Asset Historical Data
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The historical data trend for On Holding AG's Return-on-Tangible-Asset 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: Return-on-Tangible-Asset Comparison
For the Footwear & Accessories subindustry, On Holding AG's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset 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 Return-on-Tangible-Asset vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where On Holding AG's Return-on-Tangible-Asset 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.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is four times the quarterly (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of 14.61% mean?
On Holding AG (ONON) has a Return-on-Tangible-Asset of 14.61% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on On Holding AG and its competitors. This is 217% above median its historical median of 4.61. According to the industry distribution chart, On Holding AG ranks #121 out of 1069 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 11.3%.
Is On Holding AG's Return-on-Tangible-Asset too high?
On Holding AG's current Return-on-Tangible-Asset of 14.61% is 217% above median its 10-year median of 4.61. The Manufacturing - Apparel & Accessories industry median Return-on-Tangible-Asset is 1.99. On Holding AG's value of 14.61% is 634.2% above this industry median. Based on the distribution chart, On Holding AG ranks #121 out of 1069 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 Return-on-Tangible-Asset compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #121 out of 1069 companies for Return-on-Tangible-Asset. This places On Holding AG in the top 11% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Asset is 1.99. On Holding AG's value of 14.61% is 634.2% above this benchmark. While the company's 10-year median is 4.61 vs. the industry median of 1.99, 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 Return-on-Tangible-Asset for a Manufacturing - Apparel & Accessories company?
The median Return-on-Tangible-Asset among Manufacturing - Apparel & Accessories companies is 1.99, based on 1,069 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current Return-on-Tangible-Asset of 14.61% is 634.2% 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 Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median Return-on-Tangible-Asset is 1.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current Return-on-Tangible-Asset is 14.61%, which is 217% above median its own 10-year median of 4.61. 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 $62.96, compared to a current price of $37.65 — trading 40.2% below its estimated fair value. The current Return-on-Tangible-Asset is 14.61%, which is 217% above median its 10-year median of 4.61 and 634.2% above the Manufacturing - Apparel & Accessories industry median of 1.99. 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 Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For On Holding AG (ONON), the current Return-on-Tangible-Asset is 14.61% 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 $37.65 is trading 40.2% below its estimated GF Value™ of $62.96.
GuruFocus considers On Holding AG to be Significantly Undervalued.
Key valuation signals for ONON:
Return-on-Tangible-Asset: 14.61% (217% above median its 10-year median of 4.61)
GF Value™: $62.96 vs. price of $37.65 (40.2% below fair value)
Industry Position: 634.2% above the Manufacturing - Apparel & Accessories median (#121 of 1069)
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
Get the complete analysis for ONON
Return-on-Tangible-Asset is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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