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 $11.2B against $6.0B — 1.9× the size. Birkenstock Holding PLC trades at the lower P/E: 15.3× against 41.5×. 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 15.27 41.52 15.55
P/S 2.24 5.08 1.12
P/B 1.81 8.53 3.17
Price to free cash flow 18.09 38.97 12.19
EV/EBITDA 9.29 26.90 9.58
EV/Sales 2.76 4.83 1.20
Earnings yield 6.55% 2.41% 6.31%
Free cash flow yield 5.53% 2.57% 5.10%

Profitability

Metric BIRK ONON Footwear & Accessories median
Gross margin 56.84% 64.74% 49.08%
Operating margin 24.25% 13.74% 8.69%
Net margin 14.74% 12.25% 5.72%
Free cash flow margin 12.39% 13.05% 8.58%
Return on equity 12.45% 24.18% 13.13%
Return on assets 6.40% 13.83% 6.28%
Return on invested capital 8.63% 25.00% 10.98%

Growth

Metric BIRK ONON Footwear & Accessories median
Revenue growth (TTM) 19.21% 29.22% (0.32%)
EPS growth (last fiscal year) 85.59% (10.54%) 12.95%
Revenue growth, 5-year CAGR — 51.65% 9.43%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric BIRK ONON Footwear & Accessories median
Debt to equity 0.67 0.25 0.49
Current ratio 3.78 2.83 2.26
Net debt to EBITDA 1.46 (1.27) 0.38

Dividend

Metric BIRK ONON Footwear & Accessories median
Dividend yield — — 1.95%
Payout ratio — — 0.37

Size

Metric BIRK ONON Footwear & Accessories median
Market cap 5.99b 11.20b 1.10b

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