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ONONOn Holding AG
$38.88$13.0B
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ONON logoOn Holding AG(ONON)Earnings, Financials & Key Ratios

ONON•NYSE
53.6× P/E·Price updated Jun 19, 2026
SectorConsumer CyclicalIndustryApparel RetailSub-IndustryAthletic and Performance Apparel 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$2.88B+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%

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

  • ✗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.

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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%
TTM23.48%

Profit CAGR

10 Years-
5 Years-
3 Years49.95%
TTM21.47%

EPS CAGR

10 Years-
5 Years-
3 Years47.7%
TTM23.76%

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

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 12/12 qtrs (100%)
Q2 2026Latest
May 12, 2026
Metric
Actual
Est
EPS
$0.47+39.6%
$0.34
Rev
$1.0B+1.3%
$1.0B
Q2 2026
Mar 3, 2026
Metric
Actual
Est
EPS
$0.31+19.2%
$0.26
Rev
$938M+2.4%
$916M
Q4 2025
Nov 12, 2025
Metric
Actual
Est
EPS
$0.50+53.7%
$0.33
Rev
$999M+4.3%
$957M
Q3 2025
Aug 12, 2025
Metric
Actual
Est
EPS
$0.11-145.6%
$0.24
Rev
$943M+6.4%
$886M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 12, 2026
$0.47vs $0.34+39.6%
$1.0Bvs $1.0B+1.3%
Q2 2026Mar 3, 2026
$0.31vs $0.26+19.2%
$938Mvs $916M+2.4%
Q4 2025Nov 12, 2025
$0.50vs $0.33+53.7%
$999Mvs $957M+4.3%
Q3 2025Aug 12, 2025
$0.11vs $0.24-145.6%
$943Mvs $886M+6.4%
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

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
NKE logoNKENIKE, Inc.Direct Competitor53.83B45.2020.93-9.84%5.43%17.92%0.83
LULU logoLULULululemon Athletica Inc.Direct Competitor12.69B111.778.434.86%13.03%31.26%0.36
DECK logoDECKDeckers Outdoor CorporationDirect Competitor15.15B109.1115.549.4%18.73%40.79%0.15
BIRK logoBIRKBirkenstock Holding plcDirect Competitor8.48B46.1121.4216.22%16.28%12.95%0.48
UAA logoUAAUnder Armour, Inc.Product Competitor2.59B6.06-5.22-3.86%-9.94%-30.13%1.37
CROX logoCROXCrocs, Inc.Product Competitor6.26B125.05-83.37-1.5%-2.58%-7.54%1.25
WWW logoWWWWolverine World Wide, Inc.Product Competitor1.44B17.6015.446.8%5.41%25.91%1.80
COLM logoCOLMColumbia Sportswear CompanyProduct Competitor3.48B66.4620.510.84%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.

Closest Rival

vs NKE

Most directly comparable listed peer for ONON.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare ONON against a more recognizable public peer.

Peer Set

Compare Top 5

vs NKE, LULU, DECK, BIRK

ONON Income Statement

On Holding AG (ONON) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
267.12M425.3M724.6M1.22B1.79B2.32B2.88B3.13B
Revenue Growth %
-59.22%70.37%68.66%46.64%29.36%24.16%23.48%
Cost of Goods Sold
124M194.2M294.3M537.2M724.8M912.6M1.07B1.13B
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%
2B▲ 0%
Gross Margin %
53.58%54.34%59.38%56.04%59.56%60.63%62.83%63.88%
Gross Profit Growth %
-61.48%86.2%59.17%55.83%31.71%28.66%-
Operating Expenses
137.43M248.2M571.4M599.8M887.1M1.19B1.45B1.58B
OpEx % of Revenue
51.45%58.36%78.86%49.08%49.5%51.51%50.32%-
Selling, General & Admin
137.43M248.2M571.4M599.8M855.2M1.19B1.45B1.58B
SG&A % of Revenue
51.45%58.36%78.86%49.08%47.72%51.51%50.32%-
Research & Development
00008.9M000
R&D % of Revenue
----0.5%---
Other Operating Expenses
000023M-100K0100K
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%
419.39M▲ 0%
Operating Margin %
2.13%-4.02%-19.47%6.96%10.06%9.13%12.51%13.39%
Operating Income Growth %
--400.58%-725.15%160.31%111.75%17.43%70.2%-
EBITDA
11.03M-5M-109.7M131.5M206.7M316.2M481.82M554.62M
EBITDA Margin %
4.13%-1.18%-15.14%10.76%11.53%13.64%16.74%17.71%
EBITDA Growth %
--145.33%-2094%219.87%57.19%52.98%52.38%53.72%
D&A (Non-Cash Add-back)
5.34M12.1M31.4M46.4M26.5M104.6M121.67M135.23M
EBIT
3.27M-24.1M-157.2M82.2M179.8M295.4M360.15M287.29M
Net Interest Income
-629.64K-852.3K-3.54M-677.51K190.38K412.3K1.24M-920.57K
Interest Income
0005.52M10.95M24.22M29.51M30.45M
Interest Expense
629.64K852.3K3.54M6.19M10.76M23.81M28.27M31.37M
Other Income/Expense
-2.54M-7.3M-18.5M-7.2M-111.1M68M-164.17M-159.93M
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%
259.46M▲ 0%
Pretax Margin %
1.18%-5.74%-22.03%6.37%3.86%12.06%6.81%8.28%
Income Tax
4.62M3.1M10.6M20.2M-10.5M37.4M1.43M7.28M
Effective Tax Rate %
146.81%-12.7%-6.64%25.93%-15.2%13.38%0.73%2.81%
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%
252.18M▲ 0%
Net Margin %
-0.55%-6.47%-23.49%4.72%4.44%10.45%6.76%8.05%
Net Income Growth %
--1766.94%-518.91%133.9%37.95%204.4%-19.71%21.47%
Net Income (Continuing)
-1.47M-27.5M-170.2M57.7M79.6M242.2M194.54M252.18M
Discontinued Operations
00000000
Minority Interest
00000000
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%
0.75▲ 0%
EPS Growth %
---511.79%132.73%38.89%184%-18.31%23.76%
EPS (Basic)
-0.00-0.09-0.550.180.250.710.59-
Diluted Shares Outstanding
305.73M305.73M311.41M319.78M323.26M338.89M333.86M335.61M
Basic Shares Outstanding
305.73M305.73M311.41M316.74M323.26M338.89M329.5M331.63M
Dividend Payout Ratio
--------

ONON Balance Sheet

On Holding AG (ONON) balance sheet — assets, liabilities & shareholders' equity

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
120.16M282.26M964.6M1.05B1.15B1.76B1.96B2.05B
Cash & Short-Term Investments
17.87M100.51M676.8M397.3M512.4M968M1.02B1.02B
Cash Only
11.93M90.64M653.1M371M494.6M924.3M1.02B1.02B
Short-Term Investments
5.94M9.86M23.7M26.3M17.8M43.7M00
Accounts Receivable
41.42M51.63M99.3M174.6M204.8M246.1M305.75M401.4M
Days Sales Outstanding
56.644.3150.0252.1541.7138.7538.7742.03
Inventory
44.54M102.88M134.2M395.6M356.5M419.2M420.28M404.79M
Days Inventory Outstanding
131.1193.36166.44268.79179.53167.66143.37126.33
Other Current Assets
16.33M22.04M37.8M63M50.6M84.4M217.55M223.63M
Total Non-Current Assets
23.47M100.31M271.9M330.9M441.7M617M873.99M907.68M
Property, Plant & Equipment
15.71M39.72M212.29M228.8M307.5M450.8M643.63M670.19M
Fixed Asset Turnover
17.00x10.71x3.41x5.34x5.83x5.14x4.47x4.95x
Goodwill
1.79M1.79M1.79M1.8M1.8M1.8M053.94M
Intangible Assets
4.12M52.88M55.7M68.5M62.8M56.5M54.26M0
Long-Term Investments
00000000
Other Non-Current Assets
1.85M02.11M31.8M69.6M107.9M00
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%
2.95B▲ 0%
Asset Turnover
1.86x1.11x0.59x0.88x1.12x0.98x1.01x1.13x
Asset Growth %
-166.36%223.21%11.8%15.23%49.2%19.44%96.64%
Total Current Liabilities
65.3M86.36M205M242.7M305.6M660.4M725.22M686.54M
Accounts Payable
16.41M41.54M45.9M111M65.1M166.5M154.98M157.33M
Days Payables Outstanding
48.3178.0856.9375.4232.7866.5952.8750.71
Short-Term Debt
14.84M246K0000138.06M136.59M
Deferred Revenue (Current)
00000000
Other Current Liabilities
9.39M6.39M15.9M40M62.9M152.4M368.92M337.09M
Current Ratio
1.84x3.27x4.71x4.33x3.77x2.66x2.71x2.98x
Quick Ratio
1.16x2.08x4.05x2.70x2.60x2.03x2.13x2.39x
Cash Conversion Cycle
139.39159.59159.53245.52188.46139.82129.27117.65
Total Non-Current Liabilities
13.91M51.11M183.1M170.2M212.9M324.5M479.14M501.8M
Long-Term Debt
200K000002.8M5.78M
Capital Lease Obligations
3.11M19.17M167.2M138.8M190.3M288.5M440.8M1.75B
Deferred Tax Liabilities
0000009.31M26.88M
Other Non-Current Liabilities
10.6M31.94M15.9M31.4M22.6M36M26.23M31.51M
Total Liabilities
79.21M137.48M388.1M412.9M518.5M984.9M1.2B1.19B
Total Debt
20.2M23.73M180.8M160.4M229M347.6M581.66M598.11M
Net Debt
8.27M-66.91M-472.3M-210.6M-265.6M-576.7M-439.4M-419.24M
Debt / Equity
0.31x0.10x0.21x0.17x0.21x0.25x0.36x0.34x
Debt / EBITDA
1.83x--1.22x1.11x1.10x1.21x1.08x
Net Debt / EBITDA
0.75x---1.60x-1.28x-1.82x-0.91x-0.76x
Interest Coverage
5.19x-28.28x-44.40x13.27x16.72x12.41x12.74x9.16x
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%
1.77B▲ 0%
Equity Growth %
-280.5%246.15%14.27%10.83%29.53%17.42%73.92%
Book Value per Share
0.210.802.723.033.324.114.905.26
Total Shareholders' Equity
64.41M245.09M848.4M969.5M1.07B1.39B1.63B1.77B
Common Stock
1.87M2.17M33.5M33.5M33.5M33.7M34.14M34M
Retained Earnings
-191K-27.71M-189.6M-109.1M-21M232.8M383.03M484.45M
Treasury Stock
00-25M-26.1M-26.7M-26.8M-26.73M-26.42M
Accumulated OCI
20.47M95.41M272.6M314.3M331.8M395.2M1.29B515.95M
Minority Interest
00000000

ONON Cash Flow Statement

On Holding AG (ONON) cash flow — operating, investing & free cash flow history

MetricDec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
-5.22M-14.7M16.9M-227M232.1M510.6M322.8M388.79M
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%256.46%
Net Income
-1.47M-27.5M-170.2M57.7M79.6M242.3M194.54M252.18M
Depreciation & Amortization
5.34M12.1M31.4M46.4M64.9M104.6M121.67M135.23M
Stock-Based Compensation
18.84M48.6M192.4M38.3M27.3M57.5M038.1M
Deferred Taxes
4.62M3.1M10.6M20.2M-10.5M37.4M-71.15M-80.53M
Other Non-Cash Items
812K4.7M19.1M-36.2M78.6M-73M240.58M217.73M
Working Capital Changes
-33.36M-55.7M-66.4M-353.4M-7.8M141.8M-162.83M-173.82M
Change in Receivables
-21.48M-13.5M-47M-78.6M-46.9M-30.1M-91.78M-66.39M
Change in Inventory
-12.35M-61.3M-31.8M-273M-10M-27.8M-78.7M-68.45M
Change in Payables
3.15M25.6M4.3M65.8M-44.3M104M-8.79M-7.75M
Cash from Investing
-9.54M-18.6M-36.4M-82.9M-47.1M-64.9M-75.07M-85.46M
Capital Expenditures
-9.22M-11M-24.6M-60.3M-42.8M-60.5M-75.07M-82.46M
CapEx % of Revenue
3.45%2.59%3.4%4.93%2.39%2.61%2.61%2.63%
Acquisitions
-321K0000000
Investments
--------
Other Investing
0-7.6M-11.8M-22.6M-4.3M-4.4M0-3M
Cash from Financing
-690K124.8M595.9M6.3M-21.8M-55.4M-54.44M-75.78M
Debt Issued (Net)
-200K-6.4M-13.3M-15.4M-25.5M-51.3M0-37.3M
Equity Issued (Net)
0133.3M618.3M00200K12.32M5.1M
Dividends Paid
00000000
Share Repurchases
00000000
Other Financing
-490K-2.1M-9.1M21.7M3.7M-4.3M-66.76M-43.57M
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%
138.38M▲ 0%
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%
307.26M▲ 0%
FCF Margin %
-5.4%-7.83%-2.66%-25.37%10.32%19.22%8.8%9.81%
FCF Growth %
--130.69%42.04%-1506.22%159.65%141%-43.18%-12.09%
FCF per Share
-0.05-0.11-0.06-0.970.571.310.760.92
FCF Conversion (FCF/Net Income)
3.54x0.53x-0.10x-3.93x2.92x2.11x1.66x1.22x
Interest Paid
00000000
Taxes Paid
00000000

ONON Key Ratios

On Holding AG (ONON) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric202020212022202320242025TTM
Return on Equity (ROE)
-17.77%-31.13%6.35%7.79%19.65%12.86%15.91%
Return on Invested Capital (ROIC)
-10.22%-38.18%11.25%17.24%19.54%26.88%26.92%
Gross Margin
54.34%59.38%56.04%59.56%60.63%62.83%63.88%
Net Margin
-6.47%-23.49%4.72%4.44%10.45%6.76%8.05%
Debt / Equity
0.10x0.21x0.17x0.21x0.25x0.36x0.34x
Interest Coverage
-28.28x-44.40x13.27x16.72x12.41x12.74x9.16x
FCF Conversion
0.53x-0.10x-3.93x2.92x2.11x1.66x1.22x
Revenue Growth
59.22%70.37%68.66%46.64%29.36%24.16%23.48%
Related:ONON Dividend History·ONON Revenue History·ONON Price History·ONON P/E History·ONON Financial Ratios·ONON Institutional Holders

ONON Frequently Asked Questions

On Holding AG (ONON) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

On Holding AG (ONON) reported $3.13B in revenue for fiscal year 2025. This represents a 1073% 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 $252.2M 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 $307.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in ONON back in 2019?

Total return calculator · dividends reinvested · 7+ years of data

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How much would $100/month in ONON be worth today?

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