FIGS vs ONON

For growth investors, On Holding AG (ONON) is the stronger pick with 24.

2% revenue growth year-over-year, versus 13. 6% for FIGS, Inc. (FIGS). On Holding AG (ONON) offers the better valuation at 47. 9x trailing P/E (26. 8x forward), making it the more compelling value choice. Analysts rate FIGS, Inc. (FIGS) a "Buy" — based on 15 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, On Holding AG (ONON) is the cheapest at 47.

9x versus FIGS, Inc. at 80. 9x. On forward P/E, On Holding AG is actually cheaper at 26. 8x.

Over the past 5 years, On Holding AG (ONON) delivered a total return of +1.

9%, compared to -48. 8% for FIGS, Inc. (FIGS). Over 10 years, the gap is even starker: ONON returned +0. 7% versus FIGS's -61. 3%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), FIGS, Inc.

(FIGS) is the lower-risk stock at 0. 97β versus On Holding AG's 1. 60β — meaning ONON is approximately 64% more volatile than FIGS relative to the S&P 500. On balance sheet safety, FIGS, Inc. (FIGS) carries a lower debt/equity ratio of 14% versus 36% for On Holding AG — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), On Holding AG (ONON) is pulling ahead at 24.

2% versus 13. 6% for FIGS, Inc. (FIGS). On earnings-per-share growth, the picture is similar: FIGS, Inc. grew EPS 1158% year-over-year, compared to -18. 3% for On Holding AG. Over a 3-year CAGR, ONON leads at 33. 1% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

On Holding AG (ONON) is the more profitable company, earning 6.

8% net margin versus 5. 4% for FIGS, Inc. — meaning it keeps 6. 8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ONON leads at 12. 5% versus 6. 0% for FIGS. At the gross margin level — before operating expenses — FIGS leads at 66. 5%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

On forward earnings alone, On Holding AG (ONON) trades at 26.

8x forward P/E versus 47. 5x for FIGS, Inc. — 20. 7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ONON: 55. 6% to $55. 46.

None of the stocks in this comparison currently pay a material dividend.

All are effectively zero-yield and should be held for capital appreciation rather than income.

For long-horizon retirement investors, FIGS, Inc.

(FIGS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 97)). On Holding AG (ONON) carries a higher beta of 1. 60 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (FIGS: -61. 3%, ONON: +0. 7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Consumer Cyclical sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: FIGS is a small-cap quality compounder stock; ONON is a mid-cap high-growth stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.