ADDYY vs ONON: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: ADDYY is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ADDYY and ONON share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ADDYY and ONON exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

adidas AG designs and sells athletic footwear, apparel and accessories under the adidas brand, from performance football boots and running shoes to lifestyle franchises such as the Samba, Gazelle and Spezial terrace silhouettes. Headquartered in Herzogenaurach, Germany, it sells through wholesale partners, its own stores and a large e-commerce business across Europe, North America, Greater China, Latin America and Asia-Pacific, and it holds marquee sponsorships including the national football teams of Germany, Argentina and Spain. Footwear is roughly 60% of sales, and nearly all production is outsourced to contract factories in Asia, chiefly Vietnam, Indonesia and China. The group sold its Reebok business in 2022 and now runs essentially a single-brand model, which concentrates both the upside of a hot product cycle and the downside of a cold one. The 2023 end of the Yeezy partnership, which left hundreds of millions of euros of inventory to be sold down over two years, is the event that set the low point from which the current recovery is measured.

Full ADDYY guide

On Holding AG designs and sells performance running shoes, apparel and accessories under the On brand. It was founded in Zurich in 2010 by Olivier Bernhard, a former duathlon world champion, alongside David Allemann and Caspar Coppetti, around a specific idea: hollow rubber pods in the outsole (CloudTec) that compress on landing and lock for push-off. Shoes are still the overwhelming majority of the business, roughly 92 percent of first-quarter 2026 sales, with apparel and accessories the rest. On sells through two channels: wholesale partners such as specialty running retailers and sporting goods chains at about 61 percent of sales, and direct-to-consumer through on.com and its own stores at about 39 percent. Geographically the Americas is still the largest region at roughly 54 percent of sales, EMEA about 25 percent, and Asia-Pacific just over 20 percent and rising fast. Production is outsourced, with roughly 90 percent of footwear made in Vietnam and the remainder in Indonesia, though On has begun operating its own robot-run LightSpray factories in Zurich and Busan. Roger Federer has been a shareholder and product collaborator since 2019, and the THE ROGER line is the brand's main tennis-adjacent lifestyle franchise.

Full ONON guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ADDYY drivers: Brand momentum and the turnaround; Margin recovery toward a 10% operating margin.
• ONON drivers: Full-price selling that keeps lifting gross margin; Asia-Pacific has become the growth engine.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Sportswear is fashion-sensitive, and the lifestyle franchises that powered the recovery could cool as quickly as they heated up, leaving inventory and markdown pressure behind. For ONON, the most concrete risk is the deceleration itself: guidance of at least 23 percent constant-currency growth for 2026 is a sharp step down from 35.6 percent in 2025, and the Americas, still more than half the business, grew only 3.1 percent on a reported basis in the first quarter and slowed to roughly 13 percent in constant currency in the second, with analysts flagging maturing wholesale door growth.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick ADDYY if you believe its drivers more; ONON if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ADDYY and ONON guides.

ADDYY. adidas trades at a modest discount to its own five-year history and roughly in line with European consumer peers, reflecting margins that remain below the company's past peak despite record sales. The next catalyst is the third-quarter 2026 report, scheduled for around October 29, 2026, where investors will focus on second-half growth (guided to roughly 6%), tariff refunds and early 2027 commentary. Figures are approximate and drawn from public reports and data providers, which differ slightly in timing and currency. Converted to ADR terms at the one-half ratio, the multiples are identical to the Frankfurt line, since both represent the same economic claim on adidas earnings.

ONON. These figures reflect the second quarter of 2026 and Yahoo Finance market data as of October 16, 2026; third-quarter results are expected around November 11, 2026, with consensus near CHF 931 million of sales. On reports in Swiss francs while the shares trade in dollars, so constant-currency growth has run about eight to twelve points above reported growth in 2026. The stock trades near 3.6 times sales and about 22.6 times EV/EBITDA, with roughly CHF 1.2 billion of cash against about CHF 563 million of lease liabilities, no dividend, and a buyback authorization of up to $1 billion through 2029.

Headline figures (approximate, October 2026): ADDYY shows revenue (ttm) ~€26 billion, q2 2026 revenue ~€6.7 billion (+~14% currency-neutral), fy2026 operating profit guidance ~€2.3 billion, market cap ~€27 billion; ONON shows net sales (ttm) ~CHF 3.22B, net sales (q2 2026) ~CHF 850.3M, up ~13.5% reported, ~21.6% constant currency, gross margin (q2 2026) ~65.4% (vs ~61.5% a year earlier), FY2026 guide ~64.5%+, net income (ttm) ~CHF 396M, a margin of roughly 12%.

ADDYY and ONON are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ADDYY and ONON exposure against your real portfolio. It is not an investment adviser.