On Holding AG (ONON) P/E Ratio History
Deep ValueTrading at 42.9x · 7th percentile of 5-year range · Significant discount to historical valuation · Data 2022–2026
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P/E Ratio Analysis
As of September 24, 2026, On Holding AG (ONON) trades at a price-to-earnings ratio of 42.9x, with a stock price of $30.16 and trailing twelve-month earnings per share of $1.19.
The current P/E is 56% below its 5-year average of 98.0x. Over the past five years, ONON's P/E has ranged from a low of 29.8x to a high of 260.7x, placing the current valuation at the 7th percentile of its historical range.
Compared to the Consumer Cyclical sector median P/E of 19.1x, ONON trades at a 125% premium to its sector peers. The sector includes 310 companies with P/E ratios ranging from 0.0x to 184.9x.
Relative to the broader market, ONON commands a significant premium over the S&P 500 median P/E of 25.3x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our ONON DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
ONON Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
ONON P/E vs Peers
Athletic and Performance Apparel Brands peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $53B | 17.2 | - | -3% | |
| $12B | 7.7Lowest | 0.32Best | -9% | |
| $11B | 11.2 | 0.44 | +11% | |
| $6B | 14.8 | - | +83% | |
| $2B | 16.8 | - | +97% | |
| $3B | 17.5 | 1.18 | -15% | |
| $5B | 21.1 | - | +231%Best | |
| $2.7T | 34.8 | 1.24 | +30% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
ONON Historical P/E Data (2022–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q2 | - | $35.42 | $1.19 | 29.8x | -70% |
| FY2026 Q1 | - | $34.02 | $0.76 | 44.8x | -54% |
| FY2025 Q4 | Dec 31 2025 | $46.48 | $0.62 | 75.0x | -24% |
| FY2025 Q3 | - | $42.35 | $0.67 | 63.2x | -36% |
| FY2025 Q2 | Jun 30 2025 | $52.05 | $0.40 | 130.1x | +33% |
| FY2025 Q1 | Mar 31 2025 | $43.92 | $0.61 | 71.5x | -27% |
| FY2024 Q4 | - | $54.77 | $0.72 | 75.6x | -23% |
| FY2024 Q3 | Sep 30 2024 | $50.15 | $0.38 | 131.8x | +34% |
| FY2024 Q2 | Jun 30 2024 | $38.80 | $0.48 | 80.7x | -18% |
| FY2024 Q1 | Mar 31 2024 | $35.38 | $0.40 | 89.2x | -9% |
| FY2023 Q4 | Dec 31 2023 | $26.97 | $0.26 | 105.1x | +7% |
| FY2023 Q3 | Sep 30 2023 | $27.82 | $0.26 | 108.4x | +11% |
| FY2023 Q2 | Jun 30 2023 | $33.00 | $0.13 | 260.7x | +166% |
| FY2023 Q1 | Mar 31 2023 | $31.03 | $0.28 | 112.3x | +15% |
| FY2022 Q4 | Dec 31 2022 | $17.16 | $0.19 | 91.9x | -6% |
Average P/E for displayed period: 98.0x
ONON Chart Terminal
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Intrinsic Valuation
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Historical Returns
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Peer Comparison
Compare growth, multiples, and margins vs sector.
ONON — Frequently Asked Questions
Quick answers to the most common questions about buying ONON stock.
What is ONON's P/E ratio?
On Holding AG (ONON) trailing twelve-month P/E ratio is 42.9x, based on TTM diluted EPS of $1.19. The 5-year average P/E is 98.0x and the historical range spans 29.8x to 260.7x.
Is ONON stock overvalued or undervalued?
ONON trades at 42.9x P/E, below its 5-year average of 98.0x. At the 7th percentile of its historical range (29.8x–260.7x), the stock is priced at a discount to its own history.
Is ONON stock expensive?
No, ONON is not expensive on a historical basis. The current P/E of 42.9x is below the 5-year average of 98.0x and sits at the 7th percentile of its valuation range.
What is ONON's historical P/E range?
Over the past 5 years, ONON's P/E ratio has ranged from 29.8x to 260.7x, with a median of 89.2x and an average of 98.0x. The current P/E of 42.9x places the stock at the 7th percentile of this range. Full historical data spans 2022–2026.
How does ONON's P/E compare to the S&P 500?
ONON trades at 42.9x P/E versus the S&P 500 median of 25.3x. The 70% premium to the market typically reflects higher expected earnings growth or quality.
How does ONON's valuation compare to Consumer Cyclical peers?
On Holding AG P/E of 42.9x compares to the Consumer Cyclical sector median of 19.1x. The premium reflects expected growth above peers or stronger fundamentals. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is ONON's PEG ratio?
ONON PEG ratio is N/A, based on a P/E of 42.9x and EPS growth of -18.3%. PEG normalises P/E by growth and helps compare stocks with different earnings trajectories.
What is ONON's earnings yield?
ONON earnings yield is 2.33%, the inverse of its 42.9x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.