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 (-10.22%) and forward P/E quality (10.05x vs 13.44x 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 (+59.96%) than for DECK (+46.07%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- 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 scorei | 35.1 | 55.1 |
| AI ranki | #1713 | #257 |
| Latest closei | $35.19 | $86.58 |
| 1M returni | +31.50% | +11.70% |
| 3M returni | -7.88% | -20.59% |
| 6M returni | -0.65% | -20.08% |
| 1Y returni | -15.08% | -10.22% |
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 | $8.38K (-16.2%) started 2025-10-16 | $8.74K (-12.6%) started 2025-10-16 |
| 5Y ago | $11.7K (+17.0%) started 2021-10-18 | $14.13K (+41.3%) started 2021-10-18 |
| 10Y ago | $10.05K (+0.5%) started 2021-09-15 | $92.88K (+828.8%) started 2016-10-17 |
Hypothetical — past performance does not guarantee future results.
| Metric | ONON | DECK |
|---|---|---|
| Market capi | $9.29B | $11.45B |
| Trailing P/Ei | 19.04 | 11.96 |
| Forward P/Ei | 13.44 | 10.05 |
| Price/Salesi | N/A | N/A |
| EV/Revenuei | 2.67 | 1.88 |
| Analyst targeti | $44.47 | $122.81 |
| Target upsidei | +59.96% | +46.07% |
| Metric | ONON | DECK |
|---|---|---|
| Revenue growthi | 13.50% | 5.70% |
| Earnings growthi | N/A | 1.10% |
| EPS growthi | N/A | +1.10% |
| FCF margini | +8.96% | +15.77% |
| Operating margini | 14.02% | 15.23% |
| Profit margini | 12.30% | 18.36% |
| ROIC proxyi | 23.95% | 42.56% |
| Return on equityi | 23.95% | 42.56% |
| Dividend yieldi | N/A | N/A |
| Payout ratioi | 0.00% | 0.00% |
| Dividend growth streaki | N/A | N/A |
| Betai | 2.12 | 1.17 |
| Debt/equityi | 29.43 | 20.52 |
| Current ratioi | 2.83 | 2.75 |
| Quick ratioi | 2.12 | 1.87 |
Over the past year, ONON and DECK have moved moderately in the same direction (correlation of 0.51), based on daily returns.
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 | Growthi | -16.17% | -12.60% |
| CAGRi | -16.20% | -12.62% | |
| Volatilityi | 48.83% | 44.23% | |
| Sharpe ratioi | -0.21 | -0.19 | |
| Sortino ratioi | -0.28 | -0.28 | |
| Max drawdowni | 47.15% | 35.91% | |
| Current drawdowni | 30.50% | 28.41% | |
| Avg drawdowni | 21.78% | 14.79% | |
| Ulcer Indexi | 25.75% | 17.84% | |
| Max daily dropi | 20.29% | 15.21% | |
| Max wkly dropi | 20.02% | 21.11% | |
| 5Y | Growthi | +17.03% | +41.33% |
| CAGRi | +3.20% | +7.17% | |
| Volatilityi | 56.50% | 44.07% | |
| Sharpe ratioi | 0.26 | 0.28 | |
| Sortino ratioi | 0.38 | 0.40 | |
| Max drawdowni | 68.90% | 65.26% | |
| Current drawdowni | 44.69% | 61.19% | |
| Avg drawdowni | 37.07% | 26.63% | |
| Ulcer Indexi | 41.25% | 34.52% | |
| Max daily dropi | 20.29% | 20.51% | |
| Max wkly dropi | 34.98% | 22.82% | |
| 10Y | Growthi | +0.54% | +828.80% |
| CAGRi | +0.11% | +24.97% | |
| Volatilityi | 56.74% | 42.61% | |
| Sharpe ratioi | 0.20 | 0.63 | |
| Sortino ratioi | 0.30 | 0.92 | |
| Max drawdowni | 68.90% | 65.26% | |
| Current drawdowni | 44.69% | 61.19% | |
| Avg drawdowni | 36.79% | 17.09% | |
| Ulcer Indexi | 40.97% | 25.57% | |
| Max daily dropi | 20.29% | 20.51% | |
| Max wkly dropi | 34.98% | 40.56% |
| Category | ONON | DECK |
|---|---|---|
| Company | On Holding AG | Deckers Brands |
| Sector | Consumer Cyclical | Consumer Cyclical |
| Industry | Footwear & Accessories | Footwear & Accessories |
| 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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