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.
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On Holding AG (ONON) Altman Z-score
On Holding AG's Altman Z-score for fiscal 2025 is 14.41, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 14.41 | (6.14) |
| FY2024 | 20.55 | 0.83 |
| FY2023 | 19.72 | 3.14 |
| FY2022 | 16.58 | (11.14) |
| FY2021 | 27.72 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.44 | — | 0.52 | |
| Retained earnings / total assets | 0.13 | — | 0.19 | |
| EBIT / total assets | 0.13 | — | 0.44 | |
| Market value of equity / total liabilities | 20.33 | — | 12.20 | |
| Sales / total assets | 1.06 | — | 1.06 | |
| Altman Z-score | Safe zone | 14.41 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.62 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| FWDI Forward Industries, Inc. compare | 21.5× |
| ONON On Holding AG | 14.4× |
| DECK Deckers Outdoor Corporation compare | 11.5× |
| SHOO Steven Madden, Ltd. compare | 4.8× |
| WEYS Weyco Group, Inc. compare | 4.7× |
| NKE NIKE, Inc. compare | 3.6× |
| CROX Crocs, Inc. compare | 3.3× |
| BIRK Birkenstock Holding PLC compare | 3.3× |
| WWW Wolverine World Wide, Inc. compare | 3.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets