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On Holding AGONON -0.47%85 3-Year ROIIC % is 59.37 as of Dec. 2025, which is at its 10-year median of 59.37. GuruFocus rates ONON with a GF Score™ of 85/100 and a GF Value™ of $62.71 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 1,012 Manufacturing - Apparel & Accessories companies, On Holding AG ranks better than 89.13% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
On Holding AG's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 59.37%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for On Holding AG's 3-Year ROIIC % or its related term are showing as below:
On Holding AG (NYSE:ONON) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
On Holding AG 3-Year ROIIC % Related Terms
On Holding AG 3-Year ROIIC % Historical Data
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The historical data trend for On Holding AG's 3-Year ROIIC % 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: 3-Year ROIIC % Comparison
For the Footwear & Accessories subindustry, On Holding AG's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where On Holding AG's 3-Year ROIIC % 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
On Holding AG (ONON) has a 3-Year ROIIC % of 59.37 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on On Holding AG and its competitors. This is near median its historical median of 59.37. Over the past decade, On Holding AG's 3-Year ROIIC % has ranged from 31.06 to 63.52. According to the industry distribution chart, On Holding AG ranks #110 out of 1012 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 10.9%.
Is On Holding AG's 3-Year ROIIC % too high?
On Holding AG's current 3-Year ROIIC % of 59.37 is near median its 10-year median of 59.37. Over the past 10 years, this metric has ranged from a low of 31.06 to a high of 63.52. The Manufacturing - Apparel & Accessories industry median 3-Year ROIIC % is 1.38. On Holding AG's value of 59.37 is 4217.8% above this industry median. Based on the distribution chart, On Holding AG ranks #110 out of 1012 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 3-Year ROIIC % compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #110 out of 1012 companies for 3-Year ROIIC %. This places On Holding AG in the top 11% of its industry — outperforming the majority of peers. The industry median 3-Year ROIIC % is 1.38. On Holding AG's value of 59.37 is 4217.8% above this benchmark. Historically, On Holding AG's own 3-Year ROIIC % has ranged from 31.06 to 63.52 over the past decade. While the company's 10-year median is 59.37 vs. the industry median of 1.38, 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 3-Year ROIIC % for a Manufacturing - Apparel & Accessories company?
The median 3-Year ROIIC % among Manufacturing - Apparel & Accessories companies is 1.38, based on 1,012 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current 3-Year ROIIC % of 59.37 is 4217.8% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median 3-Year ROIIC % is 1.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current 3-Year ROIIC % is 59.37, which is near median its own 10-year median of 59.37. 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 $62.71, compared to a current price of $37.74 — trading 39.8% below its estimated fair value. The current 3-Year ROIIC % is 59.37, which is near median its 10-year median of 59.37 and 4217.8% above the Manufacturing - Apparel & Accessories industry median of 1.38. 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 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For On Holding AG (ONON), the current 3-Year ROIIC % is 59.37 as of Dec. 2025. 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 $37.74 is trading 39.8% below its estimated GF Value™ of $62.71.
GuruFocus considers On Holding AG to be Significantly Undervalued.
Key valuation signals for ONON:
3-Year ROIIC %: 59.37 (near median its 10-year median of 59.37)
GF Value™: $62.71 vs. price of $37.74 (39.8% below fair value)
Industry Position: 4217.8% above the Manufacturing - Apparel & Accessories median (#110 of 1012)
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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