On Holding AG (ONON) Financial Ratios
7 years of historical data (2019–2025) · Consumer Cyclical · Apparel - Retail
EV/EBITDA
↓
20.85
↓-51% vs avg
5yr avg: 42.30
30Y Low31.3·High56.9
P/FCF
↑
41.41
↓-17% vs avg
5yr avg: 50.03
30Y Low41.7·High61.3
P/B Ratio
↓
6.43
↓-36% vs avg
5yr avg: 10.10
30Y Low5.7·High13.9
ROE
↑
12.9%
↓+314% vs avg
5yr avg: 3.1%
30Y Low-31%·High20%
Debt/EBITDA
↓
1.21
+4% vs avg
5yr avg: 1.16
30Y Low1.1·High1.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ONON Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
On Holding AG trades at 54.2x earnings, 40% below its 5-year average of 90.1x, sitting at the 0th percentile of its historical range. Compared to the Consumer Cyclical sector median P/E of 21.2x, the stock trades at a premium of 156%. On a free-cash-flow basis, the stock trades at 41.4x P/FCF, 17% below the 5-year average of 50.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.0B | $15.5B | $18.6B | $8.7B | $5.5B | $11.8B | — | — |
| Enterprise Value | $12.4B | $15.1B | $18.0B | $8.5B | $5.3B | $11.3B | — | — |
| P/E Ratio → | 54.23 | 80.14 | 77.14 | 107.88 | 95.33 | — | — | — |
| P/S Ratio | 3.64 | 5.39 | 8.01 | 4.86 | 4.49 | 16.25 | — | — |
| P/B Ratio | 6.43 | 9.50 | 13.34 | 8.11 | 5.66 | 13.88 | — | — |
| P/FCF | 41.41 | 61.29 | 41.65 | 47.15 | — | — | — | — |
| P/OCF | 32.48 | 48.07 | 36.35 | 37.56 | — | 696.70 | — | — |
P/E links to full P/E history page with 30-year chart
ONON EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
On Holding AG's enterprise value stands at 20.8x EBITDA, 51% below its 5-year average of 42.3x. The Consumer Cyclical sector median is 12.2x, placing the stock at a 71% premium on an enterprise-value basis.
| 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 | 20.85 | 31.29 | 56.88 | 40.89 | 40.13 | — | — | — |
| EV / EBIT | 27.89 | 41.87 | 60.88 | 47.01 | 64.20 | — | — | — |
| EV / FCF | — | 59.56 | 40.36 | 45.71 | — | — | — | — |
ONON Profitability
Margins and return-on-capital ratios measuring operating efficiency
On Holding AG earns an operating margin of 12.5%, above the Consumer Cyclical sector average of 2.0%. Operating margins have expanded from 10.1% to 12.5% over the past 3 years, signaling improving operational efficiency. ROE of 12.9% is modest. ROIC of 26.9% represents excellent returns on invested capital versus a sector median of 5.2%.
Margins
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% |
Return on Capital
| 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% |
ONON Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
On Holding AG carries a Debt/EBITDA ratio of 1.2x, which is manageable (75% below the sector average of 4.8x). The company holds a net cash position — cash of $1.0B exceeds total debt of $582M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 12.7x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 | 12.74 | 12.74 | 12.41 | 16.72 | 13.27 | -44.40 | -28.28 | 5.19 |
Net cash position: cash ($1.0B) exceeds total debt ($582M)
ONON Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
On Holding AG's current ratio of 2.71x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.13x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has declined from 3.77x to 2.71x over the past 3 years.
| 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 |
ONON Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
On Holding AG does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 1.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 1.2% | 1.3% | 0.9% | 1.0% | — | — | — |
| FCF Yield | 2.4% | 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 |
Peer Comparison
Compare ONON with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 ONONYou | $13B | 54.2 | 20.8 | 41.4 | 62.8% | 12.5% | 12.9% | 26.9% | 1.2 |
 NKE | $54B | 20.9 | 12.7 | 16.5 | 42.7% | 8.0% | 23.3% | 16.7% | 2.4 |
 LULU | $13B | 8.4 | 4.7 | 13.8 | 56.6% | 19.9% | 34.0% | 37.4% | 0.7 |
 DECK | $15B | 15.5 | 10.3 | 13.8 | 56.1% | 22.8% | 40.9% | 100.0% | 0.3 |
 BIRK | $8B | 21.5 | 12.7 | 25.7 | 59.1% | 26.2% | 13.0% | 11.3% | 2.0 |
 UAA | $3B | -5.2 | 56.8 | — | 45.5% | -0.7% | -30.0% | -0.9% | 26.1 |
 CROX | $6B | -83.4 | 8.0 | 9.5 | 57.0% | 22.0% | -5.2% | 21.7% | 1.7 |
 WWW | $1B | 15.4 | 10.9 | 11.9 | 47.0% | 8.0% | 25.9% | 11.6% | 4.2 |
 COLM | $3B | 20.5 | 15.0 | 16.1 | 50.2% | 6.0% | 10.2% | 8.0% | 3.3 |
 VFC | $7B | 27.1 | 12.3 | 13.4 | 54.8% | 6.3% | 15.3% | 7.3% | 5.6 |
 AMZN | $2.6T | 34.1 | 18.5 | 341.6 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
| Consumer Cyclical Median | — | 21.2 | 12.2 | 15.6 | 36.2% | 2.0% | 5.3% | 5.2% | 4.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 7 years · Updated daily
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ONON — Frequently Asked Questions
Quick answers to the most common questions about buying ONON stock.
What is On Holding AG's P/E ratio?
On Holding AG's current P/E ratio is 54.2x. The historical average is 90.1x.
What is On Holding AG's EV/EBITDA?
On Holding AG's current EV/EBITDA is 20.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 42.3x.
What is On Holding AG's ROE?
On Holding AG's return on equity (ROE) is 12.9%. The historical average is -0.6%.
Is ONON stock overvalued?
Based on historical data, On Holding AG is trading at a P/E of 54.2x. Compare with industry peers and growth rates for a complete picture.
What are On Holding AG's profit margins?
On Holding AG has 62.8% gross margin and 12.5% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does On Holding AG have?
On Holding AG's Debt/EBITDA ratio is 1.2x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.