Global data currently points to mixed growth, cooler inflation in several markets, and interest rate expectations that are being reset almost week by week. For investors, that kind of backdrop often rewards patience and discipline, especially when focusing on companies where cash generation and price still appear out of sync. The Undervalued Stocks Based On Cash Flows screener highlights stocks that SWS DCF valuation suggests are trading below their fair value, with cash flows doing more of the talking than headlines. In this article, you will see three of the most compelling stocks from this screener and the reasons they stand out right now.

On Holding (ONON)

Overview: On Holding is a Zurich based sportswear company that designs and sells premium running shoes, performance footwear, apparel and accessories under the On brand, targeting both serious athletes and style conscious everyday customers through a mix of wholesale partners, its own stores and e-commerce.

Operations: On Holding generates almost all of its CHF 3.1b in revenue from athletic footwear, with Asia-Pacific contributing CHF 564.5m.

Market Cap: CHF 12.2b

On Holding catches attention because it blends a premium sportswear brand with a business model that leans heavily on direct to consumer and e-commerce, which can support higher margins and stronger control over pricing and customer relationships. Analysts describe strong earnings and revenue, while Simply Wall St’s cash flow based fair value suggests the stock trades at a discount even with a relatively high P/E. At the same time, the story is not risk free, with reliance on premium pricing, heavy marketing spend and aggressive global expansion that could squeeze margins if demand softens. For investors, the real interest lies in how these ambitions line up with the current valuation and cash flow profile.

On Holding’s premium brand and cash flow story may be stronger than the headline P/E suggests, especially if you compare valuation with growth expectations in detail, so weigh that against the DCF valuation analysis for On Holding

Tenable Holdings (TENB)

Overview: Tenable Holdings is a cybersecurity company that helps organizations understand where they are exposed to cyber risk, using a suite of software platforms to find, measure, and prioritize vulnerabilities across IT systems, cloud environments, identities, web apps, operational technology, and AI use cases.

Operations: Tenable Holdings generates about US$1.0b in revenue from security software and services, with most sales coming from the United States and the rest spread across Europe, the Middle East and Africa, Asia Pacific, and other Americas.

Market Cap: US$4.3b

Tenable Holdings sits at the crossroads of expanding cyber attack surfaces and rising regulatory pressure, which is pushing customers toward unified exposure management platforms that can cover cloud, OT, identity, and now AI security in one place. The company is trading below Simply Wall St’s estimate of its cash flow based fair value, while analysts expect revenue and earnings to grow and see a path to profitability within the next few years, backed by recurring contracts and larger platform deals. At the same time, Tenable still reports losses, leans on higher risk external funding and faces intense competition, so the story hinges on whether its AI driven product rollout, federal wins, and pricing power can outweigh those pressures over time.

Tenable’s push toward unified exposure management, recurring contracts, and a path to profitability is easy to underestimate, especially with the stock trading below cash flow fair value. Take a few minutes with the analyst forecasts for Tenable Holdings to see what expectations might be overlooking right now.

Mobileye Global (MBLY)

Overview: Mobileye Global develops advanced driver assistance systems and autonomous driving platforms that power safety and self driving features in passenger cars, fleets, and future robotaxis worldwide.

Operations: Mobileye Global generates about US$2.0b in revenue, with US$1.98b coming from its core Mobileye segment and the remainder from other activities, spread across automakers and fleet operators in markets including the USA, China, Germany and South Korea.

Market Cap: US$8.1b

Mobileye Global sits at the heart of the shift toward assisted and autonomous driving, with its EyeQ chips and ADAS software already embedded across major automakers and its Mobileye Drive robotaxi platform moving toward commercial rollouts. The stock currently screens as trading well below one estimate of fair value, while analysts project fast revenue growth and a strong rebound in earnings. However, recent results still show a large loss and heavy goodwill impairment, and the business depends entirely on higher risk external funding. If you are weighing that combination of growth potential, capital intensity, and governance questions, the detail behind Mobileye’s ADAS contracts, robotaxi plans, and cash flow profile matters far more than the headlines.

Mobileye Global’s ADAS footprint and robotaxi ambitions could be masking a key gap between today’s pricing and where the business model might settle. Walk through the analysis report for Mobileye Global to see what the current numbers may be hinting at, but not yet fully revealing.

The three stocks covered here are only the starting point, with the full Undervalued Stocks Based On Cash Flows screener surfacing 708 more companies where cash flow potential and discounted valuations set up similarly compelling stories. Use Simply Wall St to unlock that full list, identify the specific catalysts you care about, and analyze the narratives that fit your highest conviction ideas so you can focus on opportunities that align with your own approach.

Take Control of Your Investment Journey

If Tenable Holdings or any of these companies have caught your attention, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value and track any new developments as they happen. Once you've made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates. Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives. By uncovering hidden catalysts and risks early, you'll accelerate your decision-making and stay one step ahead of the market.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.