The company maintains a disciplined financial structure with a debt-to-equity ratio of 0.34 and a robust current ratio of 2.98 as of 2026Q1.
| Total Current Assets | 2.05B | 1.96B | 1.76B | 1.15B | 1.05B | 964.6M | 282.26M | 120.16M |
| Cash & Short-Term Investments | 1.02B | 1.02B | 968M | 512.4M | 397.3M | 676.8M | 100.51M | 17.87M |
| Cash Only | 1.02B | 1.02B | 924.3M | 494.6M | 371M | 653.1M | 90.64M | 11.93M |
| Short-Term Investments | 0 | 0 | 43.7M | 17.8M | 26.3M | 23.7M | 9.86M | 5.94M |
| Accounts Receivable | 401.4M | 305.75M | 246.1M | 204.8M | 174.6M | 99.3M | 51.63M | 41.42M |
| Days Sales Outstanding | 42.03 | 38.77 | 38.75 | 41.71 | 52.15 | 50.02 | 44.31 | 56.6 |
| Inventory | 404.79M | 420.28M | 419.2M | 356.5M | 395.6M | 134.2M | 102.88M | 44.54M |
| Days Inventory Outstanding | 126.33 | 143.37 | 167.66 | 179.53 | 268.79 | 166.44 | 193.36 | 131.1 |
| Other Current Assets | 223.63M | 217.55M | 84.4M | 50.6M | 63M | 37.8M | 22.04M | 16.33M |
| Total Non-Current Assets | 907.68M | 873.99M | 617M | 441.7M | 330.9M | 271.9M | 100.31M | 23.47M |
| Property, Plant & Equipment | 670.19M | 643.63M | 450.8M | 307.5M | 228.8M | 212.29M | 39.72M | 15.71M |
| Fixed Asset Turnover | 4.95x | 4.47x | 5.14x | 5.83x | 5.34x | 3.41x | 10.71x | 17.00x |
| Goodwill | 53.94M | 0 | 1.8M | 1.8M | 1.8M | 1.79M | 1.79M | 1.79M |
| Intangible Assets | 0 | 54.26M | 56.5M | 62.8M | 68.5M | 55.7M | 52.88M | 4.12M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 107.9M | 69.6M | 31.8M | 2.11M | 0 | 1.85M |
| Total Assets | 2.95B | 2.84B | 2.38B | 1.59B | 1.38B | 1.24B | 382.57M | 143.63M |
| Asset Turnover | 1.13x | 1.01x | 0.98x | 1.12x | 0.88x | 0.59x | 1.11x | 1.86x |
| Asset Growth % | 96.64% | 19.44% | 49.2% | 15.23% | 11.8% | 223.21% | 166.36% | - |
| Total Current Liabilities | 686.54M | 725.22M | 660.4M | 305.6M | 242.7M | 205M | 86.36M | 65.3M |
| Accounts Payable | 157.33M | 154.98M | 166.5M | 65.1M | 111M | 45.9M | 41.54M | 16.41M |
| Days Payables Outstanding | 50.71 | 52.87 | 66.59 | 32.78 | 75.42 | 56.93 | 78.08 | 48.31 |
| Short-Term Debt | 136.59M | 138.06M | 0 | 0 | 0 | 0 | 246K | 14.84M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 337.09M | 368.92M | 152.4M | 62.9M | 40M | 15.9M | 6.39M | 9.39M |
| Current Ratio | 2.98x | 2.71x | 2.66x | 3.77x | 4.33x | 4.71x | 3.27x | 1.84x |
| Quick Ratio | 2.39x | 2.13x | 2.03x | 2.60x | 2.70x | 4.05x | 2.08x | 1.16x |
| Cash Conversion Cycle | 117.65 | 129.27 | 139.82 | 188.46 | 245.52 | 159.53 | 159.59 | 139.39 |
| Total Non-Current Liabilities | 501.8M | 479.14M | 324.5M | 212.9M | 170.2M | 183.1M | 51.11M | 13.91M |
| Long-Term Debt | 5.78M | 2.8M | 0 | 0 | 0 | 0 | 0 | 200K |
| Capital Lease Obligations | 1.75B | 440.8M | 288.5M | 190.3M | 138.8M | 167.2M | 19.17M | 3.11M |
| Deferred Tax Liabilities | 26.88M | 9.31M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 31.51M | 26.23M | 36M | 22.6M | 31.4M | 15.9M | 31.94M | 10.6M |
| Total Liabilities | 1.19B | 1.2B | 984.9M | 518.5M | 412.9M | 388.1M | 137.48M | 79.21M |
| Total Debt | 598.11M | 581.66M | 347.6M | 229M | 160.4M | 180.8M | 23.73M | 20.2M |
| Net Debt | -419.24M | -439.4M | -576.7M | -265.6M | -210.6M | -472.3M | -66.91M | 8.27M |
| Debt / Equity | 0.34x | 0.36x | 0.25x | 0.21x | 0.17x | 0.21x | 0.10x | 0.31x |
| Debt / EBITDA | 1.08x | 1.21x | 1.10x | 1.11x | 1.22x | - | - | 1.83x |
| Net Debt / EBITDA | -0.76x | -0.91x | -1.82x | -1.28x | -1.60x | - | - | 0.75x |
| Interest Coverage | 9.16x | 12.74x | 12.41x | 16.72x | 13.27x | -44.40x | -28.28x | 5.19x |
| Total Equity | 1.77B | 1.63B | 1.39B | 1.07B | 969.5M | 848.4M | 245.09M | 64.41M |
| Equity Growth % | 73.92% | 17.42% | 29.53% | 10.83% | 14.27% | 246.15% | 280.5% | - |
| Book Value per Share | 5.26 | 4.90 | 4.11 | 3.32 | 3.03 | 2.72 | 0.80 | 0.21 |
| Total Shareholders' Equity | 1.77B | 1.63B | 1.39B | 1.07B | 969.5M | 848.4M | 245.09M | 64.41M |
| Common Stock | 34M | 34.14M | 33.7M | 33.5M | 33.5M | 33.5M | 2.17M | 1.87M |
| Retained Earnings | 484.45M | 383.03M | 232.8M | -21M | -109.1M | -189.6M | -27.71M | -191K |
| Treasury Stock | -26.42M | -26.73M | -26.8M | -26.7M | -26.1M | -25M | 0 | 0 |
| Accumulated OCI | 515.95M | 1.29B | 395.2M | 331.8M | 314.3M | 272.6M | 95.41M | 20.47M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensity of retail
According to the latest quarterly filings, ONON's total assets have surged to $3.0B in 2026Q1 from $1.6B in 2023Q4, reflecting a rapid scaling of the balance sheet that appears driven by aggressive inventory accumulation and the ongoing build-out of the company's global retail footprint.
The consistent growth in total assets relative to equity suggests that the company is increasingly utilizing external financing or reinvested earnings to fund its expansion. Investors should monitor whether this asset growth translates into sustained revenue productivity or if it signals an over-extension of the capital base.
Based on reported figures, ONON maintains a disciplined debt-to-equity ratio of 0.34 as of 2026Q1, indicating that management has successfully utilized modest leverage to support growth without compromising the overall solvency or financial flexibility of the firm's capital structure.
The gradual increase in total debt from $229.0M in 2023Q4 to $598.1M in 2026Q1 appears to be a strategic choice to fund operational scaling rather than a necessity-driven move. This low leverage profile provides a significant buffer against potential interest rate volatility or sector-specific downturns.
As indicated in recent financial statements, net property, plant, and equipment has climbed to $670.2M in 2026Q1, representing a substantial increase from $307.7M in 2023Q4, which highlights the company's transition toward a more capital-intensive, store-based retail model compared to its historical wholesale-only roots.
This shift toward owned retail infrastructure increases the company's fixed-cost burden and requires higher same-store sales to maintain historical margin levels. The trend warrants close observation to ensure that the return on these physical assets justifies the increased depreciation and operational complexity.
As reported in the 2026Q1 balance sheet, the company holds $1.0B in cash, maintaining a current ratio of 2.98, which suggests a robust liquidity position capable of absorbing short-term working capital fluctuations or unexpected supply chain disruptions in the current retail environment.
While the current ratio remains healthy, the decline from 3.77 in 2023Q4 suggests that the company is deploying its cash more aggressively into inventory and fixed assets. This transition from a cash-heavy posture to an asset-heavy one is a critical development for investors to monitor regarding future liquidity.
Quick answers to the most common questions about buying ONON stock.
As of 2025, On Holding AG (ONON) had total assets of $2.84B including $1.96B in current assets.
On Holding AG (ONON) carries total debt of $581.7M, offset by $1.02B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
On Holding AG (ONON) has total shareholders' equity (book value) of $1.63B ($4.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
On Holding AG (ONON) reported a current ratio of 2.71x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.