On Holding AGONON +5.07%85 ROA % is 14.33% as of Mar. 2026, which is 227% above its 10-year median of 4.38. 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 1,070 Manufacturing - Apparel & Accessories companies, On Holding AG ranks better than 89.44% on this metric.
ROA % is calculated as Net Income divided by its average Total Assets over a certain period of time. On Holding AG's annualizedNet Income for the quarter that ended in Mar. 2026 was $525 Mil.
On Holding AG's average Total Assets over the quarter that ended in Mar. 2026 was $3,661 Mil. Therefore, On Holding AG's annualized ROA % for the quarter that ended in Mar. 2026 was 14.33%.
The historical rank and industry rank for On Holding AG's ROA % or its related term are showing as below:
ONON'
s ROA % Range Over the Past 10 Years
Min: -20.84 Med: 4.38 Max: 12.06
Current: 9.52
During the past 7 years, On Holding AG's highest ROA % was 12.06%. The lowest was -20.84%. And the median was 4.38%.
ROA % measures the rate of return on the total assets (shareholder equity plus liabilities). It measures a firm's efficiency at generating profits from shareholders' equity plus its liabilities. ROA % shows how well a company uses what it has to generate earnings. ROA %s can vary drastically across industries. Therefore, ROA % should not be used to compare companies in different industries. For retailers, a ROA % of higher than 5% is expected. For example, Wal-Mart (WMT) has a ROA % of about 8% as of 2012. For banks, ROA % is close to their interest spread. A banks ROA % is typically well under 2%.
Similar to ROE, ROA % is affected by profit margins and asset turnover. This can be seen from the Du Pont Formula:
Note:
The Net Income data used here is four times the quarterly (Mar. 2026) net income data. The Revenue data used here is four times the quarterly (Mar. 2026) revenue data.
* 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.
Be Aware
Like ROE, ROA % is calculated with only 12 months data. Fluctuations in the company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. ROA % can be affected by events such as stock buyback or issuance, and by goodwill, a company's tax rate and its interest payment. ROA % 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 ROA % may indicate vulnerability in the durability of the competitive advantage.
E.g. Raising $43b to take on KO is impossible, but $1.7b to take on Moody's is. Although Moody's ROA % and underlying economics is far superior to Coca Cola, the durability is far weaker because of lower entry cost.
On Holding AG ROA % Related Terms
On Holding AG ROA % Historical Data
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The historical data trend for On Holding AG's ROA % 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 ROA %, along with its competitors' market caps and ROA % 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 ROA % vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's ROA % distribution charts can be found below:
* The bar in red indicates where On Holding AG's ROA % 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 ROA %, the net income of the last fiscal year and the average total 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.
ROA % is displayed in the 30-year financial page.
On Holding AG (ONON) has a ROA % of 14.33% as of Mar. 2026. Return on assets is the ratio of current-period net income to average two-period total assets. View historical data on On Holding AG and its competitors. This is 227% above median its historical median of 4.38. According to the industry distribution chart, On Holding AG ranks #113 out of 1070 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 10.6%.
Is On Holding AG's ROA % too high?
On Holding AG's current ROA % of 14.33% is 227% above median its 10-year median of 4.38. The Manufacturing - Apparel & Accessories industry median ROA % is 1.94. On Holding AG's value of 14.33% is 638.7% above this industry median. Based on the distribution chart, On Holding AG ranks #113 out of 1070 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 ROA % compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #113 out of 1070 companies for ROA %. This places On Holding AG in the top 11% of its industry — outperforming the majority of peers. The industry median ROA % is 1.94. On Holding AG's value of 14.33% is 638.7% above this benchmark. While the company's 10-year median is 4.38 vs. the industry median of 1.94, 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 ROA % for a Manufacturing - Apparel & Accessories company?
The median ROA % among Manufacturing - Apparel & Accessories companies is 1.94, based on 1,070 companies in the industry. Companies in the top quartile (top 25%) have a ROA % significantly above this median, while those in the bottom quartile fall well below. However, ROA % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current ROA % of 14.33% is 638.7% 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 ROA % mean?
A high ROA % can signal that a stock is expensive relative to its fundamentals. Return on assets is the ratio of current-period net income to average two-period total assets. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median ROA % is 1.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current ROA % is 14.33%, which is 227% above median its own 10-year median of 4.38. 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 $36.92 — trading 41% below its estimated fair value. The current ROA % is 14.33%, which is 227% above median its 10-year median of 4.38 and 638.7% above the Manufacturing - Apparel & Accessories industry median of 1.94. 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 ROA % calculated?
ROA % is calculated from a company's financial statements. For On Holding AG (ONON), the current ROA % is 14.33% 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 $36.92 is trading 41% below its estimated GF Value™ of $62.56.
GuruFocus considers On Holding AG to be Significantly Undervalued.
Key valuation signals for ONON:
ROA %: 14.33% (227% above median its 10-year median of 4.38)
GF Value™: $62.56 vs. price of $36.92 (41% below fair value)
Industry Position: 638.7% above the Manufacturing - Apparel & Accessories median (#113 of 1070)
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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