On vs Deckers

This page compares On Holding AG and Deckers Outdoor Corp, outlining their business models, financial performance, and market context in a neutral, accessible way. Educational content, not financial advice.

This page compares On Holding AG and Deckers Outdoor Corp, outlining their business models, financial performance, and market context in a neutral, accessible way. Educational content, not financial a...

Comparison Snapshot

Key Financial Metrics

ONON

Metric

DECK

$15.34B

Market Cap

$14.76B

34.75%

Potential Profit

15.77%

Buy

Analyst Rating

Buy

Investment Analysis

On

ONON

Pros

On Holding AG has demonstrated rapid global expansion in performance running and lifestyle categories, leveraging influencer marketing and premium positioning to capture younger demographics.
The company operates in the high-growth activewear segment, benefiting from continued consumer interest in health, fitness, and outdoor activities across both North America and Europe.
On Holding AG maintains a capital-efficient business model with a strong direct-to-consumer channel and selective wholesale distribution, supporting healthy gross margins relative to peers.

Considerations

On Holding AG’s stock has underperformed recently, with share price down nearly 30% over the past year, reflecting higher volatility and investor concerns over execution or valuation.
The company faces intense competition from established global sportswear brands and newer entrants, which may pressure pricing power and market share gains.
On Holding AG’s relatively short public market history and narrower product diversification increase sensitivity to shifts in athletic footwear trends or consumer preferences.

Deckers

DECK

Pros

Deckers Outdoor Corp boasts a diversified brand portfolio including UGG, HOKA, and Teva, each with distinct customer bases and growth trajectories, reducing reliance on any single product line.
The company has delivered industry-leading profitability metrics, with robust returns on assets and equity supported by disciplined cost management and premium brand positioning.
Deckers maintains a strong balance sheet with high liquidity ratios and virtually no debt, providing flexibility to invest in growth initiatives or weather economic downturns.

Considerations

Deckers’ share price remains significantly below its 52-week high, reflecting recent underperformance and potential concerns about the sustainability of growth rates for core brands in a slowing consumer environment.
The company’s core UGG brand faces weather-related and seasonal sales volatility, which can lead to uneven quarterly results and inventory management challenges during warmer periods.
Valuation multiples for Deckers, while lower than some peers, may already reflect much of the positive growth story, leaving limited upside if execution falters or macro conditions deteriorate further.

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