On Holding AG(ONON)Earnings, Financials & Key Ratios
ONON•NYSE
$36.06
$10.7B mkt cap·48.5× P/E·Price updated May 6, 2026
AboutOn Holding AG develops and distributes sports products worldwide. It offers athletic footwear, apparel, and accessories. The company offers its products through independent retailers and distributors, online, and stores. On Holding AG was founded in 2010 and is headquartered in Zurich, Switzerland.Show more
- Revenue$2.88B+24.2%
- EBITDA$482M+52.4%
- Net Income$195M-19.7%
- EPS (Diluted)0.58-18.3%
- Gross Margin62.83%+3.6%
- EBITDA Margin16.74%+22.7%
- Operating Margin12.51%+37.1%
- Net Margin6.76%-35.3%
- ROE12.86%-34.6%
- ROIC26.88%+37.5%
- Debt/Equity0.36+42.5%
- Interest Coverage12.74+43.4%
ONON Key Insights
On Holding AG (ONON) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong Piotroski F-Score: 7/9
- ✓High quality earnings: Operating CF exceeds net income
- ✓Strong 5Y sales CAGR of 46.6%
- ✓Efficient asset utilization: 1.0x turnover
✗Weaknesses
- ✗Weak momentum: RS Rating 16 (bottom 16%)
- ✗Thin 5Y average net margin of 0.6%
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
ONON Price & Volume
On Holding AG (ONON) stock price & volume — 10-year historical chart
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ONON Growth Metrics
On Holding AG (ONON) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years46.59%
3 Years33.05%
TTM29.77%
Profit CAGR
10 Years-
5 Years-
3 Years49.95%
TTM-16.11%
EPS CAGR
10 Years-
5 Years-
3 Years47.7%
TTM-14.38%
Return on Capital
10 Years4.64%
5 Years6.87%
3 Years15.92%
Last Year18.81%
ONON Recent Earnings
On Holding AG (ONON) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 12/12 qtrs (100%)
Q2 2026Latest
Mar 3, 2026EPS
$0.31
Est $0.26
+19.2%
Revenue
$938M
Est $916M
+2.4%
Q4 2025
Nov 12, 2025EPS
$0.50
Est $0.33
+53.7%
Revenue
$999M
Est $957M
+4.3%
Q3 2025
Aug 12, 2025EPS
$0.11
Est $0.24
-145.6%
Revenue
$943M
Est $886M
+6.4%
Q2 2025
May 13, 2025EPS
$0.23
Est $0.23
+0.2%
Revenue
$853M
Est $769M
+11.0%
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Mar 3, 2026 | $0.31vs $0.26+19.2% | $938Mvs $916M+2.4% |
| Q4 2025 | Nov 12, 2025 | $0.50vs $0.33+53.7% | $999Mvs $957M+4.3% |
| Q3 2025 | Aug 12, 2025 | $0.11vs $0.24-145.6% | $943Mvs $886M+6.4% |
| Q2 2025 | May 13, 2025 | $0.23vs $0.23+0.2% | $853Mvs $769M+11.0% |
Based on last 12 quarters of dataView full earnings history →
ONON Peer Comparison
On Holding AG (ONON) competitors in Athletic and Performance Apparel Brands — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 NKE | 52.26B | 43.88 | 20.31 | -9.84% | 5.43% | 17.92% | 0.83 | |
 LULU | 14.71B | 132.04 | 9.96 | 4.86% | 14.22% | 34.71% | 0.36 | |
 DECK | 14.79B | 103.92 | 16.42 | 16.28% | 19.35% | 39.85% | 0.11 | |
 BIRK | 7.28B | 39.60 | 18.04 | 16.22% | 17.72% | 13.66% | 0.48 | |
 UAA | 1.31B | 6.46 | -13.75 | -9.43% | -10.44% | -36.22% | 0.69 | |
 CROX | 5.29B | 105.75 | -70.50 | -1.5% | -2.58% | -7.54% | 1.25 | |
 WWW | 1.41B | 17.25 | 0.19 | 6.8% | 5.06% | 17.68% | 1.22 | |
 COLM | 3.32B | 63.45 | 19.58 | 0.84% | 4.98% | 10.26% | 0.51 |
Compare ONON vs Peers
On Holding AG (ONON) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ONON Income Statement
On Holding AG (ONON) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Sales/Revenue | 267.12M | 425.3M | 724.6M | 1.22B | 1.79B | 2.32B | 2.88B |
| Revenue Growth % | - | 59.22% | 70.37% | 68.66% | 46.64% | 29.36% | 24.16% |
| Cost of Goods Sold | 124M | 194.2M | 294.3M | 537.2M | 724.8M | 912.6M | 1.07B |
| COGS % of Revenue | 46.42% | 45.66% | 40.62% | 43.96% | 40.44% | 39.37% | 37.17% |
| Gross Profit | 143.12M▲ 0% | 231.1M▲ 61.5% | 430.3M▲ 86.2% | 684.9M▲ 59.2% | 1.07B▲ 55.8% | 1.41B▲ 31.7% | 1.81B▲ 28.7% |
| Gross Margin % | 53.58% | 54.34% | 59.38% | 56.04% | 59.56% | 60.63% | 62.83% |
| Gross Profit Growth % | - | 61.48% | 86.2% | 59.17% | 55.83% | 31.71% | 28.66% |
| Operating Expenses | 137.43M | 248.2M | 571.4M | 599.8M | 887.1M | 1.19B | 1.45B |
| OpEx % of Revenue | 51.45% | 58.36% | 78.86% | 49.08% | 49.5% | 51.51% | 50.32% |
| Selling, General & Admin | 137.43M | 248.2M | 571.4M | 599.8M | 855.2M | 1.19B | 1.45B |
| SG&A % of Revenue | 51.45% | 58.36% | 78.86% | 49.08% | 47.72% | 51.51% | 50.32% |
| Research & Development | 0 | 0 | 0 | 0 | 8.9M | 0 | 0 |
| R&D % of Revenue | - | - | - | - | 0.5% | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 23M | -100K | 0 |
| Operating Income | 5.69M▲ 0% | -17.1M▼ 400.6% | -141.1M▼ 725.1% | 85.1M▲ 160.3% | 180.2M▲ 111.8% | 211.6M▲ 17.4% | 360.15M▲ 70.2% |
| Operating Margin % | 2.13% | -4.02% | -19.47% | 6.96% | 10.06% | 9.13% | 12.51% |
| Operating Income Growth % | - | -400.58% | -725.15% | 160.31% | 111.75% | 17.43% | 70.2% |
| EBITDA | 11.03M | -5M | -109.7M | 131.5M | 206.7M | 316.2M | 481.82M |
| EBITDA Margin % | 4.13% | -1.18% | -15.14% | 10.76% | 11.53% | 13.64% | 16.74% |
| EBITDA Growth % | - | -145.33% | -2094% | 219.87% | 57.19% | 52.98% | 52.38% |
| D&A (Non-Cash Add-back) | 5.34M | 12.1M | 31.4M | 46.4M | 26.5M | 104.6M | 121.67M |
| EBIT | 3.27M | -24.1M | -157.2M | 82.2M | 179.8M | 295.4M | 360.15M |
| Net Interest Income | -629.64K | -852.3K | -3.54M | -677.51K | 190.38K | 412.3K | 1.24M |
| Interest Income | 0 | 0 | 0 | 5.52M | 10.95M | 24.22M | 29.51M |
| Interest Expense | 629.64K | 852.3K | 3.54M | 6.19M | 10.76M | 23.81M | 28.27M |
| Other Income/Expense | -2.54M | -7.3M | -18.5M | -7.2M | -111.1M | 68M | -164.17M |
| Pretax Income | 3.15M▲ 0% | -24.4M▼ 875.3% | -159.6M▼ 554.1% | 77.9M▲ 148.8% | 69.1M▼ 11.3% | 279.6M▲ 304.6% | 195.97M▼ 29.9% |
| Pretax Margin % | 1.18% | -5.74% | -22.03% | 6.37% | 3.86% | 12.06% | 6.81% |
| Income Tax | 4.62M | 3.1M | 10.6M | 20.2M | -10.5M | 37.4M | 1.43M |
| Effective Tax Rate % | 146.81% | -12.7% | -6.64% | 25.93% | -15.2% | 13.38% | 0.73% |
| Net Income | -1.47M▲ 0% | -27.5M▼ 1766.9% | -170.2M▼ 518.9% | 57.7M▲ 133.9% | 79.6M▲ 38.0% | 242.3M▲ 204.4% | 194.54M▼ 19.7% |
| Net Margin % | -0.55% | -6.47% | -23.49% | 4.72% | 4.44% | 10.45% | 6.76% |
| Net Income Growth % | - | -1766.94% | -518.91% | 133.9% | 37.95% | 204.4% | -19.71% |
| Net Income (Continuing) | -1.47M | -27.5M | -170.2M | 57.7M | 79.6M | 242.2M | 194.54M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.00▲ 0% | -0.09▼ 1772.9% | -0.55▼ 511.8% | 0.18▲ 132.7% | 0.25▲ 38.9% | 0.71▲ 184.0% | 0.58▼ 18.3% |
| EPS Growth % | - | - | -511.79% | 132.73% | 38.89% | 184% | -18.31% |
| EPS (Basic) | -0.00 | -0.09 | -0.55 | 0.18 | 0.25 | 0.71 | 0.59 |
| Diluted Shares Outstanding | 305.73M | 305.73M | 311.41M | 319.78M | 323.26M | 338.89M | 333.86M |
| Basic Shares Outstanding | 305.73M | 305.73M | 311.41M | 316.74M | 323.26M | 338.89M | 329.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
ONON Balance Sheet
On Holding AG (ONON) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Total Current Assets | 120.16M | 282.26M | 964.6M | 1.05B | 1.15B | 1.76B | 1.96B |
| Cash & Short-Term Investments | 17.87M | 100.51M | 676.8M | 397.3M | 512.4M | 968M | 1.02B |
| Cash Only | 11.93M | 90.64M | 653.1M | 371M | 494.6M | 924.3M | 1.02B |
| Short-Term Investments | 5.94M | 9.86M | 23.7M | 26.3M | 17.8M | 43.7M | 0 |
| Accounts Receivable | 41.42M | 51.63M | 99.3M | 174.6M | 204.8M | 246.1M | 305.75M |
| Days Sales Outstanding | 56.6 | 44.31 | 50.02 | 52.15 | 41.71 | 38.75 | 38.77 |
| Inventory | 44.54M | 102.88M | 134.2M | 395.6M | 356.5M | 419.2M | 420.28M |
| Days Inventory Outstanding | 131.1 | 193.36 | 166.44 | 268.79 | 179.53 | 167.66 | 143.37 |
| Other Current Assets | 16.33M | 22.04M | 37.8M | 63M | 50.6M | 84.4M | 217.55M |
| Total Non-Current Assets | 23.47M | 100.31M | 271.9M | 330.9M | 441.7M | 617M | 873.99M |
| Property, Plant & Equipment | 15.71M | 39.72M | 212.29M | 228.8M | 307.5M | 450.8M | 643.63M |
| Fixed Asset Turnover | 17.00x | 10.71x | 3.41x | 5.34x | 5.83x | 5.14x | 4.47x |
| Goodwill | 1.79M | 1.79M | 1.79M | 1.8M | 1.8M | 1.8M | 0 |
| Intangible Assets | 4.12M | 52.88M | 55.7M | 68.5M | 62.8M | 56.5M | 54.26M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.85M | 0 | 2.11M | 31.8M | 69.6M | 107.9M | 0 |
| Total Assets | 143.63M▲ 0% | 382.57M▲ 166.4% | 1.24B▲ 223.2% | 1.38B▲ 11.8% | 1.59B▲ 15.2% | 2.38B▲ 49.2% | 2.84B▲ 19.4% |
| Asset Turnover | 1.86x | 1.11x | 0.59x | 0.88x | 1.12x | 0.98x | 1.01x |
| Asset Growth % | - | 166.36% | 223.21% | 11.8% | 15.23% | 49.2% | 19.44% |
| Total Current Liabilities | 65.3M | 86.36M | 205M | 242.7M | 305.6M | 660.4M | 725.22M |
| Accounts Payable | 16.41M | 41.54M | 45.9M | 111M | 65.1M | 166.5M | 154.98M |
| Days Payables Outstanding | 48.31 | 78.08 | 56.93 | 75.42 | 32.78 | 66.59 | 52.87 |
| Short-Term Debt | 14.84M | 246K | 0 | 0 | 0 | 0 | 138.06M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 9.39M | 6.39M | 15.9M | 40M | 62.9M | 152.4M | 368.92M |
| Current Ratio | 1.84x | 3.27x | 4.71x | 4.33x | 3.77x | 2.66x | 2.71x |
| Quick Ratio | 1.16x | 2.08x | 4.05x | 2.70x | 2.60x | 2.03x | 2.13x |
| Cash Conversion Cycle | 139.39 | 159.59 | 159.53 | 245.52 | 188.46 | 139.82 | 129.27 |
| Total Non-Current Liabilities | 13.91M | 51.11M | 183.1M | 170.2M | 212.9M | 324.5M | 479.14M |
| Long-Term Debt | 200K | 0 | 0 | 0 | 0 | 0 | 2.8M |
| Capital Lease Obligations | 3.11M | 19.17M | 167.2M | 138.8M | 190.3M | 288.5M | 440.8M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 9.31M |
| Other Non-Current Liabilities | 10.6M | 31.94M | 15.9M | 31.4M | 22.6M | 36M | 26.23M |
| Total Liabilities | 79.21M | 137.48M | 388.1M | 412.9M | 518.5M | 984.9M | 1.2B |
| Total Debt | 20.2M | 23.73M | 180.8M | 160.4M | 229M | 347.6M | 581.66M |
| Net Debt | 8.27M | -66.91M | -472.3M | -210.6M | -265.6M | -576.7M | -439.4M |
| Debt / Equity | 0.31x | 0.10x | 0.21x | 0.17x | 0.21x | 0.25x | 0.36x |
| Debt / EBITDA | 1.83x | - | - | 1.22x | 1.11x | 1.10x | 1.21x |
| Net Debt / EBITDA | 0.75x | - | - | -1.60x | -1.28x | -1.82x | -0.91x |
| Interest Coverage | 9.04x | -20.06x | -39.86x | 13.74x | 16.75x | 8.89x | 12.74x |
| Total Equity | 64.41M▲ 0% | 245.09M▲ 280.5% | 848.4M▲ 246.2% | 969.5M▲ 14.3% | 1.07B▲ 10.8% | 1.39B▲ 29.5% | 1.63B▲ 17.4% |
| Equity Growth % | - | 280.5% | 246.15% | 14.27% | 10.83% | 29.53% | 17.42% |
| Book Value per Share | 0.21 | 0.80 | 2.72 | 3.03 | 3.32 | 4.11 | 4.90 |
| Total Shareholders' Equity | 64.41M | 245.09M | 848.4M | 969.5M | 1.07B | 1.39B | 1.63B |
| Common Stock | 1.87M | 2.17M | 33.5M | 33.5M | 33.5M | 33.7M | 34.14M |
| Retained Earnings | -191K | -27.71M | -189.6M | -109.1M | -21M | 232.8M | 383.03M |
| Treasury Stock | 0 | 0 | -25M | -26.1M | -26.7M | -26.8M | -26.73M |
| Accumulated OCI | 20.47M | 95.41M | 272.6M | 314.3M | 331.8M | 395.2M | 1.29B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
ONON Cash Flow Statement
On Holding AG (ONON) cash flow — operating, investing & free cash flow history
| Line item | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|
| Cash from Operations | -5.22M | -14.7M | 16.9M | -227M | 232.1M | 510.6M | 322.8M |
| Operating CF Margin % | -1.95% | -3.46% | 2.33% | -18.57% | 12.95% | 22.02% | 11.21% |
| Operating CF Growth % | - | -181.72% | 214.97% | -1443.2% | 202.25% | 119.99% | -36.78% |
| Net Income | -1.47M | -27.5M | -170.2M | 57.7M | 79.6M | 242.3M | 194.54M |
| Depreciation & Amortization | 5.34M | 12.1M | 31.4M | 46.4M | 64.9M | 104.6M | 121.67M |
| Stock-Based Compensation | 18.84M | 48.6M | 192.4M | 38.3M | 27.3M | 57.5M | 0 |
| Deferred Taxes | 4.62M | 3.1M | 10.6M | 20.2M | -10.5M | 37.4M | 0 |
| Other Non-Cash Items | 812K | 4.7M | 19.1M | -36.2M | 78.6M | -73M | 161.98M |
| Working Capital Changes | -33.36M | -55.7M | -66.4M | -353.4M | -7.8M | 141.8M | -155.39M |
| Change in Receivables | -21.48M | -13.5M | -47M | -78.6M | -46.9M | -30.1M | -91.78M |
| Change in Inventory | -12.35M | -61.3M | -31.8M | -273M | -10M | -27.8M | -78.7M |
| Change in Payables | 3.15M | 25.6M | 4.3M | 65.8M | -44.3M | 104M | -8.79M |
| Cash from Investing | -9.54M | -18.6M | -36.4M | -82.9M | -47.1M | -64.9M | -75.07M |
| Capital Expenditures | -9.22M | -11M | -24.6M | -60.3M | -42.8M | -60.5M | -75.07M |
| CapEx % of Revenue | 3.45% | 2.59% | 3.4% | 4.93% | 2.39% | 2.61% | 2.61% |
| Acquisitions | -321K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | -7.6M | -11.8M | -22.6M | -4.3M | -4.4M | 0 |
| Cash from Financing | -690K | 124.8M | 595.9M | 6.3M | -21.8M | -55.4M | -54.44M |
| Debt Issued (Net) | -200K | -6.4M | -13.3M | -15.4M | -25.5M | -51.3M | 0 |
| Equity Issued (Net) | 0 | 1000K | 1000K | 0 | 0 | 200K | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -490K | -2.1M | -9.1M | 21.7M | 3.7M | -4.3M | -66.76M |
| Net Change in Cash | -15.64M▲ 0% | 90.5M▲ 678.6% | 562.5M▲ 521.5% | -282.1M▼ 150.2% | 123.6M▲ 143.8% | 429.7M▲ 247.7% | 212.11M▼ 50.6% |
| Free Cash Flow | -14.44M▲ 0% | -33.3M▼ 130.7% | -19.3M▲ 42.0% | -310M▼ 1506.2% | 184.9M▲ 159.6% | 445.6M▲ 141.0% | 253.18M▼ 43.2% |
| FCF Margin % | -5.4% | -7.83% | -2.66% | -25.37% | 10.32% | 19.22% | 8.8% |
| FCF Growth % | - | -130.69% | 42.04% | -1506.22% | 159.65% | 141% | -43.18% |
| FCF per Share | -0.05 | -0.11 | -0.06 | -0.97 | 0.57 | 1.31 | 0.76 |
| FCF Conversion (FCF/Net Income) | 3.54x | 0.53x | -0.10x | -3.93x | 2.92x | 2.11x | 1.66x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
ONON Key Ratios
On Holding AG (ONON) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -2.29% | -17.77% | -31.13% | 6.35% | 7.79% | 19.65% | 12.86% |
| Return on Invested Capital (ROIC) | 5.87% | -10.22% | -38.18% | 11.25% | 17.24% | 19.54% | 26.88% |
| Gross Margin | 53.58% | 54.34% | 59.38% | 56.04% | 59.56% | 60.63% | 62.83% |
| Net Margin | -0.55% | -6.47% | -23.49% | 4.72% | 4.44% | 10.45% | 6.76% |
| Debt / Equity | 0.31x | 0.10x | 0.21x | 0.17x | 0.21x | 0.25x | 0.36x |
| Interest Coverage | 9.04x | -20.06x | -39.86x | 13.74x | 16.75x | 8.89x | 12.74x |
| FCF Conversion | 3.54x | 0.53x | -0.10x | -3.93x | 2.92x | 2.11x | 1.66x |
| Revenue Growth | - | 59.22% | 70.37% | 68.66% | 46.64% | 29.36% | 24.16% |
ONON Frequently Asked Questions
On Holding AG (ONON) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
On Holding AG (ONON) reported $3.01B in revenue for fiscal year 2025. This represents a 1026% increase from $267.1M in 2019.
On Holding AG (ONON) grew revenue by 24.2% over the past year. This is strong growth.
Yes, On Holding AG (ONON) is profitable, generating $203.3M in net income for fiscal year 2025 (6.8% net margin).
Dividend & Returns
On Holding AG (ONON) has a return on equity (ROE) of 12.9%. This is reasonable for most industries.
On Holding AG (ONON) generated $276.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Explore More ONON
On Holding AG (ONON) financial analysis — history, returns, DCA and operating performance tools
Full ONON Stock Analysis
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Total Return Calculator
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Dollar cost averaging vs lump sum
Dividend History
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Earnings History
EPS trends, net income & profitability
Price History
Long-term charts & historical price data
Revenue History
Sales growth patterns & revenue breakdown
Financial Ratios
30 years of market, efficiency and balance-sheet ratios
Valuation
DCF intrinsic value, peer multiples & estimates