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) Beneish M-score
On Holding AG's Beneish M-score for fiscal 2025 is −2.37; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.37 | 0.82 |
| FY2024 | −3.19 | (0.72) |
| FY2023 | −2.48 | (1.68) |
| FY2022 | −0.79 | 1.80 |
| FY2021 | −2.60 | (1.20) |
| FY2020 | −1.39 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.95 | — | 0.88 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 1.24 | — | 0.50 | |
| Sales growth index | 1.38 | — | 1.23 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 0.98 | — | −0.17 | |
| Total accruals to total assets | (0.05) | — | −0.26 | |
| Leverage index | 1.03 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.37 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CROX Crocs, Inc. compare | −3.3× |
| WWW Wolverine World Wide, Inc. compare | −2.8× |
| SHOO Steven Madden, Ltd. compare | −2.7× |
| DECK Deckers Outdoor Corporation compare | −2.7× |
| WEYS Weyco Group, Inc. compare | −2.7× |
| ONON On Holding AG | −2.4× |
| FWDI Forward Industries, Inc. compare | −2.4× |
| BIRK Birkenstock Holding PLC compare | −2.2× |
| NKE NIKE, Inc. compare | −2.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI