COMPARE · Reviewed August 7, 2026
FIGS vs ONON
Verdict: Side-by-side breakdown using the Bull Rankings model. FIGS scored 66.9, ONON scored 72.7 — ONON leads.
Compare another set
Different reporting periods. FIGS's fundamentals are as of June 2026, but ONON's are as of December 2025 — a 6-month gap. Growth, margin and valuation figures below therefore describe different windows and aren't strictly like-for-like.
FIGS
FIGS, Inc.
66.9
$14.26 · $2.4B
fundamentals as of
Score gap
5.8
ONON leads
ONON
On Holding AG
72.7
$37.55 · $12.5B
fundamentals as of
The model, pillar by pillar (0–100 each)
FIGS
stronger →← stronger
ONON
69
Qualityreturns · margins · balance sheet
71
100
Growthrevenue & earnings expansion
100
43
Valuevaluation vs sector peers
63
ONON is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
FIGS
ONON
$97mC-
FCF
$388mC
+24.7%A-
Rev
+30.0%A
0.14A
D/E
0.31A-
64.8xD
P/E
40.4xC
3.76D
PEG
0.74A-
Winner per row is the stronger grade in our model; a tie or a missing value shows no highlight.
Valuation · DCF cross-check
FIGS
ONON
16% above
Price vs fair valuelower is cheaper
151% above
~16%/yr
Growth the price implies10-yr FCF · lower = less priced in
~40%/yr
-31%
1-yr DCF upside
-68%
-14%
5-yr DCF upside
-60%
+19%
10-yr DCF upside
-46%
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
FIGS
No notable signals flagged.
ONON
Why this score
- Durable high returns
- Diluting shareholders
- Foreign reporter (CHF)
The companies
FIGSFIGS, Inc.
Why now
Apparel Manufacturing · market cap $2.4b. 18% off the 52-week high of $17.48. Revenue growing +25%, comfortably above the S&P median. 8 sell-side analysts rate this a Buy with a mean 1-yr target of $17.63 (implying +24% upside).
Moat
ROE 14% meets the long-run market sustainable threshold — solid but not differentiated; the durability comes from elsewhere. FCF converts 157% of net income — earnings translate cleanly into cash, a sign that working capital and capex are well-disciplined.
Risk
Trailing P/E 64.8x prices in sustained high growth — any quarter that disappoints triggers sharp re-rating.
ONONOn Holding AG
Why now
Footwear & Accessories · market cap $12.5b. Down 28% from 52-week high of $52.20 — deep drawdown territory. Revenue growing +30% — in hypergrowth territory. PEG 0.74 — paying under fair value for the growth rate. 27 sell-side analysts rate this a Buy with a mean 1-yr target of $52.24 (implying +39% upside).
Moat
ROE 12% meets the long-run market sustainable threshold — solid but not differentiated; the durability comes from elsewhere. FCF converts 126% of net income — earnings translate cleanly into cash, a sign that working capital and capex are well-disciplined.
Risk
Beta 2.12 implies above-market volatility — position-size to the drawdowns this name will produce in a market correction, not to its bull-case return. Trailing P/E 40x sits well above the S&P median (~20x) — multiple compression is a real risk if revenue growth decelerates.
Verdict — model-derived comparison
Generating verdict… typically 5–10 seconds
Not investment advice. The Bull Rankings publishes a quantitative ranking model and accompanying analysis for general informational purposes only. Nothing on this page is a recommendation to buy, sell, or hold any security; nothing is personalized to your circumstances, risk tolerance, or tax situation. Investing carries the risk of loss — invest at your own risk and consider consulting a licensed financial professional before acting on anything you read here. See terms and methodology for full disclosures.