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On Holding AG (ONON) 10-Year Financial Performance & Capital Metrics

ONON • • Industrial / General
Consumer CyclicalApparel RetailFootwear-Focused RetailersAthletic & Performance Footwear Brands
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 $2.32B +29.4%
  • EBITDA $316M +53.0%
  • Net Income $242M +204.4%
  • EPS (Diluted) 0.71 +184.0%
  • Gross Margin 60.63% +1.8%
  • EBITDA Margin 13.64% +18.3%
  • Operating Margin 9.13% -9.2%
  • Net Margin 10.45% +135.3%
  • ROE 19.65% +152.3%
  • ROIC 19.54% +13.4%
  • Debt/Equity 0.25 +17.2%
  • Interest Coverage 8.89 -47.0%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓FCF machine: 19.2% free cash flow margin
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 54.1%

✗Weaknesses

  • ✗Expensive at 11.2x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y54.06%
3Y47.35%
TTM33.26%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM78.02%

EPS CAGR

10Y-
5Y-
3Y-
TTM76.08%

ROCE

10Y Avg2.28%
5Y Avg1.28%
3Y Avg12.26%
Latest14.09%

Peer Comparison

Athletic & Performance Footwear Brands
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
ONONOn Holding AG13.65B46.0064.7929.36%7.8%14.55%3.27%0.25
LULULululemon Athletica Inc.23B205.0114.0010.07%16.38%40.7%6.88%0.36
BIRDAllbirds, Inc.23.7M4.18-0.35-25.31%-51.9%-160.55%0.53

Profit & Loss

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+267.12M425.3M724.6M1.22B1.79B2.32B
Revenue Growth %-0.59%0.7%0.69%0.47%0.29%
Cost of Goods Sold+124M194.2M294.3M537.2M724.8M912.6M
COGS % of Revenue0.46%0.46%0.41%0.44%0.4%0.39%
Gross Profit+143.12M231.1M430.3M684.9M1.07B1.41B
Gross Margin %0.54%0.54%0.59%0.56%0.6%0.61%
Gross Profit Growth %-0.61%0.86%0.59%0.56%0.32%
Operating Expenses+137.43M248.2M571.4M599.8M887.1M1.19B
OpEx % of Revenue0.51%0.58%0.79%0.49%0.5%0.52%
Selling, General & Admin137.43M248.2M571.4M599.8M855.2M1.19B
SG&A % of Revenue0.51%0.58%0.79%0.49%0.48%0.52%
Research & Development00008.9M0
R&D % of Revenue----0%-
Other Operating Expenses000023M-100K
Operating Income+5.69M-17.1M-141.1M85.1M180.2M211.6M
Operating Margin %0.02%-0.04%-0.19%0.07%0.1%0.09%
Operating Income Growth %--4.01%-7.25%1.6%1.12%0.17%
EBITDA+11.03M-5M-109.7M131.5M206.7M316.2M
EBITDA Margin %0.04%-0.01%-0.15%0.11%0.12%0.14%
EBITDA Growth %--1.45%-20.94%2.2%0.57%0.53%
D&A (Non-Cash Add-back)5.34M12.1M31.4M46.4M26.5M104.6M
EBIT3.27M-24.1M-157.2M82.2M179.8M295.4M
Net Interest Income+-629.64K-852.3K-3.54M-677.51K190.38K412.3K
Interest Income0005.52M10.95M24.22M
Interest Expense629.64K852.3K3.54M6.19M10.76M23.81M
Other Income/Expense-2.54M-7.3M-18.5M-7.2M-111.1M68M
Pretax Income+3.15M-24.4M-159.6M77.9M69.1M279.6M
Pretax Margin %0.01%-0.06%-0.22%0.06%0.04%0.12%
Income Tax+4.62M3.1M10.6M20.2M-10.5M37.4M
Effective Tax Rate %-0.47%1.13%1.07%0.74%1.15%0.87%
Net Income+-1.47M-27.5M-170.2M57.7M79.6M242.3M
Net Margin %-0.01%-0.06%-0.23%0.05%0.04%0.1%
Net Income Growth %--17.67%-5.19%1.34%0.38%2.04%
Net Income (Continuing)-1.47M-27.5M-170.2M57.7M79.6M242.2M
Discontinued Operations000000
Minority Interest000000
EPS (Diluted)+-0.00-0.09-0.550.180.250.71
EPS Growth %---5.12%1.33%0.39%1.84%
EPS (Basic)-0.00-0.09-0.550.180.250.71
Diluted Shares Outstanding305.73M305.73M311.41M319.78M323.26M338.89M
Basic Shares Outstanding305.73M305.73M311.41M316.74M323.26M338.89M
Dividend Payout Ratio------

Balance Sheet

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+120.16M282.26M964.6M1.05B1.15B1.76B
Cash & Short-Term Investments17.87M100.51M676.8M397.3M512.4M968M
Cash Only11.93M90.64M653.1M371M494.6M924.3M
Short-Term Investments5.94M9.86M23.7M26.3M17.8M43.7M
Accounts Receivable41.42M51.63M99.3M174.6M204.8M246.1M
Days Sales Outstanding56.644.3150.0252.1541.7138.75
Inventory44.54M102.88M134.2M395.6M356.5M419.2M
Days Inventory Outstanding131.1193.36166.44268.79179.53167.66
Other Current Assets16.33M22.04M37.8M63M50.6M84.4M
Total Non-Current Assets+23.47M100.31M271.9M330.9M441.7M617M
Property, Plant & Equipment15.71M39.72M212.29M228.8M307.5M450.8M
Fixed Asset Turnover17.00x10.71x3.41x5.34x5.83x5.14x
Goodwill1.79M1.79M1.79M1.8M1.8M1.8M
Intangible Assets4.12M52.88M55.7M68.5M62.8M56.5M
Long-Term Investments000000
Other Non-Current Assets1.85M02.11M31.8M69.6M107.9M
Total Assets+143.63M382.57M1.24B1.38B1.59B2.38B
Asset Turnover1.86x1.11x0.59x0.88x1.12x0.98x
Asset Growth %-1.66%2.23%0.12%0.15%0.49%
Total Current Liabilities+65.3M86.36M205M242.7M305.6M660.4M
Accounts Payable16.41M41.54M45.9M111M65.1M166.5M
Days Payables Outstanding48.3178.0856.9375.4232.7866.59
Short-Term Debt14.84M246K0000
Deferred Revenue (Current)000000
Other Current Liabilities9.39M6.39M15.9M40M62.9M152.4M
Current Ratio1.84x3.27x4.71x4.33x3.77x2.66x
Quick Ratio1.16x2.08x4.05x2.70x2.60x2.03x
Cash Conversion Cycle139.39159.59159.53245.52188.46139.82
Total Non-Current Liabilities+13.91M51.11M183.1M170.2M212.9M324.5M
Long-Term Debt200K00000
Capital Lease Obligations3.11M19.17M167.2M138.8M190.3M288.5M
Deferred Tax Liabilities000000
Other Non-Current Liabilities10.6M31.94M15.9M31.4M22.6M36M
Total Liabilities79.21M137.48M388.1M412.9M518.5M984.9M
Total Debt+20.2M23.73M180.8M160.4M229M347.6M
Net Debt8.27M-66.91M-472.3M-210.6M-265.6M-576.7M
Debt / Equity0.31x0.10x0.21x0.17x0.21x0.25x
Debt / EBITDA1.83x--1.22x1.11x1.10x
Net Debt / EBITDA0.75x---1.60x-1.28x-1.82x
Interest Coverage9.04x-20.06x-39.86x13.74x16.75x8.89x
Total Equity+64.41M245.09M848.4M969.5M1.07B1.39B
Equity Growth %-2.8%2.46%0.14%0.11%0.3%
Book Value per Share0.210.802.723.033.324.11
Total Shareholders' Equity64.41M245.09M848.4M969.5M1.07B1.39B
Common Stock1.87M2.17M33.5M33.5M33.5M33.7M
Retained Earnings-191K-27.71M-189.6M-109.1M-21M232.8M
Treasury Stock00-25M-26.1M-26.7M-26.8M
Accumulated OCI20.47M95.41M272.6M314.3M331.8M395.2M
Minority Interest000000

Cash Flow

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-5.22M-14.7M16.9M-227M232.1M510.6M
Operating CF Margin %-0.02%-0.03%0.02%-0.19%0.13%0.22%
Operating CF Growth %--1.82%2.15%-14.43%2.02%1.2%
Net Income-1.47M-27.5M-170.2M57.7M79.6M242.3M
Depreciation & Amortization5.34M12.1M31.4M46.4M64.9M104.6M
Stock-Based Compensation18.84M48.6M192.4M38.3M27.3M57.5M
Deferred Taxes4.62M3.1M10.6M20.2M-10.5M37.4M
Other Non-Cash Items812K4.7M19.1M-36.2M78.6M-73M
Working Capital Changes-33.36M-55.7M-66.4M-353.4M-7.8M141.8M
Change in Receivables-21.48M-13.5M-47M-78.6M-46.9M-30.1M
Change in Inventory-12.35M-61.3M-31.8M-273M-10M-27.8M
Change in Payables3.15M25.6M4.3M65.8M-44.3M104M
Cash from Investing+-9.54M-18.6M-36.4M-82.9M-47.1M-64.9M
Capital Expenditures-9.22M-11M-24.6M-60.3M-42.8M-60.5M
CapEx % of Revenue0.03%0.03%0.03%0.05%0.02%0.03%
Acquisitions------
Investments------
Other Investing0-7.6M-11.8M-22.6M-4.3M-4.4M
Cash from Financing+-690K124.8M595.9M6.3M-21.8M-55.4M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid000000
Share Repurchases------
Other Financing-490K-2.1M-9.1M21.7M3.7M-4.3M
Net Change in Cash------
Free Cash Flow+-14.44M-33.3M-19.3M-310M184.9M445.6M
FCF Margin %-0.05%-0.08%-0.03%-0.25%0.1%0.19%
FCF Growth %--1.31%0.42%-15.06%1.6%1.41%
FCF per Share-0.05-0.11-0.06-0.970.571.31
FCF Conversion (FCF/Net Income)3.54x0.53x-0.10x-3.93x2.92x2.11x
Interest Paid000000
Taxes Paid000000

Key Ratios

Metric201920202021202220232024
Return on Equity (ROE)-2.29%-17.77%-31.13%6.35%7.79%19.65%
Return on Invested Capital (ROIC)5.87%-10.22%-38.18%11.25%17.24%19.54%
Gross Margin53.58%54.34%59.38%56.04%59.56%60.63%
Net Margin-0.55%-6.47%-23.49%4.72%4.44%10.45%
Debt / Equity0.31x0.10x0.21x0.17x0.21x0.25x
Interest Coverage9.04x-20.06x-39.86x13.74x16.75x8.89x
FCF Conversion3.54x0.53x-0.10x-3.93x2.92x2.11x
Revenue Growth-59.22%70.37%68.66%46.64%29.36%

Revenue by Segment

2021202220232024
Shoes683.29M1.17B1.71B2.2B
Shoes Growth-70.86%46.59%28.53%
Apparel36.34M47.3M68.9M101M
Apparel Growth-30.15%45.67%46.59%
Accessories4.96M7.4M11.8M17.7M
Accessories Growth-49.19%59.46%50.00%

Revenue by Geography

2021202220232024
Americas--1.16B1.48B
Americas Growth---27.37%
UNITED STATES--1.08B1.37B
UNITED STATES Growth---26.39%
Europe, Middle East And Africa--488.7M577.8M
Europe, Middle East And Africa Growth---18.23%
Asia Pacific42.73M80.2M141.1M260.2M
Asia Pacific Growth-87.69%75.94%84.41%
SWITZERLAND55.1M51.5M46M38.7M
SWITZERLAND Growth--6.54%-10.68%-15.87%
North America409.53M738.5M--
North America Growth-80.33%--
Europe260.36M354.3M--
Europe Growth-36.08%--
Rest Of The World11.97M49.1M--
Rest Of The World Growth-310.09%--

Frequently Asked Questions

Valuation & Price

On Holding AG (ONON) has a price-to-earnings (P/E) ratio of 64.8x. This suggests investors expect higher future growth.

Growth & Financials

On Holding AG (ONON) reported $2.88B in revenue for fiscal year 2024. This represents a 977% increase from $267.1M in 2019.

On Holding AG (ONON) grew revenue by 29.4% over the past year. This is strong growth.

Yes, On Holding AG (ONON) is profitable, generating $224.3M in net income for fiscal year 2024 (10.5% net margin).

Dividend & Returns

On Holding AG (ONON) has a return on equity (ROE) of 19.6%. This is reasonable for most industries.

On Holding AG (ONON) generated $345.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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