ONON (On Holding AG) ROCE %: 22.77% (As of Mar. 2026)


ONON On Holding AG ONON
85 GF Score
Price $36.92
GF Value $62.56
Valuation Significantly Undervalued
! 2 Warning Signs
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What is On Holding AG ROCE %?

On Holding AG ONON +5.07% 85 ROCE % is 22.77% as of Mar. 2026. 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.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. On Holding AG's annualized ROCE % for the quarter that ended in Mar. 2026 was 22.77%.

On Holding AG  (NYSE:ONON) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

On Holding AG ROCE % Related Terms

On Holding AG ROCE % Historical Data

* Premium members only.

The historical data trend for On Holding AG's ROCE % 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.

On Holding AG ROCE % Chart

On Holding AG Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
ROCE %
Get a 7-Day Free Trial -23.49 7.53 6.49 19.41 12.46

On Holding AG Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
ROCE % Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 16.06 -9.46 26.52 13.62 22.77
ONON
85GF Score
On Holding AG ONON
ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.
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On Holding AG ROCE % Calculation

On Holding AG's annualized ROCE % for the fiscal year that ended in Dec. 2025 is calculated as:

ROCE %=EBIT/( (Capital Employed+Capital Employed)/ count )
(A: Dec. 2025 )  (A: Dec. 2024 )(A: Dec. 2025 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(A: Dec. 2025 )  (A: Dec. 2024 )(A: Dec. 2025 )
=284.979/( ( (2665.657 - 740.691) + (3558.037 - 909.022) )/ 2 )
=284.979/( (1924.966+2649.015)/ 2 )
=284.979/2286.9905
=12.46 %

On Holding AG's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %=EBIT (1)/( (Capital Employed+Capital Employed)/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=630.508/( ( (3558.037 - 909.022) + (3764.385 - 874.635) )/ 2 )
=630.508/( ( 2649.015 + 2889.75 )/ 2 )
=630.508/2769.3825
=22.77 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT 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.

Frequently Asked Questions Learn more about ROCE % →
What does a ROCE % of 22.77% mean?
On Holding AG (ONON) has a ROCE % of 22.77% as of Mar. 2026.
Is On Holding AG's ROCE % too high?
On Holding AG's current ROCE % is 22.77%. The Manufacturing - Apparel & Accessories industry median ROCE % is 6.14. On Holding AG's value of 22.77% is 270.8% above this industry median. 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 ROCE % compare to DECK and BIRK?
On Holding AG's ROCE % of 22.77% can be compared against companies in the Manufacturing - Apparel & Accessories industry. The industry median ROCE % is 6.14. On Holding AG's value of 22.77% is 270.8% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROCE % for a Manufacturing - Apparel & Accessories company?
The median ROCE % among Manufacturing - Apparel & Accessories companies is 6.14, based on 1,041 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current ROCE % of 22.77% is 270.8% 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 ROCE % mean?
A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Manufacturing - Apparel & Accessories industry, the median ROCE % is 6.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current ROCE % is 22.77%. 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 ROCE % is 22.77% and 270.8% above the Manufacturing - Apparel & Accessories industry median of 6.14. 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 ROCE % calculated?
ROCE % is calculated from a company's financial statements. For On Holding AG (ONON), the current ROCE % is 22.77% 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:

  • ROCE %: 22.77%
  • GF Value™: $62.56 vs. price of $36.92 (41% below fair value)
  • GF Score™: 85/100 with 2 warning signs
  • Industry Position: 270.8% above the Manufacturing - Apparel & Accessories median

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.

On Holding AG Business Description

Address Forrlibuckstrasse 190, Zurich, CHE, 8005
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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ROCE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$36.92
Price
$62.56
GF Value