On Holding (ONON) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 29, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Mar 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ONON SEC filings page.
On Holding AG (ONON) reported $3.8B in revenue for fiscal year 2025, up 48.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of On Holding AG's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
On Holding AG has an operating margin of 12.5%, meaning the company retains $13 of operating profit per $100 of revenue. This results in a moderate score of 49/100, indicating healthy but not exceptional operating efficiency. This is up from 9.1% the prior year.
On Holding AG's revenue surged 48.6% year-over-year to $3.8B, reflecting rapid business expansion. This strong growth earns a score of 91/100.
With a current ratio of 2.71, On Holding AG holds $2.71 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 74/100.
On Holding AG converts 9.5% of revenue into free cash flow ($361.1M). This strong cash generation earns a score of 73/100.
On Holding AG's ROE of 12.5% shows moderate profitability relative to equity, earning a score of 64/100. This is down from 17.4% the prior year.
On Holding AG scores 6.55, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $11.0B against total liabilities of $1.5B. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
On Holding AG passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, On Holding AG generates $1.76 in operating cash flow ($453.0M OCF vs $256.7M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
On Holding AG earns $12.74 in operating income for every $1 of interest expense ($475.1M vs $37.3M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
On Holding AG generated $3.8B in revenue in fiscal year 2025. This represents an increase of 48.6% from the prior year.
On Holding AG's EBITDA was $635.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 82.3% from the prior year.
On Holding AG reported $256.7M in net income in fiscal year 2025. This represents a decrease of 3.9% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
On Holding AG generated $361.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 27.2% from the prior year.
On Holding AG held $1.3B in cash as of fiscal year 2025; no long-term debt figure is on record for that period.
Not reported for fiscal year 2025.
Margins & Returns
On Holding AG's gross margin was 62.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.2 percentage points from the prior year.
On Holding AG's operating margin was 12.5% in fiscal year 2025, reflecting core business profitability. This is up 3.4 percentage points from the prior year.
On Holding AG's net profit margin was 6.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.7 percentage points from the prior year.
On Holding AG's ROE was 12.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.9 percentage points from the prior year.
Capital Allocation
On Holding AG invested $13.4M in research and development in fiscal year 2025. This represents an increase of 26.2% from the prior year.
On Holding AG spent $252K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 42.9% from the prior year.
On Holding AG invested $91.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 37.7% from the prior year.
ONON Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Revenue | $3.8B+48.6% | $2.6B+19.9% | $2.1B+61.2% | $1.3B+66.9% | $792.3M+64.7% | $481.1M+74.3% | $276.0M |
| Cost of Revenue | $1.4B+40.3% | $1.0B+16.7% | $862.3M+48.3% | $581.3M+80.7% | $321.8M+46.5% | $219.7M+71.4% | $128.1M |
| Gross Profit | $2.4B+53.9% | $1.6B+22.1% | $1.3B+71.3% | $741.2M+57.5% | $470.5M+80.0% | $261.4M+76.7% | $147.9M |
| R&D Expenses | $13.4M+26.2% | $10.6M0.0% | $10.6M+19.3% | $8.9M+53.1% | $5.8M+176.6% | $2.1M | N/A |
| Operating Income | $475.1M+103.6% | $233.3M+8.8% | $214.4M+132.8% | $92.1Mn/m | -$154.3Mn/m | -$19.3M-429.0% | $5.9M |
| EBITDA | $635.6M+82.3% | $348.7M+19.6% | $291.6M+104.9% | $142.3Mn/m | -$119.9Mn/m | -$5.7M-149.6% | $11.4M |
| Interest Expense | $37.3M+46.4% | $25.5M+89.5% | $13.4M+94.1% | $6.9M+76.0% | $3.9M+286.7% | $1.0M+41.3% | $720K |
| Income Tax | $1.9M-95.4% | $41.2Mn/m | -$12.5M-157.2% | $21.9M+88.6% | $11.6M+230.5% | $3.5M-26.6% | $4.8M |
| Net Income | $256.7M-3.9% | $267.2M+182.1% | $94.7M+51.7% | $62.4Mn/m | -$186.1Mn/m | -$31.1Mn/m | -$1.5M |
Not reported in any period shown, so not listed: SG&A Expenses, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
ONON Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Total Assets | $3.6B+36.3% | $2.6B+38.3% | $1.9B+26.7% | $1.5B+10.7% | $1.4B+212.4% | $432.7M | N/A |
| Current Assets | $2.5B+27.4% | $1.9B+41.7% | $1.4B+20.4% | $1.1B+7.9% | $1.1B+230.3% | $319.3M | N/A |
| Cash & Equivalents | $1.3B+26.1% | $1.0B+73.2% | $588.5M+46.6% | $401.5M-43.8% | $714.1M+596.5% | $102.5M | N/A |
| Inventory | $529.0M+14.4% | $462.3M+9.0% | $424.2M-0.9% | $428.1M+191.8% | $146.7M+26.1% | $116.4M | N/A |
| Goodwill | $68.3M+6.2% | $64.3M-16.4% | $76.9M+1.0% | $76.1M+21.0% | $62.9M+1.6% | $61.9M+912.9% | $6.1M |
| Total Liabilities | $1.5B+39.6% | $1.1B+76.1% | $616.9M+38.1% | $446.8M+5.3% | $424.3M+172.9% | $155.5M | N/A |
| Current Liabilities | $912.8M+25.3% | $728.3M+100.3% | $363.6M+38.4% | $262.6M+17.2% | $224.1M+129.5% | $97.7M | N/A |
| Non-Current Liabilities | $603.1M+68.5% | $357.9M+41.3% | $253.3M+37.5% | $184.2M-8.0% | $200.2M+246.3% | $57.8M | N/A |
| Total Equity | $2.1B+34.0% | $1.5B+20.1% | $1.3B+21.9% | $1.0B+13.1% | $927.6M+234.6% | $277.2M+316.6% | $66.5M |
| Retained Earnings | $482.1M+144.4% | $197.3Mn/m | -$75.3Mn/m | -$154.6Mn/m | -$219.3Mn/m | -$34.4M | N/A |
Not reported in any period shown, so not listed: Short-Term Investments, Accounts Receivable, Long-Term Investments, Long-Term Debt.
ONON Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $453.0M-19.5% | $563.1M+103.9% | $276.1Mn/m | -$245.6M-1429.4% | $18.5Mn/m | -$16.6Mn/m | -$5.4M |
| Depreciation & Amortization | $160.5M+39.2% | $115.4M+49.4% | $77.2M+53.8% | $50.2M+46.3% | $34.3M+150.9% | $13.7M+147.9% | $5.5M |
| Capital Expenditures | $91.9M+37.7% | $66.7M+31.0% | $50.9M-22.0% | $65.3M+142.6% | $26.9M+116.2% | $12.4M+62.0% | $7.7M |
| Free Cash Flow | $361.1M-27.2% | $496.4M+120.4% | $225.2Mn/m | -$310.9Mn/m | -$8.4Mn/m | -$29.1Mn/m | -$13.1M |
| Investing Cash Flow | -$99.0Mn/m | -$71.6Mn/m | -$56.0Mn/m | -$89.7Mn/m | -$39.8Mn/m | -$21.0Mn/m | -$9.9M |
| Financing Cash Flow | -$98.9Mn/m | -$61.1Mn/m | -$25.9M-480.4% | $6.8M-99.0% | $651.5M+361.6% | $141.2Mn/m | -$713K |
| Share Buybacks | $252K-42.9% | $441K-53.7% | $952K-45.0% | $1.7M-93.1% | $24.9M | N/A | N/A |
Not reported in any period shown, so not listed: Stock-Based Compensation, Dividends Paid.
ONON Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F | FY2020-F | FY1920-F |
|---|---|---|---|---|---|---|---|
| Gross Margin | 62.8%+2.2pp | 60.6%+1.1pp | 59.6%+3.5pp | 56.0%-3.3pp | 59.4%+5.0pp | 54.3%+0.8pp | 53.6% |
| Operating Margin | 12.5%+3.4pp | 9.1%-0.9pp | 10.1%+3.1pp | 7.0%+26.4pp | -19.5%-15.5pp | -4.0%-6.2pp | 2.1% |
| Net Margin | 6.8%-3.7pp | 10.4%+6.0pp | 4.4%-0.3pp | 4.7%+28.2pp | -23.5%-17.0pp | -6.5%-5.9pp | -0.5% |
| Return on Equity | 12.5%-4.9pp | 17.4%+10.0pp | 7.4%+1.5pp | 5.9%+26.0pp | -20.1%-8.8pp | -11.2%-8.9pp | -2.3% |
| Return on Assets | 7.2%-3.0pp | 10.2%+5.2pp | 5.0%+0.8pp | 4.2%+17.9pp | -13.8%-6.6pp | -7.2% | N/A |
| Current Ratio | 2.710.0x | 2.66-1.1x | 3.77-0.6x | 4.33-0.4x | 4.71+1.4x | 3.27 | N/A |
| Liabilities-to-Equity | 0.740.0x | 0.71+0.2x | 0.48+0.1x | 0.430.0x | 0.46-0.1x | 0.56 | N/A |
| Asset Turnover | 1.06+0.1x | 0.98-0.1x | 1.13+0.2x | 0.88+0.3x | 0.59-0.5x | 1.11 | N/A |
| FCF Margin | 9.5%-9.9pp | 19.4%+8.9pp | 10.6%+34.1pp | -23.5%-22.4pp | -1.1%+5.0pp | -6.0%-1.3pp | -4.7% |
Not reported in any period shown, so not listed: Debt-to-Equity.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| On Holding AG ONON | FY2025 | $3.8B | $256.7M | 6.8% | $11.0B | 67/100 |
| Deckers Outdoor Corp DECK | FY2026 | $5.5B | $1.0B | 18.7% | $11.3B | 81/100 |
| Nike, Inc. NKE | FY2026 | $46.4B | $3.1B | 6.7% | $57.1B | 57/100 |
| Birkenstock Holding plc BIRK | FY2025 | $2.5B | $408.8M | 16.6% | $5.5B | 77/100 |
| Crocs, Inc. CROX | FY2025 | $4.0B | -$81.2M | -2.0% | $7.2B | 50/100 |
Where On Holding AG Ranks
Frequently Asked Questions
What is On Holding AG's annual revenue?
On Holding AG (ONON) reported $3.8B in total revenue for fiscal year 2025. This represents a 48.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is On Holding AG's revenue growing?
On Holding AG (ONON) revenue grew by 48.6% year-over-year, from $2.6B to $3.8B in fiscal year 2025.
Is On Holding AG profitable?
Yes, On Holding AG (ONON) reported a net income of $256.7M in fiscal year 2025, with a net profit margin of 6.8%.
What is On Holding AG's EBITDA?
On Holding AG (ONON) had EBITDA of $635.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is On Holding AG's gross margin?
On Holding AG (ONON) had a gross margin of 62.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is On Holding AG's operating margin?
On Holding AG (ONON) had an operating margin of 12.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is On Holding AG's net profit margin?
On Holding AG (ONON) had a net profit margin of 6.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is On Holding AG's return on equity (ROE)?
On Holding AG (ONON) has a return on equity of 12.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is On Holding AG's free cash flow?
On Holding AG (ONON) generated $361.1M in free cash flow during fiscal year 2025. This represents a -27.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is On Holding AG's operating cash flow?
On Holding AG (ONON) generated $453.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are On Holding AG's total assets?
On Holding AG (ONON) had $3.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are On Holding AG's capital expenditures?
On Holding AG (ONON) invested $91.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does On Holding AG spend on research and development?
On Holding AG (ONON) invested $13.4M in research and development during fiscal year 2025.
What is On Holding AG's current ratio?
On Holding AG (ONON) had a current ratio of 2.71 as of fiscal year 2025, which is generally considered healthy.
What is On Holding AG's liabilities-to-equity ratio?
On Holding AG (ONON) had a liabilities-to-equity ratio of 0.74 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is On Holding AG's return on assets (ROA)?
On Holding AG (ONON) had a return on assets of 7.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is On Holding AG's P/E ratio?
On Holding AG (ONON) trades at 42.7x earnings, its market capitalization divided by $256.7M net income, FY2025. The market capitalization is $11.0B as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is On Holding AG's price-to-sales ratio?
On Holding AG (ONON) trades at 2.9x sales, its market capitalization divided by $3.8B revenue, FY2025. The market capitalization is $11.0B as of Oct 29, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is On Holding AG's Altman Z-Score?
On Holding AG (ONON) has an Altman Z-Score of 6.55, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is On Holding AG's Piotroski F-Score?
On Holding AG (ONON) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are On Holding AG's earnings high quality?
On Holding AG (ONON) has an earnings quality ratio of 1.76x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can On Holding AG cover its interest payments?
On Holding AG (ONON) has an interest coverage ratio of 12.74x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is On Holding AG?
On Holding AG (ONON) scores 67 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.