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.

Revenue
+18.5%
EPS
+368.3%
Free cash flow
+151.5%
Total debt
+16.0%

Quarter to June 2026, against a year earlier

37.57 0.03 +0.08%
Market cap
$12.4B
P/E
47.9×
Fwd P/E
22.6×
Dividend yield
—
F-score
6/9
Altman Z
14.41
Beneish M
−2.37
Dividend safety
n/a

On Holding AG (ONON) EV/EBITDA

Alert me on EV/EBITDA

As of 5 November 2026, On Holding AG (ONON) trades at a EV/EBITDA of 31.3×. Over the past ten years it has ranged from 0.0× (December 2022) to 528× (November 2021); the current reading is higher than 27% of that period. That is above the Footwear & Accessories industry median of 11.2× and above the Consumer Cyclical sector median of 9.8×.

EV/EBITDA, daily

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Annual newest first

Period EV/EBITDA Change
FY2025 47.2× (50.04%)
FY2024 94.5× 34.18%
FY2023 70.4× (7.04%)
FY2022 75.8× —
FY2021 0.0× —
FY2020 0.0× —
FY2019 0.0× —

Quarterly newest first

Period EV/EBITDA Change
Jun 2026 29.5× (3.21%)
Mar 2026 30.5× (35.49%)
Dec 2025 47.2× 1.95%
Sep 2025 46.3× (31.62%)
18 more quarters

Against its own ten years

Low 0.0× High 528×
Ten-year median 69.4×
Current reading's percentile 27

EV/EBITDA against peers

Company EV/EBITDA
DECK Deckers Outdoor Corporation compare 7.7×
CROX Crocs, Inc. compare 8.3×
BIRK Birkenstock Holding PLC compare 10.3×
SHOO Steven Madden, Ltd. compare 11.1×
WWW Wolverine World Wide, Inc. compare 11.2×
WEYS Weyco Group, Inc. compare 11.3×
NKE NIKE, Inc. compare 12.8×
ONON On Holding AG 31.3×
FOSL Fossil Group, Inc. compare 99.0×
Footwear & Accessories industry median 11.2×
Consumer Cyclical sector median 9.8×
Market median 10.9×

What EV/EBITDA is

Enterprise Value over EBITDA tells an investor how the market values a whole company, with debt added and cash taken off, against its operating earnings.

((Stock Price × Shares (Basic, Weighted) (latest quarter)) + (Long Term Debt (Total) (latest quarter) + Current Part of Debt (latest quarter)) − Cash & Short Term Investments (latest quarter)) ÷ EBITDA (TTM)

The full definition of EV/EBITDA →

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