On Holding AGHAM:49G +0.77%66 Altman Z-Score is 7.08 as of Jun. 25, 2026, which is 30% below its 10-year median of 10.10. 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 1,034 Manufacturing - Apparel & Accessories companies, On Holding AG ranks better than 88.49% on this metric.
The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Good Sign:
Altman Z-score of 7.01 is strong.
On Holding AG has a Altman Z-Score of 7.08, indicating it is in Safe Zones. This implies the Altman Z-Score is strong.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
The historical rank and industry rank for On Holding AG's Altman Z-Score or its related term are showing as below:
HAM:49G'
s Altman Z-Score Range Over the Past 10 Years
Min: 6.24 Med: 10.1 Max: 17.45
Current: 7.01
During the past 7 years, On Holding AG's highest Altman Z-Score was 17.45. The lowest was 6.24. And the median was 10.10.
On Holding AG (HAM:49G) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
Altman Z-Score does not apply to financial companies.
On Holding AG Altman Z-Score Related Terms
On Holding AG Altman Z-Score Historical Data
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The historical data trend for On Holding AG's Altman Z-Score 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.
HAM:49G vs DECK, BIRK, CROX: Altman Z-Score Comparison
For the Footwear & Accessories subindustry, On Holding AG's Altman Z-Score, along with its competitors' market caps and Altman Z-Score 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 Altman Z-Score vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, On Holding AG's Altman Z-Score distribution charts can be found below:
* The bar in red indicates where On Holding AG's Altman Z-Score falls into.
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
On Holding AG's Altman Z-Score for today is calculated with this formula:
Z
=
1.2
*
X1
+
1.4
*
X2
+
3.3
*
X3
+
0.6
*
X4
+
1.0
*
X5
=
1.2
*
0.4605
+
1.4
*
0.164
+
3.3
*
0.0931
+
0.6
*
8.2589
+
1.0
*
1.0319
=
7.08
* 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. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
On Holding AG (HAM:49G) has a Altman Z-Score of 7.08 as of Jun. 25, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on On Holding AG and its competitors. This is 30% below median its historical median of 10.10. Over the past decade, On Holding AG's Altman Z-Score has ranged from 6.24 to 17.45. According to the industry distribution chart, On Holding AG ranks #119 out of 1034 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 11.5%.
Is On Holding AG's Altman Z-Score too high?
On Holding AG's current Altman Z-Score of 7.08 is 30% below median its 10-year median of 10.10. Over the past 10 years, this metric has ranged from a low of 6.24 to a high of 17.45. The Manufacturing - Apparel & Accessories industry median Altman Z-Score is 2.51. On Holding AG's value of 7.08 is 182.1% above this industry median. Based on the distribution chart, On Holding AG ranks #119 out of 1034 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 Altman Z-Score compare to DECK and BIRK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, On Holding AG ranks #119 out of 1034 companies for Altman Z-Score. This places On Holding AG in the top 12% of its industry — outperforming the majority of peers. The industry median Altman Z-Score is 2.51. On Holding AG's value of 7.08 is 182.1% above this benchmark. Historically, On Holding AG's own Altman Z-Score has ranged from 6.24 to 17.45 over the past decade. While the company's 10-year median is 10.10 vs. the industry median of 2.51, 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 Altman Z-Score for a Manufacturing - Apparel & Accessories company?
The median Altman Z-Score among Manufacturing - Apparel & Accessories companies is 2.51, based on 1,034 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. On Holding AG's current Altman Z-Score of 7.08 is 182.1% 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 Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on On Holding AG and its competitors. For the Manufacturing - Apparel & Accessories industry, the median Altman Z-Score is 2.51 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. On Holding AG's current Altman Z-Score is 7.08, which is 30% below median its own 10-year median of 10.10. 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 Altman Z-Score is 7.08, which is 30% below median its 10-year median of 10.10 and 182.1% above the Manufacturing - Apparel & Accessories industry median of 2.51. 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 Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For On Holding AG (HAM:49G), the current Altman Z-Score is 7.08 as of Jun. 25, 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:
Altman Z-Score: 7.08 (30% below median its 10-year median of 10.10)
GF Value™: €53.38 vs. price of €31.50 (41% below fair value)
Industry Position: 182.1% above the Manufacturing - Apparel & Accessories median (#119 of 1034)
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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