NIKE, Inc. (NKE) vs On Holding AG (ONON)

NIKE, Inc. and On Holding AG are both Footwear & Accessories companies. NIKE, Inc. is the larger, with a market value of $53.6B against $10.1B — 5.3× the size. NIKE, Inc. trades at the lower P/E: 17.0× against 38.3×. On Holding AG grew revenue faster over the last twelve months: 29.2% against 0.19%. On Holding AG has the higher net margin (12.3% vs 6.70%) and the higher return on invested capital (25.0% vs 17.2%). Across the 22 metrics below, On Holding AG leads on 13 and NIKE, Inc. on 9.

Valuation

Metric NKE ONON Footwear & Accessories median
P/E 17.02 38.33 15.26
P/S 1.14 4.69 1.16
P/B 3.56 7.88 2.59
Price to free cash flow 24.22 35.97 12.20
EV/EBITDA 11.28 24.72 8.91
EV/Sales 1.12 4.44 1.24
Earnings yield 5.87% 2.61% 6.11%
Free cash flow yield 4.13% 2.78% 4.85%

Profitability

Metric NKE ONON Footwear & Accessories median
Gross margin 42.91% 64.74% 49.76%
Operating margin 8.18% 13.74% 8.44%
Net margin 6.70% 12.25% 5.64%
Free cash flow margin 4.71% 13.05% 8.18%
Return on equity 22.14% 24.18% 12.45%
Return on assets 8.29% 13.83% 6.15%
Return on invested capital 17.22% 25.00% 9.58%

Growth

Metric NKE ONON Footwear & Accessories median
Revenue growth (TTM) 0.19% 29.22% 3.68%
EPS growth (last fiscal year) (2.78%) (10.54%) —
Revenue growth, 5-year CAGR 0.82% 51.65% 7.17%
Net income growth, 5-year CAGR (11.51%) 0.00% 0.00%

Health

Metric NKE ONON Footwear & Accessories median
Debt to equity 0.53 0.25 0.46
Current ratio 1.96 2.83 1.96
Net debt to EBITDA (0.24) (1.27) 1.00

Dividend

Metric NKE ONON Footwear & Accessories median
Dividend yield 1.37% — 2.20%
Payout ratio 0.42 0.00 0.00

Size

Metric NKE ONON Footwear & Accessories median
Market cap 53.63b 10.05b 614.40m

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