Sunday 11 October 2026 Export all ONON data to Excel Powerpack

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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Market cap: $11.2B
P/E: 44.9×
Fwd P/E: 24.5×
Dividend yield: —
F-score: 6/9
Altman Z: 14.41
Beneish M: −2.37
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

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 11,210.00

Revenue 4,058.92

Net Income 490.28

Free Cash Flow 529.61

Net Debt (1,023.75)

Current Ratio 2.83

Debt/Equity 0.25

P/E ratio 44.89

Fwd P/E 24.50

P/S ratio 5.50

P/B ratio 9.22

Past 5Y EPS Growth —

This Y EPS Growth 79.55%

Next Y EPS Growth 17.97%

Next Y revenue growth 16.38%

Next 5Y EPS Growth 38.32%

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

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 4.65%

10-year low 10-year high

P/S against its own 10 years 4.44%

10-year low 10-year high

P/B against its own 10 years 6.68%

10-year low 10-year high

EV/Sales against its own 10 years 4.60%

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%

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.

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	(138.12)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	28.10	15.44	16.60	25.78	34.38	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	55.87	40.22	37.08	60.12	64.05
People
People	Employees	—	—	—	—	883	1,158	1,701	2,353	3,254	3,963
	Revenue/emp, $m	—	—	—	0.00	0.51	0.68	0.75	0.85	0.81	0.92
Income, $m
Income, $m	Revenue	—	—	—	269	454	793	1,281	1,996	2,633	3,638
	Gross margin, %	—	—	—	52.04	54.34	59.38	56.04	59.56	60.63	62.83
	EBT	—	—	—	3	(26)	(175)	82	77	318	248
	EBT margin, %	—	—	—	1.12	(5.75)	(22.02)	6.37	3.86	12.06	6.81
	Net income	—	0	—	(1)	(29)	(186)	60	89	275	246
	Depreciation	—	—	—	5	13	34	49	72	119	154
Per share, $
Per share, $	Revenue	—	—	—	0.88	2,134.68	1.57	2.04	3.17	4.15	5.73
	Earnings	—	—	—	0.00	(138.12)	(0.37)	0.10	0.14	0.43	0.39
	Cash flow	—	—	—	(0.02)	(73.92)	0.04	(0.38)	0.41	0.92	0.68
	Capex	—	—	—	0.00	(93.35)	(0.08)	(0.14)	(0.08)	(0.12)	(0.15)
	Free cash flow	—	—	—	(0.02)	(167.27)	(0.04)	(0.52)	0.33	0.80	0.53
	Book value	—	—	—	0.22	1,230.19	1.84	1.62	1.90	2.49	3.10
	Shares, m	—	—	—	306	0	506	628	630	634	635
Valuation, ×
Valuation, ×	P/E	—	—	—	0.00	0.00	0.00	177.26	185.83	126.14	120.07
	P/S	—	—	—	0.00	0.00	9.00	8.37	8.99	13.18	8.11
	P/B	—	—	—	36.30	36.30	12.65	10.54	13.62	21.96	14.98
	EV/Sales	—	—	—	0.00	0.00	8.59	8.15	8.81	12.89	7.90
	EV/FCF	—	—	—	0.00	0.00	(273.57)	(32.14)	(876.75)	67.02	84.79
Cash, $m
Cash, $m	Operating cash flow	—	—	—	(6)	(16)	19	(238)	259	580	434
	Capex	—	—	—	(9)	(20)	(40)	(87)	(53)	(74)	(95)
	Free cash flow	—	—	—	(6)	(36)	(21)	(325)	206	506	339
Balance, $m
Balance, $m	Working capital	—	—	—	57	209	831	848	942	1,249	1,494
	Total debt	—	—	—	20	22	184	150	—	328	531
	Net debt	—	—	—	8	(93)	(563)	(274)	(589)	(786)	(771)
	Shareholders’ equity	—	—	—	67	261	928	1,016	1,197	1,581	1,970
Returns, %
Returns, %	ROA	—	—	—	(1.33)	(10.52)	(21.15)	4.32	5.50	12.30	8.03
	ROIC	—	—	—	0.00	(6.76)	(26.45)	7.51	20.65	18.89	23.72
	ROE	—	—	—	(0.58)	(17.88)	(31.31)	6.22	8.01	19.82	13.85

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$51.6B	16.6×	23.2×	−4.33% (below 0%: shrinking)	−2.04% (below 0%: shrinking)	−526.67% (below 0%: shrinking)	42.79%	7.92%	Compare
DECK Deckers Outdoor Corporation	$11.2B	11.7×	14.5×	+5.70% (above 0%: growing)	+1.08% (above 0%: growing)	+167.59% (above 0%: growing)	56.41%	15.23%	Compare
ONON On Holding AG	$11.2B	44.9×	24.5×	+18.47% (above 0%: growing)	n/m	+151.45% (above 0%: growing)	65.35%	14.04%
BIRK Birkenstock Holding PLC	$5.9B	15.8×	18.7×	+16.05% (above 0%: growing)	−10.26% (below 0%: shrinking)	−3.15% (below 0%: shrinking)	59.05%	28.22%	Compare
CROX Crocs, Inc.	$5.6B	9.8×	9.3×	+2.62% (above 0%: growing)	n/m	+22.93% (above 0%: growing)	59.41%	24.22%	Compare
SHOO Steven Madden, Ltd.	$3.2B	21.9×	16.9×	+19.12% (above 0%: growing)	n/m	+233.50% (above 0%: growing)	46.50%	5.90%	Compare
WWW Wolverine World Wide, Inc.	$1.6B	15.0×	10.3×	+6.79% (above 0%: growing)	+15.62% (above 0%: growing)	+104.37% (above 0%: growing)	46.47%	9.34%	Compare
FWDI Forward Industries, Inc.	$547.8M	— (loss-making)	— (loss-making)	+332.09% (above 0%: growing)	n/m	−4,212.31% (below 0%: shrinking)	62.19%	(651.82%)	Compare
WEYS Weyco Group, Inc.	$496.9M	14.1×	6.9×	+6.86% (above 0%: growing)	+487.50% (above 0%: growing)	−31.69% (below 0%: shrinking)	70.37%	27.36%	Compare
Median of peers	$4.4B	15.0×	14.5×	+6.83%	+1.08%	+9.89%	57.73%	12.28%

All 15 Footwear & Accessories stocks →

On Holding AG (ONON) key facts

Strength: On Holding AG’s revenue for fiscal 2025 (year ended December 2025) was $3.6 billion, up 38.1% from fiscal 2024.
On Holding AG (ONON) is a Footwear & Accessories company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
As of October 9, 2026, ONON traded at $35.09, a market capitalization of $11.2 billion.
Return on equity was 13.9% and debt-to-equity 0.25.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 14.41 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.