Is FMFC or ONON more undervalued in 2026?

CirclFi compares Kandal M Venture Limited (FMFC) and On Holding AG (ONON) using 13 institutional-grade valuation models. FMFC has a Quality of Company score of 1.8/10 while ONON scores 8.5/10.

Which is a better buy — FMFC or ONON?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do FMFC and ONON valuations compare?

FMFC at $0.36 and ONON at $39.75 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

FMFC vs ONON Valuation Comparison 2026 — Intrinsic Value Analysis

FMFC

Footwear & Accessories

Kandal M Venture Limited

Quality

1.8

out of 10

Value Trap

—

Price

$0.36

Last close

Models

12/13

Active

ONON

Footwear & Accessories

On Holding AG

Quality

8.5

out of 10

Value Trap

SAFE

Price

$39.75

Last close

Models

13/13

Active

Model-by-Model Comparison

Model	Type	FMFC Fair Value	FMFC Upside	ONON Fair Value	ONON Upside
Bayesian DCF	Intrinsic	$0.10	-73.5%	$17.99	-54.7%
Earnings Power Value	Intrinsic	$0.03	-93.2%	$15.24	-61.7%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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FMFC vs ONON — Which Stock Is More Undervalued?

ONON scores higher with a 8.5/10 quality rating vs FMFC's 1.8/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Kandal M Venture Limited (FMFC) and On Holding AG (ONON) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

FMFC currently trades at $0.36 with a QOC of 1.8/10, while ONON trades at $39.75 with a QOC of 8.5/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).