On Holding AGHAM:49G +0.77%66 ROE % is 24.57% as of Mar. 2026, which is 289% above its 10-year median of 6.31. 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 1,025 Manufacturing - Apparel & Accessories companies, On Holding AG ranks better than 86.54% on this metric.
ROE % is calculated as Net Income divided by its average Total Stockholders Equity over a certain period of time. On Holding AG's annualized net income for the quarter that ended in Mar. 2026 was €454 Mil. On Holding AG's average Total Stockholders Equity over the quarter that ended in Mar. 2026 was €1,848 Mil. Therefore, On Holding AG's annualized ROE % for the quarter that ended in Mar. 2026 was 24.57%.
The historical rank and industry rank for On Holding AG's ROE % or its related term are showing as below:
HAM:49G'
s ROE % Range Over the Past 10 Years
Min: -30.87 Med: 6.31 Max: 19.39
Current: 16.51
During the past 7 years, On Holding AG's highest ROE % was 19.39%. The lowest was -30.87%. And the median was 6.31%.
ROE % measures the rate of return on the ownership interest (shareholder's equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' equity (also known as net assets or assets minus liabilities). ROE % shows how well a company uses investment funds to generate earnings growth. ROE %s between 15% and 20% are considered desirable.
The factors that affect a company's ROE % can be illustrated with the three-step DuPont Analysis:
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. The same rule applies to Pre-Tax Income and Operating Income.
* In the five-step DuPont Analysis, Operating Income is only available for non-financial companies. Thus, for Insurance companies, we use EBIT as a substitution of Operating Income. For Banks, both Operating Income and EBIT is unavailable. Thus we combined Interest Burden and Operating Margin % into Pretax Margin %, and the DuPont Analysis is divided into four components instead.
* 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
Net Income is used.
Because a company can increase its ROE % by having more financial leverage, it is important to watch the equity multiplier when investing in high ROE % companies. Like ROA %, ROE % is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their ROE %s can be extremely high.
On Holding AG ROE % Related Terms
On Holding AG ROE % Historical Data
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The historical data trend for On Holding AG's ROE % 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 ROE %, along with its competitors' market caps and ROE % 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 ROE % vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's ROE % distribution charts can be found below:
* The bar in red indicates where On Holding AG's ROE % 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 ROE %, the net income of the last fiscal year and the average total shareholder equity 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.
ROE % is displayed in the 30-year financial page.
On Holding AG (HAM:49G) has a ROE % of 24.57% as of Mar. 2026. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on On Holding AG and its competitors. This is 289% above median its historical median of 6.31. According to the industry distribution chart, On Holding AG ranks #138 out of 1025 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 13.5%.
Is On Holding AG's ROE % too high?
On Holding AG's current ROE % of 24.57% is 289% above median its 10-year median of 6.31. The Manufacturing - Apparel & Accessories industry median ROE % is 4.13. On Holding AG's value of 24.57% is 494.9% above this industry median. Based on the distribution chart, On Holding AG ranks #138 out of 1025 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 ROE % compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #138 out of 1025 companies for ROE %. This places On Holding AG in the top 14% of its industry — outperforming the majority of peers. The industry median ROE % is 4.13. On Holding AG's value of 24.57% is 494.9% above this benchmark. While the company's 10-year median is 6.31 vs. the industry median of 4.13, 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 ROE % for a Manufacturing - Apparel & Accessories company?
The median ROE % among Manufacturing - Apparel & Accessories companies is 4.13, based on 1,025 companies in the industry. Companies in the top quartile (top 25%) have a ROE % significantly above this median, while those in the bottom quartile fall well below. However, ROE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current ROE % of 24.57% is 494.9% 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 ROE % mean?
A high ROE % can signal that a stock is expensive relative to its fundamentals. Return on equity is the ratio of current-period net income to average two-period total equity. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median ROE % is 4.13 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current ROE % is 24.57%, which is 289% above median its own 10-year median of 6.31. 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 ROE % is 24.57%, which is 289% above median its 10-year median of 6.31 and 494.9% above the Manufacturing - Apparel & Accessories industry median of 4.13. 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 ROE % calculated?
ROE % is calculated from a company's financial statements. For On Holding AG (HAM:49G), the current ROE % is 24.57% 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:
ROE %: 24.57% (289% above median its 10-year median of 6.31)
GF Value™: €53.38 vs. price of €31.50 (41% below fair value)
Industry Position: 494.9% above the Manufacturing - Apparel & Accessories median (#138 of 1025)
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
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