On Holding AG (ONON) is slightly undervalued and Weyco Group Inc (WEYS) is overvalued.
Against our estimates of intrinsic value, ONON trades at the wider discount: a margin of safety of +14%, against -29% for WEYS.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 9.6% (average of 3 methods) values the shares at $36.43; the price of $46.87 is 29% above that value, and 73% of that value comes from beyond year five.
Leak Score 64/100 on 9 of 12 signals
| Metric | ONON | WEYS |
|---|---|---|
| Verdict | Slightly undervalued | Overvalued |
| Price | $29.39 | $46.87 |
| Intrinsic value | $34.31 | $36.43 |
| Margin of safety | +14% | -29% |
| Leak Score | 81/100 (3/12) | 64/100 (9/12) |
| Market cap | $9.7B | $448M |
| Revenue growth, 5 years | 51.6% | 7.2% |
| Operating margin | 13.8% | 15.3% |
| Net margin | 12.3% | 12.4% |
| Return on equity | 24.2% | 13.8% |
| Debt to equity | 0.32 | 0.04 |
| P/E | 19.7x | 12.9x |
| Forward P/E | 14.6x | — |
| P/B | 4.2x | 1.8x |
| Dividend yield | — | 2.4% |