Sunday 11 October 2026
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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.
35.09
1.05
+3.08%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '17 | |
|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
6 | 5 | 7 | 4 | 4 | — | — | — |
P/E ratio |
120.07 | 126.14 | 185.83 | 177.26 | 0.00 | 0.00 | 0.00 | — |
Altman Z-Score |
14.41 | 20.55 | 19.72 | 16.58 | 27.72 | — | — | — |
P/S ratio |
8.11 | 13.18 | 8.99 | 8.37 | 9.00 | 0.00 | 0.00 | — |
P/FCF ratio |
87.06 | 68.58 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — |
Altman Z″-Score (non-manufacturers) |
5.62 | 5.36 | 6.29 | 6.38 | 5.03 | 4.67 | 3.80 | — |
Beneish M-Score |
(2.37) | (3.19) | (2.48) | (0.79) | (2.60) | (1.39) | — | — |
P/Operating CF |
234.20 | 187.63 | 138.60 | (142.36) | (729.03) | 327.59 | 327.59 | — |
P/B ratio |
14.98 | 21.96 | 13.62 | 10.54 | 12.65 | 36.30 | 36.30 | — |
Price to Tangible BV |
15.50 | 22.92 | 14.49 | 11.37 | 13.56 | 46.28 | 46.28 | — |
EV/Sales |
7.90 | 12.89 | 8.81 | 8.15 | 8.59 | 0.00 | 0.00 | — |
EV/EBITDA |
47.21 | 94.50 | 70.43 | 75.76 | 0.00 | 0.00 | 0.00 | — |
EV/Operating CF |
66.25 | 58.51 | 330.52 | (43.89) | (273.57) | 0.00 | 0.00 | — |
EV/FCF |
84.79 | 67.02 | (876.75) | (32.14) | (273.57) | 0.00 | 0.00 | — |
Quick Ratio |
1.91 | 1.86 | 2.40 | 2.38 | 3.82 | 1.85 | 0.93 | — |
Current Ratio |
2.71 | 2.66 | 3.77 | 4.33 | 4.71 | 3.27 | 1.85 | — |
Net Debt/EBITDA |
(1.27) | (2.19) | (2.16) | (1.99) | 4.70 | 17.42 | 0.73 | — |
Debt/Assets |
15.53% | 12.14% | 0.00% | 10.35% | 13.60% | 5.39% | 13.33% | 0.00% |
Debt/Equity |
0.27 | 0.21 | 0.00 | 0.15 | 0.20 | 0.08 | 0.30 | — |
Asset Turnover |
1.19 | 1.18 | 1.24 | 0.91 | 0.90 | 1.63 | 3.59 | — |
Operating CF/Net income |
1.76 | 2.11 | 2.92 | (3.93) | (0.10) | 0.54 | 5.74 | — |
Capex/Depreciation |
(0.62) | (0.62) | (0.73) | (1.79) | (1.15) | (1.54) | 0.00 | — |
Interest Coverage |
12.74 | 9.16 | 15.96 | 13.30 | (39.48) | (18.19) | 12.00 | — |
| 13.85% | 19.82% | 8.01% | 6.22% | (31.31%) | (17.88%) | (0.58%) | — | |
| 8.03% | 12.30% | 5.50% | 4.32% | (21.15%) | (10.52%) | (1.33%) | — | |
ROIC |
23.72% | 18.89% | 20.65% | 7.51% | (26.45%) | (6.76%) | 0.00% | — |
Return on Tangible Assets |
14.69% | 19.76% | 8.47% | 6.51% | (21.44%) | (12.93%) | (1.37%) | — |
Average Days of Receivables |
36.98 | 38.75 | 41.71 | 52.15 | 50.00 | 44.31 | 67.84 | — |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
Selling, General and Administrative Expense of Revenue |
50.32% | 51.51% | 49.50% | 49.08% | 78.85% | 58.36% | 50.19% | — |
Intangible Assets out of Total Assets |
0.02 | 0.02 | 0.04 | 0.05 | 0.05 | 0.14 | 0.04 | 0.00 |
Share Based Compensation of Revenue |
2.21% | 2.48% | 1.52% | 3.13% | 26.56% | 11.43% | 0.00% | — |
Graham Net Nets |
0.03 | 0.03 | 0.04 | 0.06 | 0.05 | 0.00 | 0.00 | — |
Graham Number |
5.20 | 4.94 | 4.12 | 1.87 | 0.00 | 0.00 | 0.00 | — |
Earnings Yield |
0.83% | 0.79% | 0.54% | 0.56% | (1.47%) | (0.19%) | (0.19%) | — |
Free Cash Flow Yield |
1.15% | 1.46% | (0.11%) | (3.03%) | (0.35%) | 0.00% | 0.00% | — |
Revenue per Share |
5.73 | 4.15 | 3.17 | 2.04 | 1.57 | 2,134.68 | 0.88 | — |
Operating CF per Share |
0.68 | 0.92 | 0.41 | (0.38) | 0.04 | (73.92) | (0.02) | — |
Capex per Share |
(0.15) | (0.12) | (0.08) | (0.14) | (0.08) | (93.35) | 0.00 | — |
Free Cash Flow per Share |
0.53 | 0.80 | 0.33 | (0.52) | (0.04) | (167.27) | (0.02) | — |
Cash per Share |
2.05 | 1.76 | 0.94 | 0.67 | 1.48 | 540.96 | 0.04 | — |
Shareholders Equity per Share |
3.10 | 2.49 | 1.90 | 1.62 | 1.84 | 1,230.19 | 0.22 | — |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — |
Book value per Share |
3.10 | 2.49 | 1.90 | 1.62 | 1.84 | 1,230.19 | 0.22 | — |
Free Cash Flow |
339.05 | 506.27 | 205.96 | (324.85) | (21.11) | (35.55) | (5.74) | — |
Working Capital |
1,494.27 | 1,248.69 | 942.03 | 847.54 | 831.07 | 208.95 | 57.00 | — |
Capital Expenditures |
(94.87) | (73.72) | (52.58) | (86.98) | (39.65) | (19.84) | (9.27) | — |
Net Current Asset Value |
916.60 | 880.10 | 704.88 | 669.19 | 630.70 | 154.43 | 40.00 | — |
EV/EBIT |
63.16 | 141.24 | 96.65 | 117.07 | 0.00 | 0.00 | 0.00 | — |
Capex to Sales |
0.03 | 0.03 | 0.03 | 0.07 | 0.05 | 0.04 | 0.00 | — |
Price to Operating Income |
64.85 | 144.52 | 98.53 | 120.14 | 0.00 | 0.00 | 0.00 | — |
| Other line items | ||||||||
Depreciation/Fixed assets |
0.86 | 0.82 | 0.69 | 0.60 | 0.91 | 0.71 | 0.34 | — |
Cash ROIC |
8.91% | 16.75% | 11.53% | (20.44%) | (1.14%) | (8.92%) | (5.80%) | — |
Accounts Receivable Turnover |
11.23 | 10.37 | 9.71 | 8.78 | 9.69 | 8.63 | 4.11 | — |
Accounts Payable Turnover |
7.19 | 7.92 | 8.55 | 6.76 | 6.81 | 6.76 | 4.03 | — |
Inventory Turnover |
2.75 | 2.37 | 1.99 | 2.01 | 2.51 | 2.66 | 1.59 | — |
Average Days of Payables |
50.43 | 66.59 | 32.78 | 75.42 | 56.97 | 78.08 | 48.10 | — |
Days of Inventory on Hand |
136.77 | 167.66 | 179.53 | 268.79 | 166.41 | 193.37 | 130.16 | — |
Average Receivables |
324.08 | 253.84 | 205.55 | 145.78 | 81.84 | 52.53 | 65.50 | — |
Average Payables |
187.99 | 130.82 | 94.42 | 83.29 | 47.29 | 30.65 | 32.00 | — |
Average Inventory |
491.43 | 436.64 | 405.83 | 280.68 | 128.27 | 77.86 | 81.00 | — |
Average Assets |
3,061.01 | 2,237.07 | 1,611.53 | 1,400.75 | 880.46 | 279.02 | 75.00 | — |
Average Common Equity |
1,775.63 | 1,388.92 | 1,106.46 | 972.13 | 594.81 | 164.21 | 172.00 | — |
Columns are period end dates