On Holding AG (ONON) vs Wolverine World Wide, Inc. (WWW)

On Holding AG and Wolverine World Wide, Inc. are both Footwear & Accessories companies. On Holding AG is the larger, with a market value of $10.1B against $1.6B — 6.4× the size. Wolverine World Wide, Inc. trades at the lower P/E: 14.8× against 38.3×. On Holding AG grew revenue faster over the last twelve months: 29.2% against 7.16%. On Holding AG has the higher net margin (12.3% vs 5.55%) and the higher return on invested capital (25.0% vs 12.4%). Across the 21 metrics below, On Holding AG leads on 11 and Wolverine World Wide, Inc. on 10.

Valuation

Metric ONON WWW Footwear & Accessories median
P/E 38.33 14.78 15.26
P/S 4.69 0.80 1.16
P/B 7.88 3.34 2.59
Price to free cash flow 35.97 3.58 12.20
EV/EBITDA 24.72 10.14 8.91
EV/Sales 4.44 1.01 1.24
Earnings yield 2.61% 6.76% 6.11%
Free cash flow yield 2.78% 27.94% 4.85%

Profitability

Metric ONON WWW Footwear & Accessories median
Gross margin 64.74% 47.12% 49.76%
Operating margin 13.74% 8.69% 8.44%
Net margin 12.25% 5.55% 5.64%
Free cash flow margin 13.05% 8.97% 8.18%
Return on equity 24.18% 26.03% 12.45%
Return on assets 13.83% 6.15% 6.15%
Return on invested capital 25.00% 12.38% 9.58%

Growth

Metric ONON WWW Footwear & Accessories median
Revenue growth (TTM) 29.22% 7.16% 3.68%
EPS growth (last fiscal year) (10.54%) 96.55% —
Revenue growth, 5-year CAGR 51.65% 0.91% 7.17%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ONON WWW Footwear & Accessories median
Debt to equity 0.25 1.17 0.46
Current ratio 2.83 1.55 1.96
Net debt to EBITDA (1.27) 1.93 1.00

Dividend

Metric ONON WWW Footwear & Accessories median
Dividend yield — 4.72% 2.20%
Payout ratio 0.00 0.21 0.00

Size

Metric ONON WWW Footwear & Accessories median
Market cap 10.05b 1.58b 614.40m

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