On Holding AG (ONON) is slightly undervalued and Wolverine World Wide Inc (WWW) is slightly undervalued.
Against our estimates of intrinsic value, WWW trades at the wider discount: a margin of safety of +18%, against +14% for ONON.
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 12.5% (average of 3 methods) values the shares at $24.27; the price of $19.87 is 18% below that value, and 65% of that value comes from beyond year five.
Leak Score 46/100 on 9 of 12 signals
| Metric | ONON | WWW |
|---|---|---|
| Verdict | Slightly undervalued | Slightly undervalued |
| Price | $29.39 | $19.87 |
| Intrinsic value | $34.31 | $24.27 |
| Margin of safety | +14% | +18% |
| Leak Score | 81/100 (3/12) | 46/100 (9/12) |
| Market cap | $9.7B | $1.6B |
| Revenue growth, 5 years | 51.6% | 0.9% |
| Operating margin | 13.8% | 8.7% |
| Net margin | 12.3% | 5.4% |
| Return on equity | 24.2% | 26.6% |
| Debt to equity | 0.32 | 1.66 |
| P/E | 19.7x | 15.4x |
| Forward P/E | 14.6x | 10.7x |
| P/B | 4.2x | 3.6x |
| Dividend yield | — | 2.0% |