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On Holding AG

ONON Consumer Cyclical Footwear & Accessories

On Holding AG’s revenue for fiscal 2025 (year ended December 2025) was $3.6 billion, up 38.1% from fiscal 2024. In the quarter to June 2026, revenue grew 18.5%, EPS grew 368.3%, free cash flow grew 151.5% and total debt rose 16.0%, each against the same quarter a year earlier. Revenue growth for five consecutive years; insiders bought in the last twelve months.

33.78 0.98 +2.99%
Market cap
$10.8B
P/E
43.2×
Fwd P/E
22.6×
Dividend yield
—
F-score
6/9
Altman Z
14.41
Beneish M
−2.37
Dividend safety
n/a
Overview Business Profile Financial Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions trades per month

Total buys 10.58
Total sells 1.00
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — 3 — — 2 — —
Sell — — — — 2 4 — 1 — — 2 —
Insider Ownership 64.58%

Capital & Financial Ratios $m

Market Cap 10,800.00
Revenue 4,058.92
Net Income 490.28
Free Cash Flow 529.61
Net Debt (1,023.75)
Current Ratio 2.83 (at or above 1.5: strong)
Debt/Equity 0.25 (at or below 0.5: strong)
P/E ratio 43.18 (above 35: high)
Fwd P/E 22.60
P/S ratio 5.29
P/B ratio 8.87 (above 6: high)
Past 5Y EPS Growth —
This Y EPS Growth 78.05% (at or above 15%: strong)
Next Y EPS Growth 18.40% (at or above 15%: strong)
Next Y revenue growth 16.38% (at or above 10%: strong)
Next 5Y EPS Growth 38.12% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.0×, against a ten-year median of 9.7×; over the ten years it ranged from 4.2× in 2026 to 22.4× in 2021.
P/E against its own 10 years 4.89%
10-year low 10-year high
P/S against its own 10 years 4.23%
10-year low 10-year high
P/B against its own 10 years 5.90%
10-year low 10-year high
EV/Sales against its own 10 years 4.31%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2025 Powerpack
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 589 1,114 1,302 1,624
Receivables 228 280 369 473
Inventory 397 476 507 598
Other 68 129 191 205
1,282 1,999 2,369 2,901
2023 2024 2025 Q'26
Payables 73 189 187 267
ST’ Debt — — — —
Other 242 423 513 544
340 750 874 1,025

Compound Annual Growth %

10y 5y 3y
Sales — 51.65% 41.63%
Cash Flow — 0.00% 0.00%
Earnings — 0.00% 59.61%
Book Value — 49.78% 24.71%

Earnings Trends EPS, adjusted, against the consensus

Jun 2026 Estimate 0.44 Actual 0.44

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Sep 2025 0.34 0.50 Beat by 0.16
Dec 2025 0.26 0.31 Beat by 0.05
Mar 2026 0.35 0.47 Beat by 0.12
Jun 2026 0.44 0.44 Met by 0.00
Sep 2026 0.50 — Reports 10 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.20 0.21 — — —
’25 0.10 (0.08) 0.23 0.13 0.38
’24 0.16 0.05 0.05 0.16 0.42
’23 0.07 0.01 0.10 — 0.14
’22 0.02 0.08 0.03 (0.04) 0.09
’21 — 0.01 0.02 — (0.37)
’20 — (0.11) — 0.02 (0.11)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,062 1,076 — — —
’25 808 908 993 929 3,638
’24 581 628 735 690 2,633
’23 454 494 544 — 1,996
’22 255 302 340 384 1,281
’21 — 347 238 445 793
’20 — 177 — 279 454
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 37 286 — — —
’25 (13) 121 200 126 434
’24 93 110 192 185 580
’23 (1) 4 122 — 259
’22 (68) (62) (32) (75) (238)
’21 — 33 (42) (16) 19
’20 — (2) — (16) (16)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 13 250 — — —
’25 (27) 99 173 94 339
’24 82 92 169 164 506
’23 (11) (8) 112 — 206
’22 (86) (73) (55) (111) (325)
’21 — 22 (60) (16) (21)
’20 — (2) — (27) (36)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low — — — — — 28.10 15.44 16.60 25.78 34.38 +5.2% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High — — — — — 55.87 40.22 37.08 60.12 64.05 +3.5% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees — — — — 883 1,158 1,701 2,353 3,254 3,963 +35.0% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m — — — 0.00 0.51 0.68 0.75 0.85 0.81 0.92 n/m ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue — — — 269 454 793 1,281 1,996 2,633 3,638 +54.4% 4,234 5,035 5,951 +17.8%
Gross margin, % — — — 52.04 54.34 59.38 56.04 59.56 60.63 62.83 +10.8 pt
EBT — — — 3 (26) (175) 82 77 318 248 +108.7%
EBT margin, % — — — 1.12 (5.75) (22.02) 6.37 3.86 12.06 6.81 +5.7 pt
Net income — 0 — (1) (29) (186) 60 89 275 246 n/m
Depreciation — — — 5 13 34 49 72 119 154 +74.9%
Per share, $
Per share, $ Revenue — — — 0.88 1.71 1.57 2.04 3.17 4.15 5.73 +36.7%
Earnings — — — 0.00 (0.11) (0.37) 0.10 0.14 0.43 0.39 n/m
Cash flow — — — (0.02) (0.06) 0.04 (0.38) 0.41 0.92 0.68 n/m
Capex — — — 0.00 (0.07) (0.08) (0.14) (0.08) (0.12) (0.15) n/m
Free cash flow — — — (0.02) (0.13) (0.04) (0.52) 0.33 0.80 0.53 n/m
Book value — — — 0.22 0.98 1.84 1.62 1.90 2.49 3.10 +55.6%
Shares, m — — — 306 266 506 628 630 634 635 +12.9%
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 177.26 185.83 126.14 120.07 87.0
P/S — — — 0.00 0.00 9.00 8.37 8.99 13.18 8.11 6.8
P/B — — — 36.30 36.30 12.65 10.54 13.62 21.96 14.98 20.9
EV/Sales — — — 0.00 0.00 8.59 8.15 8.81 12.89 7.90 6.6
EV/FCF — — — 0.00 0.00 (273.57) (32.14) (876.75) 67.02 84.79 (147.2)
Cash, $m
Cash, $m Operating cash flow — — — (6) (16) 19 (238) 259 580 434 n/m
Capex — — — (9) (20) (40) (87) (53) (74) (95) +47.3%
Free cash flow — — — (6) (36) (21) (325) 206 506 339 n/m
Balance, $m
Balance, $m Working capital — — — 57 209 831 848 942 1,249 1,494 +72.4%
Total debt — — — 20 22 184 150 — 328 531 +72.7%
Net debt — — — 8 (93) (563) (274) (589) (786) (771) n/m
Shareholders’ equity — — — 67 261 928 1,016 1,197 1,581 1,970 +75.7%
Returns, %
Returns, % ROA — — — (1.33) (10.52) (21.15) 4.32 5.50 12.30 8.03 +9.4 pt
ROIC — — — 0.00 (6.76) (26.45) 7.51 20.65 18.89 23.72 +23.7 pt
ROE — — — (0.58) (17.88) (31.31) 6.22 8.01 19.82 13.85 +14.4 pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

On Holding AG vs peers in Footwear & Accessories (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NKE NIKE, Inc. $57.1B 18.5× 30.9× −4.33% (below 0%: shrinking) −2.04% (below 0%: shrinking) −526.67% (below 0%: shrinking) 42.79% 7.92% Compare
DECK Deckers Outdoor Corporation $11.3B 11.6× 10.4× +5.70% (above 0%: growing) +1.08% (above 0%: growing) +167.59% (above 0%: growing) 56.41% 15.23% Compare
ONON On Holding AG $10.8B 43.2× 22.6× +18.47% (above 0%: growing) n/m +151.45% (above 0%: growing) 65.35% 14.04%
CROX Crocs, Inc. $7.2B 12.9× 10.1× +2.62% (above 0%: growing) n/m +22.93% (above 0%: growing) 59.41% 24.22% Compare
BIRK Birkenstock Holding PLC $5.9B 15.7× 16.6× +16.05% (above 0%: growing) −10.26% (below 0%: shrinking) −3.15% (below 0%: shrinking) 59.05% 28.22% Compare
SHOO Steven Madden, Ltd. $3.3B 21.5× 16.4× +19.12% (above 0%: growing) n/m +233.50% (above 0%: growing) 46.50% 5.90% Compare
WWW Wolverine World Wide, Inc. $1.7B 16.0× 12.7× +6.79% (above 0%: growing) +15.62% (above 0%: growing) +104.37% (above 0%: growing) 46.47% 9.34% Compare
WEYS Weyco Group, Inc. $501.3M 14.3× 6.9× +6.86% (above 0%: growing) +487.50% (above 0%: growing) −31.69% (below 0%: shrinking) 70.37% 27.36% Compare
FOSL Fossil Group, Inc. $405.1M — (loss-making) — (loss-making) −4.86% (below 0%: shrinking) n/m −130.01% (below 0%: shrinking) 62.38% 1.53% Compare
Median of peers $4.6B 15.7× 12.7× +6.25% +1.08% +9.89% 57.73% 12.28%

All 14 Footwear & Accessories stocks →

On Holding AG (ONON) Latest News

29 Oct

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stockrow.com/ONON · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com