Birkenstock Holding Plc (BIRK) is undervalued and On Holding AG (ONON) is slightly undervalued.
Against our estimates of intrinsic value, BIRK trades at the wider discount: a margin of safety of +44%, against +14% for ONON.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.4% (average of 3 methods) values the shares at $56.39; the price of $31.68 is 44% below that value, and 76% of that value comes from beyond year five.
Leak Score 68/100 on 3 of 12 signals
Discounting its cash flows at 13.2% (average of 3 methods) values the shares at $34.31; the price of $29.39 is 14% below that value, and 65% of that value comes from beyond year five.
Leak Score 81/100 on 3 of 12 signals
| Metric | BIRK | ONON |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $31.68 | $29.39 |
| Intrinsic value | $56.39 | $34.31 |
| Margin of safety | +44% | +14% |
| Leak Score | 68/100 (3/12) | 81/100 (3/12) |
| Market cap | $5.6B | $9.7B |
| Revenue growth, 5 years | 19.1% | 51.6% |
| Operating margin | 24.5% | 13.8% |
| Net margin | 14.8% | 12.3% |
| Return on equity | 12.4% | 24.2% |
| Debt to equity | 0.69 | 0.32 |
| P/E | 14.8x | 19.7x |
| Forward P/E | 11.2x | 14.6x |
| P/B | 1.8x | 4.2x |