Latest Ratios: P/E Ratio 42.9x · EV/EBITDA 16.3x · ROE 12.9%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.1B | $15.5B | $18.6B | $8.7B | $5.5B | $11.8B | — | — |
| Enterprise Value | $9.5B | $15.1B | $18.0B | $8.5B | $5.3B | $11.3B | — | — |
| P/E Ratio → | 42.93 | 80.14 | 77.14 | 107.88 | 95.33 | — | — | — |
| P/S Ratio | 2.88 | 5.39 | 8.01 | 4.86 | 4.49 | 16.25 | — | — |
| P/B Ratio | 5.09 | 9.50 | 13.34 | 8.11 | 5.66 | 13.88 | — | — |
| P/FCF | 32.78 | 61.29 | 41.65 | 47.15 | — | — | — | — |
| P/OCF | 25.71 | 48.07 | 36.35 | 37.56 | — | 696.70 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.24 | 7.76 | 4.72 | 4.32 | 15.60 | — | — |
| EV / EBITDA | 16.31 | 31.29 | 56.88 | 40.89 | 40.13 | — | — | — |
| EV / EBIT | 21.82 | 67.24 | 60.88 | 47.01 | 64.20 | — | — | — |
| EV / FCF | — | 59.56 | 40.36 | 45.71 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.8% | 62.8% | 60.6% | 59.6% | 56.0% | 59.4% | 54.3% | 53.6% |
| Operating Margin | 12.5% | 12.5% | 9.1% | 10.1% | 7.0% | -19.5% | -4.0% | 2.1% |
| Net Profit Margin | 6.8% | 6.8% | 10.5% | 4.4% | 4.7% | -23.5% | -6.5% | -0.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 12.9% | 12.9% | 19.6% | 7.8% | 6.3% | -31.1% | -17.8% | -2.3% |
| ROA | 7.5% | 7.5% | 12.2% | 5.4% | 4.4% | -21.0% | -10.5% | -1.0% |
| ROIC | 26.9% | 26.9% | 19.5% | 17.2% | 11.2% | -38.2% | -10.2% | 5.9% |
| ROCE | 18.8% | 18.8% | 14.1% | 14.8% | 7.8% | -21.3% | -9.1% | 7.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.36 | 0.36 | 0.25 | 0.21 | 0.17 | 0.21 | 0.10 | 0.31 |
| Debt / EBITDA | 1.21 | 1.21 | 1.10 | 1.11 | 1.22 | — | — | 1.83 |
| Net Debt / Equity | — | -0.27 | -0.41 | -0.25 | -0.22 | -0.56 | -0.27 | 0.13 |
| Net Debt / EBITDA | -0.91 | -0.91 | -1.82 | -1.28 | -1.60 | — | — | 0.75 |
| Debt / FCF | — | -1.74 | -1.29 | -1.44 | — | — | — | — |
| Interest Coverage | 7.93 | 7.93 | 12.41 | 16.72 | 13.27 | -44.40 | -28.28 | 5.19 |
Net cash position: cash ($1.0B) exceeds total debt ($582M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.71 | 2.71 | 2.66 | 3.77 | 4.33 | 4.71 | 3.27 | 1.84 |
| Quick Ratio | 2.13 | 2.13 | 2.03 | 2.60 | 2.70 | 4.05 | 2.08 | 1.16 |
| Cash Ratio | 1.41 | 1.41 | 1.47 | 1.68 | 1.64 | 3.30 | 1.16 | 0.27 |
| Asset Turnover | — | 1.01 | 0.98 | 1.12 | 0.88 | 0.59 | 1.11 | 1.86 |
| Inventory Turnover | 2.55 | 2.55 | 2.18 | 2.03 | 1.36 | 2.19 | 1.89 | 2.78 |
| Days Sales Outstanding | — | 38.77 | 38.75 | 41.71 | 52.15 | 50.02 | 44.31 | 56.60 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.3% | 1.2% | 1.3% | 0.9% | 1.0% | — | — | — |
| FCF Yield | 3.1% | 1.6% | 2.4% | 2.1% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $334M | $339M | $323M | $320M | $311M | $306M | $306M |
Includes 30+ ratios · 7 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ONON stock.
On Holding AG's current P/E ratio is 42.9x. The historical average is 90.1x.
On Holding AG's current EV/EBITDA is 16.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 42.3x.
On Holding AG's return on equity (ROE) is 12.9%. The historical average is -0.6%.
Based on historical data, On Holding AG is trading at a P/E of 42.9x. Compare with industry peers and growth rates for a complete picture.
On Holding AG has 62.8% gross margin and 12.5% operating margin. Operating margin between 10-20% is typical for established companies.
On Holding AG's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Inventory build-up and guidance omission
Gross Margin Expansion Signals Pricing Power
According to recent financial statements, ONON's gross margin reached 65.4% in 2026Q2, up from 61.5% a year earlier, indicating sustained pricing power and a favorable DTC mix shift.
The 390 basis point year-over-year gross margin expansion to 65.4% in 2026Q2, as reported in the latest quarterly data, suggests the brand's premium positioning remains intact despite rising input costs. Operating margin improved to 14.0% from 12.4% over the same period, reflecting operating leverage as SG&A grew slower than revenue. This margin profile, which is exceptional for the footwear industry, appears driven by a high mix of full-price DTC sales and disciplined wholesale distribution, though investors should monitor whether apparel expansion dilutes these levels.
ROIC Volatility Masks Improving Trend
Based on reported figures, ONON's ROIC oscillated between 3.4% and 8.8% over the past ten quarters, with 2026Q2 at 6.8%, suggesting a compounding trajectory despite quarterly noise.
The ten-quarter ROIC series shows a clear upward drift from 3.4% in 2024Q1 to 6.8% in 2026Q2, though quarterly volatility is high, including a dip to 4.0% in 2024Q2. This improvement appears driven by margin expansion rather than asset efficiency, as asset turnover has remained relatively flat around 0.27-0.31. The company's return on capital remains below peers like Deckers (101.4% ROIC) and Lululemon (37.4%), reflecting ONON's earlier stage of scaling and heavier investment in owned retail infrastructure, which may compress returns in the near term before yielding benefits.
Working Capital Drag Intensifies
As reported in financial statements, ONON's cash conversion cycle lengthened to 120 days in 2026Q2 from 115 days a year earlier, driven by rising inventory days on hand at 136.
The cash conversion cycle has deteriorated from 113 days in 2026Q1 to 120 days in 2026Q2, with inventory days on hand climbing to 136 from 122, per the latest quarterly data. This inventory build-up, which outpaces sales growth, may indicate either strategic stockpiling ahead of anticipated demand or a slowdown in sell-through that could pressure the 60%+ gross margin if markdowns become necessary. Days sales outstanding improved to 41 from 46 a year ago, suggesting healthy receivables collection, while days payable outstanding rose to 57, indicating some supplier leverage, but the overall working capital trend warrants close monitoring.
Low Leverage Masks Rising Debt Burden
According to recent SEC filings, ONON's debt-to-equity rose to 0.29 in 2026Q2 from 0.23 in 2024Q1, while interest coverage remains comfortable at 14.36x, indicating manageable but increasing leverage.
Total debt reached $562.5M as of 2026Q2, with debt-to-EBITDA at 4.27x, up from 2.82x in 2024Q3, per reported balance sheet data. Despite the rising leverage, interest coverage of 14.36x in 2026Q2 remains robust, suggesting debt service is not yet a constraint. The increase in debt appears tied to the expansion of owned retail stores and infrastructure, which raises fixed costs and makes the balance sheet more sensitive to same-store sales fluctuations. Investors should monitor whether this leverage trend continues and whether it remains within the company's conservative capital allocation framework.
Ample Liquidity Buffers Seasonal Swings
Based on reported figures, ONON's current ratio stands at 2.83 in 2026Q2 with cash reserves of $1.02B, providing a substantial buffer against operational shocks and seasonal working capital swings.
The current ratio has remained consistently above 2.5 over the past ten quarters, with the quick ratio at 2.25 in 2026Q2, indicating that inventory is not a critical component of short-term liquidity. Cash and equivalents of $1.02B, as reported in the balance sheet, represent roughly 32% of total assets, offering significant flexibility for opportunistic investments or unforeseen downturns. This liquidity position appears robust even under stress scenarios, though the increasing inventory levels could tie up cash if demand softens, potentially reducing the effective buffer.
Misapplied P/E Obscures Growth Trajectory
The trailing P/E of 42.96 appears expensive, but as reported in financial statements, forward P/E of 22.36 and EV/EBITDA of 16.33 suggest the market is pricing in sustained double-digit growth, not current earnings.
The most commonly misapplied ratio for ONON is the trailing P/E, which at 42.96 seems stretched relative to peers like Nike (19.55) and Deckers (13.04). However, this metric fails to capture the company's rapid earnings growth trajectory, as evidenced by the forward P/E of 22.36 and forward EV/EBITDA of 7.63, which are more aligned with growth expectations. Investors should instead focus on EV/Sales (2.89) and forward multiples, which better reflect the company's premium brand positioning and margin expansion potential, while also considering the high volatility in quarterly net income that distorts trailing earnings.