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 $57.1B against $10.8B — 5.3× the size. NIKE, Inc. trades at the lower P/E: 18.5× against 43.2×. On Holding AG grew revenue faster over the last twelve months: 29.2% against −1.18%. On Holding AG has the higher net margin (12.3% vs 6.74%) and the higher return on invested capital (25.0% vs 15.9%). 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 18.49 43.18 15.84
P/S 1.25 5.29 1.13
P/B 3.77 8.87 3.19
Price to free cash flow 27.24 40.52 12.42
EV/EBITDA 12.47 28.02 10.14
EV/Sales 1.24 5.03 1.24
Earnings yield 5.41% 2.32% 5.41%
Free cash flow yield 3.67% 2.47% 4.92%

Profitability

Metric NKE ONON Footwear & Accessories median
Gross margin 43.07% 64.74% 49.08%
Operating margin 8.19% 13.74% 8.69%
Net margin 6.74% 12.25% 5.72%
Free cash flow margin 4.59% 13.05% 8.58%
Return on equity 21.56% 24.18% 13.13%
Return on assets 8.23% 13.83% 6.28%
Return on invested capital 15.93% 25.00% 10.98%

Growth

Metric NKE ONON Footwear & Accessories median
Revenue growth (TTM) (1.18%) 29.22% (0.32%)
EPS growth (last fiscal year) (2.78%) (10.54%) 12.95%
Revenue growth, 5-year CAGR 0.82% 51.65% 9.43%
Net income growth, 5-year CAGR (11.51%) 0.00% 0.00%

Health

Metric NKE ONON Footwear & Accessories median
Debt to equity 0.52 0.25 0.49
Current ratio 2.07 2.83 2.26
Net debt to EBITDA (0.24) (1.27) 0.38

Dividend

Metric NKE ONON Footwear & Accessories median
Dividend yield 4.24% — 1.94%
Payout ratio 0.79 — 0.37

Size

Metric NKE ONON Footwear & Accessories median
Market cap 57.07b 10.80b 1.10b

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