Birkenstock Holding PLC (BIRK) vs On Holding AG (ONON)

Birkenstock Holding PLC and On Holding AG are both Footwear & Accessories companies. On Holding AG is the larger, with a market value of $10.1B against $5.7B — 1.8× the size. Birkenstock Holding PLC trades at the lower P/E: 15.7× against 38.3×. On Holding AG grew revenue faster over the last twelve months: 29.2% against 19.2%. Birkenstock Holding PLC has the higher net margin (14.7% vs 12.3%) and the lower return on invested capital (8.63% vs 25.0%). Across the 20 metrics below, Birkenstock Holding PLC leads on 12 and On Holding AG on 8.

Valuation

Metric BIRK ONON Footwear & Accessories median
P/E 15.75 38.33 15.26
P/S 2.31 4.69 1.16
P/B 1.87 7.88 2.59
Price to free cash flow 18.66 35.97 12.20
EV/EBITDA 9.52 24.72 8.91
EV/Sales 2.83 4.44 1.24
Earnings yield 6.35% 2.61% 6.11%
Free cash flow yield 5.36% 2.78% 4.85%

Profitability

Metric BIRK ONON Footwear & Accessories median
Gross margin 56.84% 64.74% 49.76%
Operating margin 24.25% 13.74% 8.44%
Net margin 14.74% 12.25% 5.64%
Free cash flow margin 12.39% 13.05% 8.18%
Return on equity 12.45% 24.18% 12.45%
Return on assets 6.40% 13.83% 6.15%
Return on invested capital 8.63% 25.00% 9.58%

Growth

Metric BIRK ONON Footwear & Accessories median
Revenue growth (TTM) 19.21% 29.22% 3.68%
EPS growth (last fiscal year) 85.59% (10.54%) —
Revenue growth, 5-year CAGR — 51.65% 7.17%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BIRK ONON Footwear & Accessories median
Debt to equity 0.67 0.25 0.46
Current ratio 3.78 2.83 1.96
Net debt to EBITDA 1.46 (1.27) 1.00

Dividend

Metric BIRK ONON Footwear & Accessories median
Dividend yield — — 2.20%
Payout ratio — 0.00 0.00

Size

Metric BIRK ONON Footwear & Accessories median
Market cap 5.72b 10.05b 614.40m

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