NYSE : ONON
On Holding AG — Financial statements
Consumer Discretionary · Footwear & Accessories · Switzerland
Last price 32.8 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 10.96B
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Financial statements
On Holding AG (ONON) reported revenue of 3.22B CHF (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CHF.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.22B | 3.01B | 2.32B | 1.79B | 1.22B | 724.60M |
| Cost of Revenue | 1.13B | 1.12B | 912.60M | 724.80M | 537.20M | 294.30M |
| Gross Profit | 2.09B | 1.89B | 1.41B | 1.07B | 684.90M | 430.30M |
| Selling, General & Admin | 1.64B | 1.52B | 1.19B | 887.50M | 599.90M | 571.40M |
| Operating Expenses | 1.64B | 1.52B | 1.19B | 887.50M | 599.90M | 571.40M |
| Operating Income | 443.50M | 376.60M | 211.00M | 179.80M | 85.00M | -141.10M |
| Interest Expense | -24.00M | -21.40M | -15.30M | -6.50M | -4.20M | -2.40M |
| Interest & Investment Income | 34.40M | 30.90M | 23.50M | 11.50M | 5.70M | |
| Currency Exchange Gain (Loss) | -15.90M | -173.20M | 67.70M | -111.40M | -6.50M | -14.90M |
| Other Non Operating Income (Expenses) | -7.60M | -7.70M | -7.20M | -4.30M | -2.10M | -1.20M |
| Pretax Income | 430.40M | 205.20M | 279.70M | 69.10M | 77.90M | -159.60M |
| Income Tax Expense | 34.20M | 1.50M | 37.40M | -10.50M | 20.20M | 10.60M |
| Net Income | 396.20M | 203.70M | 242.30M | 79.60M | 57.70M | -170.20M |
| Net Income to Common | 396.20M | 203.70M | 242.30M | 79.60M | 57.70M | -170.20M |
| Shares Outstanding (Basic) | 331.50M | 329.50M | 323.01M | 318.81M | 316.74M | 288.30M |
| Shares Outstanding (Diluted) | 334.70M | 333.86M | 328.08M | 323.26M | 319.78M | 288.30M |
| EPS (Basic) | 1.20 | 0.62 | 0.75 | 0.25 | 0.18 | -0.59 |
| EPS (Diluted) | 1.18 | 0.61 | 0.74 | 0.25 | 0.18 | -0.59 |
| Free Cash Flow | 437.90M | 286.60M | 450.10M | 189.30M | -287.30M | -7.70M |
| Free Cash Flow Per Share | 1.31 | 0.86 | 1.37 | 0.59 | -0.90 | -0.03 |
| Gross Margin | 64.82% | 62.83% | 60.63% | 59.56% | 56.04% | 59.38% |
| Operating Margin | 13.77% | 12.50% | 9.10% | 10.03% | 6.96% | -19.47% |
| Profit Margin | 12.30% | 6.76% | 10.45% | 4.44% | 4.72% | -23.49% |
| Free Cash Flow Margin | 13.60% | 9.51% | 19.41% | 10.56% | -23.51% | -1.06% |
| EBITDA | 490.40M | 419.90M | 248.80M | 244.70M | 103.20M | -130.10M |
| EBITDA Margin | 15.23% | 13.93% | 10.73% | 13.65% | 8.44% | -17.95% |
| D&A For EBITDA | 46.90M | 43.30M | 37.80M | 64.90M | 18.20M | 11.00M |
| EBIT | 443.50M | 376.60M | 211.00M | 179.80M | 85.00M | -141.10M |
| EBIT Margin | 13.77% | 12.50% | 9.10% | 10.03% | 6.96% | -19.47% |
| Effective Tax Rate | 7.95% | 0.73% | 13.37% | 25.93% |
Balance sheet
Fiscal year January - December; amounts in CHF.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.21B | 1.02B | 924.30M | 494.60M | 371.00M | 653.10M |
| Short-Term Investments | 33.80M | 35.80M | 43.70M | 17.80M | 26.30M | 23.70M |
| Cash & Short-Term Investments | 1.24B | 1.06B | 968.00M | 512.40M | 397.30M | 676.80M |
| Accounts Receivable | 374.00M | 305.40M | 246.10M | 204.80M | 174.60M | 99.30M |
| Other Receivables | 102.50M | 74.50M | 52.10M | 26.60M | 49.00M | 27.10M |
| Receivables | 476.50M | 379.90M | 298.20M | 231.40M | 223.60M | 126.40M |
| Inventory | 472.90M | 419.80M | 419.20M | 356.50M | 395.60M | 134.20M |
| Prepaid Expenses | 51.80M | 33.60M | 29.00M | 27.00M | 21.00M | 16.50M |
| Other Current Assets | 52.40M | 73.40M | 45.30M | 24.00M | 14.00M | 10.70M |
| Total Current Assets | 2.29B | 1.96B | 1.76B | 1.15B | 1.05B | 964.60M |
| Property, Plant & Equipment | 706.20M | 642.90M | 450.80M | 307.60M | 228.80M | 212.30M |
| Goodwill | 1.80M | 1.80M | 1.80M | 1.80M | 1.80M | 1.80M |
| Other Intangible Assets | 54.00M | 52.40M | 56.50M | 62.80M | 68.50M | 55.70M |
| Long-Term Deferred Tax Assets | 187.80M | 175.90M | 107.80M | 69.50M | 31.70M | 2.20M |
| Other Long-Term Assets | 100.00K | 100.00K | 100.00K | -100.00K | ||
| Total Assets | 3.24B | 2.84B | 2.38B | 1.59B | 1.38B | 1.24B |
| Accounts Payable | 211.00M | 154.80M | 166.50M | 65.10M | 111.00M | 45.90M |
| Accrued Expenses | 347.80M | 320.90M | 282.40M | 138.90M | 70.10M | 129.60M |
| Current Portion of Leases | 87.90M | 81.20M | 59.10M | 38.70M | 21.60M | 13.60M |
| Current Income Taxes Payable | 81.40M | 63.20M | 62.50M | 23.50M | 13.90M | 2.40M |
| Other Current Liabilities | 81.90M | 104.30M | 89.90M | 39.40M | 26.10M | 13.50M |
| Total Current Liabilities | 810.00M | 724.40M | 660.40M | 305.60M | 242.70M | 205.00M |
| Long-Term Leases | 474.60M | 440.30M | 288.50M | 190.30M | 138.80M | 167.20M |
| Pension & Post-Retirement Benefits | 8.10M | 5.50M | 8.60M | 2.20M | 6.30M | 5.90M |
| Long-Term Deferred Tax Liabilities | 5.50M | 9.30M | 10.80M | 10.50M | 17.90M | 5.60M |
| Other Long-Term Liabilities | 33.30M | 23.50M | 16.60M | 9.90M | 7.20M | 4.40M |
| Total Liabilities | 1.33B | 1.20B | 984.90M | 518.50M | 412.90M | 388.10M |
| Common Stock | 34.10M | 34.10M | 33.70M | 33.50M | 33.50M | 33.50M |
| Additional Paid-In Capital | 760.60M | 760.80M | 756.90M | 756.90M | 756.90M | 756.90M |
| Retained Earnings | 658.30M | 445.00M | 232.80M | -21.00M | -109.10M | -189.60M |
| Treasury Stock | -26.40M | -26.70M | -26.80M | -26.70M | -26.10M | -25.00M |
| Comprehensive Income & Other | 484.80M | 419.20M | 395.20M | 331.80M | 314.30M | 272.60M |
| Shareholders' Equity | 1.91B | 1.63B | 1.39B | 1.07B | 969.50M | 848.40M |
| Total Liabilities & Equity | 3.24B | 2.84B | 2.38B | 1.59B | 1.38B | 1.24B |
| Total Debt | 562.50M | 521.50M | 347.60M | 229.00M | 160.40M | 180.80M |
| Net Cash (Debt) | 676.90M | 534.20M | 620.40M | 283.40M | 236.90M | 496.00M |
| Net Cash Per Share | 2.02 | 1.60 | 1.89 | 0.88 | 0.74 | 1.72 |
| Filing Date Shares Outstanding | 334.21M | 331.00M | 323.84M | 318.76M | 316.52M | 313.42M |
| Total Common Shares Outstanding | 334.21M | 331.00M | 323.84M | 318.76M | 316.52M | 311.41M |
| Working Capital | 1.48B | 1.24B | 1.10B | 845.70M | 808.80M | 759.60M |
| Book Value Per Share | 5.72 | 4.93 | 4.30 | 3.37 | 3.06 | 2.72 |
| Tangible Book Value | 1.86B | 1.58B | 1.33B | 1.01B | 899.20M | 790.90M |
| Tangible Book Value Per Share | 5.55 | 4.77 | 4.12 | 3.17 | 2.84 | 2.54 |
| Machinery | 124.40M | 100.30M | 78.80M | 55.20M | 37.10M | 19.20M |
| Leasehold Improvements | 148.40M | 124.00M | 97.40M | 61.30M | 49.70M | 20.90M |
Cash flow statement
Fiscal year January - December; amounts in CHF.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 396.20M | 203.70M | 242.30M | 79.60M | 57.70M | -170.20M |
| Depreciation & Amortization | 134.80M | 122.70M | 98.60M | 64.90M | 41.20M | 26.50M |
| Other Amortization | 4.00M | 4.70M | 6.00M | 5.20M | 4.90M | |
| Loss (Gain) From Sale of Assets | 3.60M | 3.70M | 700.00K | 600.00K | 900.00K | |
| Stock-Based Compensation | 72.30M | 66.60M | 57.50M | 27.30M | 38.30M | 192.40M |
| Other Operating Activities | 3.00M | 120.80M | -36.30M | 67.50M | -16.90M | 29.70M |
| Change in Accounts Receivable | -34.70M | -96.10M | -30.10M | -46.90M | -78.60M | -47.00M |
| Change in Inventory | -102.00M | -82.40M | -27.80M | -10.00M | -273.00M | -31.80M |
| Change in Accounts Payable | 43.50M | -9.20M | 104.00M | -44.30M | 65.80M | 4.30M |
| Change in Other Net Operating Assets | 4.70M | 25.00M | 95.70M | 93.40M | -67.60M | 8.10M |
| Operating Cash Flow | 525.40M | 359.50M | 510.60M | 232.10M | -227.00M | 16.90M |
| Capital Expenditures | -87.50M | -72.90M | -60.50M | -42.80M | -60.30M | -24.60M |
| Sale of Property, Plant & Equipment | -100.00K | 100.00K | ||||
| Cash Acquisitions | -200.00K | |||||
| Sale (Purchase) of Intangibles | -8.80M | -5.70M | -4.50M | -4.40M | -22.70M | -11.60M |
| Other Investing Activities | 100.00K | 100.00K | ||||
| Investing Cash Flow | -96.40M | -78.60M | -64.90M | -47.10M | -82.90M | -36.40M |
| Long-Term Debt Repaid | -69.90M | -51.30M | -25.50M | -15.40M | -13.30M | |
| Lease Payments | -71.00M | -69.90M | -51.30M | -25.50M | -15.40M | -13.30M |
| Net Debt Issued (Repaid) | -71.00M | -69.90M | -51.30M | -25.50M | -15.40M | -13.30M |
| Issuance of Common Stock | 10.20M | 12.90M | 11.10M | 10.10M | 26.40M | 618.80M |
| Other Financing Activities | -24.00M | -21.50M | -15.20M | -6.40M | -4.70M | -9.60M |
| Financing Cash Flow | -84.80M | -78.50M | -55.40M | -21.80M | 6.30M | 595.90M |
| Foreign Exchange Rate Adjustments | 14.70M | -106.70M | 39.40M | -39.60M | 21.50M | -13.90M |
| Miscellaneous Cash Flow Adjustments | 200.00K | |||||
| Net Cash Flow | 359.10M | 95.70M | 429.70M | 123.60M | -282.10M | 562.50M |
| Free Cash Flow | 437.90M | 286.60M | 450.10M | 189.30M | -287.30M | -7.70M |
| Free Cash Flow Margin | 13.60% | 9.51% | 19.41% | 10.56% | -23.51% | -1.06% |
| Free Cash Flow Per Share | 1.31 | 0.86 | 1.37 | 0.59 | -0.90 | -0.03 |
| Levered Free Cash Flow | 288.49M | 264.30M | 415.01M | 218.91M | -284.50M | 107.56M |
| Unlevered Free Cash Flow | 303.49M | 277.68M | 424.57M | 222.97M | -281.88M | 109.06M |
| Free Cash Flow After Leases | 366.90M | 216.70M | 398.80M | 163.80M | -302.70M | -21.00M |
| Cash Interest Paid | 24.10M | 21.50M | 15.30M | 6.50M | 4.70M | 2.80M |
| Cash Income Tax Paid | 57.60M | 64.00M | 41.20M | 28.60M | 31.00M | 4.40M |
| Change in Working Capital | -88.50M | -162.70M | 141.80M | -7.80M | -353.40M | -66.40M |
Ratios
Fiscal year January - December; amounts in CHF.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 11.78B | 15.50B | 17.53B | 8.58B | 5.45B | 12.65B |
| Enterprise Value | 10.94B | 14.85B | 16.98B | 8.27B | 5.41B | 12.06B |
| Last Close Price | 33.78 | 46.48 | 54.77 | 26.97 | 17.16 | 37.81 |
| PE Ratio | 24.06 | 60.34 | 65.57 | 90.72 | 87.32 | |
| Forward PE | 18.96 | 29.36 | 52.39 | 33.18 | 38.92 | 158.84 |
| PS Ratio | 2.83 | 4.08 | 6.85 | 4.03 | 4.12 | 15.91 |
| PB Ratio | 4.77 | 7.53 | 11.41 | 6.72 | 5.20 | 13.59 |
| P/TBV Ratio | 4.92 | 7.79 | 11.91 | 7.15 | 5.60 | 14.58 |
| P/FCF Ratio | 21.14 | 42.89 | 35.30 | 38.15 | ||
| P/OCF Ratio | 17.62 | 34.19 | 31.12 | 31.11 | 682.31 | |
| PEG Ratio | 0.72 | 1.07 | 1.44 | 0.86 | 0.86 | |
| EV/Sales Ratio | 2.62 | 3.91 | 6.64 | 3.89 | 4.09 | 15.17 |
| EV/EBITDA Ratio | 17.22 | 28.04 | 61.84 | 28.47 | 48.44 | |
| EV/EBIT Ratio | 19.04 | 31.26 | 72.92 | 38.75 | 58.82 | |
| EV/FCF Ratio | 19.57 | 41.08 | 34.19 | 36.80 | ||
| Debt / Equity Ratio | 0.29 | 0.32 | 0.25 | 0.21 | 0.17 | 0.21 |
| Debt / EBITDA Ratio | 0.97 | 1.04 | 1.12 | 0.94 | 1.27 | |
| Debt / FCF Ratio | 1.28 | 1.82 | 0.77 | 1.21 | ||
| Net Debt / Equity Ratio | -0.35 | -0.33 | -0.45 | -0.26 | -0.24 | -0.58 |
| Net Debt / EBITDA Ratio | -1.38 | -1.27 | -2.49 | -1.16 | -2.30 | 3.81 |
| Net Debt / FCF Ratio | -1.55 | -1.86 | -1.38 | -1.50 | 0.82 | 64.42 |
| Asset Turnover | 1.11 | 1.16 | 1.17 | 1.21 | 0.93 | 0.90 |
| Inventory Turnover | 2.72 | 2.67 | 2.35 | 1.93 | 2.03 | 2.48 |
| Quick Ratio | 2.12 | 1.98 | 1.92 | 2.43 | 2.56 | 3.92 |
| Current Ratio | 2.83 | 2.71 | 2.67 | 3.77 | 4.33 | 4.71 |
| Return on Equity (ROE) | 23.95% | 13.47% | 19.65% | 7.79% | 6.35% | -31.13% |
| Return on Assets (ROA) | 9.58% | 9.03% | 6.64% | 7.55% | 4.06% | -10.89% |
| Return on Invested Capital (ROIC) | 32.30% | 39.99% | 23.40% | 23.60% | 11.61% | -54.20% |
| Return on Capital Employed (ROCE) | 18.20% | 17.80% | 12.30% | 14.00% | 7.50% | -13.70% |
| Earnings Yield | 4.16% | 1.66% | 1.52% | 1.10% | 1.15% | -1.48% |
| FCF Yield | 4.73% | 2.33% | 2.83% | 2.62% | -5.70% | -0.07% |
| Buyback Yield / Dilution | -0.95% | -1.76% | -1.49% | -1.09% | -10.92% | -8.51% |