ONON vs DECK Stock Comparison: AI Score, Valuation, Performance and Upside
On Holding is a faster-growing, premium-positioned running brand still expanding its global footprint, while Deckers is a more established multi-brand footwear company with HOKA providing growth alongside the mature UGG brand.
Investors weighing On against Deckers are choosing between a single high-growth brand story and a diversified footwear portfolio that pairs a growth brand with a more seasonal, established one.
DECK holds the edge across 4 of 5 key metrics in this comparison. DECK leads on both 1-year return (-12.43%) and forward P/E quality (10.96x vs 17.88x for ONON), a relatively favorable combination of momentum and valuation. On fundamentals, ONON is growing revenue faster (13.50%), while DECK maintains the higher operating margin (15.23%) — a classic growth-versus-profitability split. Analyst consensus implies meaningfully more upside for ONON (+51.67%) than for DECK (+33.95%).
- Want concentrated exposure to a single fast-growing premium running brand
- Believe in continued international expansion opportunities
- Are comfortable with a shorter public company track record
- Can tolerate currency exposure from a Swiss-based global business
- Prefer diversification across multiple footwear brands
- Want exposure to HOKA's growth alongside the established UGG brand
- Seek a longer operating and profitability track record
- Are comfortable with seasonal swings tied to UGG's lifestyle positioning
| Metric | ONON | DECK |
|---|---|---|
| AI score | 23.6 | 53.4 |
| AI rank | #3510 | #293 |
| Latest close | $30.02 | $91.68 |
| 1M return | -18.09% | -10.53% |
| 6M return | -37.48% | -22.35% |
| 1Y return | -32.66% | -12.43% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | ONON | DECK |
|---|---|---|
| 1Y ago | $6.73K (-32.7%) started 2025-08-21 | $8.76K (-12.4%) started 2025-08-21 |
| 5Y ago | $8.58K (-14.2%) started 2021-09-15 | $12.69K (+26.9%) started 2021-08-23 |
| 10Y ago | $8.58K (-14.2%) started 2021-09-15 | $81.08K (+710.8%) started 2016-08-22 |
Hypothetical — past performance does not guarantee future results.
| Metric | ONON | DECK |
|---|---|---|
| Market cap | $10.03B | $12.49B |
| Trailing P/E | 20.28 | 13.04 |
| Forward P/E | 17.88 | 10.96 |
| Price/Sales | 3.12 | 2.26 |
| EV/Revenue | 2.90 | 2.06 |
| Analyst target | $45.53 | $122.81 |
| Target upside | +51.67% | +33.95% |
| Metric | ONON | DECK |
|---|---|---|
| Revenue growth | 13.50% | 5.70% |
| Earnings growth | N/A | 1.10% |
| EPS growth | N/A | +1.10% |
| FCF margin | +8.96% | +15.77% |
| Operating margin | 14.02% | 15.23% |
| Profit margin | 12.30% | 18.36% |
| ROIC proxy | 23.95% | 42.56% |
| Return on equity | 23.95% | 42.56% |
| Dividend yield | 0.00% | 0.00% |
| Beta | 2.12 | 1.17 |
| Debt/equity | 29.43 | 20.52 |
| Current ratio | 2.83 | 2.75 |
| Quick ratio | 2.12 | 1.87 |
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | ONON | DECK |
|---|---|---|---|
| 1Y | Growth | -32.66% | -12.43% |
| CAGR | -32.68% | -12.44% | |
| Sharpe ratio | -0.65 | -0.17 | |
| Max drawdown | 40.94% | 35.81% | |
| Max daily drop | 20.29% | 15.21% | |
| Max wkly drop | 20.02% | 21.11% | |
| 5Y | Growth | -14.23% | +26.89% |
| CAGR | -3.06% | +4.88% | |
| Sharpe ratio | 0.15 | 0.23 | |
| Max drawdown | 68.90% | 64.35% | |
| Max daily drop | 20.29% | 20.51% | |
| Max wkly drop | 34.98% | 22.82% | |
| 10Y | Growth | -14.23% | +710.85% |
| CAGR | -3.06% | +23.29% | |
| Sharpe ratio | 0.15 | 0.60 | |
| Max drawdown | 68.90% | 64.35% | |
| Max daily drop | 20.29% | 20.51% | |
| Max wkly drop | 34.98% | 40.56% |
| Category | ONON | DECK |
|---|---|---|
| Company | On Holding AG | Deckers Brands |
| Sector | Footwear & Apparel | Footwear & Apparel |
| Industry | N/A | N/A |
| Core business | On is a Swiss athletic footwear and apparel company known for its cushioned running shoes and a premium brand positioning, sold through both retail partners and direct channels. | Deckers owns a portfolio of footwear brands, most notably HOKA performance running shoes and UGG casual and lifestyle footwear, sold globally through wholesale and direct-to-consumer channels. |
| Investor focus | Watch international expansion progress and whether the brand can sustain premium pricing and growth as it scales beyond its running-shoe roots. | Watch the growth trajectory of HOKA alongside the seasonal, more mature UGG brand, and overall direct-to-consumer sales mix. |
- Strong brand momentum and premium positioning in performance running
- Growing international presence, particularly in North America and Asia
- Expanding product lines beyond running into broader athletic and lifestyle apparel
- Diversified brand portfolio spanning performance and lifestyle footwear
- HOKA has become a significant growth driver within the running category
- Established, profitable operating history with strong brand equity in UGG
- Smaller scale and shorter public track record than larger footwear incumbents
- Reliant on continued brand momentum in a trend-sensitive category
- Exposure to foreign currency fluctuations given its Swiss base and global sales
- UGG's seasonal and trend-dependent sales can create revenue volatility
- Competition intensifying in the performance running category from On and others
- Reliance on wholesale partners alongside direct-to-consumer growth efforts
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