ONON

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On Holding AG Class A

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Key Metrics

Previous Close: $30.20
52-Week Range: $26.37 – $51.08
Market Cap: $10.31B
P/E (TTM): 20.57
EPS (TTM): 1.50
Dividend Yield: 0.00%

Advanced Metrics

Price/Book: 4.47
PEG Ratio: 0.49
Return on Equity: 23.95%
Return on Assets: 9.58%
Gross Margin: 64.82%
Operating Margin: 14.02%
Profit Margin: 12.30%
Current Ratio: 2.83
Debt/Equity: 0.29
Total Debt: $562.50M
Free Cash Flow: $288.49M
Revenue Growth: 13.50%
Earnings Growth: —
Enterprise Value: $9.63B

ONON Income statement, annual periods, in CHF
CHF	FY2022	FY2023	FY2024	FY2025
Revenue	$1.22B	$1.79B	$2.32B	$3.01B
Cost of Revenue	$537.20M	$724.80M	$912.60M	$1.12B
Gross Profit	$684.90M	$1.07B	$1.41B	$1.89B
Selling, General & Admin	$599.80M	$887.00M	$1.19B	$1.52B
Operating Expenses	$599.80M	$887.00M	$1.19B	$1.52B
Operating Income	$85.10M	$180.20M	$211.50M	$377.00M
EBITDA	$128.60M	$141.00M	$400.00M	$354.50M
Pretax Income	$77.90M	$69.10M	$279.60M	$205.20M
Income Tax	$20.20M	-$10.50M	$37.40M	$1.50M
Net Income	$57.70M	$79.60M	$242.30M	$203.70M
Diluted EPS	0.18	0.25	0.74	0.61
Diluted Shares	636.88M	644.45M	650.51M	649.57M

ONON Balance Sheet statement, annual periods, in CHF
CHF	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$371.00M	$494.60M	$923.70M	$1.02B
Receivables	$223.60M	$231.40M	$298.20M	$379.80M
Inventory	$395.60M	$356.50M	$419.20M	$419.80M
Current Assets	$1.05B	$1.15B	$1.76B	$1.96B
Total Assets	$1.38B	$1.59B	$2.38B	$2.84B
Current Liabilities	$242.70M	$305.60M	$660.40M	$724.40M
Total Debt	$160.40M	$229.00M	$347.60M	$521.50M
Total Liabilities	$412.80M	$518.50M	$984.90M	$1.20B
Retained Earnings	-$142.90M	-$63.30M	$178.90M	$382.60M
Shareholders' Equity	$969.60M	$1.07B	$1.39B	$1.63B
Working Capital	$808.80M	$845.70M	$1.10B	$1.24B

ONON Cash Flow statement, annual periods, in CHF
CHF	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$227.00M	$232.10M	$510.60M	$359.50M
Capital Expenditure	-$83.00M	-$47.20M	-$65.00M	-$78.60M
Free Cash Flow	-$310.00M	$184.90M	$445.60M	$280.90M
Depreciation & Amortisation	$46.40M	$64.90M	$104.60M	$127.40M
Stock-Based Compensation	$38.30M	$27.30M	$57.50M	$66.60M
Investing Cash Flow	-$82.90M	-$47.10M	-$64.90M	-$78.60M
Financing Cash Flow	$6.30M	-$21.80M	-$55.40M	-$78.50M
Dividends Paid	$0.00	$0.00	$0.00	$0.00
Net Change in Cash	-$303.60M	$163.20M	$390.30M	$202.30M

ONON Income statement, quarterly periods, in CHF
CHF	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Revenue	$726.60M	$749.20M	$794.40M	$743.80M	$831.90M	$850.30M
Cost of Revenue	$291.30M	$288.40M	$272.10M	$268.40M	$297.60M	$294.60M
Gross Profit	$435.30M	$460.80M	$522.20M	$475.30M	$534.30M	$555.70M
Selling, General & Admin	$358.20M	$368.00M	$397.50M	$392.80M	$416.90M	$436.30M
Operating Expenses	$358.20M	$368.00M	$397.50M	$392.80M	$416.90M	$436.30M
Operating Income	$77.10M	$92.80M	$124.70M	$82.50M	$117.40M	$119.40M
EBITDA	$98.10M	-$8.90M	$158.90M	$104.60M	$159.70M	$168.80M
Pretax Income	$63.90M	-$47.30M	$118.60M	$70.00M	$116.10M	$125.70M
Income Tax	$7.20M	-$6.40M	-$300.00K	$900.00K	$12.80M	$20.70M
Net Income	$56.70M	-$40.90M	$118.90M	$69.10M	$103.30M	$105.00M
Diluted EPS	0.17	-0.12	0.36	0.21	0.31	0.31
Diluted Shares	656.72M	652.17M	644.91M	645.28M	647.23M	639.94M

ONON Balance Sheet statement, quarterly periods, in CHF
CHF	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Cash & Equivalents	$871.80M	$846.60M	$961.80M	$1.02B	$1.02B	$1.20B
Receivables	$362.70M	$394.60M	$340.90M	$379.80M	$402.60M	$476.50M
Inventory	$399.30M	$360.40M	$380.60M	$419.80M	$406.00M	$472.90M
Current Assets	$1.80B	$1.73B	$1.91B	$1.96B	$2.05B	$2.29B
Total Assets	$2.42B	$2.54B	$2.75B	$2.84B	$2.96B	$3.24B
Current Liabilities	$643.40M	$685.90M	$748.60M	$724.40M	$688.60M	$810.00M
Total Debt	$338.00M	$497.80M	$503.90M	$521.50M	$541.90M	$562.50M
Total Liabilities	$961.40M	$1.15B	$1.21B	$1.20B	$1.19B	$1.33B
Retained Earnings	$235.60M	$194.70M	$313.60M	$382.60M	$485.90M	$590.90M
Shareholders' Equity	$1.46B	$1.40B	$1.54B	$1.63B	$1.77B	$1.91B
Working Capital	$1.16B	$1.05B	$1.16B	$1.24B	$1.36B	$1.48B

ONON Cash Flow statement, quarterly periods, in CHF
CHF	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Operating Cash Flow	-$12.10M	$101.20M	$157.30M	$113.10M	$29.10M	$225.90M
Capital Expenditure	-$12.10M	-$17.40M	-$20.50M	-$28.60M	-$18.70M	-$28.50M
Free Cash Flow	-$24.20M	$83.80M	$136.80M	$84.50M	$10.40M	$197.40M
Depreciation & Amortisation	$28.30M	$32.40M	$32.20M	$34.50M	$35.60M	$36.50M
Stock-Based Compensation	$11.60M	$13.60M	$24.50M	$16.90M	$16.20M	$14.70M
Investing Cash Flow	-$12.10M	-$17.30M	-$20.60M	-$28.60M	-$18.70M	-$28.50M
Financing Cash Flow	-$12.00M	-$25.00M	-$21.30M	-$20.20M	-$20.90M	-$22.40M
Dividends Paid	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Net Change in Cash	-$36.40M	$59.00M	$115.40M	$64.30M	-$10.30M	$174.90M

Market Snapshot

About

On Holding AG is a Swiss athletic footwear and apparel company known for innovative running shoes with CloudTec cushioning technology. The premium brand has expanded globally with performance-oriented products.